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.
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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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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.
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