Persistence Market Research has added another stellar report to its database titled ‘Forklift Truck Market: Global Industry Analysis and Forecast 2017-2021.’ According this report, the growing demand for forklift trucks from end-use industries like e-commerce and construction amongst others is likely to immensely benefit the global market for forklift trucks. As per the assessment of Persistence Market Research, the global forklift truck market was estimated to be valued at US$ 41,815 Mn in 2017 and is anticipated to reach a valuation of US$ 55,890 Mn in the year 2021, displaying a CAGR of 7.5% during the assessment period 2017-2021.
Global Forklift Truck Market: Factors Impacting Growth
As per this report, the global forklift truck market is witnessing a robust growth due to their ever growing popularity in several end-use industries, specifically e-commerce and construction. In the realm of e-commerce sector, where there are a diverse set of products ranging from books to cosmetics are stored in warehouse and various fulfillment centers need to be efficiently handled and the operations have to be fast since time is at a premium in such situations.
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This is due to the fact that e-commerce companies, in order to retain and grow their customer base, promise free delivery of products in a stipulated duration of time and also promise hassle free returns and exchange facilities. To provide such kind of facilities and sops, the operations at the various warehouses and distribution centers have to be utmost efficient and this is where the role of forklift trucks comes in. Such kind of forklift trucks are used to efficiently load and unload various goods in the warehouses.
In the construction industry, the forklift trucks are used to transport various types of construction materials like steel, wood, mortar, etc. from one place to another. Due to the growth of the construction industry all over the world, especially in the emerging economies where huge infrastructure projects are taking shape, the demand for forklift trucks is growing manifold. It is due to this growth in the construction industry that is giving an immense boost to the global forklift truck market.
Global Forklift Truck Market: Segmentation and Forecast
The global market for forklift trucks is segmented on the basis of product type, technology, class and region.
- On the basis of product type, the counterbalance forklift trucks dominates the global forklift truck market. The counterbalance forklift trucks were estimated to be valued at US$ 32,688 Mn in 2017 and is slated to reach a value of US$ 42,367 Mn in 2021.
- On the basis of technology, the electric powered forklift trucks are anticipated to dominate the global forklift truck market in terms of volume, while in terms of market value, the IC-engine type forklift trucks are expected to dominate the market by 2021. The electric powered forklift trucks are slated to reach a valuation of US$ 24,607 Mn by the end of the year 2021.
- On the basis of class, the class 4,5 segment are anticipated to reach a valuation of US$ 31,283 Mn in the year 2021.
- On the basis of region, the Asia-Pacific region is likely to dominate the global forklift truck market, both in terms of value and volume.
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Global Forklift Truck Market: Competitive Landscape
The report on the global market for forklift trucks profiles some of the key players functioning in this market. Some of the important players that have been profiled in the competition landscape section of this report include Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation (TICO), Kion Group AG, Jungheinrich AG and Hyster-Yale Materials Handling, Inc.