The global forklift market segmented into fuel, product, application, technology, class, and region. On the basis of fuel, the global forklift market is segmented into diesel, battery electric, and LPG/CNG. By product, the market is divided into warehouse and counterbalance. Application wise, the market is classified into freight and logistics, retail & wholesale, manufacturing, automotive, food industry, and others. By technology, the market is fragmented into electric powered, and internal combustion (IC) powered. On the basis of class the market is fragmented into class I, class II, class III, class IV, and class V. Geographically, the market is segmented into Europe, North America, Middle East, and Africa, Latin America, and the Asia Pacific.
Sarasota, FL -- (SBWIRE) -- 09/12/2018 -- Global Forklift Market: Overview
Forklift is a small industrial vehicle, having a power operated forked platform attached at the front to lift and move material over a short distances. Some forklifts allow operators to sit while operating and driving the machine. It is being widely used all over the industry for transporting goods and material. Forklifts consist of a variety of components to handle the task effectively.
Global Forklift Market: Growth Factors
The major factors driving the global forklift market are strong demand for forklift truck replacement in developed markets, growing e-commerce business across the globe. Increasing demand for bulk investment in the purchase of low-cost forklift trucks in emerging market, technological enhancement, and expansion of warehouse space globally will drive the growth of the forklift market. The use of a forklift for moving and lifting material over a short distance is the main factor behind its accelerated demand. However increases in third-party logistics services, the high cost of battery operated, and fuel cell forklift are hindering the growth of the market. Volatility in the global market is one of the major challenges in the global forklift market. Further, development of intelligence forklift is one of the key trends in the global forklift market. In addition, an increasing trend of hydrogen power truck as they are cost-effective and eco-friendly will surge the demand of this market in the next five year.
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Global Forklift Market: Segmentation
The global forklift market segmented into fuel, product, application, technology, class, and region. On the basis of fuel, the global forklift market is segmented into diesel, battery electric, and LPG/CNG. By product, the market is divided into warehouse and counterbalance. Application wise, the market is classified into freight and logistics, retail & wholesale, manufacturing, automotive, food industry, and others. By technology, the market is fragmented into electric powered, and internal combustion (IC) powered. On the basis of class the market is fragmented into class I, class II, class III, class IV, and class V. Geographically, the market is segmented into Europe, North America, Middle East, and Africa, Latin America, and the Asia Pacific.
Global Forklift Market: Regional Analysis
By region, Asia Pacific is the largest market for the forklift across the globe due to the presence of a large number of production facilities, high economic growth, heavy logistics activities, and adoption of advanced technology. China is expected to exhibit the fastest growth over the forecast period owing to the favorable economic environment and technological advancement. Europe is the second largest regional market for a forklift with Germany in the front position and Netherland, France, Spain, UK, Italy, Sweden, and Belgium are other attractive markets for a forklift. North America is one of the most profitable regional markets for a forklift. Middle Eastern Africa will also be a significant provider of the revenue of the global forklift market including Iran, Turkey, South Africa, and Saudi Arabia.
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Global Forklift Market: Competitive Players
Some of the key market players operating in the global forklift market are Mitsubishi Nichiyu Forklift Co., Ltd., Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation, Crown Equipment Corporation, Jungheinrich AG, UniCarriers Americas, Anhui HELI Co. Ltd., Clark Material Handling Company, Doosan Industrial Vehicle America Corp., Hyundai Heavy Industries, Combilift, KION Group AG, and Lonking Holdings Limited, among others.
Global Forklift Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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