NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global vertical mast lifts market is projected to increase from US$ 1.1 billion in 2023 to US$ 2.3 billion by 2033. Overall sales of vertical mast lifts are likely to soar at a CAGR of 8.1% during the forecast period from 2023 to 2033.
The target market is set to witness a positive growth trajectory during the projection period, creating an absolute revenue opportunity of US$ 1.2 billion by its end.
Sales are expected to remain high for push-around vertical mast lifts in the global market. This is attributable to the rising usage of these vertical mast lifts because of their better features.
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As per the latest report, the pushable vertical mast lifts segment is set to thrive at a robust CAGR of 8.0% during the projection period. Hence, it is expected to generate significant revenues in the target market.
Rising demand for vertical mast lifts from sectors such as aviation, construction, industrial manufacturing, warehousing, etc., is expected to drive the global market forward through 2033.
Vertical mast lifts are aerial work platforms designed to operate in narrow, confined spaces. They are easy to use and offer a combination of high lift, reach, and manoeuvrability, making them safe solutions for tough industrial overhead maintenance applications.
Vertical mast lifts are compact, lightweight, highly portable, and can work around obstacles. They are easy to manoeuvre through passenger lifts, doorways, and narrow aisles. As a result, they are witnessing high demand and becoming ideal alternatives to lift booms and scissor lifts.
Increasing investments in developing and upgrading public infrastructure is expected to boost the global vertical mast lifts industry during the assessment period. Similarly, expanding vertical infrastructure due to population explosion will bolster vertical mast lift sales.
Today, government and private authorities are investing large amounts in developing and constructing new railway stations, airports, and other structures. This in turn is creating high demand for aerial work platforms such as vertical mast lifts, and the trend is expected to continue through 2033.
Enforcement of stringent worker safety regulations, along with the rising adoption of advanced lifting technology, is likely to elevate vertical mast lift demand.
To capitalize and increase their sales, leading vertical mast lift manufacturers are turning to hybrid and electric systems. For instance, in October 2022, LGMG launched new electric vertical mast lifts.
The growing popularity of electric vertical mast lifts is anticipated to play a key role in boosting the target market during the assessment period.
Key Takeaways from the Vertical Mast Lifts Market Report:
- The global vertical mast lifts industry is expected to cross a valuation of US$ 2.3 billion by 2033.
- Based on product type, pushable segment will likely thrive at 8.0% CAGR during the assessment period.
- By working height, less than 6 m segment is poised to exhibit a CAGR of 7.8% through 2033.
- The United States vertical mast lifts market is anticipated to reach US$ 0.459 billion by 2033.
- Vertical mast lift demand in Japan is forecast to increase at 8.0% CAGR through 2033.
- The vertical mast lifts market in China is expected to reach a valuation of US$ 0.546 billion by 2033.
- South Korea market is projected to thrive at a CAGR of 7.8% during the assessment period.
“Rapid expansion of end-use sectors such as construction and aviation and growing demand for compact and lightweight aerial work platforms are expected to boost the vertical mast lifts industry through 2033. To maximize their profits, companies are introducing new vertical mast lifts with improved features. - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope of the Report:
| Attributes | Details |
| Estimated Market Value (2023) | US$ 1.1 billion |
| Projected Market Value (2033) | US$ 2.3 billion |
| Anticipated Growth Rate (2023 to 2033) | 8.1% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Working Height, Capacity, End-user Industry, and Region |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled |
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Recent developments:
- In December 2022, JLG Industries, Inc. launched new vertical mast lifts designed for construction and industrial applications.
- In April 2022, Steelweld was acquired by Terex Corporation, a leading manufacturer of aerial work platforms.
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Global Vertical Mast Lifts Market Segmentation:
By Product Type:
- Pushable
- Drivable
By Working Height:
- Less than 6 m
- 6.1 m to 9 m
- 9.1 m to 12 m
- Above 12 m
By Capacity:
- Less than 100 Kg
- 100 kg to 150 Kg
- 150 kg to 250 Kg
- 250 kg and above
By End-user Industry:
- Aviation
- Construction & Mining
- Media & Entertainment
- Government
- Industrial Manufacturing
- Warehouse & Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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