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A vertical lift module can be compared to a super-sized drawer cabinet with two rows of trays one at the front and the other at the rear. There is a lift between the two rows which pulls out the individual trays and moves them to the respective position of the opening. The vertical lift module provides various benefits such as eliminates wasted floor space, increases pick rates and enhances safety features. Along with this VLM’s can accommodate any size part/piece all in one system. Such features of VLM increase the overall productivity in the manufacturing industry. Thus, the use of VLM is more in the end-use industries such as automotive, food & beverages, metals & machinery manufacturing, E-commerce, and other industries. The global vertical lift module market was valued at USD 1.17 billion in 2020.
The increasing demand from various end-use industries can be lucrative for the vertical lift modules Market in the forecast period. VLMs are majorly used in the automotive sectors as well as machinery manufacturing industries. In order to increase the cost effectiveness, fast and safe storage and distribution solutions the companies are adopting these module systems.
The automotive industry comprises of involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The automotive industry has witnessed a significant growth in production and sales in recent years mainly owing to an increased demand in emerging markets. The rise in new sales of vehicles globally will increase the demand for the Vertical Lift Modules in the forecast period. Digitalization changes the intralogistics processes which is creating an impact on the supply chain. Vertical lift modules are the solution to meet the challenges of digitization. It leads to a significant reduction in the cost. VLMs are available in different dimensions so that they can be easily used for different applications. The trend of Industry 4.0 gives an accountable surge to the industrial automation trend over the past decade. Thus, there will be a rise in sales of vertical lift modules globally.
Further, stringent government regulations for increasing workplace safety is another major factor which is driving the growth of the market. There are various accidents takes place in the manufacturing industry. The untrained labour in the factory and some manned work which needs to be done is the reason behind this. So, companies are taking more care and these VLMs are the solution for this. Thereby increasing the market of vertical lift modules.
By load capacity the below 20 tons vertical lift module is the leading because of its increasing use in small to medium retail sectors. In terms of capacity, the below 20 tons segment is having the significant share in the VLM market.
Vertical Lift Module Market Segmentation
Vertical Lift Module Market, by Delivery Type
Vertical Lift Module Market Market, by Storage Type
Vertical Lift Module Market, By Load Capacity
Vertical Lift ModuleMarket, by Industry
The changing consumer food habits, lifestyle changes, and the ongoing trend of healthy foods are offering opportunities to the food and beverage industry. The consumers are showing concern about the ingredients in the food they consume and the production methodology. Furthermore, the technological advancement in this sector will create a huge demand for the global vertical lift module market.
North America is the dominating region in the vertical lift module market. This is due to the presence of big players in of automotive, e-commerce, logistics, aviation and others in the U.S., Canada and Mexico. Europe is the leading market in the vertical lift module followed by North America. The growing automotive sector in the Germany, UK, France, Italy and other European countries will create a huge demand for the vertical lift modules market. Asia Pacific vertical lift module market is going to be the fastest growing market due to developing manufacturing industries, huge investment by the government bodies. In Asia Pacific, China is the world’s largest exporter and world’s largest manufacturing hub. ‘Made in China 2025’ initiative will create an impact on the manufacturing units in the country. Similarly, the initiatives taken by Indian government such as 'Make in India' the logistics and manufacturing activities in the country will increase and further drive the vertical lift modules market. Increasing consumer demand in Middle East & Africa and South America will increase the demand of vertical lift module market.
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