Our-in depth analysis of the global freight elevator market includes the following segments:
Global freight elevator market is further classified on the basis of region as follows:
Global freight elevator market is anticipated to witness a robust growth during the forecast period 2017-2024. Development of new industries and adoption of freight elevators in such industries is expected to propel the demand for freight elevator globally over the forecast period.
In terms of region, global freight elevator market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America regions. In terms of share, Asia Pacific region is dominating the global freight elevator market and anticipated to become fastest growing market of freight elevator over the forecast period. Emerging economics such as India and China are the dominating countries contributed towards the growth of freight elevator market in Asia Pacific region. Additionally, development of new industries and increasing infrastructure investment in these countries is expected to propel the demand for freight elevators in Asia Pacific region over the forecast period 2017-2024. North America is accounted to witness a satisfactory growth during the forecast period. This growth of freight elevator in North America region can be attributed to factors such as high technology adoption rate coupled with established infrastructure solution in this region. However, economic decline in recent past is expected to slow down the growth of freight elevator market in these regions over forecast period. Apart from this, Latin America is also expected to witness a satisfactory growth in the terms of revenue of overall freight elevator market over the forecast period due to rising infrastructure development activities in the region.CLICK TO DOWNLOAD FREE SAMPLE
Increasing demand for freight elevator from different sector such as hospitals and industries are some of the major factors driving the global freight elevator market growth. Further, development of new skyscrapers all over the globe and rising need to transport goods from floor to floor is also a major factor driving the growth of global freight elevator market.
Freight elevators offer convenient features such as; easy transportation of intensely large size goods as well as the safety of goods while transporting. Some advanced freight elevators such as hydraulic freight elevators and bed freight elevators offer additional abilities and are likely to spur the demand for freight elevators in near future. In terms of operating cost, the freight elevators are very cost efficient. Apart from this, manufacturers of freight elevators are focusing on the development of more efficient freight elevators in terms of operating cost. This factor is likely to propel the demand for freight elevators in near future.
However, high cost of freight elevators is a major restraining factor for the growth of global freight elevator market. Moreover, low travelling speed of
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.