Retractable Lift Market: Global Industry Analysis and Forecast (2023-2029)

Retractable Lift Market was valued at US$ 320.98 Bn. in 2022. Global Retractable Lift Market size is estimated to grow at a CAGR of 4.50% over the forecast period.
Retractable Lift Market Overview:
Retractable lift market is driven largely by the increase in projects of End-Use sectors that require the use of such equipment for operations. Examples of these sectors are mining, construction and logistics.

The COVID 19 pandemic therefore had a negative impact on the Retractable Lift Market as these projects came to a standstill because of imposition of curfews and lockdowns preventing the movement of people including laborer. With the reopening of the world and resumption of the construction and other segments, the demand for Retractable Lifts is expected to increase. This is further aided by increase in government projects such as tunnels and bridges. The increase in disposable incomes of individuals can also be considered as a positive marker for the increased prediction of demand of the Retractable lift market in the forecast period.To know about the Research Methodology :- Request Free Sample Report
Market Dynamics:
The Retractable Lift Market is driven mainly by the increase in number of large scale products such as mining, construction and other mass projects. With governments across the world investing heavily in upgradation of their infrastructure projects, the market is expected to grow during the forecast period.

Increase in disposable incomes

One of the end-use of the Retractable Lift Market is the construction industry. With the increase in disposable incomes of individuals, they are more likely to invest in residential homes and offices, leading to the rise in construction activities and therefore the Retractable lift market.

Growth in the Automobile Sector

The automobile sector is a key driver for the market. Retractable lifts are used extensively for the transport of chassis parts and other machinery through different floors of the work factories. Therefore, an increase in the production of automobile products is directly correlated with the growth of the market.

Implementation of work safety standards

The implementation of safety standards such as by OSHA (Occupational Safety and Health Administration) would dictate the need for implementation of retractable lifts over the forecast period, therefore leading to growth in the Retractable lift market.

Long lifespans of lifts limit growth

The long lifespans of retractable lifts of roughly 10-20 years tend to relegate the products only for the maintenance and therefore reduce the demand for new lifts. There is therefore a limiting factor for the number of units sold.
Retractable Lift Market Segment Analysis:
Based on the Product Type, the Retractable Lift Market is segmented into Class 1, Class 2 and Class 3 products. The Class 2 Retractable lift segment dominates the market in terms of market share. This is because the type of lift being capable of working in warehouses and automobile manufacturing plants where the market has considerable application.

Based on the End-Use, the Retractable Lift Market is segmented into Mining, Logistics and Construction market segments. The logistic segment held considerable market share in the market due to the wide number of warehouses and depots used in logistics driving growth in the market. This is followed by the construction market where retractable lifts are used extensively for transport of construction material and personnel.
Regional Insights:
The Asia Pacific region held the largest market share accounting for 38% in 2022. The region’s growth is attributed to the application of retractable lifts in countries like India and China who find widespread application in different End-Use segments such as logistics, construction and mining. This is followed by the North America region, which is driven by the scale of industrialisation and modernisation of retail segments. The Europe region is also expected to grow significantly in the Retractable Lift Market. This is because of the industrialisation and expansion of various sectors in the region.

Middle East and Africa have large scale mining and excavation projects that use retractable forklifts for the transportation of material. The increase in the number of projects is directly correlated with the size of the market, which is therefore predicted to grow over the forecast period.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamic, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Product type, End-Use, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Retractable Lift Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 320.98 Bn.


Forecast Period 2023 to 2029 CAGR:
4.50%
Market Size in 2029:
US $ 436.81 Bn.


 Segments Covered:
by Product Type
Class 1
Class 2
Class 3


by End-Use
Mining
Logistics
Construction



Retractable Lift Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Retractable Lift Market Key Players are:
1. Anhui Forklift Truck (China)
2. Clark Material Handling (US)
3. Combilift (Ireland)
4. Crown Equipment (US)
5. Doosan Industrial Vehicle (South Korea)
6. EP Equipment (China)
7. Hangcha Group (China)
8. Hyster-Yale Materials Handling (US)
9. Hyundai Heavy Industries (South Korea)
10.Jungheinrich AG (Germany)
11.KION Group (Germany)
12.Komatsu (Tokyo)
13.Konecranes (Finland)
14.Mitsubishi Nichiyu Forklift (Japan)
15.Toyota Corporation (Japan)

Frequently Asked Questions:

1] What segments are covered in the Global Retractable Lift Market report?
Ans. The segments covered in the market report are based on Product Type and End-Use.

2] Which region is expected to hold the highest share in the Global Retractable Lift Market?
Ans. The Asia Pacific region is expected to hold the highest share in the market.

3] What is the market size of the Global Retractable Lift Market by 2029?
Ans. The market size of the market by 2029 is expected to reach US$ 436.81 Bn.

4] What is the forecast period for the Global Retractable Lift Market?
Ans. The forecast period for the market is 2023-2029.

5] What was the market size of the Global Retractable Lift Market in 2022?
Ans. The market size of the market in 2022 was valued at US$ 320.98 Bn.