The global Warehouse Freight Elevator Market size was USD 85 Billion in 2022 and is expected to reach USD 235.71 Billion in 2032, and register a rapid revenue CAGR of 12 % during the forecast period. Rising demand for safe and effective material handling in warehouses and logistics facilities is and increasing emphasis on automation and modernization of warehouse operations to increase productivity and lower labor costs are key factors driving market revenue growth.
Manufacturers are creating and providing technologically modern warehouse freight elevators that are outfitted with energy-efficient motors, Light Emitting Diode (LED) lighting, and regenerative drives in response to increasing need for environmentally sustainable and energy-efficient solutions. Companies are increasingly relying on the adoption of sustainable and environment-friendly solutions to achieve their sustainability objectives and adhere to legislation.
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Major Companies:
- Schindler Group
- ThyssenKrupp AG
- Otis Elevator Company
- KONE Corporation
- Mitsubishi Electric Corporation
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- Toshiba Corporation
- Hyundai Elevator Co., Ltd.
- Sigma Elevator Company
Key questions addressed in the report:
- What is the expected market size of the global Warehouse Freight Elevator market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Warehouse Freight Elevator market?
Strategic Development:
In 2021, ThyssenKrupp AG introduced a new range of vertical transportation solutions called MAX, which include innovative technologies such as predictive maintenance and real-time monitoring, enhancing the performance and reliability of the elevator systems.
In 2020, Otis Elevator Company introduced a new cloud-based IoT platform called Otis ONE, which provides real-time insights and predictive maintenance for elevators, escalators, and moving walkways.
In 2020, Schindler Group acquired a minority stake in a start-up company called Volocopter, which is developing autonomous air taxis. This acquisition aims to combine Schindler's expertise in vertical transportation with Volocopter's expertise in air mobility to create new transportation solutions.
Warehouse Freight Elevator Market Segmentation:
By Type Outlook:
- Hydraulic
- Electric Traction
- Machine Room-Less
By Capacity Outlook:
- Below 2,000 lbs.
- 2,000-5,000 lbs.
- Above 5,000 lbs.
By End-Use Outlook:
- Manufacturing
- Warehousing & Distribution
- Construction
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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