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Forklift Market to gain commendable proceeds from manufacturing and e-commerce activities; KION Group AG, Toyota Industries Corporation, Jungheinrich group are top manufactures

Author : Rahul Varpe | Published Date : 2019-04-10 

Global Market Insights provides a detailed overview of Forklift market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Forklift market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Forklift Market size is anticipated to benefit from increasing manufacturing and e-commerce activities, and the need for warehousing operations in these facilities. Huge warehousing spaces have mandated machine utilization for transferring heavy goods to ensure efficient productivity and reduce mishandling. Increasing adoption of fast charging batteries in trucks to help end users overcome long distance barriers, reduce the downtime and improve productivity is estimated to fuel the overall market growth. Electric or battery operated trucks are expected witness increased adoption rates due to their growing applications across various verticals.

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Based on class, the forklift market is segmented into class I, class II, class III, class IV and class V trucks. These include all types of electric motor rider, electric motor narrow aisle, electric motor hand truck, internal combustion engine (ICE), electric combustion engine tractors and rough terrain trucks. Class 3 type trucks are projected to witness highest CAGR over the forecast timeline owing to its major applications in warehouse & material handling departments and relatively higher efficiency than internal combustion forklifts. Largest share in terms of volume was held by trucks, with capacities less than 5 ton. These included Internal Combustion Engine(ICE) trucks and battery electric trucks, having the highest penetration in market segment.

Based on end users, forklift market size is categorized into food, electrical, retail & wholesale, chemical, logistics and automotive. Wholesale & retail distribution segment is projected to witness high demands owing to increased transportation activities across different regions and surplus goods stocking generating the requirement for distributors to increasingly deploy forklifts. Battery operated trucks are highly used in retail segment due to its high efficiency.

Some forklift market players include;

  • KION Group AG
  • Toyota Industries Corporation
  • Jungheinrich group
  • Hyster-Yale Material handling Inc
  • Mitsubishi Nichiyu Forklift Corporation

Major forklift market manufactures are focusing on extending product portfolios, acquisitions, and collaborations to capitalize on the growing opportunities across multiple end user verticals. For instance, KION acquired handling automation division of Egemin Group. This division will help the company to offer enhanced services for automatic guided vehicles, automated warehouse systems and in-floor chain conveyors. Hyster- Yale acquired installation and distribution business of Speedshield Tech. Pvt Ltd in the U.S. This acquisition was to extend the company’s business activities outside Australia.

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Europe forklift market share accounted for around 30% and is anticipated to witness significant growth opportunities over the forecast timeframe. Increased in demand for battery operated trucks and growth in warehouse segment are major contributors for market growth. Europe held the largest market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment. North America is expected to witness stagnant growth over the coming few years owing to its steady economic recovery after recession. Lack of abundant workforce, emphasis on emission reduction are expected to present market potential growth opportunities over the forecast timeframe. 

Consumers have gained increased inclination towards hydrogen powered trucks owing to its cost effective and environment friendly characteristics. Trucks enabled with these fuel cell technologies are featured with benefits such as reduced needs for battery replacements, smooth operating at freezing temperatures and high speed. Moreover, hydrogen refueling approximately requires two minutes, however, traditional lead acid battery changing requires around 15 minutes, thus saving huge wastage of time in shift operations. Such advancements in fuel to save expenses are anticipated to present forklift market potential growth landscape over the forecast timeframe. For instance, in July 2006, Wal-Mart started using these hydrogen fuel forklift trucks in its distribution center in Washington Court House, Ohio.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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