Electric Hoist Market: Introduction
An electric hoist is an electrically powered appliance that is used to lift, lower, and even move massive objects. They have made the troublesome task of lifting up heavy goods and equipment easier and simpler. There are a variety of these hoists available in the market that further eases their application. Hoists are highly recommended for lifting applications as they are easy to use and handle, and give desired results. Electric hoists are capable of lifting weights easily up to a height of 15 feet.
Key Drivers of the Electric Hoist Market
- The global electric hoist market is expected to gain strength from substantially rising applications in the automotive and transportation industries. A number of manufacturers are aiming at technologically customized solutions to meet a diversity of material handling requirements in end-use industries. Several of them are also launching electric hoists with advanced automation features and powering options.
- Rapid advancements in the construction sector due to new as well as retrofit building activities in various developing regions is a key factor propelling the growth of the electric hoist market. The development of new plans and projects in emerging markets have brought ample opportunities for manufacturers.
Innovative launches such as S-series and M-series creating opportunities in the electric hoist market
Companies are launching new and innovative features such as S-series and M-series that help in providing new opportunities to the electric hoist market. The newly launched S-series uses a synthetic rope and delivers greater lifting performance and longer-lasting use. M-series cranes offer real-time data and insight via a customer portal to improve usage visibility and help anticipate maintenance needs. The S-, C- and M-series represent the next generation of the existing industries, bringing new technology and innovation to areas including motor drives, ropes, reeving systems, and clutches and brakes to deliver safer equipment that perform better, last longer, and deliver greater operational savings.
Breakage of gearboxes or wire rope may act as restraints for the electric hoist market
Hoists require specific gearboxes to function. Electric hoist manufacturers have a setback as they may not have facilities to manufacture their own gearboxes and need to rely on outside manufacturers. A gearbox not functioning properly can cause tremendous damage. For example, an electric host lifting a 3-ton object and the gear breaks. Also, if the wire rope is not made of strong material, too much of weight might break the wire rope and cause mishaps. Such factors may hamper the growth of the electric hoist market.
North America the dominant market
With increase in industrialization and urbanization, the U.S and Canada contribute the most to the electric hoist market. Rapid pace of automotive manufacturing is likely to impart a robust impetus to the expansion of the market in the next few years in the U.S and Canada, offering new opportunities to drive demand in such regions.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the electric hoist market are:
- SWF Krantechnik
- Harrington Hoists, Inc.
- KITO CORPORATION
- Columbus McKinnon Corporation
- Hitachi Industrial Equipment Systems Co
- Reva Industries Ltd
Electric Hoist Market: Research Scope
Electric Hoist Market, by Type
- Electric Chain Hoist
- Electric Wire Hoist
Electric Hoist Market, by Application
- Others (Marine manufacturing, logistics)
Electric Hoist Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the electric hoist market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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