Ladder Market by Application and Geography - Forecast and Analysis 2020-2024

The market share is expected to increase by USD 1.19 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 5.27%.

This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (industrial, domestic, and commercial), end User, and geography (APAC, Europe, North America, and South America). The market report also offers information on several market vendors, including Alaco Ladder Inc., Alco Aluminium Ladders Pvt. Ltd., FeatherLite Inc., Hasegawa Kogyo Co. Ltd., LockNClimb LLC, Louisville Ladder Inc., Lynn Ladder & Scaffolding Co. Inc., P.W. Platforms Inc., TB Davies (Cardiff) Ltd., and WernerCo among others.

What will the Market Size be During the Forecast Period?

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Market: Key Drivers, Trends, and Challenges

The growth of the housing market is notably driving the market growth, although factors such as intense competition may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Ladder Market Driver

The growth of the housing market is a key driving factor impacting the global ladder market growth. Domestic is the second-largest revenue contributing application segment of the global ladder market. Therefore, the growth in the number of residences will increase the demand for ladders. Extension ladders, single ladders, and standard stepladders are used in domestic applications. The global housing market grew significantly between 2013 and 2020. The growth of the global housing market was driven by the high sales of modern residential dwellings and improvements in economic conditions and consumer spending power. Moreover, investments in the housing market in the US mostly ensue from the rising demand for single-family units. Moreover, in many developing countries, such as China, Brazil, and India, rapid urbanization has increased the demand for new housing projects as people migrate to urban locations. For instance, in August 2020, Union Minister for Housing and Urban Affairs in India announced the Affordable Rental Housing Complex (ARHC) scheme for urban migrants. The growth of the global housing market is expected to increase the demand for household products such as ladders during the forecast period.

Key Ladder Market Trend

Growth in demand for domestic ladders through the online distribution channels will be a key trending factor impacting the global ladder market growth. The growth of the online retail sales channel and the adoption of the multichannel business model have fueled the market. Certain vendors, such as Werner, sell their products through physical stores and online portals. The online channel widens the visibility of the products, which, together with the availability of a wide product portfolio, contributes to the growth of the online retail channel. The success of online retailing can be attributed to customer reach and cost-cutting in inventory management. Though the online segment accounts for a lower percentage of the global ladder market, it is expected to register faster growth in comparison with the offline segment. The increasing Internet penetration, growth in the adoption of mobile Internet devices, and rising consumer awareness contribute to the growth of online sales of household products. Such factors will increase the market growth during the forecast period.

Key Ladder Market Challenge

Intense competition is a key challenge negatively impacting the global ladder market growth. Vendors make significant investments in R&D to introduce a wide range of ladders that are suitable for different applications. The regional and local vendors compete to market narrow product lines in a specific region. The use of mobility vehicles such as forklift vehicles, especially in warehouses and other applications, instead of ladders for access, particularly in developing countries, is another major challenge for vendors operating in the global ladders market. Small manufacturers in end-user industries avoid spending on good-quality ladders and support equipment and opt for affordable substitutes or counterfeit products. The adoption of traditional, substitute, or counterfeit products intensifies competition. It forces the vendors to reduce the cost of their ladders to compete against each other. Therefore, it reduces their profit margins, which is a key price challenge for manufacturers operating in the global ladder market.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global ladder market as a part of the global home furnishings market within the global household durables industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Market Vendors?

The report analyzes the global home furnishings market within the global household durables industry market's competitive landscape and offers information on several market vendors, including:

• Alaco Ladder Inc.
• Alco Aluminium Ladders Pvt. Ltd.
• FeatherLite Inc.
• Hasegawa Kogyo Co. Ltd.
• LockNClimb LLC
• Louisville Ladder Inc.
• Lynn Ladder & Scaffolding Co. Inc.
• P.W. Platforms Inc.
• TB Davies (Cardiff) Ltd.
• WernerCo 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as improving the R&D operations, and focusing on differentiating their product offerings to compete in the market.

Product Insights and News

• FeatherLite Inc. - The company offers ladders such as step ladders, cross step ladders, extension ladders, multipurpose ladders, and its accessories.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global home furnishings market within the global household durables industry market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for the Market?

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50% of the market's growth will originate from APAC during the forecast period. China is the key market for the market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The growth of the housing market will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 impacted the regional ladder market negatively. Lockdowns imposed in the region caused an impact on many industries' supply chain operations, vendor operations, and product commercialization. Operations across some other manufacturing and process industries, which use ladders were severely impacted by the COVID-19 pandemic. However, as the lockdown restrictions have lifted and supply chains have resumed their operations, the gradual recovery of industrial sectors is witnessed in APAC, 2021 onwards. Governments are expected to provide stimulus to industrial sectors, which is expected to drive the regional market in focus during the forecast period. 

What are the Revenue-generating Application Segments in the Market?

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The market share growth in the industrial segment will be significant during the forecast period. The rapid growth in urbanization in emerging economies, coupled with the rise in per capita income, has contributed to significant investments in the construction industry. The developments in the construction industry will subsequently provide growth opportunities to vendors operating in the global ladder market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the industry across APAC, Europe, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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