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Vertical Lift Module Market Report 2024 - Vertical Lift Module Market Growth, Size, And Insights
Vertical Lift Module Market
According to The Business Research Company's, The vertical lift module market size has grown rapidly in recent years. It will grow from $1.42 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to demand for automated storage solutions, e-commerce growth, focus on inventory management, labor shortages and cost pressures, efficiency in order picking, environmental sustainability.
The vertical lift module market size is expected to see rapid growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rise in urban warehousing, focus on customization and flexibility, development of smarter warehouses, adoption in various industries, enhanced safety features, focus on ergonomics. Major trends in the forecast period include integration with robotics and agvs, cloud-based solutions, customization for varied applications, incorporation of artificial intelligence (ai), real-time data analytics for performance optimization.
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Market Drivers and Trends:
A rise in E-commerce and omnichannel retail is expected to propel the growth of the vertical lift module market going forward. Omnichannel retail is a strategy in which retailers engage customers through multiple digital and physical touchpoints. The growth of e-commerce and the need for rapid order fulfilment drive the demand for efficient storage and retrieval systems like vertical lift modules that can handle diverse stock-keeping unit requirements. For instance, according to the Census Bureau, a US-based principal agency of the Federal Statistical System, in the third quarter of 2023, U.S. retail e-commerce sales totalled $271.7 billion, which is an increase of 0.9% from the second quarter of 2023. The third quarter of 2023 e-commerce estimate increased by 7.8% compared to the third quarter of 2022, while total retail sales increased by 2.0% in the same period. E-commerce sales in the third quarter of 2023 accounted for 14.9% of total sales. Therefore, a rise in E-commerce and omnichannel retail is driving the growth of the vertical lift module market.
Major companies operating in the vertical lift module market are developing innovative products such as Vertimag Vertical Lift Module (VLM) to maximize capacity, enhance safety, and boost workflow in warehouses and distribution centers. Vertimag is a space-saving solution that allows for the storage and management of materials of various shapes, weights, and sizes while decreasing the footprint by up to 1/10 compared to traditional storage systems. For instance, in February 2021, Quickline Ltd., a UK-based supply chain and storage company launched Vertimag Vertical Lift Module (VLM), a next-generation vertical storage system that aims to elevate efficiency, enhance safety, and boost workflow in warehouse operations. It is an enclosed system of vertically arranged trays stored in both the front and rear of the system with an extractor device operating in the center.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Kardex Group AG; Hänel Storage Systems GmbH; Ferretto Group SpA; Modula Group S.p.A.; AutoCrib Inc.; Automha S.p.A.; Mecalux S.A.; Vidmar Inc.; ICAM S.r.l.; Green Automations LLC; Lista AG; Conveyor Handling Company; Toyota Industries Corporation; EFFIMAT; System Ceramics SpA; Weland Lagersystem AB; Stanley Black & Decker Storage Solutions; Rabatex Industries Pvt. Ltd.; System Logistics India Private Limited; Schaefer Systems International Pvt. Ltd.; Constructor Group AS; DMW&H; Daifuku Co. Ltd.; Bastian Solutions; A-Plus Automation & Robotics; Carton Handling Systems Inc.; Epicor Software Corporation; Feralloy Corporation; Interlake Mecalux; SSI Schaefer
Vertical Lift Module Market 2024 Key Insights:
• The vertical lift module market size will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Revolutionizing Warehousing With Vertical Lift Modules (VLMS) Amid The E-Commerce Surge
• Quickline Ltd.'s Vertimag Vlm - Maximizing Space And Streamlining Workflow
• Europe was the largest region in the vertical lift module market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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