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(I-AutoNewsWire.com, June 12, 2019 ) The global forklift market is projected to grow at a CAGR of 1.93%, from USD 16.00 billion in 2016 to USD 17.61 billion by 2021. The base year for the report is 2015 and the forecast year is 2021.The global market is driven by the less than 5 ton capacity forklifts which accounts for major market share in terms of volume. The less than 5 ton capacity majorly includes battery-electric forklifts as well as Internal Combustion Engine (ICE) forklifts but the battery-electric forklifts penetration in this segment is highest.
Browse 67 market data tables and 57 figures spread through 141 pages and in-depth TOC on “Forklift Market"
In terms of volume the market is expected to reach 1.5 Million units by 2021. The major factors behind the growth of the forklift market is the increase in e-commerce and warehouse segment and the technological advancements being acquired by the industries and warehouses.
The class 3 types of forklift are estimated to be the fastest growing in the global forklift market
The class 3 type of forklift mainly includes electric warehouse pedestrian trucks. The demand for these vehicles are increasing due to increasing trend of electric forklift being used by the material handling departments and warehouses, as electric forklift are environment friendly and more efficient than Internal Combustion Engine (ICE) forklift.
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The wholesale and retail distribution is estimated to be the fastest growing segment
The wholesale and retail distribution segment of the global forklift market is projected to grow at the highest CAGR during the forecast period. As enhanced transportation network between different countries and continents has led to the increased stocking of goods in warehouses which are further distributed through the wholesalers and distributors. The European market of the wholesale and retail distribution segment was estimated to be the largest. The battery-operated forklift is estimated to dominate this segment as battery-operated forklifts have proven to be energy efficient, eco-friendly, and economical for distribution applications.
Europe is estimated to be the fastest growing region for the forklift market
The European forklift market is projected to be the fastest growing market of forklift owing to the increased demand of battery operated vehicles and warehouse segment growth, it contributes a major market share of the global forklift market. The European forklift market is dominated by Germany, which is the key market for the forklifts in the region owing to the increased demand from manufacturing as well as warehouse segment in the country.
The major players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany) and Mitsubishi Nichiyu Forklift Corporation (Japan) are the global forklift manufacturers who have been covered in this study.
Critical questions the report answers:
Where will all these developments take the industry in the mid to long term?
What are the upcoming market scenario for global market?
The major restraint considered in the study is the increase in Third Party Logistics (3PL) services. The increase in 3PL services will further reduce the demand from end users like manufacturing companies, logistic companies among others. High cost of battery operated and fuel cell forklift is another restraint for manufacturers.
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Mr. Shelly Singh