DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Forklift Market by Application, Fuel, Tonnage, Class, and Region - Global Forecast to 2021" report to their offering.
The global forklift market is projected to grow at a CAGR of 1.93%, from USD 16.00 Billion in 2016 to USD 17.61 Billion by 2021
The base year for the report is 2015 and the forecast year is 2021. The market size in terms of volume is estimated to reach 1.5 Million by 2021. The Increasing trend in e-commerce & warehouse segment and the technological advancements are the major driving factors for this market.
The battery-electric segment is estimated be the fastest growing during the forecast period. With the increased focus on fuel efficiency and emission norms, a majority of the forklift manufactures are focusing on battery operated and fuel cell powered forklifts in order to provide better efficiency.
The manufacturing segment is estimated to hold largest market size of forklifts in 2016, Owing to rise in demand for infrastructural development. However warehouse segment is expected to lead the market by 2021 majorly due to increasing number of warehouses being set up across the regions, reducing trade barriers between various regions, and preference towards low cost alternatives. The wholesale and retail distribution is projected to grow at the highest CAGR from 2016 to 2021.
The below 5 ton capacity segment is estimated to record the largest market size, growing at a CAGR mentioned in the report. The below 5 ton capacity forklifts includes all type of fuel but are majorly battery-electric forklift. These electric forklifts are being adopted rapidly as they are environment friendly and relatively silent during operation, have low operational & maintenance costs, and are easier to operate than the ICE forklifts.
Asia-Pacific market is estimated to be the largest market with a highest market share of the global forklift market by value and volume. As of 2016, the adoption of forklift in the Indian and Chinese market is estimated to be low, but this trend is projected to increase rapidly in the near future.
- Increasing Trend in E-Commerce and Warehouse Segment
- Technological Advancements Aimed at Increasing Productivity
- Increase in Third Party Logistics (3PL) Services
- High Cost of Battery Operated and Fuel Cell Forklift
- Increasing Demand for Battery-Operated Forklifts
- Emerging Market Fueling the Growth
- Stringent Safety and Emission Regulations
Volatility in Global Market
- Anhui Heli Co., Ltd.
- Clark Material Handling Company
- Crown Equipment Corporation
- Hangcha Group Co., Ltd.
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- Kion Group AG
- Komatsu Ltd.
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Toyota Industries Corporation
For more information about this report visit http://www.researchandmarkets.com/research/bdn56g/forklift_market