Overview of the Market for Overhead Traveling Crane, Hoist, And Monorail System in the USA

For the fourth consecutive year, the U.S. market for overhead traveling cranes, hoists, and monorail systems recorded growth in sales value, which increased by % to $ in 2019. The market value increased at an average annual rate of +% from 2013 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of % against the previous year. Consumption peaked in 2019 and is expected to retain growth in years to come.

In value terms, production of overhead traveling cranes, hoists, and monorail systems rose to $ in 2019. The total output value increased at an average annual rate of +% from 2013 to 2019; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of % against the previous year. Over the period under review, production attained the peak level in 2019 and is expected to retain growth in the immediate term.

In 2019, the amount of overhead traveling cranes, hoists, and monorail systems consumed in the U.S. skyrocketed to tonnes, increasing by % compared with the previous year. The total consumption volume increased at an average annual rate of +% over the period from 2013 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The value of the market for overhead traveling cranes, hoists, and monorail systems in the U.S. skyrocketed to $ in 2019, picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% over the period from 2013 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of % against the previous year. Consumption peaked in 2019 and is expected to retain growth in the near future.

Driven by increasing demand for overhead traveling crane, hoist, and monorail system in the U.S., the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .

Driven by a growing demand, the share of imports in total supply in the U.S. increased significantly over the last six-year period (from % to %).

The U.S. remains a net importer of overhead traveling crane, hoist, and monorail system; in physical and value terms, imports consistently exceeded exports from 2013 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.