How Forklift Market Growing Rapidly...? Top players - KION Group, Toyota Material Handling, Jungheinrich AG, Hyster-Yale Group, Mitsubishi Heavy Industries.

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.

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Forklift Market size is anticipated to benefit from increasing manufacturing and e-commerce activities, and the need for warehousing operations in these facilities. Huge warehousing spaces have mandated machine utilization for transferring heavy goods to ensure efficient productivity and reduce mishandling.

Increasing adoption of fast charging batteries in trucks to help end users overcome long distance barriers, reduce the downtime and improve productivity is estimated to fuel the overall forklift market growth. Electric or battery operated trucks are expected witness increased adoption rates due to their growing applications across various verticals.

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 forklift market segment.

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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. 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.

Related News - https://www.openpr.com/news/1860038/forklift-market-value-estimated-to-soar-higher-by-2025-kion

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