Technavio analysts forecast the global electric wheelbarrow market to grow at a CAGR of over 2% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global electric wheelbarrow market to grow at a CAGR of over 2% by 2023. (Photo: Business Wire)
The growing popularity of non-marking tires is one of the major trends being witnessed in the global electric wheelbarrow market 2019-2023. Non-marking tires are used to eliminate black marks on warehouse floors. Mostly, grocery or food processing plants employ non-marking tires in their factories or warehouses because of concerns related to hygiene. Non-marking tires are available in solid, pneumatic, and cushion types. The common industrial tires are black in color. This is because soot is added to the natural rubber mix during the manufacturing process. The soot is used to increase the rubber's wear resistance, which absorbs heat and protects the tires from ultraviolet (UV) radiation. A factor that causes tires to age is UV radiation. In non-marking tires, silica or chalk is used to prevent wear. Furthermore, the addition of anti-oxidants to the rubber protects the tires from UV radiation. Subsequently, with the increased need for hygiene in warehouses and manufacturing floors of various industries, including pharmaceutical and food, there would be a need for warehouse vehicles, including electric wheelbarrows, with non-marking tires.
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According to Technavio analysts, one of the key factors contributing to the growth of the global electric wheelbarrow market is the growth of the global construction market:
Global electric wheelbarrow market: Growth of the global construction market
The global construction market has experienced drastic changes in the past decade. Developed economies such as the US and the UK are currently facing the problem of aging infrastructure. Maintenance and restoration operations, along with the shift to sustainable building development and retrofitting practices, are driving the growth of the construction market in these countries. In addition, green and sustainable building developments have invited significant investments and technological innovations. The construction industry has provided huge opportunities for the global electric wheelbarrow market. Governments of various countries such as India, Saudi Arabia, and Qatar are investing heavily in the development of smart cities. For instance, the Government of Saudi Arabia is planning to invest in the development the King Abdullah Economic City (smart city). The total project cost is estimated to be 90 billion USD. Therefore, these large-scale projects are expected to increase the demand for electric wheelbarrows in construction activities during the forecast period.
According to a senior analyst at Technavio for research on agricultural equipment, “Apart from the growth of the global construction market, the growing demand for warehousing, the use of fuel systems for logistic equipment, and the increasing prominence for fork truck free movement are some other major aspects that are expected to boost the growth of the global electric wheelbarrow market during the forecast period.”
Global electric wheelbarrow market: Segmentation analysis
The global electric wheelbarrow market research report provides market segmentation by product (electric lifting wheelbarrow and electric moving wheelbarrow), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for close to 39% share, followed by the EMEA and Americas respectively. During the forecast period, the EMEA region is expected to register the highest incremental growth.
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