Forklift truck, also called lift truck or fork truck, is a truck used to lift and move material from one place to another. Japan, China, and India are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. In addition, China?™s fast-growing e-commerce sector drives the demand for electric forklift trucks such as LMH?™s newly developed pallet stacker.
Portland, OR -- (SBWIRE) -- 09/27/2017 -- Global forklift truck market is expected to reach $51 billion by 2022, growing at a CAGR of 6.6% from 2014 to 2022. Forklift trucks, also referred to as lift trucks, are vehicles utilized to transfer goods over a short distance. Forklifts are largely used in manufacturing industries and warehousing operations.
Forklift is a power industrial truck used for handling different materials. The forklift market is expected to witness notable growth in future owing to the competitive advantages of electric forklift trucks such as high efficiency, eco-friendly nature, and low operation cost compared to other forklift trucks. Increase in applications of forklift in the industrial sector, such as in food industry and automotive, is expected to fuel the market growth. Moreover, increase in warehouse space for automotive and food industry boosts the demand for forklift trucks.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific generated the highest revenue, in 2015, with $15 billion and is expected to retain its dominance ahead as well. It is expected to reach $25 billion by 2022, growing at a CAGR of 7.8%. Europe and North America are the second and third leading regions, in terms of revenue, for forklift truck market, respectively.
Key Findings of Forklift Truck Market:
- In 2015, class IV forklift truck led the overall forklift truck market, and is projected to grow at a CAGR of 5.2% during the forecast period.
- IC engine-powered forklift truck dominated the market, and is expected to grow at a CAGR of 5.8%.
- In 2015, counterbalance forklift truck was the dominant type, and is projected to grow at a CAGR of 6.4%.
- Retail & wholesale forklift trucks led the overall market in 2015, and this segment is projected to grow at a CAGR of 6.7%.
- Asia-Pacific accounted for the largest market share in 2015, and is anticipated to grow at a significant CAGR of 7.8%.
The key players in the forklift truck market focus on expanding their business operations in emerging countries, with new product launches as a preferred strategy. Major players engaged in this market are Toyota Industries Corporation (TICO), Kion Group AG. Jungheinrich AG, Hyster-Yale Material Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co. Ltd, UniCarriers American Corporation, Anhui Forklift Truck Group Corp, Hangcha Group Co., Ltd, and Komatsu Ltd.
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