Persistence Market Research added another outstanding report to its database entitled ‘Forklifts Market: Global Industry Analysis and Forecast 2017-2021.’ According to this report, growing demand for forklifts from end-use industries such as e-commerce and construction should benefit the global forklift market immensely.
According to estimates by Persistence Market Research, the global forklift market was valued at $ 41,815 million in 2017 and is expected to reach a valuation of $ 55,890 million in 2021, a CAGR of 7.5% during the valuation period 2017-2021.
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Global Forklift Truck Market: Factors Affecting Growth
According to this report, the global forklift market is experiencing robust growth due to its ever-increasing popularity in various end-use industries, particularly e-commerce and construction. In the field of e-commerce, where a variety of products, from books to cosmetics, are stored in the warehouse and various fulfillment centers have to be handled efficiently and the processes have to be fast as time is short for situations .
This is due to the fact that in order to keep and grow their customer base, e-commerce companies promise free delivery of products within a set time frame and hassle-free returns and exchanges.
To provide such facilities and sops, operations in the various warehouses and distribution centers must be extremely efficient, and this is where the role of forklifts comes into play. Such forklifts are used to efficiently load and unload various goods in the warehouses.
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In the construction industry, forklifts are used to move various types of building materials such as steel, wood, mortar, etc. from one place to another. With the growth of the construction industry around the world, especially in emerging economies where large infrastructure projects are taking shape, the demand for forklifts is growing at a multiple. Because of this growth in the construction industry, it is giving the global forklift truck market a huge boost.
Global Forklift Truck Market: Segmentation and Forecast
The global forklift market is segmented by product type, technology, class, and region.
- Based on Product TypeThe counterweight for forklift trucks dominates the global forklift truck market. The counterbalance truck was valued at $ 32,688 million in 2017 and is expected to reach $ 42,367 million in 2021.
- Based on technologyThe electric powered forklifts are expected to dominate the global forklifts market in terms of volume, while in terms of market value, the internal combustion forklifts are expected to dominate the market through 2021. The electrically powered forklifts are expected to reach a valuation of USD 24,607 million by the end of 2021.
- Based on classThe Class 4.5 segment is expected to reach a valuation of $ 31,283 million in 2021.
- Based on regionThe Asia-Pacific region is likely to dominate the global forklift truck market in terms of both value and volume.
Global Forklift Truck Market: Competitive Landscape
- Kion Group AG.
- Jungheinrich AG.
- Hyster-Yale Materials Handling, Inc.
- Toyota Industries Corporation (TICO).
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Crown Equipment Corporation.
- Anhui HeLi Co., Ltd.
- CLARK Material Handling Co., Ltd.
- UniCarriers Americas Corporation.
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