According to a new market intelligence study, the fast expanding e-commerce sectors, coupled with the well-developed warehousing operations are stimulating the global vertical lift module market growth. The global vertical lift module market is anticipated to witness growth at over 8% CAGR (Compound annual growth rate) during the forecast period from the year 2020 to 2030. The study captures the impact of latest forces on the market, along with offering readers a detailed analysis on the COVID-19 impact on vertical life module market growth.
Key Takeaways from Vertical Lift Module Market Report
- Rapidly developing e-commerce sector is expected to fuel demand during the forecast period
- Rising demand from logistics companies is anticipated to enable market exhibit growth at accelerated pace
- Advancements of automated equipment developing companies are boosting the market growth
- Increasing demand from end-use segments such as warehousing, retail sectors, and others is forecast to drive growth
“Rising demand from highly developed automation companies is enabling growth in the global vertical lift module market. Furthermore, rapidly expanding e-commerce sectors are expected to offer lucrative prospects for market’s growth in the coming years,” said a report analyst.
Advancements in Automotive Sector Fuelling Growth
Shortage in terms of distribution, storage, and sales of parts has been a key challenge haunting automotive manufacturers and dealership departments alike. Several leading suppliers are capitalizing on filly automated vertical storage systems to counter existing challenges. Through this they aim at improving overall customer satisfaction, besides maximizing their profit margin.
With an increasing number of automotive dealers showing interest in investing in vertical storage systems, the market is poised to record impressive growth in the coming years. Also stringent regulations implemented to ascertain secure and safe inventory are encouraging companies across pharmaceutical and medical industries to implement lean logistic and inventory models.
With these companies looking for cost optimization, the demand for vertical lift module is expected to surge significantly in the coming years. This will also offer lucrative prospects for market players to capitalize on.
Some of the leading companies operating in the market are Kardex Group, Systems Logistics SPA, Hanel GmbH & Co. Kg, Modula Inc., Daifuku Co. Ltd., DMW&H, Schafer Systems International, Inc., Ferretto Group S.P.A., and others.
The focus of these market players was continuous investment in technology, along with R&D efforts. However, the COVID-19 impact has meant that many of these companies are now in holding pattern, especially with the growing realization that instead of a one big hit, the pandemic may impact healthcare and economy in several waves. Any major investments in this sector are likely to be in the last quarter of 2021 or early 2022.