Market Size of Reach Stacker Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Reach Stacker Market Analysis
The Reach Stacker Market was valued at USD 2,369.09 million in 2021 and is expected to surpass a net valuation of USD 3,216.76 million by 2027 end, registering a solid CAGR growth of 5.23% over the forecast period.
Owing to the increasing trade activities between economies and government spending on building new ports and increasing the capacity of existing ports to increase the volume handling capacity of the ports, the reach stacker market is expected to witness prominent demand during the forecast period.
The outbreak of COVID-19 has led to an initial decline in both global production and international trade. Muted manufacturing facilities across the globe have substantially reduced the demand for imports. Moreover, the lockdown in China was a serious disruption for the industry which led to hinder the global supply chain. As China is the acts a pivotal role in global industrial production, short-term economic effects were initiated from the contraction of global demand, primarily for merchandise goods. A contraction in demand for multiple products has been experienced throughout the year 2020, like electronic equipment (such as computers and peripherals, video game consoles, etc.), mobile phones, exercise equipment, home equipment, medical equipment like surgical masks, gowns, and disinfectants, the majority of which have been produced in China, has made up for the decline in demand that was further flown in ports which impact on the demand for reach stacker.
In addition, with increasing trade tensions between two major economies of the world China and the United States, the global maritime trade is witnessing a slowdown in trade volumes globally, which is affecting the ports as they are not being utilized to their maximum outputs. These trade tensions are expected to ease up soon as both countries are working on finding solutions for the problem and increasing trade as this is hurting both economies badly.
Although, over the longer-term period, rising demand for hybrid and electric power trains in reach stacker is expected to elevate the demand. In addition, to strict government norms for improving the air quality, many port operators are opting for hybrid port equipment which are following the pollution levels at the same time increases operational efficiency. Also, technological advancement has enabled port operators to use autonomous vehicles and the internet of things for ensuring the safety of the crew.
Asia-Pacific has been the key hotspot for the reach stacker demand. This is attributed to a handful list of strategic ports situated in India, China, Japan, and South Korea that resonate with strong potential in overall maritime trade activities.
Considering these factors and developments, demand for reach stackers is expected to witness a high growth rate during the forecast period.
