NEWARK, Del, April 11, 2023 (GLOBE NEWSWIRE) -- The worldwide market for dumbwaiter lifts is projected to amass a revenue of US$ 972.0 million by 2032, driven by a poor CAGR of 2.4% from 2022 to 2032. The dumbwaiter lifts market was valued at US$ 767.0 million in 2022. The growth forecasted for the period of 2022 to 2032 is primarily due to their usage in various malls and marts for the purpose of carrying goods from one place to another. Dumbwaiter lifts are extensively used to carry and transport goods between the floors of a building and feature a small doorway on each floor through which goods can be sent or received. As these lifts make the transportation of goods convenient and easy, it is expected that the market demand for them will witness steady growth in the upcoming years.
Historically, the dumbwaiter lifts market witnessed a CAGR of 2.1% from 2016 to 2021. As these lifts are cost-effective and time-saving, it is forecasted that the market will observe comparatively improved growth in the future than in the past few years. Factors like the introduction of innovative technologies through the integration of various systems into these lifts, a growing lift industry, and escalating demand for dumbwaiter lifts for both commercial and residential purposes are among the primary drivers propelling the dumbwaiter lift market. The advanced features of the dumbwaiter lift, such as fire resistance, extended lifespan, low power consumption, high durability, and minimal maintenance requirements, are also expected to contribute to market growth in the upcoming years.
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The market is positively influenced by the rising adoption of dumbwaiter lifts in various hotels. The use of these lifts in hotels enables the staff to provide better service and offer hot and fresh food to the guests in a short span of time. Many modern residential buildings and hospitals also use dumbwaiter lifts for laundry purposes. Thus, an upsurge in demand from these sectors is expected to help the dumbwaiter market to maintain the status quo during the projection period. All of the aforementioned factors will help the dumbwaiter lift market to grow at a slow but steady rate. However, factors like the malfunctioning of the dumbwaiter lift under an overload of goods may impede the growth of the dumbwaiter lifts market.
Key Takeaways:
- Rapid urbanization and changes in consumer lifestyles are driving the dumbwaiter lift market in the Asia Pacific region.
- North America’s dumbwaiter lift market accounts for 18% share of the overall market.
- Expansion of industries and infrastructure pushes the dumbwaiter lift market in Europe to hold about 20% of the market share.
- The start-ups in this environment are keen on new product launches to establish their presence in the market.
Competitive Landscape
Otis Elevator Company, Schindler, ThyssenKrupp AG, LUTZ Elevators, Mitsubishi Electric Company, Kone Corporation, Stannah, and Elevation Innovation Inc., among others, are a few of the prominent players in the dumbwaiter lifts market profiled in the full version of the report.
In a competitive market, key players are concentrating on product upgrades, development, and new launches. These organizations make sure to provide the highest-quality products and engage in partnerships, collaborations, mergers, acquisitions, and other business expansion strategies. In a recent development, ML Lee Industrial released small freight elevators for commercial and residential use in October 2020. These dumbwaiters are able to lift loads weighing anywhere between 50 to 200 kg.
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Key Segments
By Type of Operation:
- Manually operated
- Mechanical
- Power Operated
- Hydraulic
- Electric
By Car Door Design:
- Roll Top
- Bi-parting
- Collapsible Gate
By Number of Halts:
- Limited Halts (Up to 7)
- Unlimited Halts
By Load Carrying Capacities:
- Small (Up to 100 lb)
- Medium (Up to 200 lb)
- High (Over 200 lb)
By Installation Type:
- Floor Type
- Window Type
By End User:
- Hotels
- Hospitals
- High Rising Residences
- Malls
- Cruises and Ships
- Offices
- Schools
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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More Insights into Dumbwaiter Lifts Market
FMI presents an unbiased and detailed analysis of the worldwide dumbwaiter lifts market, including historical data from 2014 to 2020 and forecasted statistics spanning 2022 to 2032. The report encompasses an examination of market drivers, opportunities, challenges, and trends. To ascertain the potential, growth, and extent of the global market, it is segmented based on the type of operation, number of halts, installation type, and region.
According to FMI, based on region, the dumbwaiter lifts market in Europe will present the strongest growth. The target market in this region accounts for 20% of the overall market share. The rapid expansion of the industries, surging infrastructure development, and well-established hospitals contribute to the demand for dumbwaiter lifts in this market. The dumbwaiter lifts market in Asia Pacific and North America will also present tangible growth and thereby contribute to the global growth of the dumbwaiter lifts market.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Dumbwaiter Lifts Market Analysis 2017-2021 and Forecast, 2022-2032
5. Global Dumbwaiter Lifts Market Analysis 2017-2021 and Forecast 2022-2032, By Type of Operation
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
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