Report Code : A05957
A number of domestic players are expanding their business in the Asia-Pacific region, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the demand for reach trucks . Furthermore, by load capacity, the more than 2000 kg segment is expected to experience a rapid surge in demand due to its working efficiency and durability.
Amar Chinchane
Lead Analyst, Construction and Manufacturing at Allied Market Research
According to a new report published by Allied Market Research, titled, " Reach Trucks Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global reach trucks market size was valued at $2,583.8 million in 2018, and is projected to reach $4,085.8 million by 2026, registering a CAGR of 5.6% from 2019 to 2026. In 2018, based on load capacity, the less than or equal to 2000 kg segment accrued the largest share in the reach trucks market.
Growth in less than or equal to 2000 kg segment is due to rising demand for durable material handling equipment over traditional material handling equipment. In addition, expansion of the logistics industry throughout the globe, especially in emerging nations such as China and India drives the reach trucks market growth. Moreover, reach trucks are popular owing to their advantageous features such as high load capacity, versatility, and flexibility. Thus, such advantageous features are expected to fuel the demand for reach trucks market in the coming years.
In 2018, on the basis of end-user, the retail & wholesale segment garnered a significant market share, owing to the expansion of the e-commerce sector in developing regions. In addition, logistics and food & beverages segments are expected to exhibit significant growth during the forecast period. In terms of region, Asia-Pacific and Europe collectively contributed around 74.8% of the total share in the global reach trucks market in 2018.
The key players profiled in the reach trucks market report includes Combilift Material Handling Solutions, Crown Equipment Corporation, Doosan Corporation, Godrej and Boyce Manufacturing Company Limited, Hangcha Group Co., Ltd, Hyster-Yale Materials Handling, Inc, Jungheinrich AG, KION Group AG, Mitsubishi Logisnext Co., Ltd, and Toyota Industries Corporation. The major players operating in the global reach trucks market have adopted key strategies such as product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in April 2019, Crown launched SHC 5500 series counter-balance reach trucks. These trucks are designed for easy maneuvering and positioning of heavy loads in compact and tight spaces, such as warehouses, docks, and racks. It features a lift height of 114 to 172 inches.
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Reach Trucks Market by Load Capacity (Less than or equal to 2000 kg and More than 2000 kg) and End User (Retail & Wholesale, Logistics, Automobile, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
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