The past couple of decades have witnessed exponential rise in trade volumes around the world as a result of a number of free trade agreements, including NAFTA, AFTA, and TPSEP, among others. The commendable rise in the seaborne trade is one of the primary factors expected to drive the expansion of the global reach stacker market in the upcoming years. The demand for material handling equipment such as reach stacker continues to move in the upward trajectory, due to the booming e-Commerce sector, significant growth in the activity across seaports worldwide, booming industrial sector particularly in developing regions, and increasing focus on boosting economic growth.
The material handling equipment space has evolved at a rapid pace over the past decade due to advancements in technology and considerable improvements in the application of various engineering concepts. Players operating in the current reach stacker market are increasingly focusing on the development of customized reach stackers as per the requirement of clients from various industrial domains. In addition, improving the efficiency and quality of the products is another parameter the players operating in the current market landscape are expected to focus on to gain a competitive edge during the forecast period.
At the back of these factors, increasing trade, rise in seaborne trade, and rising demand for reach stacker from the industrial sector, the global reach stacker market is anticipated to surpass the US$ 600 Mn mark by the end of 2030.
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High Demand for Warehouse Applications to Aid Market Growth
Although the demand for reach stacker for warehouse applications is expected to remain most prominent, the demand from seaports and terminals has witnessed consistent growth over the past few years– a trend that is expected to gain further momentum during the assessment period. Warehouse management has gradually gained considerable spotlight over the past few years, due to a significant boom of the e-Commerce sector worldwide. The adoption of reach stacker across the warehouses has witnessed considerable growth to ensure optimum efficiency, workflow, and productivity. This factor is expected to propel the global reach stacker market during the forecast period. As the name suggests, reach stackers are primarily designed for reach and stack application in which, the use of conventional forklifts is restricted due to their height and reach. Reach stackers continue to have a positive influence on the warehouse storage fleet, and offer a practical solution for applications that require reaching and stacking of materials within the warehouse. Furthermore, as reach stacker provides added advantage of working in narrow aisles and reach a height of up to 14 meters, the adoption continues to witness growth.
Some of the most widely used reach stackers include side loaders, pallet jacks, cranes, and turret trucks. Due to mounting environmental concerns and evolving regulatory landscape, the demand for hybrid and electric reach stackers is on the rise.
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Market Players Focus on Expanding Product Portfolio to Gain Competitive Edge
Due to the evolving industrial and regulatory landscape, market players operating in the current reach stacker market are compelled to diversify their product range and offer customized solutions to their end users to gain a competitive edge. For instance, Konecranes announced the launch of the first-of-its-kind hybrid reach stacker that is expected to comply with emission guidelines, boost productivity, minimize fuel consumption, and improved operator performance. Similarly, due to the increasing focus on minimizing carbon emissions, in September 2023, XCMG announced the launch of an electric reach stacker that is integrated with a maintenance-free battery and a smart power management system and energy recycle technology.
Demand to Remain Steady amid COVID-19 Pandemic
The growth of the global reach stacker market is likely to remain steady amid the ongoing COVID-19 pandemic, as the e-Commerce sector has witnessed considerable movement in 2023. The shutdown of brick and mortar stores and restrictions on movement, transport, and trade led to a sizeable rise in the number of online orders due to which, warehouse management gained notable spotlight. Although the low trade activity, especially in the first half of 2023, is likely to hinder the demand for reach stackers, the market is projected to witness steady growth in 2023.
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