Global Ladder Market 2019-2023| Increase in Adoption of Sustainable Product Manufacturing Practices to Boost Growth| Technavio
The global ladder market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for extension and platform ladders. The growth in the market is majorly due to the extensive application of these ladders. Extension ladders are widely used in commercial applications, especially in logistics and warehouses where the users must access racks at different heights. Platform ladders are widely used for commercial applications such as in the construction and other industries where users must access and work at heights. Some of the common application industries for platform ladders are construction, automobile, and aerospace. Therefore, it is expected that the growth of the application industries will increase the demand for extension and platform ladders during the forecast period.
As per Technavio, the increase in adoption of sustainable product manufacturing by vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ladder market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global ladder market: Increase in adoption of sustainable product manufacturing by vendors
Ladders are designed to be durable for multiple uses. They are replaced or disposed of according to their application and usage patterns. The waste generated from the disposal of ladders primarily includes wood, steel, and aluminum. It is generally sent to landfills or remains unrecycled at dump yards. Vendors are investing in the recycling of used ladders to manufacture other products. For instance, old wood ladders are recycled and repainted for use as home decor items. The demand for eco-friendly ladders has also increased due to the implementation of stringent environmental regulations and the preference of vendors and consumers toward environment-friendly products. Therefore, the growing concerns of end-users regarding sustainable business operations are compelling vendors of ladders to adopt sustainable manufacturing processes. This will drive the growth of the global ladder market during the forecast period.
"Apart from the increase in adoption of sustainable product manufacturing practices, the growth in demand for domestic ladders through online distribution channels is another factor that is expected to boost growth. With hectic lifestyles restricting users to shop household products offline due to time constraints, the use of online shopping portals for the purchase of ladders has increased. In addition, residential DIY activities such as painting, and maintenance also require equipment such as ladders. These factors are expected to improve online sales of ladders, thereby boosting market growth during the forecast period," says a senior analyst at Technavio.
Global ladder market: Segmentation analysis
This market research report segments the global ladder market by application (industrial, domestic, and commercial), and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance in the global market and register the highest incremental growth. This is due to the steady shift in the use of ladders from domestic applications to commercial and industrial applications.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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