Global Lifting Equipment Market Size To Exceed USD 154.5 Billion By 2035| CAGR Of 5.75%

Global Lifting Equipment Market Size To Exceed USD 154.5 Billion By 2035

According to a research report published by Spherical Insights & Consulting, The Global Lifting Equipment Market Size is Expected To Grow from USD 83.5 Billion in 2024 to USD 154.5 Billion by 2035, at a CAGR of 5.75% during the forecast period 2025-2035.

Browse 210 Market Data Tables And 45 Figures Spread Through 190 Pages and In-Depth TOC On the "Global Lifting Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Lifts, Pallet Trucks, Forklifts, Hoists, Stackers, and Robotic Arms), By Mechanism (Electrical, Magnetic, Hydraulic, Pneumatic, and Scissor Lifts), By Application (Construction, Shipping Dockyards & Warehouses, Manufacturing Industry, and Process Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035. " Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/lifting-equipment-market

The Lifting Equipment Market Size is an industry emphasizing the sale of machinery used for moving, lifting, and positioning heavy loads, like cranes, forklifts, hoists, and aerial work platforms. Lifting equipment, including heavy machinery and smaller accessories, can be used for lifting and lowering loads. The expanding renewable energy projects, especially in the wind, solar, and offshore sectors, are intensifying the need for specialized lifting and spreader equipment. The growing advancements in industrial engineering for improved business efficiency, fostering a safer & more economical sustainable industrial society, are driving a huge surge in the lifting equipment market. Furthermore, the large-scale construction projects, oil & gas exploration, and port expansion programs are offering growth opportunities in the lifting equipment market. The expanding infrastructure, especially in emerging economies, with the support of investments and government funding programs, is driving the lifting equipment market. The retail and e-commerce industry is also supporting the lifting equipment market. Additionally, the tailored solutions provided for fulfilling manufacturing lifting needs range from component handling to assembly and shipping, promoting safer, efficient & productive operations, which in turn drive market growth. On the contrary, the increased capital expenditure, installation, and increased ownership are challenging the lifting equipment market.   

The forklifts segment dominated the market with the largest revenue share of about 36.8% in 2024 and is projected to grow at a substantial CAGR during the forecast period.

Based on the type, the lifting equipment market is divided into lifts, pallet trucks, forklifts, hoists, stackers, and robotic arms. Among these, the forklifts segment dominated the market with the largest revenue share of about 36.8% in 2024 and is projected to grow at a substantial CAGR during the forecast period. Forklifts are used for loading and unloading goods on forks and are a widely known industrial vehicle that lifts and maneuvers heavy loads ranging from 3,000 lbs to more than 70,000 lbs to varying elevations. Adoption of forklifts for optimizing logistics, as well as in manufacturing and warehouse operations, is propelling the segmental market growth.

The hydraulic segment accounted for the largest market share of about 41.2% in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the mechanism, the Lifting Equipment market is divided into electrical, magnetic, hydraulic, pneumatic, and scissor lifts. Among these, the hydraulic segment accounted for the largest market share of about 41.2% in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. The hydraulic mechanism of lifting equipment includes the use of hydraulic fluid and a piston system for moving the lift car up and down smoothly. Introduction of industry 4.0 & IoT, the agriculture sector, and the construction industry are several factors that are contributing to drive the segmental market growth.

The construction segment held the largest revenue share in the lifting equipment market, accounting for 38.5% in 2024 and is anticipated to grow at a significant CAGR during the projected period.

Based on the application, the lifting equipment market is divided into construction, shipping dockyards & warehouses, manufacturing industry, and process industry. Among these, the construction segment held the largest revenue share in the lifting equipment market, accounting for 38.5% in 2024 and is anticipated to grow at a significant CAGR during the projected period. Lifting equipment is used in high-rise construction for lifting and lowering loads on site and can include cranes, forklifts, trucks, and lifts. Adoption of advanced lifting technologies and infrastructure development is driving the segmental market growth.

North America is expected to hold the majority share of the global lifting equipment market during the forecast period.

North America is expected to hold the majority share of nearly 36.0% in the global lifting equipment market during the forecast period. The U.S. is dominating the North America lifting equipment market with the largest share, owing to the increased demand for heavy lifting equipment in construction, energy, and logistics sectors. An increasing investment in supporting innovation in lifting equipment is driving the lifting equipment market. Further, the region's well-established manufacturing & construction industries, focus on work safety & energy efficiency, and replacement of outdated equipment with electric models are propelling the market.

Asia Pacific is anticipated to grow at the fastest pace of CAGR 10.6% in the global lifting equipment market during the forecast period. China accounted for the leading market share in the Asia Pacific lifting equipment market, driven by large-scale industrial expansion, significant infrastructure development, and government initiatives for supporting modern manufacturing. The Asia Pacific area has a thriving market for lifting equipment due to the region’s rapid industrialization and growth of the e-commerce industry. An expanding partnership agreement for providing reliable solutions for lifting operations aids in driving market growth for lifting equipment.

Major vendors in the global lifting equipment market are Komatsu Ltd., MITSUBISHI LOGISNEXT CO., LTD, Jungheinrich AG, Zoomlion Heavy Industry Science & Technology Co., Ltd., Linamar, Hyster-Yale Materials Handling, Inc., Columbus McKinnon Corporation, KITO CORPORATION, Anhui Heli Co., Ltd., HAULOTTE GROUP, Ingersoll Rand, SSAB, PALFINGER AG, Cargotec Corporation, TOYOTA INDUSTRIES CORPORATION, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In September 2025, the IMO’s SOLAS Regulation II-1/3-13 introduces mandatory safety requirements for onboard lifting appliances. The rules cover all lifting appliances on vessels with a safety construction certificate, including all cranes greater than 1 tonne SWL, moveable decks, ramps lifted with cargo, as well as other lifting appliances.

• In September 2025, the Ministry of Manpower (MOM) has completed a review of the test and examination requirements for statutory lifting equipment. This is part of ongoing efforts to strengthen workplace safety and health (WSH) standards while reducing costs for businesses.

• In July 2025, a Doncaster lifting equipment manufacturer was acquired by a Swedish group. A South Yorkshire-based manufacturer of heavy lifting equipment has been acquired by a Swedish corporate group. APP Lifting Services Limited, based in Doncaster and with a smaller business unit in Barking, East London, has over two decades of experience in the manufacture, hire, repair, and supply of lifting equipment.

• In June 2025, Siemens Digital Industries Software announced that Cimolai Technology, a leader in the design, production, and installation of lifting and handling equipment, had adopted the Siemens Xceletor portfolio of industry software.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the lifting equipment market based on the below-mentioned segments:

Global Lifting Equipment Market, By Type

• Lifts
• Pallet Trucks
• Forklifts
• Hoists
• Stackers
• Robotic Arms

Global Lifting Equipment Market, By Mechanism

• Electrical
• Magnetic
• Hydraulic
• Pneumatic
• Scissor Lifts

Global Lifting Equipment Market, By Application

• Construction
• Shipping Dockyards & Warehouses
• Manufacturing Industry
• Process Industry

 Global Lifting Equipment Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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