How Forklift Market Growing Rapidly…? Key manufacturers: KION Group, Jungheinrich AG, Hyster-Yale Group

A collective analysis on Forklift market by Global Market Insights offers an exhaustive study based on current trends influencing this vertical throughout assorted geographies. Key information regarding market size, market share, statistics, application, and revenue are compiled in the research to develop an ensemble prediction. In addition, this research offers a detailed competitive analysis focusing on business outlook emphasizing expansion strategies accepted by market majors.

North America Forklift Market is expected to witness stagnant growth over the coming few years owing to its steady economic recovery after recession. Lack of abundant workforce, emphasis on emission reduction are expected to present market potential growth opportunities over the forecast timeframe.

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Inadequacy of critical component suppliers and lack of skilled operators pose considerable threat to forklift market growth. OEMs are highly dependent on suppliers for critical components such as cockpit controls, tilt cylinders, overhead guards and load backrest used in these utilities. Owing to the regulatory compliances in imports, and difficulty in procuring of these components, cost of critical components is expected to increase in upcoming years.

Forklift Market in Asia Pacific dominated the accounting for over 40% of the industry share in 2015. China accounted for approximately 25% share in terms of volume, is anticipated to exhibit an exponential growth owing to factors such as presence of large number of production facilities, heavy logistics activities, economy growth and high adoption of technological advancements. This will lead to significant market growth of regional sector.

Europe forklift market share accounted for around 30% and is anticipated to witness significant growth opportunities over the forecast timeframe. Increased in demand for battery operated trucks and growth in warehouse segment are major contributors for market growth. Europe held the largest market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment.

Some forklift market players include:
• KION Group AG
• Toyota Industries Corporation
• Jungheinrich group
• Hyster-Yale Material handling Inc
• Mitsubishi Nichiyu Forklift Corporation

Major forklift market manufactures are focusing on extending product portfolios, acquisitions, and collaborations to capitalize on the growing opportunities across multiple end user verticals. For instance, KION acquired handling automation division of Egemin Group. This division will help the company to offer enhanced services for automatic guided vehicles, automated warehouse systems and in-floor chain conveyors. Hyster- Yale acquired installation and distribution business of Speedshield Tech. Pvt Ltd in the U.S. This acquisition was to extend the company’s business activities outside Australia.

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Based on class, the forklift market is segmented into class I, class II, class III, class IV and class V trucks. These include all types of electric motor rider, electric motor narrow aisle, electric motor hand truck, internal combustion engine (ICE), electric combustion engine tractors and rough terrain trucks. Class 3 type trucks are projected to witness highest CAGR over the forecast timeline owing to its major applications in warehouse & material handling departments and relatively higher efficiency than internal combustion forklifts. Largest share in terms of volume was held by trucks, with capacities less than 5 ton. These included Internal Combustion Engine(ICE) trucks and battery electric trucks, having the highest penetration in market segment.

Based on end users, forklift market size is categorized into food, electrical, retail & wholesale, chemical, logistics and automotive. Wholesale & retail distribution segment is projected to witness high demands owing to increased transportation activities across different regions and surplus goods stocking generating the requirement for distributors to increasingly deploy forklifts. Battery operated trucks are highly used in retail segment due to its high efficiency.

Consumers have gained increased inclination towards hydrogen powered trucks owing to its cost effective and environment friendly characteristics. Trucks enabled with these fuel cell technologies are featured with benefits such as reduced needs for battery replacements, smooth operating at freezing temperatures and high speed. Moreover, hydrogen refueling approximately requires two minutes, however, traditional lead acid battery changing requires around 15 minutes, thus saving huge wastage of time in shift operations. Such advancements in fuel to save expenses are anticipated to present forklift market potential growth landscape over the forecast timeframe. For instance, in July 2006, Wal-Mart started using these hydrogen fuel forklift trucks in its distribution center in Washington Court House, Ohio.

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