The Vertical Mast Lifts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vertical Mast Lifts Global Market Report 2024, The vertical mast lifts market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to expansion of the construction industry, rise in urbanization, increase in safety regulation enhancements, increase in industrial automation, rise in infrastructure development projects, and the growing need for efficient material handling solutions.
The vertical mast lifts market size is expected to see strong growth in the next few years. It will grow to $1.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing construction industry, rising demand for efficient material handling solutions, increasing safety regulations, expand in warehousing and logistics sectors, rise in the need for space-saving lifting equipment in urban settings, and increasing focus on worker safety and productivity. Major trends in the forecast period include technological advancements, adoption of IoT and automation, advancements in eco-friendly designs, and advancements in material handling solutions, and automation in equipment’s.
The rise in construction activities is expected to propel the growth of the vertical mast lift market going forward. Construction activities encompass planning, executing, and completing projects to construct or renovate buildings, infrastructure, and facilities. The rise in construction activities is often due to a strong economy, growing populations, increasing public infrastructure projects by the government, and expansion of real estate. Vertical mast lifts are versatile tools widely used in construction activities due to their compact design, ease of mobility, and ability to provide safe access to elevated work areas. Their ability to enhance safety, mobility, and efficiency makes them an invaluable tool on construction sites. For instance, according to the Office for National Statistics (ONS), a UK-based non-ministerial department, annual new construction orders surged by 11.4% in 2022 compared to 2021, marking a historic peak of £80.837 billion ($102.16 billion). Therefore, the rise in construction activities is driving the growth of the vertical mast lift market.
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The vertical mast lifts market covered in this report is segmented –
1) By Type: Electric Driven, Engine Driven, Other Types
2) By Working Height: Less Than 6m, 6.1m To 9m, 9.1m To 12m, Above 12m
3) By Capacity: Less Than 100kg, 100kg – 150kg, 150kg – 250kg, 250kg And Above
4) By End User: Aviation, Construction And Mining, Media And Entertainment, Government, Industrial Manufacturing, Warehouse And Logistics, Other End-Users
Major companies operating in the vertical mast lift market are developing innovative products based on self-propelled, tracked aerial work platforms to enhance versatility and performance. The inclusion of self-propelled technology ensures ease of maneuverability, while the tracked platform offers superior traction and stability, making these lifts suitable for indoor and outdoor applications. For instance, in April 2024, Platform Basket, an Italy-based aerial lift manufacturing company, launched Spider 54T, an advanced version of its Heren 10 vertical mast lift at Intermat, designed for the French market. The Spider 54T is a high-tech aerial work platform for heavy-duty lifting and versatile operations. Its features make it suitable for various industries, including construction, infrastructure maintenance, telecommunications, and industry. The new Heron 10 SB, redesigned for the French market, has been simplified by removing the stabilization system, radio control, interchangeable battery, and winch from the original Heron 10 model.
The vertical mast lifts market report table of contents includes:
1. Executive Summary
2. Vertical Mast Lifts Market Characteristics
3. Vertical Mast Lifts Market Trends And Strategies
4. Vertical Mast Lifts Market – Macro Economic Scenario
5. Global Vertical Mast Lifts Market Size and Growth
……………
32. Global Vertical Mast Lifts Market Competitive Benchmarking
33. Global Vertical Mast Lifts Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vertical Mast Lifts Market
35. Vertical Mast Lifts Market Future Outlook and Potential Analysis
36. Appendix
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