Reach Stacker Market: Introduction
According to the report, the global reach stacker market is projected to surpass US$ 600 Mn by 2030, expanding at a CAGR of ~4% during the forecast period. Rapid expansion of logistics and warehouse industries across the globe are likely to significantly propel the reach stacker market across the globe. Rise in seaborne trade practices across the globe is likely to increase the demand for material handling equipment, which is projected to boost the reach stacker market across the globe. Increase in import and export of goods and commodities through seaports due to different free-trade agreements, such as TPSEP, NAFTA, and AFTA that have helped various countries significantly strengthen their economies, is anticipated to boost the reach stacker market. Various other systems are also incorporated in vehicles to guide them and arrange containers properly at their designated place, which, in turn, is likely to also fuel the reach stacker market across the globe.
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Expansion of Reach Stacker Market
Surge in trade volume owing to rising bilateral trade among countries is projected to boost the reach stacker market during the forecast period. China witnessed an increase in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Based on propulsion, the global reach stacker market has been segmented into internal combustion engine, electric, and hybrid. The internal combustion engine segment held a major market share of the global reach stacker market due to rise in the demand for heavy load lifting machines. Stringent rules and regulations for engine powered reach stackers are expected to propel the demand for electric reach stacker across the globe.
Based on application, the sea port/terminals segment accounted for a significant share of the global reach stacker market. Rise in investment toward upgrade of ports and maintenance of old facilities across the globe is likely to fuel the demand for reach stacker.
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Regional Analysis of Reach Stacker Market
In terms of region, the global reach stacker market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global reach stacker market in 2019. It is anticipated to hold a leading share during the forecast period, due to rise in transportation of goods and commodities across Asia Pacific. Followed by Asia Pacific, Europe also held a significant share of the global reach stacker market due to rapid expansion of logistics and warehouses industries across Europe, which witness a significant demand for reach stackers. Rise in the demand for electric and hybrid reach stackers due to enactment of stringent emission norms across Europe and Asia Pacific is anticipated to propel the reach stacker market in Asia Pacific and Europe.
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Key Players of Reach Stacker Market
Prominent players operating in the global reach stacker market include Cargotec Corporation, CVS Ferrari SpA, Dalian Forklift Co., Ltd., Hoist Material Handling, Inc., Hyster-Yale Group, Inc., Jay Equipment & Systems Pvt. Ltd., Konecranes, Liebherr Group, Linde Material Handling, Mitsubishi Forklift Trucks, SANY Group, Taylor Machine Works, Inc., Terex Corporation, Toyota Material Handling, and Anhui JAC International Co., Ltd, BOMAQ Industries SLU, Komatsu Ltd, and Task Forklift.
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