The retractable lift market is expected to record a CAGR of 4.5% during the forecast period 2022-2032, up from US$ 321 Billion in the year 2022.
| Report Attributes | Details |
| CAGR | 4.5% |
| Value (2022) | US$ 321 Billion |
The retractable lift market is anticipated to show promising growth prospects in the forecasted period 2022-2032.
In addition to the interest of vehicle manufacturers, the retractable lift market is likely to retain its demand by way of an increase in demand for the end-use sectors such as mining, construction, and logistics. As the retractable lift market grows, it is driven in part by the development of large-scale industrial projects in developing economies around the world, which are primarily centered in South East Asia and the Pacific, the Middle East, and Africa, as well as India and China.
In addition to developing their infrastructure, governments of major economies are focusing on developing commercial facilities.
Despite this, since retractable lift modules have a long, life span (10-20 years), they tend to require less replacement. In addition, given the close collaboration between suppliers and distributors, both horizontally and retractably, more customers have been directed towards maintenance, which is likely to reduce demand for new lifts. This may hinder the growth of the retractable lift market by a significant amount during the forecast period.
As a result of various innovations leading to more efficient, cost-effective, and suitable retractable lift modules, manufacturers have increased the range of applications of retractable lift modules. As part of the new trend of adding more tools to workers' toolkits to make their jobs easier and safer, manufacturers are focusing on retractable lift modules with more ergonomic features.
As a result of all of this, the operator is provided with more information and direction, the controls are made simpler and more intuitive, and the safety features are enhanced through auto-assist functions.
Keeping up with the evolution of technologies, retractable lift modules continue to generate more energy efficiency with each passing year. Further, some features designed to improve operator comfort and safety will eventually become standard. These features are currently available as options.
Changing technological landscapes create a market that creates opportunities for manufacturers to thrive. The retractable lift system was created as a result of the emergence of big players across the globe and the tendency for manufacturers to adopt new business models. A platform connected to the chassis of the vehicle (semi-trailer) is used to lower the materials from the vehicle to the ground using ropes connected to the platforms.
MMH work (Manual Material Handling) affects approximately half a million Americans every year, in that it accounts for a significant percentage of the cases of musculoskeletal disorders that are reported. Musculoskeletal disorders often involve strains to the shoulders, lower back, and upper limbs.
Therefore, to avoid these ergonomic injuries, most countries have made some specific guidelines that every manufacturing firm has to follow. For instance, OSHA (Occupational Safety and Health Administration) has set standards for automated handling systems in order to safeguard the employees at the workplace. This would support the demand for a retractable lift market over the forecast year.
Examples of some of the market participants in the global retractable lift market identified across the value chain include Anhui Forklift Truck, Clark Material Handling, Combilift, Crown Equipment, Doosan Industrial Vehicle, EP Equipment, Hangcha Group, Hyster-Yale Materials Handling, Hyundai Heavy Industries, Jungheinrich AG, KION Group, Komatsu, Konecranes, Mitsubishi Nichiyu Forklift, Toyota Corporation.
| Report Attribute | Details |
| Growth rate | CAGR of 4.5% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 - 2021 |
| Forecast period | 2022 - 2032 |
| Quantitative units | Revenue in US$ million/billion and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered | Product Type, Application, Lift Capacity, & Region |
| Regional scope | North America (U.S., Canada); Latin America (Mexico, Brazil); Europe (Germany, Italy, France, U.K, Spain, Russia); East Asia (China, Japan, South Korea); South Asia (India, ASEAN); Oceania (Australia, New Zealand); Middle East and Africa (GCC Countries, South Africa, Northern Africa) |
| Country scope | U.S., Canada, Mexico, Brazil, Germany, Italy, France, U.K, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, South Africa, Northern Africa |
| Key companies profiled | Anhui Forklift Truck, Clark Material Handling, Combilift, Crown Equipment, Doosan Industrial Vehicle, EP Equipment, Hangcha Group, Hyster-Yale Materials Handling, Hyundai Heavy Industries, Jungheinrich AG, KION Group, Komatsu, Konecranes, Mitsubishi Nichiyu Forklift, Toyota Corporation |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
By Product Type:
By Application:
By Lift Capacity:
By Region:
The retractable lift market is expected to record a CAGR of 4.5% during the forecast period 2022-2032.
Key players holding substantial market share include Anhui Forklift Truck, Clark Material Handling, Combilift, Crown Equipment, Doosan Industrial Vehicle, EP Equipment, Hangcha Group, Hyster-Yale Materials Handling, Hyundai Heavy Industries, Jungheinrich AG, KION Group, Komatsu, Konecranes, Mitsubishi Nichiyu Forklift, Toyota Corporation.
As per the analysis, the retractable lift market share is likely to be US$ Billion by 2032.
Retractable lift market has been driven by the need to perform lifting operations more efficiently, coupled with strict regulations regarding worker safety.
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