Consistently accounting for a considerably 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 will continue to foster in automotive and machinery tool equipment sectors.
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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 infrastructural sector will continue to remain at the forefront in the key global economies – North America and Western Europe. This is identified to be another major factor fueling the demand for VLM globally.
In a recently conducted study on the global market for vertical lift module, Persistence Market Research indicates that the global VLM market will 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 forecast period. In terms of delivery, single level delivery has been estimated to account for maximum value share in the VLM market, witnessing the highest demand expected from automotive and machinery & heavy equipment end use sectors.
Industry Inclination towards Automation to Spur VLM Demand
Being an important component of the ASRS, i.e. automated storage/retrieval systems, vertical lift module will continue to register robust demand following the growth of ASRS section over the forecast period. Industries such as transportation, logistics, and distribution are also slated to continue fueling the sales of vertical lift module market. 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 will translate to high traction for vertical lift module in next few years.
Increasing preference for automated vertical storage systems by automotive manufacturers and dealership departments to overcome the storage space challenge will encourage vertical lift module sales in the near future. Growing demand for safe and secure inventory especially in pharma and medical sectors, will also provide an impetus to VLM equipment that supports a lean inventory and logistics model to operate across the industry.
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APAC Set to Take over Europe and North America in Terms of Pace; European Markets to Witness Dwindling Production
While North American market for vertical lift module is anticipated to remain a major revenue shareholder in the VLM market throughout the assessment period, Asia Pacific will possibly witness significant expansion at a relatively higher CAGR over 2018-2026. However, PMR believes that the growth of European market for vertical lift module will remain relatively poor – even below the CAGR of 4% during 2018-2026 – prominently attributed to the cyclical fluctuations 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. Increasing automation will generate higher demand for more stringent regulatory measures targeting employee safety, towering labor costs, and the incessant need for improved accuracy with better control on processes – triggering the demand for VLM. OSHA (Occupational Safety and Health Administration) has recently announced to have 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.
Key Players in VLM Market to Strategize Collaborations, M&A, and Production Output Extension
To sustain a strong foothold in the vertical lift 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 strengthening 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 module companies are taking efforts in pushing their production output for targeting white space opportunities and untapped consumer bases in the VLM market. Besides M&A, new product launch will remain an important strategy adopted by key players in the vertical lift module market, helping them assess the new market entry strategy for maximum number of target market regions across the globe.
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