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.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging reach trucks market trends and dynamics.
- Depending on load capacity, the less than or equal to 2000 kg segment dominated the reach trucks market, in terms of revenue, in 2018 and is projected to grow at a CAGR 5.4%, during the forecast period.
- By end-user, the retail & wholesale segment led the reach trucks market in 2018.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- Key market players within the reach trucks market are profiled in this report, and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the reach trucks industry.
- The report provides an extensive analysis of the market trends and emerging opportunities of the industry.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global reach trucks market forecast analysis from 2019 to 2026 is included in the report.