Reach trucks are the stacking trucks that are specially used for material-handling operations such as storing and retrieving pallets in racks. Reach trucks offer safety and maneuverability in the hardest working conditions, thereby, increasing the use of this truck to provide safe and efficient material handling operation is anticipating in the growth of the reach trucks market. Furthermore, the rising demand for automation across the industries, tremendous growth in the e-commerce sector is resulting in the rising number of warehouses, transportation stores, and logistics. This factor is likely to propel the demand for the reach trucks market.
MARKET SCOPE
The "Global Reach Trucks Market Analysis to 2028" is a specialized and in-depth study of the Reach Trucks market with a special focus on the global market trend analysis. The report aims to provide an overview of Reach Trucks market with detailed market segmentation by load capacity, end-user, and geography. The global Reach Trucks market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Reach Trucks market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of load capacity the market is segmented as less than 1500 kg, 1500-2000 kg, more than 2000 kg.
- On the basis of end-user the market is segmented as retail and wholesale, logistics, manufacturing, food and beverages, others.
MARKET DYNAMICS
Drivers:
- Rising adoption of compact material handling equipment due to their easier movability, maintenance, and high performance as compared to heavy machinery
- Wide range of application of these trucks in various places such as shop floors, transportation hubs, warehouses, logistics, and manufacturing industries
Restraints:
- Requirement of highly skilled operators
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Reach Trucks market based on various segments. It also provides market size and forecast estimates from year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The Reach Trucks market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting Reach Trucks market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Reach Trucks market in these regions.
IMPACT OF COVID-19 ON REACH TRUCKS MARKET
The global industrial machinery manufacturing industry was significantly hit by the onset of the COVID-19 pandemic due to the disruptions in supply chain and restrictions on the global trade. As major machinery and parts manufacturers depended on overseas suppliers for production, the restriction of goods across borders by various governments took a heavy toll on the Reach Trucks market during the peak of the pandemic in 2020. Moreover, the labor extensive industries came to a halt to limit the spread of the virus, which brought down the demand across industries. However, with the implementation of vaccine drives and reopening of the manufacturing industries under COVID-related protocols, the facilities utilizing machinery and automotive vehicles such as Reach Trucks are transforming towards more automated processes. Therefore, the initial impact of COVID-19 on the market was largely negative, and is growing eventually with the adoption of automated processes in manufacturing and requirement of heavy machinery.
MARKET PLAYERS
The reports cover key developments in the Reach Trucks market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Reach Trucks market are anticipated to lucrative growth opportunities in the future with the rising demand for Reach Trucks market. Below mentioned is the list of few companies engaged in the Reach Trucks market.
The report also includes the profiles of key Reach Trucks market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Caterpillar Inc.
- Crown Equipment Corporation
- Doosan Corporation
- Hangcha Group Co., Ltd
- NACHI-FUJIKOSHI CORP.
- Hyster-Yale Materials Handling, Inc
- Jungheinrich AG
- KION Group AG
- Mitsubishi Forklift Trucks
- STILL GmbH
- Toyota Industries Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.