Upsurge in seaborne trade, E-commerce and cargo industry to make headway for the Turret Truck Market
A turret truck is a very-narrow-aisle (VNA) counterbalanced fork truck with an articulated carriage allowing the forks to rotate 180° within the storage aisle. It is used for lifting pallets and other loads and to move quickly through small spaces with precision. The turret truck market is witnessing upsurge with increasing demand from the warehouse and logistics industry. These industries along with construction, manufacturing and mining industries serve as major consumers for the turret truck market.
The emergence of E-commerce has further fuelled the growth of the turret truck market as it has boosted the warehouse industry. The emergence of seaborne trade and cargo industry is also expected to drive the market for cargo handling equipment thereby boosting the turret truck market. With the need for fast, safe and efficient material handling, use of battery-operated vehicles, GPS and robotics and the ability to work in very narrow aisles make the turret truck market appears to be an attractive prospect in the material handling industry. The COVID19 situation may have temporarily blocked the turret truck market but it may well have a positive impact due to the pressure that will be observed in the warehousing and logistics industries once the lockdown is lifted.
Market segmentation: Turret Truck Market
The turret truck market can be segmented based on product type, lifting capacity, application and region.
Based on the Product type, the turret truck market can be segmented as:
Based on the lifting height, the turret truck market can be segmented as:
- Below 8000 mm
- 8000 mm -14000 mm
- Above 14000 mm
Based on Application, the turret truck market can be segmented as:
Based on Region, the turret truck market can be segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
Europe and North America Prominent While Australia Considered Promising for the Turret Truck Market Growth.
The turret truck market is more prominent in Europe and North American region due to high land costs resulting in increased demand for warehousing. It is expected that the turret truck market has a high potential in Australia for the same reason. The turret truck market manufacturing is mostly done in Europe, America, Korea and Japan. Emerging economies in the East Asia region particularly China, Japan and South Korea also promise to be attractive destinations for the turret truck market. Huge oil and gas industry in Gulf countries and the mining industry in Africa provides development opportunities for the turret truck market.
COVID19: Post Lockdown Period to Trigger Huge Demand for the Turret Trucks
The effect of COVID-19 has been significantly observed in the warehousing industry owing to the increasing storage requirements due to lockdown triggering demand for the turret truck market. Although other industries like logistics, construction, mining, oil and gas have almost come to a standstill, it is seen as a temporary hick-up for the turret truck market. Once the pandemic subsidizes all these industries will work in full flow and may have an overwhelming demand for the turret truck market. With Europe being badly hit by the pandemic the manufacturing of turret truck market has been affected massively. The economic slowdown is expected to be even more severe post COVID-19 which may affect the demand for the turret truck market coming from automobile, manufacturing, oil & gas and construction industry.
Introduction of GPS, AI and Robotics Enabled Turret Trucks to Provide a Competitive Edge
The turret truck market is an oligopolistic, emerging market with a few dominant players. The requirement of high-volume handling in narrow spaces has triggered the use of technological advancement in the turret truck market to increase the capacity and lifting ability while keeping the size as narrow as possible. The emergence of electrically powered turret trucks is turning out to be an attractive prospect for the turret truck market since it is eco-friendly and cost-effective. The players are also engaging in using GPS tracking devices, robotics and artificial intelligence to gain a competitive edge in the turret truck market. The turret truck market players like Jugheinrich are using the Automated guided vehicle (AGV) technology for the turret trucks. The key players of turret truck market are Elokon, Hyster-Yale material handling Inc., Toyota forklifts, Kion Group AG, Mitsubishi Nichiyu Forklift Co., Ltd., Jungheinrich AG, Raymond Corp., Clark MHC, Crown Lift trucks Ltd., Komatsu Ltd. And Godrej & Boyce Manufacturing.
The research report presents a comprehensive assessment of the turret truck market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to turret truck market segments such as by product, capacity, application & region.
The Turret Truck Market Report Covers Exhaustive Analysis On:
- Market Segments in the Turret Truck Market
- Turret Truck Market Dynamics
- Turret Truck Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Technology in the Turret Truck Market
- Value Chain of the Turret Truck Market
Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Rest of Europe)
- East Asia (Japan, China, South Korea)
- South Asia & Oceania (India, Thailand, Indonesia, Australia, Rest of South Asia & Oceania)
- The Middle East and Africa (GCC Countries, Turkey, Rest of MEA)
The turret truck market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The turret truck market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The turret truck market report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of the parent market
- Changing turret truck market dynamics in the industry
- In-depth turret truck market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- Must-have information for turret truck market players to sustain and enhance their market footprint.
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