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Construction hoist market to have robust growth in next five years

The global construction hoist market is anticipated to rise at a considerable rate between 2023 and 2030. In 2022, the market was growing at a steady rate and with the rising adoption of strategies by key players, and the market is expected to continue to rise.

Due to the COVID-19 pandemic, the global construction hoist market size is estimated to be worth (US) $899 million in 2021 and is forecast to a readjusted size of  $1.1 billion by 2028 with a CAGR of 2.9 per cent during the forecast period 2022-2028.

Global construction Hoist key players include Zoomlion, GJJ, Alimak, XL Industries, Hongda Construction, etc. Global top five manufacturers hold a share about 35Percent. China is the largest market, with a share about 40Percent, followed by Europe, with a share about 30 per cent.

In terms of product, Below 2 ton and 2-3 ton is the largest segment, both with a share about 45 per cent. And in terms of application, the largest application is Commercial, followed by Residential.

The segmental analysis focuses on sales, revenue and forecast by region (country), by type and by application for the period 2017-2028.

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What are the factors driving the growth of the Construction Hoist Market?

Growing demand for below applications around the world has had a direct impact on the growth of the construction hoist market:

• Residential
• Commercial
• Industrial

What are the types of Construction Hoist available in the Market?

Based on product types the market is categorized into these types that held the largest construction hoist market share in 2023:

• Below 2 ton
• 2-3 ton
• Above 3 ton