The reachstacker market, which witnessed sales of 1,364 units in 2018, is estimated to grow by 7% this year, according to research from Fact.MR.
Increased traction for port material handling equipment, coupled with rapid expansion of a growing number of sea ports, in line with the proliferating sea borne trading is continues to augment market growth, noted the report.
Rapid expansion of intermodal barge shipping to the smaller as well as canalised waterways has been creating a considerable demand for a water reach stacker with tri-modal handling functionality – road, rail and water, found the study.
Sales of reachstackers to seaports worldwide numbered 973 units in 2018, accounting for 70% of overall sales.
Demand from yards/landside is also growing, although at a much slower pace, according to Fact.MR.
An increased number of warehouses and factories are also adopting reach stackers, owing to industrial expansion in several countries, which in turn is highly likely to pace up the lucrativeness of market in the years to come.
As per the study, though the demand for internal combustion engine based reach stackers has been growing over the years, and witnessed sales of 1,124 units in 2018, sales of hybrid variants are also likely to pick pace.
Eco-friendly variants are also anticipated to witness considerable demand in the forthcoming years due to the continuing global tension over the carbon emission from the industrial operations.
Amid the growing emission concerns and high operational costs of conventional reach stackers, several market players have placed their focus on manufacturing customised, hybrid and electric variants.
East and South Asia continue to lead the growth of the reach stacker market, while accounting for 65% of the overall sales in 2018.
As per the study, countries such as China and India will continue to remain a fairly attractive market for stakeholders, owing to the presence of several key ports.
Growing government initiatives focused on pushing the efficiencies and updating inland port systems are also likely to contribute to a significant growth in the reachstacker market.
As per the study, leading market players in the reachstacker market are increasingly penetrating these regions by manufacturing cost-effective variants to appeal to a wide pool of cost-sensitive customers.
Operational efficiency and low cost of reachstackers with 30–45 tonne’ capacity as compared to heavier equipment has been driving demand across cost-sensitive regions-in particular.
The reachstacker market is anticipated to register a volume CAGR of 8% through 2029 according to the research.