Rise in focus toward robust and compact material handling equipment, numerous benefits associated with reach trucks, and surge in infrastructure projects globally propel the growth of the global reach trucks market
PORTLAND, Oregon, Feb. 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Reach Trucks Market by Load Capacity (Less than or equal to 2000 kg and More than 2000 kg) and End User (Retail & Wholesale, Logistics, Automobile, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global reach trucks industry garnered $2.58 billion in 2018, and is estimated to reach $4.08 billion by 2026, growing at a CAGR of 5.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in focus toward robust and compact material handling equipment, versatile benefits associated with reach trucks, and increase in infrastructure projects globally fuel the growth of the global reach trucks market. On the other hand, rise in trend of adoption of forklift and increase in prices of raw materials impede the growth to a certain extent. Nevertheless, technical innovation in reach trucks is expected to create lucrative opportunities for the key players in the industry.
The less than or equal to 2000 kg segment to lead the trail by 2026-
Based on type, the less than or equal to 2000 kg segment contributed to around three-fourths of the global reach trucks market share in 2018, and is expected to rule the roost by the end of 2026. This is due to their environment-friendly nature as they rely on batteries and produce no exhaust emissions. Simultaneously, the more than 2000 kg segment would cite the fastest CAGR of 6.4% from 2019 to 2026. Large market penetration and wide scope of application have boosted the growth of the segment.
The retail & wholesale segment held the largest share in 2018-
Based on retail & wholesale, the campaign management segment held the major share in 2018, generating nearly two-fifths of the global reach trucks market. The transportation network between different countries and continents has led to the increased stocking of goods in warehouses, which drives the growth of the segment. At the same time, the logistics segment would showcase the fastest CAGR of 7.0% throughout the forecast period. The manufacturers have developed advanced reach trucks for the logistics and warehouse area, which boosts the growth of the segment.
Asia Pacific to rule the roost in terms of revenue-
Based on geography, the market across Asia-Pacific accounted for nearly two-fifths of the global reach trucks market revenue in 2018 and is projected to dominate throughout the study period. In addition, the region would register the fastest CAGR of 6.7% by 2026. This is attributed to the significant number of ongoing infrastructure and development projects in China and India. On the other hand, North America is expected to manifest a CAGR of 3.5% by 2026.
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