LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global forklift trucks market to grow at a CAGR of over 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global forklift trucks market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The demand for forklifts in the construction, e-commerce, and overall logistics and warehousing industries has resulted in a positive outlook for the global forklift trucks market. Logistics is an important element of supply chain management (SCM). It includes the transportation, storage, and distribution of goods from the point of origin to the destination.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global forklift trucks market:
Growth in the global e-commerce sector
The global e-commerce market is expected to have a steady growth, posting an impressive CAGR of almost 13% by 2020. One of the major factors that contribute to the growth of the e-commerce market is the diverse portfolio in various product segments, such as electronic gadgets, apparels, books, and cosmetics.
Sharan Raj, a lead warehouse and storage research analyst at Technavio, says, “To withstand the growing competition in the market and maintain customer allegiance, several e-commerce companies are introducing incentives such as free shipping to customers. They are also offering hassle-free exchange and return policies to increase their brand proposition. There is a need for warehouses and distribution centers to keep pace with the rapid growth in the e-commerce industry. Hence, e-commerce warehouses need to operate much more efficiently than bulk warehouses.”
Increase in the growth of construction industry
There is an increasing demand for forklift trucks in the construction industry. They are used extensively in many different construction activities such as lifting steel, wood, and crates of mortar. Emerging markets that give an impetus to construction activities will be responsible for most of the growth in this sector. In the last decade, developing economies, on an average, grew at the rate of 7% per annum.
“For construction activities, forklifts need to traverse through rough terrains. Thus, rough terrain forklifts that fall under the counterbalance category have inflatable tires, which allows maneuvering of goods on unstable and uneven surfaces. In addition, these types of forklifts have powerful engines that can reach higher speeds,” adds Sharan.
Growth from emerging markets
One of the main factors that have an impact on the forklift trucks market is the rise in demand from developing countries in APAC. Developing countries such as China and India are driving the market, and the increased growth rate is attributed to industries in these countries. The main end-users of the forklift trucks market are mining, automotive, construction, and e-commerce industries.
Top vendors:
- Toyota Industries
- Jungheinrich Group
- KION Group
- Hyster-Yale Material Handling
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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