Global electric stacker truck market is anticipated to grow at a CAGR of above 5% in the forecast period. The factors responsible for such growth are rapidly expanding e-commerce space, warehouse space requirements with businesses budding globally, the demand for cost-effective stacker trucks growing in developing economies with industrialization and commerce speeding in the region and replacement of existing technology in developed markets with technologically improvised product developments.
Electric stacker trucks are primarily used for transport and lifting within large industrial facilities and can be commonly found performing functions such as movement, placement of discrete loads and independent lifting. Furthermore, the trucks can be equipped with accessories for pallet and non-pallet based load stacking and unit load stacking. The trucks have a number of attachments such as clamps, platforms and grippers. The trucks can be either manually operated for lighter and rugged applications such as carts and hand operated trucks and automated high-end models for precise operation in case of heavy and breakage prone products.
As technology incorporation in the market is catching up the functionality achieved by the trucks is enhanced and finds applications across diverse industries. The stackers offer benefits such as reduced errors, increased speed, and efficiency of operation, reduced injuries and accidents and operator comfort.
Electric stacker trucks are growing with the various challenging tasks in the industrial space such as placing and removing material from storage racks, distribution and placing at appropriate places, delivering components to assembly lines, docking and undocking in the yards and any other intermittent shifting requirements. Stackers are used in a broad array of industry verticals such as food and beverages, consumer goods, e-commerce, and retail. The automated stacking machines have been very efficient in heavy lift manufacturing such as automotive, aerospace and construction.
The industry for stacker trucks segment, however, faces challenges from factors such as increasing costs of the mini trucks and the environmental concerns arising from usage of IC engine type trucks that have not yet achieved eco-friendly functionality.
The electrically operated industrial automotive market exhibits opportunities from applying advanced technology in warehouse industry with Internet of things penetrating the spaces, cloud-based computing and big data capabilities for the warehouse operations and growth of industries worldwide. Companies are focusing on reducing environmental burdens of the equipment which is further expected to boost the growth. Export industry is booming worldwide increasing shipping and storage requirements across industries and the need for fast and convenient stacking of the right goods at the right place is of utmost importance in shipping.
The industry is segmented according to product type and technology of operation. By type the products are classified into counterbalance and warehouse, the former is expected to hold a prominent market share by volume and maintain its growth in the forecast period. By technology used for operation the products are segmented into Internal Combustion engine powered and electrically powered trucks. Electrically powered vehicles are anticipated to be the predominant segment growing at a considerable rate in the future owing to its benefits over the IC stacker trucks and increased usage in emerging markets such as China, Brazil, and India.
With China currently having a prominent share in the manufacturing sector demand for the automated vehicles in the region is significant and the market is projected to rise at a considerable rate. Asia Pacific region holds a major share of the segment followed by Europe regional market.
Key players operating in the industry include Crown Equipment Company, Mitsubishi Heavy Industries, Hangcha Group Company ltd., Anhui Heli, Jugheinrich, KION Group, Komatsu, Liugong, NACCO Industries, Inc. and Toyota industries amongst others. Companies are focusing on developing eco-friendly machines with updated technology to overcome regulatory restraints. Pricing is another competitive parameter, as small scale industries have major potential however high costs impede adoption among these consumers.
The report provides market estimates for the base year 2014 and a yearly forecast to 2022 in terms of unit shipments (Million Units) and revenue (USD Billion). The market for each product and content quality segment has been provided on a regional basis for the above-mentioned forecast period. The report includes key industry dynamics, regulatory scenario, key products and content quality segment are evaluated to understand their impact on demand for the forecast period. Growth rates were estimated using correlation, regression and time-series analysis.
The report also includes information about the key segments of the market and their growth prospects during the forecast period. The competitive landscape of the industry offered in the study profiles the most prominent players in the market.
Research Support Specialist, USA