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Reach Trucks Market - Empowering Technical Innovation in Logistics Industry - 2026 | Top Players KION Group AG, Jungheinrich, Hangcha Group Co., Ltd

05-29-2020 12:45 PM CET | Logistics & Transport

Press release from: Allied Analytics LLP

reach truck

reach truck

Allied Market Research published a new report, titled, "Reach Trucks Market". The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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.

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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.

The key players profiled in the reach trucks market report includes 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, and Toyota Industries 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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