LONDON--(BUSINESS WIRE)--The global rough terrain lift truck (RTLT) market is expected to grow to 54,052 units by 2022, according to the latest market research report by Technavio. A key factor driving the market’s growth is the increased government spending on infrastructure. One of the important tools considered for fiscal stimulus is investments in public infrastructure such as roads, bridges, and railroads. Spending on public infrastructure results in stabilizing a nation’s economy that facilitates its growth. Moreover, infrastructure spending provides employment opportunities and ensures delivery of important services such as energy, housing, and safe water.
Technavio’s latest market research report on the global rough terrain lift truck market provides an extensive analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio predicts an emerging trend as a major factor, which has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing focus on AGVs as one of the key emerging trends in the global rough terrain lift truck market:
Increasing focus on AGVs
Automated guided vehicles (AGVs) are gaining popularity. AGVs minimize the hassle associated with adjusting to physical barriers. The ease of navigational adjustments and control and routing decisions based on the real-time feedback of environmental conditions are few of the benefits of using an autonomous system. Moreover, the AGVs route all available paths using computer-aided design (CAD) based software programs and indicate appropriate locations for picking and unloading.
“AGVs use high-efficiency, permanent batteries that do not require regular charging. But, there are a few regular battery-charging maintenance procedures to ensure a long life of the batteries. Battery charging maintenance procedures are performed automatically during the non-working hours of AGVs. Thus, operators do not have to charge batteries separately or access gas facilities, eliminating the handling of hazardous fuel for disposal,” says a senior analyst at Technavio for research on construction.
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EMEA tops the rough terrain lift truck market
This market research report segments the global rough terrain lift truck market into the following products (telescopic RTLT and masted RTLT) and key regions (the Americas, APAC, and EMEA).
The telescopic RTLT product segment held the largest market share in 2017, accounting for nearly 91% of the market. This product is expected to dominate the global market throughout the forecast period.
EMEA led the global rough terrain lift truck market in 2017, accounting for a market share of approximately 58%. It was followed by the Americas and APAC. The Americas is anticipated to post the fastest growth during the forecast period when compared with the other two regions.
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