Reach Truck Market Forecast and CAGR
According to assessment, the reach truck market is projected to witness growth over 5% to 7% CAGR during the assessment period of 2021 to 2031. Demand for compact material handling equipment will witness steady growth in short-term, with moderate growth outlook in the long-run.
Significant demand from various end use applications will create significant opportunities in near future, however, sales of compact material handling equipment for retail & wholesale, and other end use industry applications will provide momentum.
What is Driving Demand for Reach Truck?
Reach trucks are designed for use to give efficient in narrow aisle applications, such as warehouses, logistics and others. They are designed to have two outer legs that help distribute the load, and a single set of wheels in the back. Growing demand for retail, e-commerce and other commercial logistics will continue to drive demand for compact material handling equipment.
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Increase in the adoption and use of compact material handling equipment across end-use applications has emphasized the necessity for usage of trucks in regular operations. Compact material handling equipment are considered has one of the best and safest system to use an essential across end use applications.
Retail & Wholesale and Logistic Industries Are Likely to Augment Reach Truck Sales
Reach trucks offer versatile benefits in various operations for industries such as manufacturing industries, retail &warehouses shop floors, transportation hubs, 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 compact material handling equipment 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. Thus, manufacturers are venturing into providing electric equipment’s, which is encouraging the demand for such equipment.
This, in turn, will push the manufacturers to offer compact material handling equipment’s with different energy source variants. Such electric compact material handling equipment by equipment manufacturers is foreseen to drive the growth of the market.
Compact material handling equipment’s are extensively available for customers with different sizes. Manufacturers are offering their equipment’s through various distribution networks. It enables users to choose their own choice with desired size, brand, price range and others.
The current and forthcoming projects around the globe have been impacted by COVID-19, due to induced slowdown in production and disruption of supply chain of the compact material handling equipment has significantly influenced in global markets.
This has also had a ripple effect on retail & wholesale and logistic industries. However, with retail and logistics sector limping back towards threshold growth rates and new facilities being operational, reach truck manufacturers are likely to witness sustained opportunities in the future from customers across the world.
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China Reach Truck Market Growth Outlook
China is one of the prominent markets for compact material handling equipment manufacturers globally. China reach truck market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to grow in the next couple of years, as a number of end-use industries make gradual recovery.
Demand for compact material handling equipment in China will account for high demand from the retail & wholesale and other end use industries across the country, as demand for trucks will continues to grow over the forecast period. Chain’s compact material handling equipment exports are likely to surge drastically over a period and beyond, and this will continue to benefit various companies.
US Demand Outlook for Reach Truck
Despite the COVID-19 challenges, U.S. is believed to have clocked a steady growth in production, sales and exports in 2020. US is the major prominent players in the region, creating opportunities for compact material handling equipment’s to cater the demand from end use industry applications.
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Who are the Key Manufacturers and Suppliers of Reach Truck?
Some of the leading manufacturers and suppliers of Reach Truck include
- Toyota Material Handling
- 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
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