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Forklift Market is Expected to Secure Notable Revenue Share during 2019 – 2025

Author : Rahul Varpe | Published Date : 2019-10-15 

Forklift Market report, added by Global Market Insights descriptively covers the present & future growth trends, in addition to highlighting the global expanse of this industry and elaborating the regional share and contribution of each region of the Forklift market. The study evaluates the competitive environment, strategies undertaken by prominent players, supply & demand analysis, and revenue growth statistics.

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 forklift market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment.

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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 forklift market potential growth opportunities over the forecast timeframe.

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 forklift industry segment.

Some forklift market players include KION Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale Material handling Inc and Mitsubishi Nichiyu Forklift Corporation.

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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.

Related News: https://www.marketwatch.com/press-release/fire-rated-glass-market-by-regional-statistics-and-growth-trend-2019-2025-2019-10-15

About Global Market Insights:

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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