Lifting Accessory Market Size, Share, Growth, Analysis, Key Players, Revenue, | Valuates Reports

Lifting Accessory Market Size
The global Lifting Accessory market was valued at US$ 1566 million in 2023 and is anticipated to reach US$ 2321.2 million by 2030, witnessing a CAGR of 5.8% during the forecast period 2024-2030.

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Lifting Accessory Market Trends and Challenges

Market Trends:

1. Growing Market Size and Expansion:
The lifting accessory market size is experiencing significant growth, driven by increasing demand from the construction, logistics, and industrial manufacturing sectors. The rise in infrastructure development and automation in material handling is further fueling the market expansion.
2. Increasing Market Share of Advanced Lifting Accessories:
Technological advancements in lifting equipment, including the integration of IoT-based smart lifting solutions, are enhancing safety and efficiency. Companies investing in innovative lifting accessories are gaining a competitive market share, leading to rapid product adoption.
3. Surge in Demand for High-Performance and Safety-Compliant Products:
The enforcement of strict workplace safety regulations worldwide is prompting industries to invest in high-quality and certified lifting accessories. This trend is positively influencing the market growth of premium lifting equipment, ensuring durability and improved load-handling capabilities.
4. Rise in E-Commerce and Warehousing Applications:
With the booming e-commerce sector, the need for efficient material handling solutions is increasing. Lifting accessories such as slings, hoists, and shackles are being widely used in warehouses and distribution centers, driving market analysis toward automation-based lifting solutions.
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Market Challenges:

1. High Initial Investment and Maintenance Costs:
The adoption of advanced lifting accessories requires significant upfront investment. Additionally, regular maintenance and inspection of lifting equipment add to operational costs, posing a challenge for small and medium-sized enterprises (SMEs).
2. Stringent Safety and Compliance Regulations:
Regulatory bodies impose strict guidelines regarding the use and certification of lifting accessories. Compliance with these regulations requires additional testing and certification costs, which can impact market revenue and limit the entry of new players.
3. Supply Chain Disruptions and Raw Material Price Volatility:
Fluctuations in the prices of raw materials such as steel, aluminum, and synthetic fibers impact the overall manufacturing cost of lifting accessories. Additionally, global supply chain disruptions can delay product availability, affecting market growth in certain regions.
4. Lack of Skilled Workforce for Advanced Lifting Systems:
While automation is transforming the lifting accessory industry, the lack of trained professionals to operate and maintain smart lifting solutions poses a challenge. Companies need to invest in workforce training programs to bridge this skill gap.

Segment by Type

• Lifting Hooks
• Shackles
• Turnbuckles
• Swivels
• Links & Chains
• Others

Segment by Application

• Construction
• Logistics and Transportation
• Automotive
• Industrial
• Power & Energy
• Oil & Gas
• Others

By Company

The Crosby Group, Columbus McKinnon, Pewag Group, Van Beest, Wurth Group, William Hackett Lifting Products Ltd., Peerless Industrial Group, Inc., Toho-Rongkee, AUZAC Co. Ltd., Campbell Chain, Gunnebo Industries, RUD Group, Thiele, Yoke Industrial Corp

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