Persistence Market Research (PMR), delivers key insights on the forklift truck market in its latest report titled “Global Market Study on Forklift Trucks: Asia-Pacific to Witness Highest Growth by 2021” According to the report, the global forklift trucks market was valued at US$ 35.3 Bn in 2014 and is projected to expand at a CAGR of 6.9% during the forecast period to reach US$ 55.9 Bn by the end of 2021.
Removing or placing large loads in storage racks, delivering components to the assembly line, unloading and loading trailers at the dock or in the yard, and correctly positioning loads for handling processes are some of the key challenges that warehouses and distribution centers face, whether it is in the automotive, aerospace, construction, food and beverages, e-commerce, consumer goods, or retail sectors. Forklift trucks serve as the ideal solution to address such challenges.
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These motorized and mobile loading vehicles are used to move, lift, or place heavy loads throughout a facility and can be used by attaching a variety of extensions such as clamps, grippers, or platforms. The availability of advanced technologies in various in-house logistics has greatly impacted the forklift truck market.
Harmful Emissions a Threat as well as Future Opportunity for Forklift Truck Market
The forklift truck market is driven by a number of factors, such as the growing e-commerce business, expansion of warehouse space and capacity, large investments in low-cost forklift trucks, and strong demand for forklift truck replacements in developed markets. On the other hand, increasing costs of forklift trucks and rising environmental concerns associated with the use of IC-engine-type forklift trucks threaten to challenge the development of the overall market. However, these environmental concerns have prompted manufacturers to reduce the weight of IC-engine-powered trucks, thereby bringing down the level of harmful emissions. This major trend – accompanied by the integration of innovative technologies such as cloud computing, the Internet of Things, and Big Data – is anticipated to drive the forklift truck market over the next six years.
Global Forklift Trucks Market to Develop at 6.90% CAGR
The global forklift trucks market, according to Persistence Market Research, is projected to expand at a healthy CAGR of 6.90% from 2015 to 2021, growing from a value of US$35.3 bn in 2014 to US$55.9 bn by 2021.
The worldwide forklift truck market comprises five major regional segments: Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Accounting for a 41.40% share in the overall market in 2014, Asia Pacific dominates the global forklift truck market, with China as its star performer. This region is also forecast to be the most rapidly developing market by 2021 in terms of both volume and value.
Europe is the second largest region in the global forklift truck market, accounting for more than 30.0% in 2014. Fueled by the positive outlook of the economy and expected rise in the trade of various goods, the Europe forklift truck market is projected to develop at a 4.60% CAGR from 2015 to 2021.
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North America is presently the third largest regional segment of the global forklift truck market.
There are a number of large and small players operating in the forklift truck market. The most prominent ones competing in this space include Crown Equipment Corporation, Toyota Industries Corporation (TICO), Jungheinrich AG, Kion Group AG, Hyster-Yale Materials Handling, Inc., Anhui HeLi Co., Ltd., Mitsubishi Nichiyu Forklift Co., Ltd., CLARK Material Handling Co., Ltd., and UniCarriers Americas Corporation.
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