According to Goldstein Research, “Rapid industrialization and adoption of smart forklift trucks in logistics industry is driving the growth of global forklift trucks market over the forecast period i.e. 2016-2024”
Forklift trucks are widely used in construction industry for the purpose of lifting of construction materials such as steel, crates and wood. Moreover, high demand of forklift trucks can be seen for handling of goods for construction of bridges, buildings, railway tracks and ports. The growth of forklift trucks market has up surged in developing nations such as Brazil, China, Mexico and India owing to rapid urbanization.
Forklift Industry Trends & Intelligent Forklifts
Factors such as development of intelligent forklifts are one of the key trends that will aid the growth of automated forklifts market in coming years. Huge investments for the development of fuel efficient internal combustion engines and to advance longer working time of electric forklifts are expected to boost the growth of global forklift trucks market. For instance, isenmann’s driverless guided pallet conveyor LogiMover and Ruyi electric vehicles are the latest technology based forklifts which are anticipated to drive the growth of automated guided forklifts market significantly.
Growing E-Commerce Business: Major Impel
Rising penetration of smart phones and web based services fuel the growth of e-commerce business across the world. Growing e-commerce business results in increasing logistic volume backed up by the enhanced transport facilities connecting different regions and continents. In 2015, global container port traffic reached 700 million TEU in which e-commerce constitute of more than 60% shipments.
Global Forklift Market
Global forklift market is segmented into fuel types such as diesel powered, gasoline powered and electric powered. Electric powered forklift truck is one of the important segments of global forklift market. Electric forklift trucks are gaining traction among the end-use industries on the back of their low running cost and low maintenance. In 2016, electric forklifts constituted 23% market share in global forklift market.
Global forklift market is estimated to reach USD 56.8 billion by the end 2024, by expanding at a CAGR of 5.7% over the forecast period i.e. 2016-2024. Regionally, Asia-pacific region dominates the global forklift market with over 39% of volume share and expected to maintain its dominance owing to rapid urbanization and rising construction activities in the region. Further, Asia-Pacific region is anticipated to reach USD 23 billion by the end of 2024, closely followed by Europe and North-America.
Global Forklift Market report by Goldstein Research contains detailed overview of the global forklift trucks market in terms of market segmentation by product, by fuel types, by end-users type.
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. This market report also includes provides competitive outlook of some of the major players of the global forklift trucks market which includes profiling of companies of Toyota Motor Corporation, Mitsubishi Nichiyu Forklift Co. Ltd., HeLi Co. Ltd., Kion Group AG, Jungheinrich AG, Anhui Forklift Group Co. Ltd., UniCarriers , Hyster-Yale Material Handling, HYTSU Group, Hyundai Heavy Industries 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 global forklift 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.
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