Global Warehouse Vehicles Market 2017-2021
About Warehouse Vehicles
Warehouse vehicles are the vehicles which assist the movement of goods and people within the premises of the warehouses. Warehouse vehicles are defined as mobile machines that are used to transport cargo or people within the limits of the warehouse. Some examples of warehouse vehicles are counterbalance trucks and narrow aisle trucks. The global warehouse vehicles market has been segmented on the basis of product type such as counterbalance trucks, narrow aisle trucks, tow trucks, pallet trucks and others.
Technavio’s analysts forecast the global warehouse vehicles market to grow at a CAGR of 6.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global warehouse vehicles market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Warehouse Vehicles Market 2017-2021
Technavio recognizes the following companies as the key players in the global warehouse vehicles market: Crown, Jungheinrich, KION GROUP, and Toyota.
Other Prominent Vendors in the market are: CONHERSA, Douglas Equipment Company, Godrej Material Handling, Hyster Company, Lokpal Industries, Mighty Lift, Ningbo Ruyi Joint Stock, NOVELTEK, PalletTrucksUK, Patel Material Handling Equipment, Puma Lift Trucks, RICO manufacturing, Sroka Incorporated, STILL Materials Handling, The Raymond Corporation, and Yale Materials Handling Corporation.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising popularity of non-marking tire. Non-marking tires are used to eliminate black marks on warehouse floors. The non-marking tires are generally grey and white in color. However, the color may vary from manufacturer to manufacturer. Mostly, grocery or food processing plants are required to employ non-marking tires in their factories or warehouse for concerns about hygiene.”
According to the report, one driver in the market is rising e-commerce retail sales. An increase in the number of online shoppers is expected in future, retailers have either slowed or stopped the growth of brick and mortar retail stores in many of the locations. The reverse is true for the warehouses holding the product. Amazon, one of the leading online mass retailers, has increased the size and locations of their warehouse distribution centers. In order to increase the speed of delivery time, warehouses are required to be closer to population centers. Hence the demand for warehouses is likely to increase, thus increasing the demand for the warehouse vehicles.
Further, the report states that one challenge in the market is high initial investment and maintenance cost. Warehouse vehicles require constant technical support and maintenance for smooth and uninterrupted operations. The maintenance cost of warehouse vehicles such as forklifts can be high, especially for those operating in a harmful environment for the warehouse vehicles and undergo a high chance of wear and tear of different parts of the warehouse vehicles. The frequent wear and tear contribute to increase in the cost of maintenance.
Crown, Jungheinrich, KION GROUP, Toyota, CONHERSA, Douglas Equipment Company, Godrej Material Handling, Hyster Company, Lokpal Industries, Mighty Lift, Ningbo Ruyi Joint Stock, NOVELTEK, PalletTrucksUK, Patel Material Handling Equipment, Puma Lift Trucks, RICO manufacturing, Sroka Incorporated, STILL Materials Handling, The Raymond Corporation, and Yale Materials Handling Corporation.