The VLM market is expected to grow from USD 1,074.6 million in 2018 and reach USD 1,679.6 million by 2023, at a CAGR of 9.3% between 2018 and 2023.
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Key factors driving the growth of the VLM market include growing need to optimize warehouse floor space, benefits of deploying VLMs compared to standard shelving systems, rising warehouse rentals, and increasing focus on worker safety and security. However, the availability of used VLMs in the market is a major restraining factor for the growth of the market.
- End-user industries such as automotive, chemicals, food and beverages, metals and heavy machinery, e-commerce, and semiconductor and electronics
- Government bodies, venture capitalists, and private equity firms
- Research institutes and organizations
- System integrators
- Software and service providers
- VLM manufacturers
The VLM market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Key factors such as growing automotive, and semiconductor and electronics industries; shortage of warehousing space; and huge growth potential for automated material handling systems contribute to the growth of the VLM market in APAC.
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The market for dual-level delivery type VLMs is expected to grow at a higher CAGR between 2018 and 2023. Manufacturing companies in semiconductor and electronics, aviation, healthcare, and automotive industries seek for ready availability of various components during the assembly of a product.
Hence, these manufacturers prefer using dual-level VLMs for increasing the storage density and accessing the components at one place with ease. Non-refrigerated storage is expected to account for a larger share of the VLM market during the forecast period.
Goods including steel molds, nuts, bolts, spare parts, components, and tools are not susceptible to changes in the temperature. These products can be stored at normal temperature conditions without the use of additional integrated equipment for temperature maintenance.
2 Market Ranking Analysis for VLM Manufacturers
3 Competitive Situations & Trends
3.2 Product Launches & Developments
3.3 Expansions, Partnerships, & Acquisitions
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The research report on the VLM market analyzes and forecasts the market based on delivery type, storage type, industry, and geography. Based on delivery type, the market has been segmented into single-level delivery and dual-level delivery.
On the basis of storage type, the VLM market has been classified into non-refrigerated storage and refrigerated storage. Based on industry, the market has been segmented into automotive, metals and machinery, food and beverages, chemicals, healthcare, semiconductor and electronics, aviation, e-commerce, and other industries.
Based on region, the market has been classified into4major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
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