USD 305.45 billion
Report ID:
SQMIG20I2163 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
66
|Figures:
75
Global Side Shifters Market size was valued at USD 305.45 billion in 2022 and is expected to grow from USD 332.02 billion in 2023 to USD 647.15 billion by 2031, at a CAGR of 8.7% during the forecast period (2024-2031).
The side shifter market has been growing steadily in recent years, fueled by the increasing demand for material handling equipment across a wide range of industries. Some of the key drivers of this growth include the rise of e-commerce and the corresponding increase in warehouse automation, as well as the expansion of the construction and logistics sectors in emerging markets. One of the major trends in the side shifter market is the development of new and innovative designs that offer greater functionality and versatility. For example, many side shifters now come equipped with additional features such as tilt, rotation, and clamp functionality, which enable operators to handle a wider range of loads with greater ease and precision. Another important trend in the side shifter market is the increasing adoption of advanced technologies such as sensors, telematics, and artificial intelligence. These technologies are being used to enhance the performance and efficiency of side shifters, as well as to provide real-time monitoring and data analytics for improved maintenance and productivity.
Overall, the side shifter market is expected to continue to grow in the coming years, driven by ongoing technological advancements and the increasing demand for efficient and versatile material handling equipment. However, the market is also likely to face challenges such as rising competition, changing customer needs and preferences, and the need to adapt to evolving regulatory and environmental standards.
US Side Shifters Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 305.45 billion
Largest Segment
Hydraulic side shifters
Fastest Growth
Mechanical side shifters
Growth Rate
8.7% CAGR
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Global Side Shifters Market is segmented on the basis of Products, End-User, Forklifts, and region. By Product, the market is segmented into hydraulic side shifters, mechanical side shifters, electric, manual side shifters, and others. By End-User, the market is segmented into manufacturing, construction, logistics, and others. By Forklift, the market is segmented into counterbalance forklifts, reach trucks, pallet trucks, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa.
Global Side Shifters Market Analysis by Product
Hydraulic side shifters segment dominated the global market. Hydraulic side shifters are the most commonly used type of side shifter due to their superior performance and ease of use. These side shifters are driven by a hydraulic system that allows for smooth and precise movement of the forks. They are suitable for handling heavy loads and are ideal for applications where precision and control are important.
The Mechanical side shifters segment is a rapidly growing Product. It uses a mechanical linkage system to move the forks laterally. They are generally less expensive than hydraulic side shifters but offer less precision and control. Other types of side shifters such as electric and manual side shifters are less common and are typically used in specialized applications.
Global Side Shifters Market Analysis by End-User Type
The manufacturing industry dominated the global market, accounting for a significant share of the market. This is primarily due to the need for material handling equipment in manufacturing plants to move raw materials, finished goods, and other supplies.
The construction industry is the fastest growing end-user, particularly for handling heavy loads such as bricks, concrete blocks, and steel beams. Logistics and transportation companies also use side shifters extensively for loading and unloading goods in warehouses and distribution centers. Other end-use industries that use side shifters include agriculture, mining, and automotive. These industries use side shifters for a variety of applications such as handling large agricultural equipment, mining equipment, and heavy automotive components.
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North America dominated the global side shifters market. With a developed market for material handling equipment, North America has a well-established material handling sector. The region has a sizable manufacturing sector, and many sectors, including the automotive, food and beverage, and pharmaceutical industries, call for sophisticated material handling tools like side shifters. The economy of North America is sizable, with the United States having the biggest economy in the continent. The region needs cutting-edge material handling machinery to serve its industry because of its expanding population. As a result, there is a considerable need for side shifters in the area.
The side shifters market in North America is dominated by a number of well-known companies, including Kaup North America, Bolzoni Auramo Inc., and Cascade Corporation. These businesses dominate the market and offer top-notch, cutting-edge material handling equipment to satisfy the expanding need in the area. The governments of North America actively foster the expansion of the industrial sector through a number of policies and programs. This has made the situation favorable for the side shifters market to expand in the area.
The Asia-Pacific region is the fastest-growing region in the global side shifter market. The Asia-Pacific region has a sizable and expanding manufacturing sector, which is fueled by factors including e-commerce expansion, urbanization, and population increase. As a result, the demand for material handling tools, such as side shifters, to serve the manufacturing and logistics industries is rising. The Asia-Pacific region's e-commerce market is expanding quickly due to reasons like rising internet usage and the popularity of mobile devices. As a result, there is a greater demand for side shifters and a need for safer and more effective material handling procedures.
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Global Side Shifters Market Drivers
Requirement for safer and more effective material handling procedures
Rosing adoption of robotics and automation
Global Side Shifters Market Restraints
Maintenance obligations
Insufficient compatibility
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The global side shifters market is fiercely competitive, with numerous significant competitors vying for market dominance. Among others, Cascade Corporation, Bolzoni Auramo Inc., Kaup GmbH & Co. KG, KOOI-REACHFORKS, Svetruck, and Meyer Industries are some of the market's major participants. These businesses provide a selection of side shifters, including mechanical and hydraulic variants as well as specialized side shifters for certain uses. Some of the prominent players in the global side shifters market include:
Top Player’s Company Profiles in Global Side Shifters Market
Global Side Shifters Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global side shifters market analysis, the market is expected to continue growing in the coming years owing to the rise of e-commerce and automation, as well as the increasing focus on safety in material handling operations. As the market evolves, we can expect to see the development of more advanced and intelligent side shifters that can help improve efficiency and safety in warehouses and distribution centers.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 305.45 billion |
Market size value in 2031 | USD 647.15 billion |
Growth Rate | 8.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Side Shifters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Side Shifters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Side Shifters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Side Shifters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG20I2163