Portland, OR, April 02, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global reach trucks market was estimated at $2.58 billion in 2018 and is expected to hit at $4.08 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Rise in focus toward robust and compact material handling equipment, versatile benefits associated with reach trucks, and increase in infrastructure projects across the world fuel the growth of the global reach trucks market. On the other hand, surge in prices of raw materials, and increasing trend for adoption of forklifts restrain the growth to some extent. Nevertheless, high-end technical innovation in reach trucks is expected to create multiple opportunities in the industry.
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The less than or equal to 2000 kg segment to lead the trail by 2026-
Based on type, the less than or equal to 2000 kg segment garnered three-fourths of the global reach trucks market revenue in 2018, and is anticipated to dominate till 2026. At the same time, the more than 2000 kg segment would manifest the fastest CAGR of 6.4% during the estimated period.
The retail & wholesale segment to retain its dominance in terms of revenue-
Based on end-user, the retail & wholesale segment accounted for nearly two-fifths of the global reach trucks market share in 2018, and is expected to rule the roost throughout the forecast period. The logistics segment, on the other hand, would cite the fastest CAGR of 7.0% during the estimated period. The segments of automobile and food & beverage are also analyzed in the report.
Asia-Pacific garnered the highest share in 2018-
Based on geography, the Asia-Pacific region held the major share in 2018, contributing to two-fifths of the global reach trucks market. The same region would also register the fastest CAGR of 6.7% through 2026. The other regions discussed in the market report include Europe, North America, and LAMEA.
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Leading market players-
The key market players analyzed in the global reach trucks market include Crown Equipment Corporation, Toyota Industries Corporation, Mitsubishi Logisnext Co., Ltd.,Doosan Corporation, Jungheinrich AG, Godrej and Boyce Manufacturing Company Limited, Hangcha Group Co., Ltd, Hyster-Yale Materials Handling, Inc., Combilift Material Handling Solutions Company, and KION Group AG. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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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