Press release
Turret Truck Market Is Witnessing Upsurge With Increasing Demand From The Warehouse And Logistics Industry
Upsurge in seaborne trade, E-commerce and cargo industry to make headway for the Turret Truck MarketA turret truck is a very-narrow-aisle (VNA) counterbalanced fork truck with an articulated carriage allowing the forks to rotate 180° within the storage aisle. It is used for lifting pallets and other loads and to move quickly through small spaces with precision. The turret truck market is witnessing upsurge with increasing demand from the warehouse and logistics industry. These industries along with construction, manufacturing and mining industries serve as major consumers for the turret truck market.
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The emergence of E-commerce has further fuelled the growth of the turret truck market as it has boosted the warehouse industry. The emergence of seaborne trade and cargo industry is also expected to drive the market for cargo handling equipment thereby boosting the turret truck market.
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Market segmentation: Turret Truck Market
The turret truck market can be segmented based on product type, lifting capacity, application and region.
Based on the Product type, the turret truck market can be segmented as:
Man-up
Man-down
Based on the lifting height, the turret truck market can be segmented as:
Below 8000 mm
8000 mm -14000 mm
Above 14000 mm
Based on Application, the turret truck market can be segmented as:
Warehousing
Logistics
Manufacturing
Mining
Construction
Based on Region, the turret truck market can be segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa (MEA)
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Introduction of GPS, AI and Robotics Enabled Turret Trucks to Provide a Competitive Edge
The turret truck market is an oligopolistic, emerging market with a few dominant players. The requirement of high-volume handling in narrow spaces has triggered the use of technological advancement in the turret truck market to increase the capacity and lifting ability while keeping the size as narrow as possible. The emergence of electrically powered turret trucks is turning out to be an attractive prospect for the turret truck market since it is eco-friendly and cost-effective.
The players are also engaging in using GPS tracking devices, robotics and artificial intelligence to gain a competitive edge in the turret truck market. The turret truck market players like Jugheinrich are using the Automated guided vehicle (AGV) technology for the turret trucks.
The key players of turret truck market are Elokon, Hyster-Yale material handling Inc., Toyota forklifts, Kion Group AG, Mitsubishi Nichiyu Forklift Co., Ltd., Jungheinrich AG, Raymond Corp., Clark MHC, Crown Lift trucks Ltd., Komatsu Ltd. And Godrej & Boyce Manufacturing.
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COVID19: Post Lockdown Period to Trigger Huge Demand for the Turret Trucks
The effect of COVID-19 has been significantly observed in the warehousing industry owing to the increasing storage requirements due to lockdown triggering demand for the turret truck market. Although other industries like logistics, construction, mining, oil and gas have almost come to a standstill, it is seen as a temporary hick-up for the turret truck market. Once the pandemic subsidizes all these industries will work in full flow and may have an overwhelming demand for the turret truck market.
With Europe being badly hit by the pandemic the manufacturing of turret truck market has been affected massively. The economic slowdown is expected to be even more severe post COVID-19 which may affect the demand for the turret truck market coming from automobile, manufacturing, oil & gas and construction industry.
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