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The tail lift market share is expected to increase to USD 1.11 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.34%.
This tail lift 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 tail lift market segmentation by product (cantilever lifts, slider tail lifts, tuck away lifts, and column lifts) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The tail lift market report also offers information on several market vendors, including Anteo S P A, Behrens loading systems B V, Cargotec Corp., Dautel GMBH, Dhollandia N V, Gerd Bar GmbH, Maxon lift Corp, PALFINGER AG, Penny Hydraulics Ltd, Sorensen Hydraulik GMBH, Tailifts South Africa Pty Ltd, Tuffman Group, and Woodbine Manufacturing Co. among others.
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The growth of the retail industry is notably driving the tail lift market growth, although factors such as the high cost of operating tail lifts 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 tail lift industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Tail Lift Market Driver
One of the key factors driving growth in the tail lift market is the growth of the retail industry. Rapid urbanization, rising household incomes, and the increasing demand for fast-moving consumer goods (FMCG) drive the growth of the retail industry. For instance, in 2021, the total retail sales of consumer goods in China reached 44,082.3 billion yuan, up by 12.5 percent over the previous year with an average two-year growth of 3.9 percent. Investments in the retail industry are also increasing. For instance, in 2021, the Indian retail market is estimated to be USD 600 billion and one of the top-five retail markets in the world by economic value. India is one of the fastest-growing retail markets in the world, with 1.2 billion people. The retail industry in the country is estimated to grow due to the addition of new mall space. Thus, the growth of the retail industry will increase logistical activities, which will increase the demand for tail lifts.
Key Tail Lift Market Trend
The availability of safety devices for tail lifts is a tail lift market trend that is expected to have a positive impact in the coming years. Several accidents have been reported during the operation of tail lifts. Hence, regulatory authorities are focusing on improving the safety of tail lifts. For instance, the Hong Kong Productivity Council (HKPC) proposed a tail lift automatic tripping system (ATS) that is equipped with a tripping device and a foot protector. The tripping device is a laser scanner that can detect any obstruction during the closure of the tail lifts to stop operations in the event of an emergency. The foot protector is a photoelectric retro-reflective sensor that can detect the feet of the operator when the tail lift is moving up and cease operation in the event of an emergency. Tail lifts can also be equipped with buzzers, flashing lamps, and two-hand control devices to improve safety.
Key Tail Lift Market Challenge
The high cost of operating tail lifts will be a major challenge for the tail lift market during the forecast period. Operating tail lifts involves direct and indirect costs. The direct costs include the cost of purchase and maintenance, and the indirect costs include employee training. The costs of tail lifts vary. For instance, the average cost of tail lifts ranges between USD 1,000 and USD 5,000. The cost is determined based on the size, load-carrying capacities, and application of tail lifts. The maintenance cost is also high due to its applications such as the lifting, loading, and unloading of goods. The governments of several countries have imposed guidelines to ensure the safety of workers, and logistics companies must adhere to such guidelines, which increases the cost. Hence, the high cost of operating tail lifts is a challenge for the growth of the global tail lift market.
This tail lift market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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49% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for tail lifts in Europe. However, market growth in this region will be slower than the growth of the market in North America.
The growth of the retail industry will facilitate the tail lift market growth in Europe 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
Following the outbreak of COVID-19, the Europe automobile industry faced widespread production losses as factories were shut down as per the lockdown protocols in 2020. However, with the marked decline in the number of COVID-19 cases following the rising vaccination rate in 2021, companies operating in the automobile industry, such as Hyundai Motor Co and others, are resuming investments and production, which will increase the demand for Wearhouse storage in the region. Thus, the growth in automobile sales and storage facilities has increased the demand for the regional tail lifts market during the forecast period.
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The tail lift market share growth by the cantilever lifts segment will be significant during the forecast period. The demand for cantilever lifts is increasing due to the growth of the retail industry, which is resulting in the expansion of retail space. CVs, which are equipped with tail lifts, are required to transport goods to retail outlets. Several retail companies are focusing on maximizing the load-carrying capacity of their CVs and procuring new trucks. They are also adopting advanced technologies to improve their logistical operations. All these factors will lead to the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the tail lift market size and actionable market insights on post COVID-19 impact on each segment.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the tail lift market encompasses successful business strategies deployed by the key vendors. The tail lift market is fragmented and the vendors are deploying growth strategies such as focusing on equipment price and capacity, technology, innovation, and quality to compete in the market.
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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 tail lift 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.
Technavio categorizes the global tail lift market as a part of the global industrial machinery market. 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 tail lift market during the forecast period.
Our report provides extensive information on the value chain analysis for the tail lift 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.
Tail Lift Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.34% |
Market growth 2022-2026 |
$ 1.11 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.87 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 49% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Anteo S P A, behrens loading systems B V, Cargotec Corp., Dautel GMBH, Dhollandia N V, Gerd Bar GmbH, Maxon lift Corp, PALFINGER AG, Penny Hydraulics Ltd, Sorensen Hydraulik GMBH, Tailifts South Africa Pty Ltd, Tuffman Group, and Woodbine Manufacturing Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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