Global Forklift Trucks Market 2018-2022
About this market
The demand for increased operational efficiency and the presence of strict regulations for reducing carbon emissions is driving the adoption of fuel cell powered forklifts during the forecast period. The replacement frequency of hydrogen fuel cells is lower than that of lead batteries. Moreover, the fueling time of hydrogen powered forklifts is 80%-85% less than that for battery operated forklifts. Since, hydrogen is derived from natural gas, hydrogen fuel is much cheaper than diesel and LPG. These factors along with improved performance, environmental benefits, and low maintenance will drive the demand for fuel cell powered forklifts and act as a key trend driving market growth. Technavio’s analysts have predicted that the forklift trucks market will register a CAGR of almost 6% by 2022.Market Overview
Rapid growth in construction sector
The construction and renovation sector are witnessing rapid growth in developed markets such as the US and Western Europe. The implementation of Energy Efficiency Directive (EED) by the EC in 2012 is one of the major factors driving the public building renovation sector in Western Europe. Construction activity is also increasing in emerging economies of APAC such as India, China, and countries in South East Asia. Forklift trucks offer better flexibility and operational speed for repeated material handling tasks which makes it suitable for various construction activities. Thus, the growth of the construction sector will drive the growth of forklift trucks market during the forecast period.
Shortage of skilled operators
Trained personnel with skilled technical expertise are required for the handling and operations of forklift trucks. In the US, a rule was implemented by OSHA from 2017, which makes training and certification compulsory for every forklift operator in a workplace. However, it is difficult to find skilled operators which leads to delay and loss in profitability of projects. Thus, the lack of skilled operators will hurt the growth prospects of the forklift trucks market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the forklift trucks market during 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Crown Equipment, and Jungheinrich the competitive environment is quite intense. Factors such as the rapid growth of the construction sector, will provide considerable growth opportunities to forklift truck manufacturers. Crown Equipment, Jungheinrich, KION GROUP, Mitsubishi Heavy Industries, and Toyota Industries are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Forklift Trucks Market 2018-2022
Technavio recognizes the following companies as the key players in the global forklift trucks market: Crown Equipment, Jungheinrich, KION GROUP, Mitsubishi Heavy Industries, and Toyota Industries.
Commenting on the report, an analyst from Technavio’s team said: “Fuel cell powered forklifts provide better operational efficiency as it requires very less downtime. Hydrogen fuel cells also offer improved performance and environmental benefits. Thus, the growing demand for fuel cell powered forklift trucks will be a key trend driving market growth.”
According to the report, one of the major drivers for this market is the rapid growth of the construction and renovation sector in developed as well as emerging economies of the world. This growth of the construction sector will foster the demand for forklift trucks and thereby boost market growth.
Further, the report states that one of the major factors hindering the growth of this market is the lack of skilled forklift operators which leads to delay and loss in profitability of projects. According to a rule in the US, every forklift operator needs to be trained and certified to handle forklift trucks. This is leading to a shortage of skilled operators, which in turn is hampering market growth.
Mitsubishi Heavy Industries
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