Warehouse Freight Elevators Market
Warehouse Freight Elevators Market (Product: Hydraulic, Geared Traction, Gearless Traction, and Machine Room Less; Deck Type: Single Deck and Multi Deck; Operation: Conventional and Smart; Speed: Below 0.5 m/s, Between 0.5 and 1 m/s, and Above 1 m/s; Application: Distribution Center, Climate Controlled Warehouse, Public Warehouse, and Others; and Service: New Installation, Modernization, and Maintenance & Repair) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
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Rise in Need to Shift Goods in Warehouses Fuel Demand for Freight Elevators
Warehouse freight elevators are designed to transfer goods and materials throughout a building. The freight elevators travel at lower speeds as compared to other general elevators, but can carry much heavier loads, and devised to withstand tougher working conditions. The producers of freight elevators mostly focus on strength, build, and practicality rather than its attractiveness to serve its purpose in warehouses. The elevators include steel wall panels, a heavy steel floor, and a reinforced gate. A freight elevator will ordinarily comprise vertically opening doors. The present manufacturers offer a variety of freight elevator styles based on consumers’ desired applications and specific requirements. The modern freight elevators are built to easily install and require minimum maintenance, which is driving the demand for the global warehouse freight elevators market during the forecast period.
Freight elevators are generally installed in industrial production complexes, commodity-material bases, public, and administrative buildings, or modern country houses in extension with passenger elevators. The elevators are indispensable also in workshops and warehouses for increasing freight turnover in supermarkets, shopping centers, hospitals, hotels, restaurants, airports, railway stations, etc. As eCommerce and consumer goods industries are observing significant growth due to the shift in consumer preferences in terms of shopping and buying goods, there is a rise in the need for storage of finished goods and raw materials in warehouses. This is likely to generate new opportunities in the global warehouse freight elevators market.
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Disruptions in Trade, Supply Chain Lead to Long-lasting Effects on Global Industries
The COVID-19 outbreak has significantly impacted the global industries and manufacturers due to a variety of restrictions implemented by governing authorities. Although regulations on supply chain, limited workforce, maintaining employee safety, production, and various other restrictions are temporary, but the impact of the COVID-19 pandemic on warehouses and warehouse freight elevators market is expected to have long and lasting effects. The present spread of the coronavirus disease is expected to have a ripple effect on future production and trade of freight elevators, as transportation delays in some parts of the world would have a calamitous impact across the globe, leading to shutdowns due to warehouse closures or missing or delayed supplies.
The consequence of the COVID-19 crisis has affected the growth of the construction and consumer goods industries in recent months, inducing delays in production, demand, and distribution, which can be attributed to several disrupted supply chains. The elevator and escalator manufacturers and the overall warehousing equipment are expected to encounter infrequent challenges, as most commercial projects are anticipated to be left unfinished or delayed, owing to supply chain disruptions, cash flow restrictions, unavailability of the workforce, and production shutdown. The halt in such activities at project sites has further put additional financial stress on several manufacturers and developers. However, the warehouse freight elevators market is anticipated to grow in the upcoming months, as numerous governments prepare to lift lockdowns in a phased manner. As the lockdowns are increasingly come to an end, the demand for warehouses is anticipated to grow, benefitting the warehouse freight elevator market.
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Freight Elevators Crucial Equipment in Warehouses
One significant benefit of installing a freight elevator in a warehouse is the increased safety, while transporting the goods in-between floors. As compared to other elevators, freight elevators eliminate most safety risks associated with transporting goods between floors. Furthermore, the warehouse freight elevators often require less maintenance than alternate equipment, thus minimizing the maintenance time and cost. Moreover, the freight elevators help to reduce the wear and tear on manual handling equipment resulting in an extended lifespan of the equipment. Hence, to increase the productivity at warehouses and streamline operations, many warehouse owners are now switching to warehouse lift elevators. Reduction in labor hours, increase in safety, and quick and efficient transfer of items between floors are some of the major factors contributing toward the growth of the warehouse freight elevators market.
Innovations in Freight Elevators to Increase Efficiency, Boost Market Growth
The ongoing industrialization across several regions and the upcoming projects in developing economies are expected to increase the global demand for freight elevators. In addition, the increasing construction and production activities and new commercial projects are driving the warehouse freight elevators market. The Asia Pacific region is witnessing increased construction activities and urbanization in several countries, including China and India. Moreover, with advancements in technology and innovative approaches of manufacturers toward freight elevators, it is becoming easy, smooth, and time-efficient to transfer larger weights within a warehouse. Moreover, due to trending environmental consciousness, eco-friendly elevators are being advertised as sustainable energy-saving equipment. The global warehouse freight elevators market is estimated to exceed the value of US$ 8 Bn by 2031, expanding at a CAGR of ~7% during the forecast period.
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The producers of warehouse freight elevators are constantly enhancing the operation and safety measurements of freight elevators. High adaptability and performance is leading to increased adoption of warehouse freight elevators. The important benefits associated with freight elevators such as quick installation and heavy load capacity are driving the warehouse freight elevators market. However, high setup cost of freight elevators in warehouses and limited residential applications are likely to hinder the growth of the warehouse freight elevators market. Nevertheless, the growing industrial and construction activities are likely to improve future demand across the globe.
Warehouse Freight Elevators Market: Overview
- According to Transparency Market Research’s latest research report on the global warehouse freight elevators market for the historical period of 2017–2019 and the forecast period of 2021–2031, rapid urbanization and industrialization in developing regions, and expansion of warehouse industries across geographies are providing lucrative opportunities for the global warehouse freight elevators market. Freight elevators are extensively used in warehouses for transportation of goods at different heights. The warehouse industry is expected to grow in the upcoming years due to rising demand for outsourced warehousing services from various manufacturers.
- In terms of revenue, the global warehouse freight elevators market is estimated to exceed value of US$ 8 Bn by 2031, expanding at a CAGR of ~7% during the forecast period
Increase in Use of Freight Elevators in Construction Industry to Drive Warehouse Freight Elevators Market
- Convenience and efficiency are some of the prime factors leading to increased adoption of warehouse freight elevators. Warehouse freight elevators can carry goods between different floors in warehouses with efficiency and speed. They are safe, have an impressive weight capacity, and can carry heavy and large loads.
- These elevators are easy to install and require minimum maintenance. Warehouse freight elevators have strong control abilities, they are simple to operate, and meet the needs of different heights. These factors are fueling the demand for warehouse freight elevators in the global market.
- eCommerce industry is witnessing significant growth due to change in preference of consumers in terms of shopping and buying goods, which has ultimately increased the need for storage of finished goods and raw materials in warehouses. This has led to rise in number of warehouses across geographies and in turn led to increased adoption of warehouse freight elevators.
Advancements in Technology to Generate Lucrative Opportunities for Manufacturers in Warehouse Freight Elevators Market
- Advancements in technology in warehouse freight elevators offer additional features, which are likely to offer lucrative opportunities in the market in the upcoming years. Moreover, several players operating in the warehouse freight elevators market are focusing on introducing new, advanced, and more efficient freight elevators, which is likely to drive the warehouse freight elevators market growth.
- Freight elevators are becoming modernized and innovative with the help of technology in the sense that their operations are becoming smooth and silent; moreover, the time taken by freight elevators to travel has reduced and the load weighting capacity has increased
- Eco-friendly elevators which help in sustainable energy saving are latest advancements
- Rapid economic development and industrialization is fueling the demand for warehouse freight elevators market globally
Warehouse Freight Elevators Market: Competition Landscape
- Detailed profiles of manufacturers of warehouse freight elevators have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global warehouse freight elevators market are
- Fujitec Co. Ltd.
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- KONE Oyj
- Mitsubishi Electric Corporation
- Orona Group
- Otis Elevator Company
- Schindler Group
- ThyssenKrupp AG
- Toshiba Corporation
Warehouse Freight Elevators Market: Key Developments
- Key players operating in the warehouse freight elevators market, such as KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, and Schindler Group are focusing on research & development and expansion of product portfolio to attract more customers. Some other key developments in the global warehouse freight elevators market are highlighted below:
- In November 2019, Kone Oyj introduced the digital elevator series - the KONE DX Class elevators offer built-in connectivity as standard, and a better user experience through a combination of technology, design, new materials, services, and apps
- OTIS Elevator Company aims to provide customer satisfaction by developing reliable and high quality products. The company also focuses on expanding its business by making its products available at different locations worldwide. In August 2020, OTIS acquired Bay State Elevator, including its service portfolio and operations in Massachusetts, Vermont, Connecticut, and upstate New York to further strengthen its presence in Northeast U.S.
- In the global warehouse freight elevators report, we have discussed individual strategies, followed by prominent players operating in the global warehouse freight elevators market. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global warehouse freight elevators market.
Warehouse Freight Elevators Market – Scope of Report
A new study on the global warehouse freight elevators market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global warehouse freight elevators market across the globe. TMR’s study offers valuable information about the global warehouse freight elevators market to illustrate how the market would grow during the forecast period, 2021–2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global warehouse freight elevators market during the forecast period.
An extensive analysis of business strategies of leading market players is also featured in TMR’s study on the global warehouse freight elevators market. This can help readers understand principal factors to foresee growth in the global warehouse freight elevators market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global warehouse freight elevators market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Warehouse Freight Elevators Market Study
- What are the key factors influencing the warehouse freight elevators market in each region?
- What will be the CAGR of the global warehouse freight elevators market between 2021 and 2031?
- What is the future scope and current trends in terms of product and deck type of the global warehouse freight elevators market?
- What is the revenue of the global warehouse freight elevators market based on the respective segments?
- Which are the key strategies used by top players of the global warehouse freight elevators market?
- Which are the leading companies in the global warehouse freight elevators market?
Research Methodology – Warehouse Freight Elevators Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global warehouse freight elevators market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global warehouse freight elevators market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the warehouse freight elevators market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from warehouse freight elevators industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global warehouse freight elevators market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global warehouse freight elevators market more reliable and accurate.
Warehouse Freight Elevators Market – Segmentation
TMR’s study on the global warehouse freight elevators market includes information categorized into seven sections ? product, deck type, operation, speed, application, service, and region. Increase in the number of warehouses across geographies and other crucial market dynamics associated with these sections of the warehouse freight elevators market are discussed in detail.