Global Forklift Truck Market – Overview
Forklift trucks are used to lift and move materials within short distances. Forklift trucks are used across various industries such as automotive, food and beverages, construction, consumer goods, e-commerce, and retail. The Global Forklift Truck Market is growing with the rapid pace; mainly due to growing demand from manufacturing industry.
According to a recent study report published by the Market Research Future, The global market of Forklift Truck is booming and expected to gain prominence over the forecast period. The global Forklift Truck Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 5.9% during the estimated period (2017 – 2023).
Currently, growing e-commerce sector across the globe is ultimately increases the demand of forklift trucks market. Increasing use of forklift trucks in the construction industry for the applications such as lifting steel, wood, and crates of mortar is also have the positive influence on the growth of the market. Additionally, the factors such as increase in productivity, reduced injuries & accidents along with operator comfort are major factors also support to the growth of the market.
However, stringent safety and emission regulations as well as high cost of battery operated forklift trucks may hinder the market growth of the market.
The key players of Global Forklift Trucks Market are
- Komastu Ltd. (Japan),
- Toyota Industries Corporation (Japan),
- KION Group AG (Germany),
- Hyster-Yale Material handling Inc. (U.S.),
- Jungheinrich Group (Germany),
- Mitsubishi Nichiyu Forklift Corporation (Japan),
- Crown Equipment Corporation (U.K),
- The Raymond Corporation (U.S.),
- Anhui HELI Co., Ltd (China),
- Kalmar Global (Finland).
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Manufacturing dominates the application segment of the Global Forklift Trucks Market
On the basis of applications, the global forklift trucks market is segmented as manufacturing, logistic, retail & wholesale and others. Manufacturing dominates the application segment of the global forklift trucks market mainly due to the increasing number of warehouses being set up across the regions. Wholesale & retail distribution is projected to grow at the highest CAGR during the forecast period mainly due to increased stocking of goods in warehouses, which are further distributed through the wholesalers and distributors.
In August 2017, Briggs Equipment, Cannock-based asset management company has announced the acquisition of Irish Lift Trucks (ILT) part of the OHM Group in the Republic of Ireland. This acquisition allows ILT to grow and expand its offering more quickly than on a standalone basis, providing customers with a broader solution underpinned by Briggs Equipment’s market-leading service levels.
In April 2017, CLARK Material Handling Company launched a new forklift product featuring PSI’s 2.4-liter propane engine at the ProMat 2017 Expo. The new forklift is powered by PSI’s certified 2.4-liter LPG engine. According to PSI, the 4-cylinder, premium engine incorporates design features and enhancements that provide power, eﬃciency, durability, and noise and vibration advantages over its competition.
In April 2017, Toyota Industrial Equipment Manufacturing plans to spend USD 17.5 million to expand facilities at its North American headquarters in Columbus. The company added 150,000 square feet to its complex, bringing the total to 1.3 million square feet.
In February 2016, Sellick Equipment Ltd, forklifts manufacturing company was building new multi-million dollar plant in Harrow. The new facility would be built on a 13-acre portion of a new 44-acre industrial park being developed west of Roseborough Avenue, a stone’s throw away from the current plant.
Based on technology, the market has been segmented into Electric Powered and Internal Combustion Engine Powered. Electric powered dominates the technology segment of global forklift trucks market. The factors such as stringent norms regarding emission, fuel efficiency, environment friendly and less noisy compered to IC engine powered forklift trucks driving the demand of Electric powered forklift trucks.
On the basis of capacity, the market has been segmented into below 5 tons and above 5 tons. Below 5 tons dominates the capacity segment of global forklift trucks market.
Based on application, the market has been segmented into Manufacturing, Logistic, Retail & Wholesale, and Others. Manufacturing sector dominates the application segment of the global forklift trucks market.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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List Of Figures
Figure 1 Research Capacity
Figure 2 Global Forklift Trucks Market: By Technology (%)
Figure 3 Global Forklift Trucks Market: By Capacity (%)
Figure 4 Global Forklift Trucks Market: By Application (%)
Figure 5 Global Forklift Trucks Market: By Region
Figure 6 North America Forklift Trucks Market, By Technology (%)
Figure 7 North America Forklift Trucks Market, By Capacity (%)
Figure 8 North America Forklift Trucks Market, By Application (%)
Figure 9 Europe Forklift Trucks Market, By Technology (%)
Figure 10 Europe Forklift Trucks Market, By Capacity (%)
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