In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
November 02, 2021: JBT Corporation announced the acquisition of Urtasun Tecnología Alimentaria S.L. for approximately USD 40 million. Urtasun Tecnología Alimentaria S.L. is headquartered in Navarra, Spain.
June 28, 2021: Anhui Heli Co. ltd. delivered li-ion battery-powered forklifts and stacker trucks to the Southeast Asian market, following the high environmental protection requirements of their customer.
The global stacker truck market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of stacker trucks amongst other equipment in warehouses and storage units. Stacker trucks have similar function as forklift trucks; however, stacker trucks essentially have wheels along with a platform and lift for loading and unloading goods. Moreover, stacker trucks can provide higher height for the heap, and better access across the facility. Such factors are estimated to encourage the market growth. Furthermore, the growth in manufacturing activities, emergence of new warehousing facilities, and constantly rising demand for consumer goods are anticipated to boost the growth of the market. Along with this, the high investment in infrastructure industry, and growth of e-commerce and online retail are projected to render a positive impact on the market growth. For instance, over two billion people purchased goods or services online in 2020. As a result, online retailers and market platforms are constructing warehouses across the globe to facilitate quick deliveries. This is bound to increase the demand for stacker trucks globally, which is estimated to boost the market growth.
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The market is segmented by technology into hydraulic lift, and winch, out of which, the hydraulic lift segment is anticipated to hold a substantial share in the global stacker truck market over the forecast period on account of higher adoption of this technology for lifting objects. Moreover, vehicle operators find hydraulic lift easier to operate as hydraulics can be operated with both foot and hand pump, and heavier weight can be carried using this technology. Such factors are estimated to fuel the segment growth.
The market is also segmented on the basis of end-user into retail & wholesale, warehouse, logistics, automotive, and others. Out of these, the warehouse segment is projected to garner the largest revenue share over the forecast period, owing to the increasing establishment of warehouses and storage units, backed by the growing consumer population.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global stacker truck market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing adoption of e-commerce in the developing countries, such as, India, China, Japan, and others. As per the data by the India Brand Equity Foundation (IBEF), India’s e-commerce market reached USD 67-84 billion in 2021, and is further expected to reach USD 350 billion by 2030.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rapid growth in online retail, establishment of warehouses, and adoption of advanced equipment due to the lack of labor in the region. According to the data by the U.S. Bureau of Labor Statistics, in 2021, 310,840 people were employed as industrial truck operators in warehousing and storage industry.
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The global stacker truck market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global stacker truck market includes the following segments:
By Power Source
By Distribution Channel
Ans: The market is estimated to grow on the back of growing adoption of warehouses and storage units backed by growth in e-commerce globally.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are Mitsubishi Nichiyu Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Co., Ltd., Clark Material Handling Company, Hangcha Group Co., Ltd., JBT Corporation, and Komatsu Ltd.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, power source, end-user, distribution channel, and by region.
Ans: The warehouse segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Availability of cheap labor in low-income countries is estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the high adoption of e-commerce in the region.