Forklift Market is projected to witness a high surge by 2025 | KION Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale Material handling Inc

Asia Pacific forklift market 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 forklift market growth of regional sector.

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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 forklift market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment.

North America 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 forklift market potential growth opportunities over the forecast timeframe.

Moreover, lack of skilled workforce for efficient functioning have led to increased reports of workplace fatalities. According to national safety council in US, forklifts accidents find second position in private sector workforce fatalities and accounted for more than 30,000 injuries in 2015. Thus, lack of skilled workforce and increasing incidences endangering human lives are expected to hamper the overall forklift market growth.

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

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.

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