The global forklift trucks market has experienced impressive growth in recent times. The increasing number of warehouses, triggered by the rising trend of online shopping, has fueled the demand for forklift trucks worldwide. The market has also been witnessing soaring demand from the automotive, aerospace, food and beverages, consumer goods, construction, and retail industries.
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The global market for forklift trucks had reached a value of US$35.3 bn in 2014. It is expected to expand at a CAGR of 6.90% between 2015 and 2021 and arrive at a valuation of US$55.9 bn by the end of 2021. In terms of volume, Analysts estimate this market to rise at a CAGR of 6.0% during the period from 2015 to 2021.
Though the worldwide market for forklift trucks is showing a substantial rise in market valuation at present, the high cost of forklift trucks is likely to hamper its growth significantly over the next few years. However, the rising global construction industry is anticipated to present lucrative opportunities to market participants.
Counterbalance Trucks Dominates Global Forklift Trucks Market
Counterbalance trucks and warehouse trucks are the two main products available in the global forklift trucks market. The counterbalance trucks segment is the market leader at present. It occupied a share of 62.3% in the overall market in 2014. Experts project it to retain its leadership in the near future.
Forklift trucks function on two types of technology, internal combustion (IC) engines and electricity. Among the markets for IC-engine-powered forklift trucks and electric-powered forklift trucks, the latter has acquired the leadership in the global arena. The segment of electric forklift trucks accounted for a share of 57.3% in 2014 and is likely to occupy a 64.4% share in the overall market by the end of 2021.
Asia Pacific to Retain Leadership in Global Forklift Trucks Market
The worldwide forklift trucks market is witnessing a surge in demand, thanks to rapid industrial development in emerging economies. On account of this, Asia Pacific has acquired the dominant position among all the regional forklift trucks markets in the global arena at present. In 2014, it held a share of more than 41.4% in the overall market. China has emerged as the biggest market for forklift trucks in Asia Pacific. It accounted for a share of close to 25% in the global forklift truck market in 2014.
Europe holds the second position with a share of more than 30% in the global market. It is closely followed by the forklift trucks market in North America. Analysts expect the Asia Pacific forklift trucks market to report the fastest growth in terms of both value and volume in the coming years.
Global Forklift Trucks Market: Key Players
UniCarriers Americas Corp., Clark Material Handling Co. Ltd., Anhui HeLi Co. Ltd., Crown Equipment Corp., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Toyota Industries Corp., Mitsubishi Nichiyu Forklift Co. Ltd., Combilift Ltd., Hangcha Forklift Co. Ltd., KomatsuUtility Co. Ltd., Godrej & Boyce Mfg. Co. Ltd., Hytsu Group, Hubtex Maschinenbau GmbH & Co. KG., Tailift Group, Nippon Yusoki Co. Ltd., Hyundai Heavy Industries Co. Ltd., Paletrans Equipment Ltd., Doosan Industrial Vehicles Co. Ltd., and NACCO Material Handling Group are the key manufacturers of forklift trucks across the world.