Forklift Truck Market Overview:
Global forklift truck market is expected to reach $51 billion by 2022, growing at a CAGR of 6.6% from 2014 to 2022. Forklift trucks, also referred to as lift trucks, are vehicles utilized to transfer goods over a short distance. Forklifts are largely used in manufacturing industries and warehousing operations. The need for a machine or equipment that can maneuver heavy goods with ease to various locations is a prime reason that drives this market. Other factors such as increase in productivity, reduced injuries & accidents along with operator comfort are major factors the supplement the market growth. This report provides a detailed analysis about the global forklift truck market, current and projected trends, along with the market potential. It also analyzes opportunities in developed and emerging economies to facilitate companies to take strategic decisions and gain a competitive edge.
The forklift truck market is segmented on basis of product type, engine power, end user, class, and geography. The class segment is further divided into class I (electric motor rider trucks), class II (electric motor narrow aisle trucks), class III (electric motor hand trucks), class IV (internal combustion engine trucks (solid/cushion tires)), class V (electric and internal combustion engine tractors), and class VI (rough terrain forklift trucks). By product type, the market is classified into warehouse and counterbalance. Based on end user, it is categorized into retail & wholesale, logistics, automotive and electrical engineering, food industry, and other industries (chemical, timber, and paper & print industry). By power source, it is bifurcated into internal combustion and electric power. Geographically, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Limited Number of Suppliers for Particular Components
Forklift truck OEM depends on a limited number of suppliers for critical components that are used in different types of trucks such as diesel, gasoline, and alternative fuel engine. Few of these critical components are imported and subjected for regulation, primarily with respect to usual inspection of such products by the U.S. customs. The result of operation is expected to adversely affect if the company is unable to obtain these critical components. The cost of component is expected to increase in the future owing to regulatory compliance.
Forklift trucks are classified by class into class I, class II, class III, and class IV, and class V. Class IV and class V are major classes of forklift trucks. In 2015, class V accounted for nearly 35% of the total class of forklift truck market as it impacts numerous parameters of the forklift truck, followed by other classes. Thus, this factor is expected to increase the demand for class V during the forecast period.
- The report includes an extensive analysis of the factors that drive as well as restrain the global forklift market.
- Market projections from 2014 to 2022 are included along with the affecting factors.
- The report also presents quantitative as well as qualitative trends to assist the stakeholders to understand the prevailing market situations.
- An in-depth analysis of key segments demonstrates the stakeholders with different classes and end users of forklift trucks.
- Competitive intelligence highlights the business practices followed by leading market players across various geographies.
Global Forklift Truck Market Key Segments
By Product Type
By Engine Power
- IC Engine Power
- Electric Power
By End User
- Retail & Wholesale
- Food Industry
- Class I
- Class II
- Class III
- Class IV
- Class V
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East