NEW YORK, Sept. 12, 2023 /PRNewswire/ --The ladder market is expected to grow by USD 1.40 billion from 2022 to 2027. The growth momentum of the market will progress at a CAGR of 5.61% during the forecast period. The market is segmented by Application (Industrial, Domestic, and Commercial), Material (Aluminium, Steel, Fiberglass, Wood, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Rising demand for extension and platform ladders is a key factor driving market growth. The extension ladder is a self-supporting ladder, which can be adjusted to the length of the ladder. Supplier-supplied extension ladders consist of two or more ladder sections, which are used to adjust the height of the ladder as needed. In addition, platform ladders are widely used for commercial applications such as construction and other industries where users need to reach and work at heights. Some of the most common applications of platform ladders are construction, automotive, and aerospace. The growth of application industries will increase the need for platform scale and scalability. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the ladder market: ALCO ALUMINIUM LADDERS Pvt. Ltd., Argent Industrial Ltd., Bauer Corp., EGA Products Inc., Falcon Ladder and Scaffold, Fastenal Co., Frenehard and Michaux, Gorilla Ladders, Hasegawa USA Inc., LockNClimb LLC, Louisville Ladder Inc., Lynn Ladder and Scaffolding Co. Inc., Menard Inc., Moulton Ladder and Scaffold Co., P.W. Platforms Inc., Putnam Rolling Ladder Co. Inc., TB Davies, Tri Arc LLC, Werner Co., and Zhejiang Aopeng Industry and Trading Co. Ltd.
- The Ladder Market is fragmented in nature.
- Market to observe 4.91% YOY growth in 2023.
Market Dynamics:
Major Trend
- An increase in the adoption of sustainable product manufacturing by companies is a major trend in the market.
- The ladder is designed to provide durability for several uses.
- Depending on their application and usage patterns, they are either recovered or discarded.
- Furthermore, wood, steel, and aluminum are mainly used as source materials for the waste generated by disposing of ladders.
- Firstly, owing to the implementation of strict environmental legislation and growing demand for eco-friendly products from both manufacturers and consumers alike, there has also been an increase in demand for eco-friendly ladders.
- Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenge
- Increased automation is a significant challenge restricting market growth.
- The major challenge facing ladder market operators worldwide is using mobile devices such as forklifts instead of ladders for access, mainly in warehouses and related applications, especially in developing countries.
- In addition, warehouse automation is another major challenge that reduces the need for scales.
- Competition is enhanced by the adoption of traditional products, substitutes, and imitations.
- Increasing automation will reduce the use of traditional ladders in some industries by the end user, thereby reducing demand.
- Hence, these factors are expected to restrict market growth during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The industrial segment will account for a major share of the market's growth during the forecast period. Ladders are used for many applications in the industrial sector. In the mining, construction, manufacturing, transportation, and logistics industries, ladders are used in a wide variety of operations, including plant setup, product assembly, maintenance, repair, and overhaul MRO. An increase in manufacturing activity will drive demand for production support equipment, such as ladders. Massive investment in the construction sector is driven by rapid urbanization and rising per capita incomes in emerging economies. Hence, these factors are expected to drive market growth during the forecast period.
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Ladder Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.61% |
Market growth 2023-2027 |
USD 1.40 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.91 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
US, Canada, China, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALCO ALUMINIUM LADDERS Pvt. Ltd., Argent Industrial Ltd., Bauer Corp., EGA Products Inc., Falcon Ladder and Scaffold, Fastenal Co., Frenehard and Michaux, Gorilla Ladders, Hasegawa USA Inc., LockNClimb LLC, Louisville Ladder Inc., Lynn Ladder and Scaffolding Co. Inc., Menard Inc., Moulton Ladder and Scaffold Co., P.W. Platforms Inc., Putnam Rolling Ladder Co. Inc., TB Davies, Tri Arc LLC, Werner Co., and Zhejiang Aopeng Industry and Trading Co. Ltd. |
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, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Material
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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