In 2017 the global air hoist market was valued at US$ 220 Mn and by the end of the projected period, it is estimated to touch the value of more than US$ 370 Mn growing at a robust CAGR of 6.6% throughout the forecasted period.
Global Air Hoist Market: Market Driver and Restraint
Applications of Air Hoist are anticipated to create new business opportunities in the market. Air Hoist is used for a broad range of products such as consumer goods, automotive parts & others. The companies are focusing on launching air hoist in a few regions. It would be a great opportunity for the growth of the global air hoist market since only few a companies are into this business due to the introductory stage of this product market. Consequently, air hoist application is expected to develop rapidly in the years to come.
Manufacturers are also exploring the potential of air hoist in the construction and infrastructure industry. Application of air hoist in advanced products is gaining traction in recent years. Recently, manufacturers have started using air hoist in the marinas and shipyards area.
Global Air Hoist Market: Key Takeaways
On the one hand, air hoist manufacturers are dedicated to lower their manufacturing cost; on the other hand, they try to provide more qualified products to customers
Besides, they are trying to broaden the applications of air hoist such as consumer goods
As major suppliers are seeking acquisition to expand their presence across the globe, the market concentration is estimated to increase in the years to come.
Global Air Hoist Market: Forecast by Nature
This segment includes air chain hoist and air wire hoist. In terms of volume, air chain hoist segment is expected to remain dominant in the global air hoist market.
Global Air Hoist Market: Forecast by Region
North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA are the seven regions that are included in this report. Europe is dominating the global air hoist market in terms of value. The Europe air hoist market was valued at US$ 73.66 Mn in 2017 and is expected to expand at a healthy CAGR of 7.3% over the forecast period. The North America market is expected to expand at a robust Compound Annual Growth Rate of 7.1% in terms of revenue over the forecast period due to the steadily increasing production capacity for consumer goods products in this region.
Global Air Hoist Market: Key Players
Kito, Terex, Hitachi Industrial, Columbus McKinnon, Konecranes, Street Crane, Ingersoll Rand, ABUS, and Imer International are the key vendors included in this report.
The market concentration of Air Hoist is medium while the supply and demand relationship in the industry has been stable and modest. In 2017, the top 5 companies captured around 35% market share. Kito Chemical is presently leading the market, followed by Terex and Hitachi Industrial. Key Vendors like Columbus McKinnon, Konecranes, and Street Crane, also play an important part in the regional market.
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