Forklift Market to observe an exponential rise by 2025 - KION Group, Toyota Industries, Jungheinrich group, Hyster-Yale Material handling Inc, Mitsubishi Nichiyu Forklift Corporation
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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.
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.
Forklift market share in Europe 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.
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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 forklift market potential growth opportunities over the forecast timeframe.
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.
Some forklift market players include KION Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale Material handling Inc and Mitsubishi Nichiyu Forklift Corporation.
Related News: https://www.marketwatch.com/press-release/forklift-market-2019-2024-growth-forecast-industry-share-report-2019-05-22?mod=mw_quote_news
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