Europe Retractable Lift Market

Europe Retractable Lift Market Size (2024 to 2029)

The size of the Europe retractable lift market is predicted to be worth USD 2.92 billion by 2029 from USD 2.25 billion in 2024, growing at a CAGR of 5.29% from 2024 to 2029.

A Retractable Lift is a foldable metal object, generally made with steel. It is used by conveniently adjusting it to a commercial vehicle, which helps raise objects for loading and unloading. The Retractable Lift is an extension fitted into a vehicle to move objects from the ground and load them into the vehicle without a workforce.

The growing production activities in the industries that have severed the workforce due to injuries and illness are propelling the growth of the European retractable lift market. According to an online portal, Statista, Fatal injuries at work in Great Britain have been established to be 30 during the projected years 2021/2022. In addition, the industries have strictly adhered to rules and regulations, keeping in mind worker safety and management, making the retractable lift market take place by making loading work more efficient. As a result, retractable Lifts perform lifting operations efficiently with the growing logistics, and increased transportation has driven the requirement of the retractable lift market. Furthermore, retractable Lifts also help many industries to cut down labor costs and increase productivity in the industry. Therefore, increased industry machine equipment results in cost-effectiveness and productivity efficiency in the Europe retractable lift market.

The increased usage of machines and equipment has been trending in the market, driving the growth of the European retractable lift market. Furthermore, the upcoming trend of increase in automobile industries propelled the growth of the Retractable Lift Market. Therefore, the European retractable lift market is anticipated to grow in demand during the forecast period.

The European retractable lift market witnesses various opportunities for the increase of automation industries which has a significant growth rate for its demand in the market. The increase in production logistics and transportation has accounted for the lucrative growth opportunities of the retractable lift in the market. There is also an evolution of advanced technologies for retractable lifts where many companies have indulged in research and development programs that have further anticipated boosting the market. It has also created a safer environment for workers to do a more accessible and safer job, where the manufacturers are focused more on retractable lifts. Hence, it is forecasted to grow in demand during the forecast period, as companies must use advanced technologies and automation to enhance their growth in the market.

The European retractable lift market has witnessed a restraint due to the lack of required human assistance, hampering the market's growth for retractable lifts. Furthermore, there is also a restraint due to the high costs associated with adopting machinery in the industry. As a result, many industries back down from investing in the machinery due to the high costs involved, and the maintenance required has hampered the Europe Retractable Lifts Market market. Furthermore, the COVID-19 outbreak has also impacted and caused a restraint on the market due to factory closures, the death of many laborers, and supply restrictions, which have challenged the retractable lift market.

This research report on the Europe retractable lift market has been segmented and sub-segmented based on the following categories.

Europe Retractable Lift Market - By Product Type:

• Class 1
• Class 2
• Class 3

The Europe Retractable Lift Market based on Product Types has dominated the market for the Class 1 segment due to its lightweight and durable nature. In addition, class 1 retractable lifts are perceived to be a more efficient self-retracting lifeline made with innovative technology, boosting the market for retractable lifts. On the other hand, the Class 2 segment has a significant potential to grow in demand during the forecast period and is analyzed to have an upstream demand in the market.

Europe Retractable Lift Market - By Application:

• Mining Application
• Logistics Application
• Construction Application
• Others

The Logistics Application dominates the demand for Europe's Retractable Lift Market based on Application. As many automation industries have adopted to use of retractable lifts for logistics and transportation purposes, growing the market for the retractable lift market. The Mining Application is the second leading segment in the market owing to the usage of retractable lifts for mining in the industries. The Construction Application segment is anticipated to grow in demand for the retractable lift market during the forecast period.

Europe Retractable Lift Market - By Lift Capacity:

• Less than 1500 kg
• 1500 kg to 2000 kg
• Above 2000 kg

The Europe Retractable Lift Market Segmentation by Capacity has dominated the less than 1500 kg segment. With the Build capacity, the retractable lift is suitable for many industries for loading purposes, making it more efficient and lightweight. Therefore, the less than 1500 kg segment is suitable for commercial vehicles and light trucks and has boosted the market for retractable lifts. The 1500 kg to 2000 kg segment is anticipated to grow in the market during the forecast year as many industries need heavy equipment for storage capacity, making the 1500 kg to 2000 kg segment surge during the forecast period.

Europe Retractable Lift Market - By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

The German retractable lift market held the largest share of the European market in 2023 due to the increase in automation industries and safeguarding employees at the workplace; Germany has dominated the market in adopting the retractable lift market. Hence, the Retractable Lift Market in the German segment is showing upstream demand. On the other hand, the UK Retractable Lift Market is inclined to grow due to the development of many industries and rising players in the market. Furthermore, the France retractable lift market is anticipated to grow contributing to factors such as logistics and transportation, which have significantly surged the retractable lift market during the forecast period. Spain's retractable market is expected to grow at a higher pace in the coming years.

KEY MARKET PARTICIPANTS:

Companies playing a leading role in the European retractable lift market are KION Group, Jungheinrich AG, Hyster-Yale Materials Handling Inc., Combilift and STILL.

RECENT HAPPENINGS IN THIS MARKET:

• In April 2022, a German-based company Jungheinrich AG delivered the 100,000th lithium-ion retractable forklift efficiently and sustainability for Amazon in Leipzig. The proportion of lithium-ion trucks has been a growing technology that stands for its quality and cost-effectiveness.
• In September 2021, a Hamburg-based company STILL implemented handling transport tasks with the lowest possible resource utilization. The European Union aims to have a climate-neutral economy with possibly less CO2 emissions made with lithium-ion batteries for more efficient and sustainable energy retractable lifts.