As per Future Market Insights, the stacker truck market is anticipated to attain a value pool of US$ 2.75 billion by 2023-end. Global demand for stacker trucks is expected to rise at a CAGR of 8% to US$ 6 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.75 billion |
| Projected Market Value in 2033 | US$ 6 billion |
| Growth Rate (2023 to 2033) | 8% CAGR |
Demand for stacker truck will witness moderate growth in short-term, with optimistic growth outlook in the long-run.
Significant demand from various end use applications will create significant opportunities in near future, however, sales of industrial trucks from manufacturing, logistic centers, and other end use industries will provide momentum.
Growing demand for various end use applications will continue to drive demand for stacker truck. Increase in the adoption and use of trucks across end-use applications has emphasized the necessity for usage of industrial truck in regular operations. The industrial trucks are considered has one of the best and safest vehicles for day-to-day business operations.
Owing to the evolution of technological encroachments and considering the rising costs of diesel and other fuels, electric vehicles are gaining impetus in production and revenue sales. Electric powered industrial trucks provide higher efficiency than the other trucks, and also, the components of this machine offer optimal productivity to all its applications.
With the vehicle servicing market proving to be lucrative for vehicle authorized service centers as well as independent garages, a healthy rate of stacker trucks is expected to be procured by the interested stakeholders.
Another significant factor which has further boosted the market growth in end use segment, wherein individual owners of industrial truck vehicles are purchasing the product as an important vehicle for handling, lifting and move materials over short distances.
Industrial truck vehicles are extensively available for customers across various platforms. Manufacturers are offering their industrial truck vehicle through various channels. It enables users to choose their own choice with desired size, brand, price range and others.
Electric-powered stacker truck vehicle sales around the globe have been impacted by COVID-19, due to induced slowdown in production and disruption of supply chain has significant influence in global markets.
This has also had a ripple effect on industrial trucks vehicle manufacturing sales. As the industrial trucks vehicle manufacturers are likely to witness sustained opportunities in the future from customers across the world.
Industrial trucks are used extensively for lifting, stacking and storing loads at height. Stackers allow users to handle loads in a high position: different lifting heights and load capacities are offered depending on the model.
Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.
China is one of the prominent markets for industrial trucks manufacturing globally. The China stacker truck market is set to tread on the historic pattern of bust and boom during the assessment period 2021 to 2031. Demand is likely to grow in the next couple of years, as a number of end-use applications make gradual recovery.
Demand for industrial trucks in China will account for high demand from the industrial truck vehicle manufactures, as demand for industrial trucks will continues to grow over the forecast period. Chain’s industrial truck vehicles exports are likely to surge drastically over a period and beyond, and this will continue to benefit OEM companies.
Countries in North America have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. North America hold significant share in the industrial trucks exports, which in turn continues to drive demand for the product.
Despite the COVID-19 challenges, most North America countries have maintained a steady growth in production, sales and exports in 2020. USA is the major prominent players in the region, creating opportunities for industrial trucks to cater the demand from end use industry applications.
Some of the leading manufacturers and suppliers of the product include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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