The global Vertical Mast Lifts Market is expected to grow from US$ 1.1 billion in 2023 to US$ 2.3 billion by 2033, according to Future Market Insights (FMI). Overall sales of vertical mast lifts are expected to increase at an 8.1% CAGR from 2023 to 2033.
During the projection period, the target market is expected to grow at a positive rate, creating an absolute revenue opportunity of US$ 1.2 billion.
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Sales are expected to remain high for push-around vertical mast lifts in the global market. This is attributable to rising usage of these vertical mast lifts on account of their better features.
As per the latest report, pushable vertical mast lifts segment is set to thrive at a robust CAGR of 8.0% during the projection period. Hence, it is expected to generate significant revenues in the target market.
Rising demand for vertical mast lifts from sectors such as aviation, construction, industrial manufacturing, warehousing, etc. is expected to drive the global market forwards through 2033.
Vertical mast lifts are aerial work platforms designed to operate in narrow and confined spaces. They are easy to use and offer a combination of high lift, reach, and manoeuvrability, making them safe solutions for tough industrial overhead maintenance applications.
Vertical mast lifts are compact, lightweight, highly portable, and can work around obstacles. They are easy to manoeuvre through passenger lifts, doorways, and narrow aisles. As a result, they are witnessing high demand and becoming ideal alternatives to lift booms and scissor lifts.
Increasing investments in developing and upgrading public infrastructure is expected to boost the global vertical mast lifts industry during the assessment period. Similarly, expansion of vertical infrastructure due to population explosion will bolster vertical mast lift sales.
Today, government and private authorities are investing large amounts in the development and construction of new railway stations, airports, and other structures. This in turn is creating high demand for aerial work platforms such as vertical mast lifts, and the trend is expected to continue through 2033.
Enforcement of stringent worker safety regulations along with rising adoption of advanced lifting technology is likely to elevate vertical mast lift demand.
In order to capitalize and increase their sales, leading vertical mast lift manufacturers are turning to hybrid and electric systems. For instance, in October 2022, LGMG launched new electric vertical mast lifts.
Growing popularity of electric vertical mast lifts is anticipated to play a key role in boosting the target market during the assessment period.
Key Takeaways from the Vertical Mast Lifts Market Report:
- The global vertical mast lifts industry is expected to cross a valuation of US$ 2.3 billion by 2033.
- Based on product type, pushable segment is likely to thrive at 8.0% CAGR during the assessment period.
- By working height, less than 6 m segment is poised to exhibit a CAGR of 7.8% through 2033.
- The United States vertical mast lifts market is anticipated to reach US$ 0.459 billion by 2033.
- Vertical mast lift demand in Japan is forecast to increase at 8.0% CAGR through 2033.
- The vertical mast lifts market in China is expected to reach a valuation of US$ 0.546 billion by 2033.
- South Korea market is projected to thrive at a CAGR of 7.8% during the assessment period.
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“Rapid expansion of end-use sectors such as construction and aviation and growing demand for compact and lightweight aerial work platforms are expected to boost the vertical mast lifts industry through 2033. To maximize their profits, companies are introducing new vertical mast lifts with improved features. – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Toyota Forklifts, JLG Industries, Jinan Tuhe Heavy Industry Machinery Co., Ltd, Terex Corporation, Skyjack (Linamar), Zhejiang Dingli Machinery Co., Ltd., YaFeng Machinery Limited, RUTHMANN Holdings GmbH (Calcanto Werbeagentur), HAULOTTE GROUP, and MEC among others are key manufacturers of vertical mast lifts profiled in the report.
These key companies are focusing on expanding their portfolios by launching new and improved aerial work platforms to meet end user demand. They also utilize strategies such as mergers, partnerships, collaborations, agreements, alliances, and acquisitions to strengthen their market presence.
Recent developments:
- In December 2022, JLG Industries, Inc. launched new vertical mast lifts designed for construction and industrial applications.
- In April 2022, Steelweld was acquired by Terex Corporation, a leading manufacturer of aerial work platforms.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the vertical mast lifts market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product type (pushable and drivable), working height (less than 6 m, 6.1 m to 9 m, 9.1 m to 12 m, and above 12 m), capacity (less than 100 Kg, 100 kg to 150 Kg, 150 kg to 250 Kg, and 250 kg and above), end-user industry (aviation, construction & mining, media & entertainment, government, industrial manufacturing, warehouse & logistics, and others), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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