Global Forklift Market to Grow by Nearly 7% Through 2021

A new report added to the repository of Market Research Reports Search Engine “Global Market Study on Forklift Trucks: Electronic Fork Lift Segment to Exhibit Promising Growth by 2021” is a comprehensive repository of information, providing market share, size, and forecast.

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Forklift trucks are motorized vehicles primarily used for independent lifting, movement, and placement of discrete loads throughout a facility. These mobile loading trucks can be outfitted with forks for pallet-based unit load picking and for loads that are not palletized. These vehicles can be used with a variety of attachments such as platforms, grippers, or clamps. To move lighter loads, manually powered vehicles such as carts and hand trucks are used. One of the challenging tasks in warehouses and distribution centers is that of placing and removing loads from storage racks, loading and unloading trailers in the yard or at the dock, delivering components to the assembly line, and positioning loads for further handling processes. To complete such tasks, forklift trucks are used across various industries such as aerospace, automotive, food and beverages, construction, consumer goods, e-commerce, and retail.

The report analyses the global forklift truck market in terms of value (US$ Mn) and volume (Units), by region, product type, technology type, and by class, and provides insightful information about market dynamics, value chain, competitive landscape, current trends, and market estimations and forecast.

Key driving factors identified in the global forklift truck market include expansion of warehouse space globally, growing e-commerce business across the globe, strong demand for forklift truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets. However, increasing the purchase and associated costs of forklift trucks, and growing environmental concerns regarding the use of IC-engine type forklift trucks could pose some challenges in the coming years. Some of the major trends identified in the forklift truck market are integration of innovative technologies, such as Internet of Things (IoT), cloud computing, and big data, to bolster sales in developed markets and focus of manufacturers on reducing emissions by decreasing weight of IC engine powered trucks.

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By product type, counterbalance type forklift truck was the largest segment in the global forklift truck market in 2014, accounting for 62.3% volume share of the overall market. This segment continues to dominate the market currently in 2015 and the trend is expected to continue over the forecast period as well. Globally, in terms of volume, the electrically powered type forklift truck was the predominant technology segment in 2014, accounting for 57.3% share of the global forklift truck market, and the segment is estimated to account for 64.4% share of the overall market by 2021, which is attributed to the increasing demand for electric type forklift trucks in emerging markets such as China, India, and Brazil.

On the basis of technology type, Globally, in terms of volume, electric powered type forklift truck was the predominant technology segment in 2014, accounting for Major share of the global market, and the segment is estimated to account for 64.4% share of the overall market by 2021, which is attributed to the increasing demand for electric type forklift trucks in emerging markets such as China, India, and Brazil.

The global forklift trucks market is also thriving due to the increasing export demands from the developing countries. Among regions, Asia Pacific dominated the global sales of forklift trucks in 2014. Europe ranked second in 2014, closely followed by North America. The demand for forklift trucks is increasing at a high pace in the Asia-Pacific due to the increasing demand from countries such as China, Japan, and India. China’s forklift trucks market is dominated by internal combustion truck followed by Eastern Europe is witnessing high growth. One of the biggest restraints for the forklift trucks is their high cost, due to which many of the small scale industries prefer to avail their services on rent rather than owning it.   

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Key market participants covered in the report include Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation (TICO), Mitsubishi Nichiyu Forklift Co., Ltd., Crown Equipment Corporation, Anhui HeLi Co., Ltd., CLARK Material Handling Co., Ltd., and UniCarriers Americas Corporation.          

The forklift Truck Market is segmented into:

Forklift Trucks, by product type

Counterbalance

Warehouse

Forklift Trucks Market, by technology type

Internal Combustion (IC) engine powered
Electric powered

Forklift Trucks Market, by class

Class 1

Class 2

Class 3

Class 4

Class 5

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