Vertical Mast Lift Market
Vertical Mast Lift Market Analysis By Product Type (Pushable & Drivable Vertical Mast Lifts) By Working Heights, By Capacity, By End-User Industry & Region – Global Market Insights 2022 to 2032
Vertical Mast Lift Market Outlook (2022-2032)
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.
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)
North America Market Share (2021)
East Asia Market Growth Rate (2022-2032)
United States Market Growth Rate (2022-2032)
Market Share of Top 5 Companies
Key Companies Profiled
Interested to Procure The Data
Demand Analysis of Vertical Mast Lifts (2017-2021) Vs. Market Forecasts (2022-2032)
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.
- Short Term (2022 Q2 to 2025): Growing demand across warehouses, aviation, media & entertainment, event management, and others will contribute to revenue growth. In addition, vertical mast lifts as a service will gain traction over the period of 2022-2025.
- Medium Term (2025-2028): Rising demand from emerging economies across construction and mining sectors, coupled with the surging e-Commerce sector, will drive market growth.
- Long Term (2028-2032): Innovation and upgradation along with customization will create lucrative opportunities for market players. Vertical farming will also propel the sales of VMLs.
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.
Why is Demand for Vertical Mast Lifts Rising Steadily?
“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.
An Adaptive Approach to Modern-day Research Needs
What Issues Do Vertical Mast Lift Manufacturers Face?
“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.
How is the U.S. Construction Sector Driving High Demand for Vertical Mast Lifts?
The growing construction industry across the U.S. is accelerating the growth of the vertical mast lift market.
- For instance, according to data from the U.S. Census Bureau, total construction cost was valued at US$ 1.6 trillion in December 2021, a 9% increase from 2020. In 2020, the construction value was US$ 1.5 trillion in December. US$ 83.8 billion was spent on the construction of commercial spaces.
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.
Why is China a Highly Lucrative Market for Vertical Mast Lift Suppliers?
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.
- For instance, China's logistics sector has projected steady growth in 2022. Social logistics increased by 7.2% year-on-year and reached 51.8 trillion yuan (approximately US$ 8.1 trillion), as per data from the China Federation of Logistics and Purchasing.
- China's logistics for industrial products rose by 7.5%, and high-tech manufacturing increased by 14.4%, whereas, equipment manufacturing climbed by 9.6%.
- Overall revenue generated by the logistics industry increased by 9.7% year-on-year to 1.6 trillion yuan (around US$ 0.2 trillion), as per data for the first two months of 2022.
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.
Why are Drivable Single Mast Vertical Lifts Most Widely Used?
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.
How is the Warehousing & Logistics Sector Supplementing Market Growth?
The surging warehousing and logistics sector has strengthened the market's growth scenario.
- For instance, according to data from the Chartered Institute of Procurement & Supply (CIPS), around 3.4 million square meters of space will be used for the construction of a warehouse in 2021 in the U.K.
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%.
Avail customized purchase options for your needs
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.
- 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.
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.
Segmentation of Vertical Mast Lift Industry Research
By Product Type :
- Single Mast Lifts
- Double Mast Lifts
- Single Mast Lifts
- Double Mast Lifts
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 :
- Construction & Mining
- Media & Entertainment
- Industrial Manufacturing
- Warehouse & Logistics
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
Portable Forklift Ramps Market research report covers detailed information on Global Portable Forkli...
The vertical Platform Lift market is set to witness steady growth during 2021-2031. The defense sect...
Forklift Work Platforms Market to grow at steady CAGR value by 2031. Implementation of sensors in th...