Stacker Truck Market Trends
Growth Drivers
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Growing Labor Shortages – On account of the lack of availability of manual labor in some regions has led businesses to seek more efficient and cost-effective material handling solutions, such as stacker trucks as they can help in reducing reliance on manual labor, which as a result the market is estimated to drive market growth. According to statistics, by 2030, there will be a global labor shortfall of more than 80 million people.
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Rising Need for Workplace Safety – The growing demand for workplace safety has led to an increase in demand for stacker trucks. For instance, to increase operator safety, decrease accidents, and adhere to safety requirements, stacker trucks are built with safety features such as stability controls, and operator protection systems. Every year, over 2 million men and women worldwide perish from work-related illnesses or accidents globally.
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Increasing Demand for Automation – It is expected that the growing adoption of automation in material handling operations has also driven the demand for stacker trucks. According to the most recent data, global productivity will increase by over 1% a year as a result of automation.
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Growing Construction Industry – It is expected that the increasing construction sector across the globe has led to an increase in demand for stacker trucks, which is anticipated to drive market growth. For instance, heavy items such as bricks, concrete blocks, steel beams, lumber, and other building supplies are lifted and moved using stacker trucks. By 2025, it is anticipated that India's construction market would be worth more than USD 1 trillion.
Challenges
- Presence of Inexpensive Labor in Low-Income Countries - The increasing concern amongst individuals for the availability of cheap labor is one of the major factors predicted to slow down the market growth. For instance, businesses may rely more on physical labor for material handling operations in low-income countries with cheap labor as firms may choose to spend less on equipment and more on hiring cheaper people, this may lead to a decline in the need for automated material handling machinery such as stacker trucks.
- Slow Uptake of Modern Technologies
- Safety Concerns Related to Stacker Trucks
Stacker Truck Market: Key Insights
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.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
9.4% |
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Base Year Market Size (2024) |
USD 3.59 billion |
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Forecast Year Market Size (2037) |
USD 11.54 billion |
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Regional Scope |
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