Dublin, Ireland, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global vertical mast lift market is estimated at US$ 1.54 billion in 2022 and is expected to expand at a CAGR of 4.8% through 2032. Vertical mast lifts are designed to work efficiently in compact spaces and aisles. As such, there is huge demand across various applications, especially in the warehousing and logistics sector.
The surging e-Commerce industry will drive the sales of vertical mast lifts. For instance, in China, online retail sales stood at US$ 1.06 billion in 2018, US$ 1.23 billion in 2019, and US$ 1.41 billion in 2020. E-Commerce companies require a warehousing facility for the storage of goods. To maintain and keep these goods on shelves, they employ vertical mast lifts.
Other factors such as the use of vertical mast lifts for commercial building cleaning and maintenance, event management, aviation, and defence, among others, will provide a plethora of opportunities for vertical mast lift manufacturers going forward.
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Expansion of Vertical Infrastructure Aiding Market Growth
The world’s population in 2019 was 7.6 billion and reached 7.7 billion at the end of 2021, which is estimated to climb to 8.1 billion by 2027, as per the International Monetary Fund (IMF). To meet the space and housing requirements of the growing population with limited land resources, vertical growth or construction plays a crucial role in the VML market.
To transport construction material at heights and in narrow aisles, vertical mast lifts are being widely employed. Thus, with the growing construction industry, sales of vertical mast lifts are also projected to increase in tandem.
Key Takeaways from Market Study
- The global vertical mast lift market is projected to expand at a CAGR of 4.8% and reach US$ 2.46 billion by 2032.
- Sales of vertical mast lifts increased 0.7% CAGR from 2017 to 2021.
- Under product type, drivable single vertical mast lifts dominate and are currently valued at US$ 636.3 million.
- Warehouse & logistics end use dominated the market with 21.3% market share in 2021.
- By capacity, 150 kg - 250 Kg vertical mast lifts account for a major share and are valued at US$ 575.6 million in 2022.
- Sales of vertical mast lifts are expected to increase at CAGRs of 5.3% and 5.8%, respectively, in East Asia and South Asia & Oceania.
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Segmentation of Vertical Mast Lift Industry Research
- By Product Type :
- Pushable
- Single Mast Lifts
- Double Mast Lifts
- Drivable
- Single Mast Lifts
- Double Mast Lifts
- Pushable
- By Working Height :
- Less than 6 m
- 6.1 m to 9 m
- 9.1 m to 12 m
- above 12 m
- By Capacity :
- Less than 100 Kg
- 100 kg - 150 Kg
- 150 kg - 250 Kg
- 250 kg and above
- By End-user Industry :
- Aviation
- Construction & Mining
- Media & Entertainment
- Government
- Industrial Manufacturing
- Warehouse & Logistics
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Market Development
The vertical mast lift market witnessed low demand during the pandemic; however, the ballooning e-Commerce sector fuelled demand and maintained steady market growth. Major market players also adopted various strategies to remain competitive in the market. The adoption of online channels for the marketing and selling of vertical mast lifts amplified since 2020.
Furthermore, the launch of new electrical vertical mast lifts as an innovative sustainable solution has spurred the market outlook. Prominent market players also have entered trade relations as a service provider, offering lucrative opportunities for sales growth.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vertical mast lift market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (pushable (single mast lifts, double mast lifts), driveable (single mast lifts, double mast lifts), working height (less than 6 m, 6.1 m to 9 m, 9.1 m to 12 m, above 12 m), capacity (less than 100 kg, 100 kg - 150 kg, 150 kg - 250 kg, 250 kg and above), and end user (aviation, construction & mining, media & entertainment, government, industrial, manufacturing, warehouse & logistics, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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