Warehouse Freight Elevators Market: Introduction
Transparency Market Research delivers key insights on the global warehouse freight elevators market. In terms of revenue, the global warehouse freight elevators market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global warehouse freight elevators market.
The global warehouse freight elevators market is broadly affected by several factors, such as preference for convenience and increase in the number of warehouses across geographies, which is propelling the global market for warehouse freight elevators.
Warehouse Freight Elevators: Market Dynamics
In terms of product, the warehouse freight elevators market has been classified into hydraulic, geared traction, gearless traction, and machine room less. Based on product, traction elevators account for major share of the global warehouse elevators market. In traction elevators, gearless traction have the major share. Traction elevators can be the perfect fit for both small and large spaces, and they offer a smooth operation.
Based on deck type, the warehouse freight elevators market has been divided into single deck and multi deck. The single deck segment accounts for a major share of the global warehouse freight elevators market, owing to cost and operational complexities involved in multi deck elevators. In terms of operation, the conventional elevators segment held the major share in 2020.
In terms of application, the warehouse freight elevators market has been categorized into distribution center, climate controlled warehouse, public warehouse, and others. Based on service, the warehouse freight elevators market has been split into new installation, modernization, and maintenance & repair.
Warehouse Freight Elevators Market: Prominent Regions
In 2020, the Asia Pacific region contributed around 50% of revenue share to the global warehouse freight elevators market. Moreover, the demand for warehouse freight elevators in the Asia Pacific region is anticipated to expand at a faster pace than in any other region, due to rapid industrialization and rise in the number of warehouses in developing countries. The Middle East is also considered as one the emerging markets for elevators during the forecast period.
Warehouse Freight Elevators Market: Key Players
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, and Toshiba Corporation.