Technological Advancements Aimed at Increasing Productivity drives Forklift Market

The global forklift market is projected to grow at a cagr of 1.93%, during the forecast period, to reach usd 17.61 billion by 2021 from an estimated usd 16.00 billion in 2016. the base year for the report is 2015 and the forecast year is 2021. technological advancements are the major driving factors for the global forklift market.the growing need for warehouses to support hub and spoke model in various sectors, such as e-commerce, automotive component manufacturing, consumable goods, and electronics, is increasing the number of warehouses per country. the increase in the number of warehouses is likely to lead to a rise in the demand for forklift. it is consequently a major driver of the forklift industry.

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The next emerging market is the wholesale and retailed distribution forklift market. The fragmentation of supply chain due to government policies, industrialization, and globalization is increasing the demand for warehousing. The European market of the wholesale and retail distribution segment was estimated to be the largest. As the number of warehouses increase, the material handling would also increase which can be managed more efficiently with the use of forklift. However, warehouse segment is expected to lead the market by 2021 significantly 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 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 the global forklift 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.

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New product development makes up the most dominant strategy adopted by market players to achieve growth in the global forklift market. Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc (U.S.), Jungheinrich group (Germany) and Mitsubishi Nichiyu Forklift Corporation (Japan) are the major companies that adopted this strategy. Another strategy adopted by industry players is mergers & acquisitions, which also accounted for 31% of the strategic developments during the same period. This strategy was adopted by major players like Toyota Industrial Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material Handling Inc. (U.S.) and Mitsubishi Nichiyu Forklift Co., Ltd. (Japan).

Forklift Market Target audience

• Forklift manufacturers
• Forklift engine manufacturers
• Forklift attachment manufacturers
• Forklift battery manufacturers

Available Customizations of Forklift Market

• Global forklift market, by region & country (in value)
• Global forklift market, by application & region (in value)
• Profiling of additional market players (Up to 3)

The major players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany) and Mitsubishi Nichiyu Forklift Corporation (Japan) are the global forklift manufacturers who have been covered in this study.

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