Electric hoists are massively deployed in practically every industry there is – most overtly the ones where heavy lifting is required. In this regard, the automotive sector has emerged as a prime growth avenue for electric hoist market.
Sellbyville, DE -- (SBWIRE) -- 05/17/2019 -- Global Market Insights recently introduced new report on global Electric Hoist market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Electric Hoist industry considering all the major industry trends, market dynamics and competitive scenario.
Electric hoists are massively deployed in practically every industry there is – most overtly the ones where heavy lifting is required. In this regard, the automotive sector has emerged as a prime growth avenue for electric hoist market. For instance, in the automotive industry, low-tonnage pneumatic and electric-powered hoists support a wide variety of tasks in an automotive plant's main and ancillary assembly lines including engine installation, engine-to-transmission mating, and axle and frame assembly.
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As per estimates, electric hoist industry size from hoists with a load bearing capacity between 0.25 - 5.0 tons will register a CAGR of 7% while the market share from hoists with a load bearing capacity between 5.1 - 10.0 tons are expected to record a growth rate of 7.4% over 2018-2025.
A number of technology and distribution trends across myriad industries are also influencing and redefining the electric hoist market dynamics. The role of distributors in electric hoist industry has now undergone quite some change, as hoist distributors are becoming more knowledgeable, placing themselves on a firmer footing to help end users. This is especially true for the manufacturing sector to make more informed choices with regards to prefabricated concrete elements, trains, heavy components and industrial machinery.
With the advent of advanced technologies, hoists have become more application and tech savvy, thereby leading to the expansion of electric hoist market. Now, it has been observed that more attention is drawn toward increasing the specialization and process specific design of hoists. A better understanding of customer processes and their demands has brought about advancement in electric hoist designs as more and more industries are coming forward with specialized needs. On these grounds, reputed electric hoist industry giants are now bringing new technologies to the mainstream.
More portable, ergonomically correct hoists with multi-speed lift equipment have also made their presence felt across electric hoist industry. The ubiquitous presence of technologies like IoT has now brought about the much-needed changes in electric hoist market. However, IoT-powered devices are being adopted at a relatively slow rate than heat-resistant motor materials, multi-speed motor control technology and user-friendly, functional motor controls that have greatly improved the operation and duty-cycle of electric-powered hoists.
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In recent times, hoist manufacturers have included features in electric hoists that limit down time due to equipment failure and have helped collect data such as motor run time and working hours. Based on this information, operators can schedule maintenance managements such as inspection, oil change, etc., on a needed basis rather than wait for equipment failure and the repair on a wartime zeal to cut prevent production slack.
With electric hoists being deployed liberally – right from nuclear plants to the Olympics where hoists were used to elevate snow guns to create more suitable ski slopes, it is rather overt that electric hoist market will traverse a highly remunerative growth path ahead. As per estimates, market size is expected to surpass $3.4 billion by 2025.
The Electric Hoist market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Electric Hoist market based on product, technology, end user and region.
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Kito Corporation, one of the most acclaimed players of electric hoist market, recently made it to the headlines for buying Erikkila, a Finland based company that manufactures light cranes. Acquiring Erikkila is a major go-ahead for Kito to enhance its operation in Europe where Erkkila has an extensive distribution network. The deal is touted to strengthen Kito's business position in Europe market, as the combination of Erikkila's modular cranes and Kito's electric chains will provide Europe the access to the best solutions possible. The Kito-Erikkila agreement indeed, is one of the most apt instances demonstrating the current competitive scenario in electric hoist industry.
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