LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ladder market to reach USD 675.8 million by 2021, growing at a CAGR of 6% over the forecast period, according to their latest report.
The research study by Technavio on the global ladder market for 2017-2021 provides a detailed industry analysis based on application (industrial, domestic, and commercial) and geography (APAC, EMEA, and the Americas).
A ladder equipment consists of a series of horizontal bars connecting two vertical lengths of wood, metal, or a rope, and used for climbing. Industrial ladders constitute the leading market segment, generating over 42% of the overall revenue.
The industrial ladders segment will continue to grow over the forecast period, driven by demand from industries such as construction and manufacturing sectors. A majority of the revenue generated from this segment is from emerging economies such as China and India.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global ladder market:
- Increasing demand for construction industry
- Growing warehouse and storage industry
- Rising DIY activities
Increasing demand for construction industry
“The global construction industry is growing, driven by factors such as rapid urbanization and increase in disposable income. The growth of the various segments like manufacturing, chemicals, construction, mining, and metal fabrication is driving the growth of the ladder market,” says Sarah Haque, one of the lead analysts at Technavio.
In the US, there will be an increase in the industrial constructions such as refineries, gas facilities, chemical, and power plants. The home building segment is also predicting an increase in new home sales. Ladders are used extensively in manufacturing ecosystems to run daily operations, thereby driving market growth.
Growing warehouse and storage industry
The manufacturing companies are expanding their production capacities and operations, leading to an increased demand for logistics and storage of raw materials and finished goods, driving the growth of warehouse and storage industry. With the growth of warehouses, there would be an increase in demand for ladders in the industry, as reorganization of warehouses requires professional management services and tools for efficient operations. Also, the increased outsourcing of warehouse activities propels the growth of the global warehouse ladders market.
Rising DIY activities
“The do-it-yourself trend is sweeping the globe, acting as a key driver of the global ladders market. DIY encourages household consumers to engage in activities to manufacture and create their own products from scratch and involves the backward integration of raw materials, creating a demand for ladders,” says Sarah.
The growth of the DIY market is attributed to the increasing number of retail stores such as hypermarkets, supermarkets, and specialty stores. These stores make popular offerings such as step ladders and aluminum ladders easily available for consumers. Additionally, consumers are more aware of the various uses of ladders and the appropriate specifications due to promotional activities by vendors, thereby enhancing market growth.
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