Tail Lift Market to Expand at a Staggering CAGR of 7% by 2027
Fact.MR, a leading research firm, opines that the overall sales of tail lifts was pegged at more than US$ 1,000 Mn in 2018 and the global tail lift market is likely to record a strong growth during the forecast period due to transformation in the transportation and logistics infrastructure across the developed as well as developing economies. In addition, increasing adoption of automation in tail lift market along with rise in international trade are among the key trends anticipated to amplify the overall sales of tail lift over the forecast period. Currently, East Asia holds the leading share in the global tail lift market owing to presence of better technologies and infrastructure. The region is likely to witness the similar trend during forecast years emphasized by the constant demand from commercial and industrial sectors. The rising urbanization and logistics industry in developing countries like, China, India, Mexico, Indonesia and South Korea are projected to augment the growth of the global tail lift market.
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Also, automating a warehouse is among the leading trends in the industrial sector, as a majority of industries are automating a variety of processes such as delivery of goods, waste management, and loading & unloading. With the recent advancements in technologies, various manufacturing facilities are adopting automated tail lifts during transportation to improve their productivity and manufacturing efficiency. It may trigger demand for advanced tail lifts that may suit these next generation technologies in the upcoming years.
Rising Concerns about Safe Transportation of Products Are Creating Demand for Tail Lifts
The increasing risk of goods getting damaged during transit is generating a need for a sustainable solution in the transportation and logistics industry. Various transportation service providers are analyzing various transportation risks of products to introduce appropriate tail lifts. As securing loads remains a primary concern during transportation, a majority of industries are adopting efficient tail lifts. In order to optimize procedures to secure products physically during shipping, the various industries are making use of tail lifts. These systems do not only improve the product safety, but also increase the productivity output of various manufacturing processes, thus boosting the adoption of tail lifts across industries. However, majority of tail lifts are hydraulic or pneumatic in operation, which makes them a high cost product. The cost of a tail lift may vary depending upon the type, loading capacity, application and size of tail lift. The manufacturers have to adhere to the regulatory standards and safety regulations for a tail lift, which may significantly increase the overall cost of the product.
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Tail Lift Sales Remain Influenced by Regulatory Reforms
Over the historical years, many developed as well as developing countries have introduced their regulatory reforms to raise their road freight securing, ship securing and railcar securing to international standards for the protection of products. Moreover, changing end user’s expectations towards the high quality undamaged products and to deliver these, manufactures, leasing & rental companies, authorities, commercial & industrial buyers, and suppliers are likely to use highly efficient and reliable tail lifts during transportation of products. As a result, growing awareness regarding the safety and operation time span in logistics and transportation industry is likely to create enormous market opportunities in the global tail lift market over the forecast period.
Furthermore, the manufactures have to adhere to the regulations set by regulatory bodies and governments like, Whole Vehicle Type Approval (WVTA) and Lifting Operations and Lifting Equipment Regulations (LOLER). Therefore, key manufacturers such as Cargotec Corporation, Dhollandia N.V., and Anteo are focusing on manufacturing more safer and efficient tail lifts to reduce any failures and breakdown during tail lift operations.
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