Consistently accounting for a large value share in the global material handling equipment industry, in terms of sales volume, vertical lift module is witnessing visible traction over the past few years – attributed to the potential to address the space-saving challenge. With a profound revenue share, vertical lift module equipment demand continues to foster automotive and machinery tool equipment sectors.
The predominant factor driving the demand for vertical lift module (VLM) is rampant development of the large-scale industrial sector in rapidly thriving economies such as South East Asia Pacific including China and India, and Middle East & Africa. On the other side, development of the commercial sector and strengthening of the infrastructure sector continues to be at the forefront of global economics – North America and Western Europe. VLM Globally.
Persistence Market Research indicates that the global VLM market wants to represent a healthy CAGR of 7.7% over an eight-year projection period 2018-2026, reaching the value in excess of US $ 1.5 Bn by the end of the forecast period. Witnessing the highest demand expected from automotive and machinery & heavy equipment end use sectors.
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Industry Inclination towards Automation to Track VLM Demand
ASRS, the automated storage / retrieval systems, will continue to be used in the ASRS section. Industries such as transportation, logistics and distribution are also in the process of being sold. In addition, retail, FMCG, chemical, pharmaceutical industries will continue to strongly support the VLM demand over the assessment period. Moreover, the escalating demand for warehouse space also wants to translate to high traction for vertical lift module in next few years.
Increasing preference for automated vertical storage systems by automotive manufacturers and dealership. Growing demand for safe and secure inventory especially in pharma and medical sectors, so wants to provide an impetus to VLM equipment that supports a lean inventory and logistics model across the industry.
APAC set to take over Europe and North America in terms of pace; European Markets to Witness Dwindling Production
CAGR over 2018-2026. While North American market for vertical lift module is expected to become a major revenue shareholder in the VLM market. However, PMR believes the growth in the European market for vertical lift modules will remain relatively low – even below the CAGR of 4% during 2018-2026 – prominently attributed to the cyclical fluctuation in core European markets for VLM.
Growth of the vertical lift module market in Asia Pacific is owing to the escalating demand for automation in rapidly developing countries such as China, Japan, Malaysia, South Korea, Taiwan, and Indonesia. Triggering the demand for VLM. Increasing automation needs to be improved. Occupational Safety and Health Administration (OSHA) has recently announced a set of standards specifically for automated handling systems – to assure employee safeguarding at workplaces. This has been spotted as a significant factor pushing the demand for vertical lift module in the upcoming years.
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APAC’s manufacturing industry continues to make stiff competition in North American and European regions. Regional Operators, VLM market participants in APAC are presumed to focus The value of the VLM market value for APAC is a strong promise to outweigh the collective revenue of North America and Europe over the next few years.
According to PMR’s research experts, European countries continue to postulate the cyclic variability as the consequence of general economic risks associated with global economic developments. Moreover, country-specific debt problems and persistent geopolitical uncertainties are likely to affect the region’s economic stability. Furthermore, the sector-specific risks are expected to be straightaway impact the VLM market volume in the near future. So, as the GDP has continuously been on a lower side over the recent past, the production of vertical lifts wants to continue. Low replacement rates are observed in the forecast period.
Key Players in VLM Market to Strategize Collaboration, M & A, and Production Output Extension
To sustain a strong foothold in the vertical elevator module marketplace, a majority of VLM market players are preferring consolidation of sales and distribution network, coupled with quality aftersales service as a necessity. On the similar line, vertical lift module market participants are expected to focus on their partnerships and long-term contracts with leading distributors in the VLM market and end users.
Manufacturing facility expansion, strategic collaborations, new product launch, and M & A are currently at the top of VLM manufacturers‘ minds, as observed by PMR experts. A majority of vertical lift modules are taking efforts to push their production output for targeting white space opportunities and untapped consumer bases in the VLM market. In addition to M & A, new product launch will continue to be an important strategy adopted by key players in the vertical lift module market.
Several companies are increasingly preferring to enter new collaborations with leading stakeholders in the vertical lift module market. Technology optimization, coupled with latest technology innovations such as incorporation of auto-assist features, are thus considered as sought after strategies among VLM manufacturers. Key market players in VLM space are also strategic to capitalize on various opportunities existing in the flourishing online retail / ecommerce sector.
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