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I AgreeAnalysis of Vertical Mast Lift market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global vertical mast lifts market size stands at US$ 1.54 billion and is predicted to expand at a CAGR of 4.8% to reach a value of US$ 2.46 billion by the end of 2032.
Sales of vertical mast lifts accounted for close to 14% share of the global vertical lift market in 2021.
Report Attributes |
Details |
---|---|
Vertical Mast Lift Market Size (2021A) |
US$ 1.45 Billion |
Estimated Market Value (2022E) |
US$ 1.54 Billion |
Forecasted Market Value (2032F) |
US$ 2.46 Billion |
Global Market Growth Rate (2022-2032) |
4.8% CAGR |
North America Market Share (2021) |
~4.7% |
East Asia Market Growth Rate (2022-2032) |
~5.3% CAGR |
United States Market Growth Rate (2022-2032) |
~4.6% CAGR |
Market Share of Top 5 Companies |
~38% |
Key Companies Profiled |
|
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Vertical mast lifts (VMLs) have a wide area of applications. Innovations and adoption of eco-friendly materials are playing a crucial role in market growth. Drivable electric vertical mast lifts are gaining prominence across regions.
Emerging economies such as China, India, and Malaysia are lucrative markets for vertical mast lift manufacturers. Diverse end-use industries in these countries such as construction, waring housing, event management, aviation, and others are propelling market growth.
Furthermore, electrically-driven vertical mast lifts and engine-driven vertical mast lifts are paving their way to gain increased market share and are anticipated to reshape the market growth trajectory over the coming period.
During the 2017-2021 period, the global vertical mast lift market registered a CAGR of 0.7%. According to Fact.MR, a market research and competitive intelligence provider, worldwide sales of vertical mast lifts are projected to increase at 4.8% CAGR between 2022 and 2032.
Market share analysis of vertical mast lifts based on end user and region. Under the end-user segment, warehousing and logistics dominate with 21.3% market share.
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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.
Furthermore, vertical farming is also gaining popularity to meet the increasing food requirements of the growing population on limited land. To manage and increase vertical farming, vertical mast lifts are playing an important role in the farming sector.
“Vertical Mast Lift as a Service”
Vertical mast lifts renting has increased its adoption across various domains. Renting enables users to choose the required product from diverse offerings every time. It also saves on maintenance costs, storage costs, and others. Users can rent ready-to-use vertical mast lifts that are also equipped with advanced technology.
To increase the renting business, service providers are keeping their renting product portfolios updated. In addition, market players are establishing long-term trading contracts as service providers. Such measures are contributing to the increasing sales of vertical mast lifts across regions.
Know thy Competitors
Competitive landscape highlights only certain players
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“Vertical Mast Lift Limitations and Security Issues”
Vertical mast lifts are being explored for their vast applications; however, certain limitations are hampering market revenue growth. For instance, a VML has a small platform with a nonexistent platform extension, a narrow work zone, and increased platform sway with mast damage susceptibility, lacking 360-degree operational capabilities.
The smaller platform of the vertical mast lift lags the total platform support. In addition, the platform is connected only through one end of the mast, which results in platform sway that can not only lead to fatal injuries but also damage to commodities. In such cases, market players can add security features and support to ensure the safety of end users.
Furthermore, mast lifts have minimum protective measures to prevent debris from falling into the mast segments. This damages the mast, resulting in platform sway and revenue loss due to product damage.
“Availability of Alternatives Restraining VML Adoption”
The availability of alternative products such as hybrid lifts zero-turn series will negatively impact the sales of vertical mast lifts. The zero-turn series is built from the ground up as scissor lifts and offers precision control, maneuverability, low floor load pressures, and other benefits as compared to vertical mast lifts. The hybrid lifts zero turn series is suitable for complex and compact job sites.
These factors are major threats to vertical mast lift manufacturers’ growth prospects; however, they are coming up with robust solutions to overcome these restraints and capture the available opportunity in the market.
The growing construction industry across the U.S. is accelerating the growth of the vertical mast lift market.
The growing construction industry in the country is elevating the demand for vertical mast lifts. VMLs are widely used for the transportation of construction goods, plaster, and others.
The United States vertical mast lifts market is currently valued at US$ 318.9 million and is expected to reach US$ 498.7 million by 2032.
Growth in the logistics industry across China has led to the requirement for more warehouses. To carry out effective logistics and warehousing operations, vertical mast lifts are widely used. Hence, with the growing logistics industry in China, vertical mast lift suppliers have also witnessed high demand.
Hence, this rapid logistics and warehousing growth has spurred the vertical mast lifts market growth outlook in China.
The China market for vertical mast lifts is expected to reach a valuation of US$ 248.9 million in 2022.
Drivable single vertical mast lifts account for a high market value of US$ 636.3 million in 2022. These drivable single mast vertical lifts see comparatively high demand across end-use verticals than double mast vertical lifts. Drivable vertical mast lifts reduce manpower requirements and save time and other benefits.
These lifts also reduce the probability of product damage and revenue loss that generally occurs due to high jerks from pushing or pulling. These factors will contribute to segment growth over the coming years.
The derivable single mast vertical lifts segment is anticipated to expand at a CAGR of 5.8% and reach a value of US$ 1.19 billion by 2032.
The surging warehousing and logistics sector has strengthened the market's growth scenario.
e-commerce companies are scrambling to meet the explosion in online orders. Additionally, growing demand across logistic industries coupled with the surging port business further requires warehousing space. As vertical mast lifts have higher adoption across all types of warehouses, segment growth is only set to increase over the decade.
The warehousing and logistics segment accounted for US$ 326.8 million in 2022 and is estimated to reach US$ 556.3 million by 2032, expanding at a CAGR of 5.5%.
Key manufacturers of vertical mast lifts include JLG Industries, Terex Corporation., 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 for the production of VMLs to reduce their carbon footprint. In addition, product launches have become the key strategy being adopted by market players to remain competitive in the vertical mast lifts market.
Fact.MR has provided detailed information about the price points of key manufacturers of vertical mast lifts positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global vertical mast lift market is valued at US$ 1.54 billion in 2022.
Revenue from the market for vertical mast lifts is anticipated to reach US$ 2.46 billion by 2032.
From 2017 to 2021, sales of vertical mast lifts increased at 0.7% CAGR.
East Asia accounts for 24.4% market share in 2022.
Drivable single vertical mast lifts account for 59.4% share of the market.