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Vertical Reciprocating Conveyor Market Share
The global vertical reciprocating conveyor industry is moderately fragmented, with several regional and local companies operating on a global scale. Together these companies hold a market share of 8-10% of the total market. These companies are investing heavily in research and development to create innovative and technologically advanced products. They are also focusing on expanding their distribution networks, both online and offline, to reach a wider customer base.
Vertical Reciprocating Conveyor Market Companies
Major players operating in the vertical reciprocating conveyor industry are:
- Advance Lifts
- Autoquip
- Beech Design and Manufacturing
- Custom Industrial Products
- Damon Australia
- Gebhardt Fordertechnik
- Industrial Kinetics
- Nerak Systems
- Nido Machineries
- PFlow Industries
- Precision Automation
- Qimarox
- Rite-Hite
- Vertical Conveyors
- Wildeck
Who are the major players in the vertical reciprocating conveyor market?
Key players in the vertical reciprocating conveyor industry include Advance Lifts, Autoquip, Beech Design and Manufacturing, Custom Industrial Products, Damon Australia, Gebhardt Fordertechnik, Industrial Kinetics, Nerak Systems, Nido Machineries, PFlow Industries, Precision Automation, Qimarox, Rite-Hite, Vertical Conveyors, and Wildeck.
What trends are influencing the North America vertical reciprocating conveyor market?
The North America region dominated 35.2% share of the vertical reciprocating conveyor market in 2023 and is expected to grow at a 4.4% CAGR from 2024 to 2032, led by the expansion of the automotive sector and the increase in the number of dealerships.
What is the size of the mining and construction segment in the VRC market?
The mining and construction segment held around 16.5% share of the vertical reciprocating conveyor market in 2023 and is anticipated to grow at a 5.6% CAGR through 2032, proplled by the sectors' increasing reliance on VRCs for their efficiency, safety, and versatility.
Why is the use of mechanical VRCs rising?
The mechanical VRCs market recorded USD 443.2 million in 2023 and is expected to grow at a 5.1% CAGR from 2024 to 2032, due to their reliability in automating the vertical transport of goods, reducing manual labor, and enhancing operational efficiency.
How big is the vertical reciprocating conveyor market?
The global market for vertical reciprocating conveyor was reached USD 688.3 million in 2023 and is estimated to grow at a 5.3% CAGR from 2024 to 2032, driven by the increasing adoption of automation in the industrial sector.