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, growing at a CAGR of 5.6% from 2019 to 2026. Reach trucks are stacking trucks utilized for material-handling operations such as storing and retrieving pallets in racks. In addition, these trucks operate in narrow aisles. They are designed with handle load capacity up to 2000 kg. Moreover, it offers safety and maneuverability in the hardest working conditions and have the ability to drive across various terrains. Its advantageous features include standing operator over-head guard, multi-direction operation, AC electric steering, AC motor technology, multi-function joystick, optional integrated hydraulic fork position, and stand and sit down versions.
The adoption of compact material handling equipment has gained traction in the recent years, owing to their easier maintenance, movability, as well as similar performance compared to heavy machinery. Moreover, unlike heavy machinery, compact material handling equipment such as reach trucks do not require certified operators and are significantly easier to operate then heavy equipment. In addition, lower costs of these trucks over conventional material handling equipment boosts their popularity in end-user industries.
In addition, reach trucks offer versatile benefits in various tasks for industries such as manufacturing industries, shop floors, transportation hubs, warehouses, logistics, and factories, owing to their compact design as well as greater maneuverability capability. For instance, this equipment offers better accessibility in closed & compact areas, can easily relocate from one location to another, has lower costs, and is easy to maintain. In addition, the demand for safe and efficient material handling equipment in various cross industry verticals has led to an increase in adoption of these since recent years. These advantages are anticipated to drive the growth of the market. However, rise in prices of raw materials are estimated to hamper market growth.
By Load Capacity
More than 2000 kg segment is projected to grow at a significant CAGR
Furthermore, technical innovations in reach trucks are anticipated to drive the growth of the market in the coming years. Battery-operated reach trucks are gaining popularity among end use industries, owing to their ability to handle double pallet and horizontal transport. Moreover, lithium-ion battery option for increased flexibility and energy-efficiency makes them suitable for material handling involving long-distance travel and light-duty material handling applications. Many companies are focusing on development of reach trucks with features such as robust construction, smooth functioning, and enhanced durability.
By End-user
Retail and Wholesale segment holds dominant position in 2018
The global reach trucks market is segmented into type, end-user, and region. Depending on type, the market is segmented into less than or equal to 2000 kg and more than 2000 kg. On the basis of end-user, it is categorized into retail & wholesale, logistics, automobile, food & beverages, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific had the largest share, in terms of revenue in 2018.
By Region
Asia-Pacific holds a dominant position in 2018 and is expected to grow at a moderate rate during the forecast period.
Competition Analysis
The key market players profiled in the reach trucks market report include Combilift Material Handling Solutions Company, 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. These players have adopted key strategies such as product development to strengthen their outreach and sustain the stiff competition in the market. For instance, in May 2019, Crown launched new DS 3040 double reach truck, which is produced and developed in Germany. The product features load capacities of up to 2 tons and lift heights of up to 2.3 meters. It also offers high stability for medium-heavy applications such as, shelf replenishment, pallet transport and lorry unloading.
Key Benefits for Stakeholders:
- The report provides an extensive analysis of the current and emerging reach trucks market trends and dynamics.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The global reach trucks market forecast analysis from 2018 to 2026 is included in the report.
- Key market players operating in the market are profiled in the report, and their strategies are analyzed thoroughly, which helpd to understand the competitive outlook of the reach trucks industry.
Global Reach Trucks Market Segments:
By Load Capacity
- Less than or equal to 2000 kg
- More than 2000 kg
By End User
- Retail & Wholesale
- Logistics
- Automobile
- Food & Beverages
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- 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
- Toyota Industries Corporation
Reach Trucks Market Report Highlights
| Aspects | Details |
 By LOAD CAPACITY |
|
 By END-USER |
|
 By Region |
|
 Key Market Players | Hyster-Yale Materials Handling, Inc., Doosan Corporation (Doosan Industrial Vehicle), Godrej and Boyce Manufacturing Company Limited, Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co., Ltd., Hangcha Group Co., Ltd., Combilift Material Handling Solutions, KION Group AG (Linde Material Handling GmbH), Toyota Industries Corporation (Toyota Material Handling Group) |
Analyst Review
The market has witnessed a significant growth over the past decade, owing to rise in advantages of reach trucks such as minimization of the probability of product/equipment damage, efficient productivity, reduction of workplace accidents, and traffic management in warehouses. The factors such as rise in price of raw materials are anticipated to restrain the growth of the global market. Growth in adoption of reach trucks with load capacity less than or equal to 2000 kg is expected to provide lucrative growth opportunities for the market players, owing to its inexpensiveness and features such as handle-castor chain assist steering system, chain connect side wheel and handle, and easy operating foot brake. Market players are also focused toward developing new products to enhance their product portfolios to increase their market potential, in terms of geographic and customer base expansion.
Increase in investments in infrastructure development activities are expected to drive the growth of the market. In addition, technological advancements and new innovations in reach trunks is further expected to accelerate the growth of the global market. Therefore, leading manufacturers of reach trucks in the market are developing compact and affordable reach trucks to cater to a large customer base.
Among the analyzed regions, Asia-Pacific is expected to account for the highest CAGR in the global market throughout the forecast period.
The reach trucks market is projected to reach $4,085.8 million by 2026.
Rise in infrastructure projects globally, and versatile benefits associated with reach trucks are the key drivers of the reach trucks industry.
The report sample for reach trucks market report can be obtained on demand from the website.
Technical innovations in reach trucks are the emerging trend in the reach trucks market.
Product launch are the key growth strategy of reach trucks market players.
The statistical data of the top market players of reach trucks market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the reach trucks industry.
Asia-Pacific region will provide more business opportunities for reach trucks market in coming years.
Based on region, Asia-Pacific holds the maximum share of the reach trucks market.
Combilift Material Handling Solutions, Crown Equipment Corporation, Doosan Corporation, Godrej and Boyce Manufacturing Company Limited, Hangcha Group Co., Ltd, Hyster-Yale Materials Handling, Inc.
The logistics, food & beverage, and automobile sector are the potential customers of reach trucks industry.
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