Reach Trucks Market 2019 - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2026 | KION Group AG, Jungheinrich, Hangcha Group Co., Ltd

Global reach trucks market size was valued at $2,583.8 million in 2018, and is projected to reach $4,085.8 million by 2026, registering a CAGR of 5.6% from 2019 to 2026. In 2018, based on load capacity, the less than or equal to 2000 kg segment accrued the largest share in the reach trucks market.

Growth in less than or equal to 2000 kg segment is due to rising demand for durable material handling equipment over traditional material handling equipment. In addition, expansion of the logistics industry throughout the globe, especially in emerging nations such as China and India drive the reach trucks market growth. Moreover, reach trucks are popular owing to their advantageous features such as high load capacity, versatility, and flexibility. Thus, such advantageous features are expected to fuel the demand for reach trucks market in the coming years.

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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.

In 2018, on the basis of end-user, the retail & wholesale segment garnered a significant market share, owing to the expansion of the e-commerce sector in developing regions. In addition, logistics and food & beverages segments are expected to exhibit significant growth during the forecast period. In terms of region, Asia-Pacific and Europe collectively contributed around 74.8% of the total share in the global reach trucks market in 2018.
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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Leading market players-
o KION Group AG
o Mitsubishi Logisnext Co., Ltd
o Toyota Industries Corporation
o Godrej and Boyce Manufacturing Company Limited
o Hangcha Group Co., Ltd
o Hyster-Yale Materials Handling, Inc
o Jungheinrich AG
o Combilift Material Handling Solutions
o Crown Equipment Corporation
o Doosan Corporation

The major players operating in the global reach trucks market have adopted key strategies such as product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in April 2019, Crown launched SHC 5500 series counter-balance reach trucks. These trucks are designed for easy maneuvering and positioning of heavy loads in compact and tight spaces, such as warehouses, docks, and racks. It features a lift height of 114 to 172 inches.

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