Global Forklift Trucks Market 2017-2021
About Forklift Trucks
A forklift truck, also known as a fork truck, lift truck, or forklift, is used to lift and move materials within a warehouse or during loading and unloading of goods. Forklift trucks form an essential part of warehouse operations. They can lift materials weighing up to 48 tons and measuring up to 670 inches in height. The global forklift trucks market is highly dependent on the warehousing industry.
Technavio’s analysts forecast the global forklift trucks market to grow at a CAGR of 7.01% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global Forklift Trucks market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of forklift trucks.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Forklift Trucks Market 2017-2021
Technavio recognizes the following companies as the key players in the global forklift trucks market: Toyota Industries, Jungheinrich Group, KION Group, and Hyster-Yale Material Handling.
Other Prominent Vendors in the market are: Anhui Forklift Group Co., Ltd., CLARK, Combilift, Crown Equipment, Doosan Industrial Vehicles, Godrej & Boyce, Hangcha Group, HUBTEX Maschinenbau, HYTSU Group, Hyundai Heavy Industries, Komatsu, Maximal, Mitsubishi Caterpillar Forklift America, Nippon Yusoki, Paletrans Equipamentos, Tailift Group, and UniCarriers.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is integration of intelligent forklifts. Forklifts were primarily used in companies for manual operations and for movement of materials and products in factory facilities and distribution centers. However, with the advancement in technology, forklifts are optimized and integrated with sensor-enabled and other types of intelligent equipment.”
According to the report, one of the major drivers for this market is growth in the global e-commerce sector. The global e-commerce market is expected to have a steady growth, posting an impressive CAGR of more than 12.66% by 2020. One of the major factors that contribute to the growth of the e-commerce market is the diverse portfolio in various product segments, such as electronic gadgets, apparels, books, and cosmetics. These categories in the e-commerce websites are regularly updated with latest offerings that not only attracts new customers but also retains customer loyalty.
Further, the report states that one of the major factors hindering the growth of this market is high initial investment and maintenance cost. Material handling equipment requires constant technical support and maintenance for smooth and effective operations. Maintenance cost of industrial trucks such as pallet trucks and forklifts can be particularly high in the manufacturing and construction sectors as they are exposed to continuous hazardous conditions that accelerate wear and tear and can lead to severe damages. This has led to many end-users in emerging markets to resist the use of forklift trucks.
Toyota Industries, Jungheinrich Group, KION Group, Hyster-Yale Material Handling, Anhui Forklift Group Co., Ltd., CLARK, Combilift, Crown Equipment, Doosan Industrial Vehicles, Godrej & Boyce, Hangcha Group, HUBTEX Maschinenbau, HYTSU Group, Hyundai Heavy Industries, Komatsu, Maximal, Mitsubishi Caterpillar Forklift America, Nippon Yusoki, Paletrans Equipamentos, Tailift Group, and UniCarriers.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook