The vertical mast lifts market has experienced robust growth, with its size increasing from $1.29 billion in 2023 to $1.37 billion in 2024, achieving a compound annual growth rate (CAGR) of 6.1%. This growth is driven by the expansion of the construction industry, increased urbanization, enhanced safety regulations, greater industrial automation, a rise in infrastructure development projects, and a growing need for efficient material handling solutions. The market is expected to continue growing strongly, reaching $1.76 billion by 2028 at a CAGR of 6.5%. This growth is attributed to the expanding construction industry, rising demand for efficient material handling solutions, increasing safety regulations, growth in warehousing and logistics sectors, a need for space-saving lifting equipment in urban settings, and a heightened focus on worker safety and productivity. Major trends for the forecast period include technological advancements, the adoption of IoT and automation, innovations in eco-friendly designs, advancements in material handling solutions, and increased automation in equipment.
Global Vertical Mast Lifts Market Key Driver
The rise in construction activities is expected to propel the growth of the vertical mast lift market. Construction activities involve planning, executing, and completing projects to build or renovate buildings, infrastructure, and facilities. Factors such as a strong economy, growing populations, public infrastructure projects, and real estate expansion contribute to the increase in construction activities. Vertical mast lifts are essential tools in construction due to their compact design, ease of mobility, and ability to provide safe access to elevated work areas. For instance, the Office for National Statistics reported that new construction orders surged by 11.4% in 2022 compared to 2021, reaching a historic peak of £80.837 billion ($102.16 billion). Thus, the rise in construction activities will drive the growth of the vertical mast lift market, which was valued at $2.11 billion in 2023 and is projected to grow to $2.26 billion in 2024 at a CAGR of 7.0%, reaching $2.97 billion in 2028 at a CAGR of 7.1%.
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Global Vertical Mast Lifts Market Segments
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
By Geography:The regions covered in the vertical mast lifts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the vertical mast lifts market in 2023.
Major Vertical Mast Lifts Industry Players
Tadano Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Terex Corporation, Manitou Group, Palfinger AG, Zhejiang Dingli Machinery Co. Ltd., Haulotte Group, JLG Industries Inc., Aichi Corporation, Niftylift Ltd., Altec Industries Inc., Bronto Skylift Oy Ab, Snorkel, Bravi Platforms, Mantall Heavy Industry Co. Ltd., TIME Manufacturing Company Inc., Omme Lift A/S, Skyjack Inc., TEUPEN Maschinenbau GmbH, Sinoboom Intelligent Equipment Co Ltd., CTE Group SA, MEC Aerial Work Platforms, Ruthmann Reachmaster NA LP, Imer International S.P.A, Iteco
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Vertical Mast Lifts Market Overview
Vertical mast lifts are compact, versatile aerial work platforms designed to provide a safe and efficient means of lifting individuals or small loads to elevated work areas. These lifts are essential in many industries, providing a safe and efficient solution for working at heights without needing larger, more cumbersome equipment.
Vertical Mast Lifts Global Market Report 2023 provides data on the global vertical mast lifts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vertical mast lifts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
