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The reach stacker market size is forecast to increase by USD 280.09 million, at a CAGR of 5.19% between 2023 and 2028. The market growth analysis depends on several factors such as the growing global container traffic, the rising seaborne trade across the globe, and the increasing demand for reach stackers from the construction industry. Our market report examines historic data from 2018-2022, besides analyzing the current and forecasted market scenario.
The trade actions across different regional cooperation activities and free trade arrangements are compelling cross-border trade activities. Additionally, BOMAQ INDUSTRIES SLU. offers products such as E4 type, MP type, and customized. Also, Cargotec Corp. offers products such as Kalmar Electric Reach stacker, Kalmar Eco Reachstacker, and Kalmar Gloria Reachstacker.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The market is witnessing a swift recovery post-recession, propelled by the increasing demand for reach stackers in container ports worldwide. The developing inter-Asia and intra-Asia trade, coupled with global economic growth, are driving the surge in container traffic. Asian countries' efforts towards trade barrier liberalization are further boosting inter-Asian trade, bridging the gap between key world trade routes. These developments are expected to significantly influence the demand for containers among various end-users globally.
Moreover, the evolution in the construction sector presents a lucrative opportunity for the market. With the global construction sector projected to reach USD 13-14 trillion by 2037, there's a growing need for efficient port infrastructure to support construction activities. This growth, especially in countries like China, the US, and India, is anticipated to drive the demand for reach stackers. These machines play a vital role in enhancing the efficiency of port activities, supporting the sector's expansion while helping achieve carbon reduction goals through efficient infrastructure utilization. Thus, the high demand for shipping containers is expected to trigger the growth of the market during the forecast period.
The booming e-commerce sector has played a significant role in propelling the logistics sector, as online retailers need fast and dependable fulfillment and transportation services to ship their products to customers across the world. Due to the sharp rise in online sales globally, the rising adoption of e-commerce has become one of the major market drivers in the global logistics sector. To improve the overall customer experience, technology has been incorporated into logistics operations such as warehouse automation, route optimization, and real-time tracking of shipments. Companies are extending their services to satisfy evolving customer demands as the e-commerce industry expands.
Moreover, e-commerce enterprises need a variety of logistics services, such as shipping, warehousing, stacking, and last-mile delivery, and as a result, specialist logistics firms with an e-commerce-only focus have emerged. The expansion of the e-commerce sector has created new markets and opportunities for reach stacker providers, as well as made it possible for them to offer cross-border shipping and fulfillment services. Thus, the increase in the e-commerce industry is expected to drive the growth of the market during the forecast period.
One of the important factors for the growth of the reach stacker is the overall import and export of products across countries. However, it is seen that global imports and exports are decreasing. The US witnessed a significant drop in imports and exports. For instance, according to the US census Bureau average import and export decreased by USD 0.4 and USD 1 billion in December 2023. The decline was due to the fragile state of the global economy. This drop in global imports and exports is expected to hit the reach stacker market because if fewer materials or items are exported or imported, then the market for air cargo will also decline.
Furthermore, the changes in the trade structure caused by the pandemic in 2020 were equivalent to changes from 2015 to 2020. Substantial imbalances across trade partners and products remained till the end of 2021, which caused uncertainty in trade among various countries, such as the US, India, and China, during 2020-2021. Moreover, in 2022, Russia's invasion of Ukraine led to a negative impact on global trade. Therefore, owing to the prevailing uncertainty in the world, the market may be impeded during the forecast period.
The sea port segment will account for a major share of the market's growth during the forecast period. Sea port is one of the major segments of the market, as it is a cost-effective and energy-efficient means of transporting large quantities of goods, including bulk commodities such as coal, iron ore, and grain, as well as containers and other types of cargo over long distances. One of the key advantages of seaport reach stacker is their low cost compared with other modes of transportation, such as air or road.
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The sea port segment was valued at USD 576.82 million in 2018. In addition, waterways provide access to a large portion of the global population, as many of the world's major cities and industrial centers are connected through waterways. This makes transportation of goods at sea port an important part of global trade, enabling goods to be transported from one region of the world to another. However, there are also some challenges associated with water transport. Water transport requires significant infrastructure, including ports, locks, and dams, which can be costly to build and maintain. Despite these barriers, seaports are expected to boost the market, offering a cost- and energy-efficient alternative means of transporting goods across the world during the forecast period.
Based on type, the market has been segmented into IC engine, and electric and hybrid. The IC engine?segment will account for the largest share of this segment.? An internal combustion engine, also known as an ICE or IC engine, is a heat engine where fuel is burned with an oxidizer, usually air, in a combustion chamber, which is part of a working fluid flow circuit. The ICE-reach stacker has a lower ownership cost than that of hybrid and electric. Furthermore, high maintenance costs and rising electrification are likely to slow down the adoption rate of ICE reach stacker in the future. However, users with small budgets might still use the ICE reach stacker over the electric or hybrid reach stacker. All these factors are likely to slightly decrease the growth of the IC engine segment in the market during the forecast period.
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APAC is estimated to contribute 40% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in APAC is expected to witness the highest growth rate during the forecast period. The free trade agreements, such as the Asia-Pacific Trade Agreement (APTA), Bay of Bengal Initiative for the Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), Association of the Southeast Asian Nations (ASEAN), and South Asian Association for Regional Cooperation (SAARC), are driving the cross-border trade activities. Further, one of the factors that influence the demand for reach stackers in the region is the increasing capacity of seaports. Thus, these factors influence the export and import of goods, which will influence the growth of the market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
CVS FERRARI Spa, Dalian Forklift Co., Ltd., Hyster-Yale Materials Handling Inc., KION GROUP AG, Konecranes, Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., SANY Group, SCA Heavy Equipment Pvt Ltd, Task Forklift, Taylor Machine Works Inc., Toyota Industries Corp., and Komatsu Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is influenced by economies and government spending on new ports globally, driving global production and international trade. With rising demand for merchandise goods, including electronic equipment like mobile phones, exercise equipment, and medical equipment, there's a surge in manufacturing facilities to meet demand for imports. However, trade tensions, particularly involving the United States, impact global maritime trade, leading to a slowdown in trade volumes.
To combat this, the market witnesses a shift towards hybrid and electric power trains, aligning with government norms on air quality and reducing carbon emissions. Port operators invest in hybrid port equipment to lower pollution levels while enhancing operational efficiency through technological advancements like autonomous vehicles and the Internet of Things, ensuring safety and efficiency in maritime trade activities. Governing bodies promote low-carbon and zero-carbon emission vehicles, stimulating the logistics and transportation sector towards a green and sustainable future.
Reach Stacker Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
Market Growth 2024-2028 |
USD 280.09 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
5.11 |
Regional analysis |
APAC, Europe, Middle East and Africa, North America, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, United Arab Emirates, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anhui jac international co. ltd, BOMAQ INDUSTRIES SLU., Cargotec Corp., CVS FERRARI Spa, Dalian Forklift Co., Ltd., Hyster-Yale Materials Handling Inc., KION GROUP AG, Konecranes, Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., SANY Group, SCA Heavy Equipment Pvt Ltd, Task Forklift, Taylor Machine Works Inc., Toyota Industries Corp., and Komatsu Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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