The global forklift truck market volume is forecast to expand at a CAGR of 6% during the forecast period from 2015 to 2021. The global forklift truck market is segmented on the basis of geographical region, product type, technology type, and by class. In 2014, by product type, counterbalance was the largest segment in the forklift truck market, accounting for 62.3% share of the overall market.
New York, NY -- (SBWIRE) -- 01/21/2016 -- Forklift trucks are experiencing a surge in demand, thanks to the rapid expansion of warehouses across the world. The rapid expansion of the e-commerce industry is also boosting the demand for these trucks significantly. In 2014, the global forklift trucks market stood at US$35.3 bn. Analysts estimate it to rise at a CAGR of 6.90% during the period from 2015 to 2021 and reach US$56 bn by the end of 2021.
The increase in bulk investment for the procurement of low-cost forklift trucks in emerging economies is likely to propel the global forklift trucks market in the coming years. However, the high cost of maintenance can hinder the market growth in the near future.
Counterbalance Forklift Trucks to Maintain Dominance in Product Segment, Electric-Powered to Lead in Technology
Counterbalance forklift trucks and warehouse forklift trucks are the two major segments of the global forklift truck market, based on its types. Among these, the counterbalance forklift trucks segment leads the global market at present. In 2014, it accounted for a share of 62.3% in the overall market. Analysts project it to maintain its dominance in the forthcoming years.
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By technology, the global market for forklift trucks is classified into the markets for electric-powered forklift trucks and internal combustion engine powered forklift trucks. The electric-powered forklift trucks segment held a share of 57.3% of the global market in 2014 and emerged as the market leader. The segment is expected to increase its share in the overall market to 64.4% by 2021 owing to the rising demand for electric-powered forklift trucks from developing economies such as India, China, and Brazil.
Asia Pacific to Report Fastest Growth among Regional Markets
The key regional markets for forklift trucks are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. The Asia Pacific forklift trucks market has occupied the leading position among all the regional markets. In 2014, it accounted for a share of 41.4% in the global market. China has emerged as the biggest forklift trucks market in Asia Pacific and has also acquired a substantial share in this market at the global level. This regional market is also anticipated to report the fastest growth in this market over the next few years.
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Europe has captured the second position with more than 30% of the global forklift trucks market. Analysts estimate this market to rise at a CAGR of 4.6% during the period from 2015 to 2021. The robust economic condition in Western Europe and projected increase in trade of goods are likely to fuel the demand for forklift trucks in Europe in the coming years. North America, Latin America, and the Middle East and Arica are also anticipated to report a healthy growth in the demand for forklift truck in the near future.
Global Forklift Trucks Market: Competitive Landscape
The global forklift trucks market is moderately fragmented, due to the presence of a huge number of market players. Nissan Forklift, Clark Material Handling Int. Inc., UniCarriers Americas Corp., Mitsubishi Caterpillar Forklift America Inc., Kion Group, Hyster-Yale Materials Handling Inc., Doosan Industrial Vehicles Co. Ltd., Anhui HeLi Co. Ltd., Hyundai Heavy Industries Co. Ltd., Crown Equipment Corp., NACCO Material Handling Group, Jungheinrich Lift Truck Corp., Godrej & Boyce Manufacturing Co. Ltd., and Toyota Industries are the major participants in this market.
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