Vertical mast lift market projects 4.8 percent growth through 2032
Fact.MR, a market research and competitive intelligence provider, reveals that the global vertical mast lift (VML) market is at US$ 1.54 billion in 2022 and will expand at a CAGR of 4.8 percent through 2032.
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 vast warehousing facilities for the storage of goods, and to maintain and keep these goods on shelves efficiently, they user 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.
Market study takeaways:
- The global vertical mast lift market is projected to expand at a CAGR of 4.8 percent and reach US$ 2.46 billion by 2032.
- Sales of vertical mast lifts increased 0.7 percent CAGR from 2017 to 2021.
- Drivable single vertical mast lifts dominate and are currently valued at US$ 636.3 million.
- Warehouse and logistics end use dominated the market with 21.3 percent market share in 2021.
- By capacity, 330-pound to 550-pound 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 percent and 5.8 percent, respectively, in East Asia and South Asia & Oceania.
- Fact MR analysts predict that drivable single vertical mast lifts are expected to provide consistency in demand for long-term market growth.
Market development
The vertical mast lift market witnessed low demand during the pandemic; however, the ballooning e-commerce sector fueled 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.
Competitive landscape
Key manufacturers of vertical mast lifts include JLG Industries, Genie Lift (Terex), Jinan Tuhe Heavy Industry Machinery Co., Ltd., Skyjack (Linamar), Toyota Forklifts, Zhejiang Dingli Machinery Co., Ltd., Haulotte Group, Ruthmann Holdings GmbH (Calcanto Werbeagentur), YaFeng Machinery Limited and MEC.
Major market players of vertical mast lifts are switching to electrical vertical mast lift production over traditional ones. They are utilizing the power of sustainability and renewable resources.
Companies are also adopting eco-friendly materials to produce VMLs to reduce their carbon footprints. In addition, product launches are a key strategy used by market players to remain competitive in the vertical mast lifts market.
In March 2022, MEC launched its all-electric vertical mast lift series. The product is designed to prevent the risk of any oil leakage as it has zero hydraulic oil. The MMAE16, with its all-electric steer, drive, and lift, offers an optimum battery service.
In October 2021, Linamar Corporation’s division Skyjack launched its all-new SJ16 E and SJ12 E vertical mast lifts. The new SJ12 E and SJ16 E emit zero emissions, consume less power, and have low carbon footprints.
To view the complete report go to https://www.factmr.com/report/vertical-mast-lift-market
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