Vertical Lift Module Market Trends

Growth Drivers

Increasing Focus on Industrial Automation- During the predicted period, the growth of industry 4.0 has greatly accelerated the trend towards industrial automation. The sales of vertical lift modules have dramatically increased as a result worldwide. The market is expected to grow quickly over the next several years as a result of the benefits provided by vertical storage systems. The manufacturing sector will be most affected by automation, which has the potential to automate about 64% of all manufacturing processes worldwide. By automating 64% of manufacturing operations, the globe could save 749 billion working hours.
Continuous Innovation in Vertical Lift Modules- Strict security and control procedures are typical in the automotive sector. To prevent theft and preserve privacy, some of the parts and tools need to be stored properly and securely, and priceless assets need to be guarded and kept in a secure location. A total of 38,90,114 passenger vehicles were sold overall, up from 30,69,523. In comparison to the prior year, sales of passenger cars climbed from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718 and Vans from 1,13,265 to 1,39,020 units in FY-2022–23 in India.
Vertical Lift Modules Are Being Adopted Quickly in The Automotive Sector- Strict security and control procedures are typical in the automotive sector. To prevent theft and preserve privacy, some of the parts and tools need to be stored appropriately and securely, and significant assets need to be guarded and kept in a secure location. In 2022, the US auto sector is anticipated to sell 13.75 million cars and light trucks. In 2022, there were 290.8 million registered automobiles in the country.

Challenges

Expensive Vertical Lift- Pricing patterns suggest that the high cost of vertical lift modules is limiting industry growth. Costs for vertical lift modules are very high, which drives up overall business costs. The acquisition of brand-new vertical lift modules would demand a very high starting cost.
Lack of Qualified Personnel
The Availability of Second-Hand or Used Vertical Elevators.

Vertical Lift Module Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	~ 9%
Base Year Market Size (2023)	~ USD 1.5 Billion
Forecast Year Market Size (2036)	~ USD 4.4 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Growing focus on industrial automation and rise of industry 4.0 are the major factors driving the growth of the vertical lift module market.

The market size of vertical lift module is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2024 â€“ 2036.

The major players in the market are Modula INC., Automha, Mecalux, Stanley Vidmar, AutoCrib, Inc, Hanel, The Slate River Systems Inc. (SRSI), Ferretto Group S.p.a., Scahefer Systems International, Plc, and others.

The single-level delivery segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Europe region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Vertical Lift Module Market Trends