A freight elevator also known as goods lift, is specially designed to carry goods, and not passengers. Freight elevators usually have lower speeds as compared to other elevators and are primarily installed to move materials from floor to floor. They are built to carry heavier loads and to withstand tough working conditions. Freight elevators offer multiple features such as smooth transportation of heavy and large goods and the safety of goods while transporting. Freight elevators are extensively used in various industries, in storage facilities, and in factories for the movement of goods between floors.
Growing demand for freight elevators from various end-use sectors such as hospitals and industries is one of the major factors driving the growth of the global freight elevators market. Further, increase in construction of skyscrapers across the globe and the need to transport goods from one floor to another floor is also contributing to the growth of the market. Technologically advanced freight elevators often offer additional features and are likely to spur the demand for freight elevators in the coming years. Furthermore, key players operating in the freight elevators market are primarily focusing on the production of more efficient freight elevators which in turn is likely to spur the demand for freight elevators during the forecast period. However, the threat of substitute products and the high cost of freight elevators are the major factors restraining the growth of the market.
The global freight elevators market can be segmented based on type, class, application, end-use, and geography. Based on type, the market can be classified into hydraulic freight elevators, and electric freight elevators. In terms of class, the market can be segregated into general freight loading, motor vehicle loading, industrial truck loading, and other forms of industrial truck loading. Based on application, the freight elevators market can be divided into factory, warehouse, construction site, wharf, and others. In terms of end-use, the market can be bifurcated into hospitals, shopping malls, shipping industry, automotive industry, and others. Shopping malls are expected to dominate the market during the forecast period. Based on geography, the global freight elevators market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific region accounts for major share of the global freight elevators market and is expected to witness significant growth in the market over the forecast period. Emerging Asia Pacific countries such as China and India are dominating the freight elevators market in the region. Moreover, rapid industrialization and rising infrastructural development in these emerging countries are expected to propel the demand for freight elevators over the forecast timeline. North America accounts for considerable share of the global freight elevators market. This can be attributed to the technological advancements in the region.
Major players in the global freight elevators market are significantly looking for opportunities to improve their efficiency, enhance their production capabilities, and introduce innovative products in the global market. The freight elevators market is likely to witness significant growth in the process of production, as market players are introducing advanced techniques in the production of freight elevators.
Major players in the freight elevators market are focusing on efficient solutions to meet the rising demand for freight elevators. A large number of regional and local manufacturers operate in the market. Key players operating in the global freight elevators market include Kone, Mitsubishi Electric, Hyundai, Yungtay Engineering, Toshiba, Schindler Group, Sicher Elevator, Suzhou Diao, Shenyang Brilliant Elevator, Hangzhou Xiolift, Edunburgh Elevator, Canny Elevator, SJEC, Ningbo Xinda Group, ThyssenKrupp, Suzhou Shenlong Elevator, Otis, Hitachi, Fujitec, Zhejiang Meilun Elevator, Volkslift, Dongnan Elevator, Express Elevators, SANYO, and SSEC.
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