According to Goldstein Research, “Rising e-commerce business has augmented the need for large warehouse space and expansion of industrial facilities in Australia has significantly facilitated the growth of forklift trucks market.” Moreover, major forklift manufacturers, such as Crown and Toyota are adding internal sensors and analytics to their forklift trucks to increase throughput and handle more volume while postponing the need for expansion.
Australia Forklift Truck Market Outlook 2024
The Australia forklift truck market is segmented based on product type, by fuel type and by end users. Fuel type is further bifurcated into electric, gasoline and diesel. In 2016, electric forklift truck acquired more than 55% of market share and is likely to dominate the market, which is expected to grow at a CAGR of 22.1% over the forecast period.
The Australia forklift truck market was accounted for USD 1.60 billion in 2016 owing to expansion of warehouse space and growing e-commerce business across the region. The market is projected to reach USD 2.86 billion by 2024, further; the market is expected to expand at compound annual growth rate of 7.48% over the forecast period i.e. 2016-2024.
According to Australian Industrial Truck Association (AITA), industry sales results show a total of 12,144 forklifts sold in 2016, which is likely to increase in coming years owing to rapid growth in industrial and logistic activities in the region. Southern territories of Australia are likely to generate major demand for the forklift trucks as the southern region constitute major manufacturing and food processing industries, also the region is the major hub for port logistics.
Automated Guided Forklifts: Turnkey
Future warehouse facilities will witness automated forklifts crawling on its floor, without any human interference, but it will be gradual evolution. Some companies are already exploring ways to incorporate elements of automation within a conventional warehouse without lodging significant capital in long-term return on investment. Integration of automated forklifts in distribution centres or warehouses can greatly impact productivity by reducing travel time and optimizing labour utilization.
Australia forklift truck market report contains detailed overview of the Australia forklift truck market in terms of market segmentation by product type, by fuel type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Australia Forklift Truck Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Toyota Industries Corporation, Crown, MANITOU, Clark, Linde, Hyster-Yale, Mitsubishi, Jungheinrich AG etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Australia forklift truck market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.
Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.