The global hoists market was valued at US$ 1535 .010 million in 2017 and is projected to reach US$2198.478 million in 2023 growing at a CAGR of 6.17% during the forecast period. Hoists or hoisting equipment are used in conjunction with overhead cranes and workstation cranes for the lifting of heavy loads, freely suspended loads or bulky loads. These are either manually operated or are operated through wireless controls.
Applications include providing assistance to the operators in the manufacturing, warehousing or construction facilities in order to lift loads and other operations like storage, loading, and unloading. The market is poised to grow at a good growth rate during the forecast period due to the rapid urbanization, wide application of hoists in various end-user industry vertical, technological advancements and others. Furthermore, growing industrial automation will provide an opportunity for the use of wireless hoists emanating market growth in the near future. we have covered market research of hoists market due to emerging economies and hugh industrial consumption.
Impact of Rapid Urbanization on Hoists Market:
The urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. Asia, despite its relatively lower level of urbanization, is home to 54% of the world’s urban population, followed by Europe and Africa with 13% each. Today, the most urbanized regions include Northern America (with 82% of its population living in urban areas in 2018), Latin America and the Caribbean (81%), Europe (74%) and Oceania (68%). The level of urbanization in Asia is now approximating 50%. In contrast, Africa remains mostly rural, with 43% of its population living in urban areas (source: The United Nations).
The shift from the rural areas to urban areas has given rise to several challenges especially for the low-income and lower-middle-income countries to fulfill the demands of their urban population to sustain. This has further created a huge demand for many developments to be made which include residential construction, transportation which includes roads and highways, energy systems and other infrastructure such as better healthcare facilities, thus, emanating the growth of the global hoists market during the forecast period.
Global Hoists Market Share by Geography:
Geographically, the global hoists market has been segmented as North America, South America, Europe, Middle East and Africa and the Asia Pacific. APAC is projected to witness the fastest regional market growth during the forecast period owing to the high growth of manufacturing industry across the region.
Booming e-commerce industry is also significantly contributing to the growth of APAC Hoists market. Europe accounted for a significant market share in 2017 on account of high adoption of automation across end-use industries coupled with stringent workers’ safety regulations in the region.
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