Albany, NY -- (SBWIRE) -- 12/15/2017 -- A forklift, also known as forklift truck, or a fork truck or lift truck is an industrial vehicle used to lift and move materials from one place to another for short and medium distances in manufacturing and warehouse operations. Their main use are in material handling applications.

Forklifts are used in general manufacturing, warehousing, auto industry, lumber yards, retail, brick or stone distribution, heavy-duty manufacturing, shipping and freight and paper rolling industries among others. Class 1 forklifts are electric motor rider trucks. They are equipped with cushion or pneumatic tires and are used mainly in indoor or smooth floors. They are powered by batteries and use transistor motor controllers. Class 2 forklifts are known as electric motor narrow isle trucks. These forklifts are used in narrow isle and help organizations using them to maximize their storage space. Class 3 forklifts are known as electric hand-rider or motor hand trucks. These forklifts are operated manually. Class 4 & 5 are internal combustion engine trucks with cushion & pneumatic tires. These forklifts are used for transporting palletized loads from loading dock to storage area.

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By tonnage capacity the market is segmented into less than 5 tones, 5 to 10 tones, 11 to 36 tones and greater than 36 tones. By application the market is segmented into manufacturing, warehousing and distribution, freight & logistics and others. By fuel type the market is segmented into gasoline, diesel, electric battery, compressed natural gas (CNG) and liquid propane gas (LPG). By class the market is segmented into class 1, class 2, class 3, class 4, class 5, class 6 and class 7.

By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a major forklift market. The U.S is the largest market in this region which a market share of approx. seventy percent in whole of America in 2013. Canada and Mexico are other major markets in this region. Europe is the second largest forklift market in the world. Germany is the largest market in this region. The U.K., France, Italy, Spain, Belgium, Sweden and Netherlands are other major markets in this region. Europe had the highest y-o-y growth in shipment and order of forklifts compared to North America and Latin America in 2015. Asia Pacific is the largest forklift market in the world. China is the largest market in the region. Japan, India, South Korea, Australia are other major markets in this region. In Asia Pacific there was a decrease in y-o-y of shipment and order of forklifts in 2015 due to decrease in sale of Chinese forklift manufacturers. But in Australia there was an increase in y-o-y growth in shipment and order in 2015. Middle East & Africa is a significant forklift market. Iran, Turkey, Saudi Arabia and South Africa are major markets in this region. In Africa there was a huge decrease in y-o-y of shipment and order of forklifts in 2015. Latin America is another prominent forklift market in the world. Brazil is the largest market in this region followed by Argentina.

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The report highlights the various competitive strategies adopted by key players operating in the market to gain market share. Company profiles include company details, market presence by geography and segments, strategic overview, SWOT analysis and historical revenue. The report also contains details of market share analysis of key players in the market. As per Industrial Truck Association the top forklift manufacturing firms are Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (the U.S), Hyster-Yale Materials Handling, Inc. (the U.S.), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), UniCarriers Americas (the U.S), Anhui HELI Co. Ltd Limited (China), Komatsu Ltd. (Japan), Clark Material Handling Company (the U.S), Doosan Industrial Vehicle America Corp. (the U.S), Hangcha Group Co., Ltd. (China), Hyundai Heavy Industries (South Korea), Combilift (Ireland) and Lonking Holdings Limited (China) among others.