The global vertical lift module market is projected to reflect a CAGR of over 8.5% amid the assessment period, 2023-2033. The remarkable growth of the e-commerce sector across the globe has played a vital role in the expansion of the vertical lift module market. Although the recent COVID-19 outbreak has slacked the market growth briefly, the global market is anticipated to expand steadily in the foreseeable future.
“With the expanding heavy machinery manufacturing industries in addition to automotive sectors, the need for fast, cost-optimized, and storage and safe picking solutions is rising rapidly. The market, being highly proficient in meeting all these criteria’s, is gaining popularity worldwide and will grow further over the assessment period.” says a Fact.MR analyst.
Vertical Lift Module Market – Key Takeaways
Sales of vertical lift modules are set to increase at a CAGR of 8.5% through 2033.
- North America holds 50% share of the global vertical lift module market.
- The market for vertical lift modules is valued at US$ 1.5 billion in 2023.
- Worldwide demand for vertical lift modules is forecasted to reach US$ 3.4 billion by 2033.
- North America remains the lucrative region among others due to the presence of several mature end-use segments such as e-commerce, automotive, aviation, logistics, and others.
- Non-refrigerated vertical lift module will foresee impressive growth over the projected period.
- Load capacity below 20 tons will remain lucrative throughout the assessment period.
- Internal bay configuration is likely to gain a key position among other categories.
Vertical Lift Module Market – Drivers
- Increasing focus on industrial automation and the upsurge of industry 4.0 is anticipated to accelerate market expansion.
- The swift rise in the adoption of automated storage and retrieval systems in several industries or sectors in recent years remains a key growth booster in the global market.
Competition Landscape
Key market players are using a variety of techniques, such as quality control and mergers & acquisitions to grow their market share. Additionally, top businesses are collaborating with regional distributors and partners while also growing their distribution network. Leading companies are heavily investing in R&D to maintain product standards and introduce advanced technology, which will broaden their product line and enable them to improve their current items.
For instance :
- EffiMat Storage Technology A.S released their exclusive ClassicMat™ ensuring efficient storage optimization along with exceptional picking speed, and ergonomic picking height.
- Kardex acquired the bulk of the stock in the Dutch business Robomotive, and together with Robomotive, it will expand its offering of fully automated picking solutions. The business will use Robomotive’s technology to expand its intralogistics business, implement autonomous order picking for full cases, and take a significant part in production and logistics.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has impacted the automotive industry adversely that has led the industry to incur massive financial losses. The demand for automobiles is declining as people remain under lockdown restrictions. However, Fact.MR in its recent study states that regardless of the restraining aspects caused due to the COVID-19 outbreak, the global vertical lift module market is likely to expand in the foreseeable years.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the vertical lift module market. The market is scrutinized on the basis of type (non-refrigerated, refrigerated), maximum load capacity (below 20 tonn, 20 tonn to 40 tonn, above 40 tonn), configuration (internal bay, external bay), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
These insights are based on a report on Vertical Lift Module Market by Fact.MR.
