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.
Competitive Landscape
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.
PRESS RELEASE
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.
Companies Mentioned
Crown Equipment
Jungheinrich
KION GROUP
Mitsubishi Heavy Industries
Toyota Industries
- Executive summary
- Scope of the report
- Research methodology
- Market landscape
- Market ecosystem
- Table Parent market
- Table Global material handling equipment market
- Market characteristics
- Table Market characteristics
- Market segmentation analysis
- Table Market segments
- Market ecosystem
- Market sizing
- Market definition
- Table Market definition - Inclusions and exclusions checklist
- Market sizing 2017
- Table Market size 2017
- Table Validation techniques employed for market sizing 2017
- Market size and forecast 2017-2022
- Table Global forklift trucks market – Market size and forecast 2017-2022 (000's)
- Table Global forklift trucks market – Year-over-year growth 2018-2022 (%)
- Market definition
- Five forces analysis
- Table Five forces analysis 2017
- Table Five forces analysis 2022
- Bargaining power of buyers
- Table Bargaining power of buyers
- Bargaining power of suppliers
- Table Bargaining power of suppliers
- Threat of new entrants
- Table Threat of new entrants
- Threat of substitutes
- Table Threat of substitutes
- Threat of rivalry
- Table Threat of rivalry
- Market condition
- Table Market condition - Five forces 2017
- Market segmentation by class type
- Segmentation by class type
- Table Class type – Market share 2017-2022 (%)
- Comparison by class type
- Table Comparison by class type
- Class V type forklift trucks – Market size and forecast 2017-2022
- Table Class V type forklift trucks market – Market size and forecast 2017-2022 (000's)
- Table Class V type forklift trucks market – Year-over-year growth 2018-2022 (%)
- Class III type forklift trucks – Market size and forecast 2017-2022
- Table Class III type forklift trucks – Market size and forecast 2017-2022 (000's)
- Table Class III type forklift trucks – Year-over-year growth 2018-2022 (%)
- Class I type forklift trucks – Market size and forecast 2017-2022
- Table Class I type forklift trucks – Market size and forecast 2017-2022 (000's)
- Table Class I type forklift trucks – Year-over-year growth 2018-2022 (%)
- Class II type forklift trucks – Market size and forecast 2017-2022
- Table Class II type forklift trucks – Market size and forecast 2017-2022 (000's)
- Table Class II type forklift trucks – Year-over-year growth 2018-2022 (%)
- Class IV type forklift trucks – Market size and forecast 2017-2022
- Table Class IV type forklift trucks – Market size and forecast 2017-2022 (000's)
- Table Class IV type forklift trucks – Year-over-year growth 2018-2022 (%)
- Market opportunity by class type
- Table Market opportunity by class type
- Segmentation by class type
- Customer landscape
- Table Customer landscape
- Regional landscape
- Geographical segmentation
- Table Global forklift trucks market – Market share by geography 2017-2022 (%)
- Regional comparison
- Table Regional comparison
- APAC – Market size and forecast 2017-2022
- Table APAC – Market size and forecast 2017-2022 (000's)
- Table APAC – Year-over-year growth 2018-2022 (%)
- EMEA – Market size and forecast 2017-2022
- Table EMEA – Market size and forecast 2017-2022 (000's)
- Table EMEA – Year-over-year growth 2018-2022 (%)
- Americas – Market size and forecast 2017-2022
- Table Forklift trucks market in Americas – Market size and forecast 2017-2022 (000's)
- Table Forklift trucks market in Americas – Year-over-year growth 2018-2022 (%)
- Key leading countries
- Table Key leading countries
- Market opportunity
- Table Market opportunity
- Geographical segmentation
- Decision framework
- Drivers and challenges
- Market drivers
- Market challenges
- Market trends
- Fuel cell powered forklift trucks
- Growing popularity of automation
- Rising prominence of tire technology
- Vendor landscape
- Overview
- Table Vendor landscape
- Landscape disruption
- Table Landscape disruption
- Competitive landscape
- Overview
- Vendor analysis
- Vendors covered
- Table Vendors covered
- Vendor classification
- Table Vendor classification
- Market positioning of vendors
- Table Market positioning of vendors
- Crown Equipment
- Table Crown Equipment: Overview
- Table Crown Equipment – Product segments
- Table Crown Equipment – Organizational developments
- Table Crown Equipment – Key offerings
- Jungheinrich
- Table Jungheinrich: Overview
- Table Jungheinrich – Business segments
- Table Jungheinrich – Organizational developments
- Table Jungheinrich – Geographic focus
- Table Jungheinrich – Segment focus
- Table Jungheinrich – Key offerings
- KION GROUP
- Table KION GROUP: Overview
- Table KION GROUP – Business segments
- Table KION GROUP – Organizational developments
- Table KION GROUP – Geographic focus
- Table KION GROUP – Segment focus
- Table KION GROUP – Key offerings
- Mitsubishi Heavy Industries
- Table Mitsubishi Heavy Industries: Overview
- Table Mitsubishi Heavy Industries – Business segments
- Table Mitsubishi Heavy Industries – Organizational developments
- Table Mitsubishi Heavy Industries – Segment focus
- Table Mitsubishi Heavy Industries – Key offerings
- Toyota Industries
- Table Toyota Industries: Overview
- Table Toyota Industries – Business segments
- Table Toyota Industries – Organizational developments
- Table Toyota Industries – Geographic focus
- Table Toyota Industries – Segment focus
- Table Toyota Industries – Key offerings
- Vendors covered
- Appendix
- List of abbreviations
- Explore Technavio
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