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.
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FACTS AT A GLANCE
Companies: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
Coverage: All major geographies and key segments
Segments: Type(Diesel,Battery,Electric,Other); End User(Retail & Wholesale,Logistics,Automobile,Food & Beverages)
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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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.
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.
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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.
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