New York 27 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Forklift Truck market industry is poised to raise USD 43.2 billion by 2025.
Global Forklift Truck Market is valued USD 26 billion in 2017 is anticipated to grow USD 43.2 billion with the compounded annual growth of 6.5% over the forecast period 2018-2025. The Forklift trucks are utilized to move the materials within the short distance. The Forklift trucks are utilized in many manufacturing and production facilities which includes food & beverages, consumer goods, retail, Automotive and construction.
The Forklift trucks market is primarily driven by the escalating e commerce industry on the global scenario. The Forklifts trucks are used in the E-commerce facilities for material handling, movement of objects, loading and unloading objects and assembly line operations. According to International Trade Administration (United States), China is the world’s largest e-commerce sector that is projected to reach around $1.6 trillion by the end of 2018. According to International Trade Administration, China has highest number of e-commerce organizations that includes Vipshop, Gome, Yihaodian, Dangdang, Jmei, Tmall and Amazon Corporation which are operating in urban & semi-urban provinces of the region. These e-commerce organizations establish diversified range of warehouses for storage & logistics and the forklift trucks act as an integral part to ensure efficient logistics operations in e-commerce industry that is further paving the way for adoption & utility of forklift truck in China. According to International Trade Administration, around 40% of total global e-commerce spending comes from China. According to International Trade administration, in 2015, online retail transactions of China reached around $622.5 billion. Also, in 2016, number of digital buyers is on the constant rise that accounted for around 460 million and is further estimated to reach 650 million by the end of 2018. According to International Trade Administration, e-commerce sector is dominated by multinational organizations which includes Alibaba’s Taobao and JD.com which hold around 57% & 25% industry share respectively. Moreover, according to China Ministry of Commerce, the cross border e-commerce is also on constant rise which was projected to reach around 1.014 trillion by the end of 2016 which is further fuelling the adoption & growth of forklift truck in the country.
Moreover, the forklift trucks act a viable option in Automotive sector as they are used in the material handling and assembly line operations. For instance: In Japan forklift truck market is mainly driven owing surging automotive sector which includes production of both passenger and commercial vehicles along with country based multinational organizations which are indulged in manufacturing of forklift trucks such as Mitsubishi Nichiyu forklift Co. Ltd. and Toyota Industries Corporation. Forklifts trucks are used in manufacturing utilities of vehicles to carry out routine operations that include assembling and handling heavy products of the vehicles.
According to International Organization of Motor Vehicle (France), in Asia Pacific, automotive sector ranked as second highest in production scenario. According to International Organization of Motor Vehicle Manufacturers, the production of automobile vehicles that includes both passenger cars and commercial vehicles has enhanced by 5.31% in 2017. According to company sources, Toyota Motor Corporation has enhanced the production of both the commercial and passenger vehicles by 7.6% in the year 2017 owing escalating demand mainly from developing countries which includes sub-continent countries such as India, Sri Lanka, Thailand and Pakistan. Also, according to company sources, Hyundai Motor Company also enhanced the production of its vehicles by 4.2% in the year 2017which is fuelling the adoption and growth of forklift truck market.
To view the summary or to request a sample copy of this report, please click the link mentioned below:
Global Forklift Truck market Size study, by Product Type (Counter Balance Type, Warehouse Type), by Technology (Electric Powered Type, IC Engine Powered) & by End User (Automotive, Logistics, Food Industry, Retail and Wholesale & Others) – Forecast 2020
The industry is seeming to be fairly competitive. Some of the leading market players include Anhui Heli Co Ltd, Clark Material Handling Co Ltd, Crown Equipment Corporation, Godrej & Boyce Manufacturing, Hangcha Group Ltd, Hyundai Heavy Industries, Toyota Motor Corporation, and Mitsubishi Nichiyu Forklift Co Ltd and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Key findings of the study:
- The North American region accounted for the significant market share, more than XX% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation, the region is likely to grow by XX% CAGR over the forecast period 2018-2025
Bizwit Research & Consulting LLP has considered following segments for the study:
By Product Type:
- Auxiliary Products
- Non-Auxiliary Products
- PC & Laptop
- Smartphone & Tablet
- Mobile/ Contactless Payment
- User Authentication & Access Control
- Monitoring Healthcare system
- Information Sharing
- North America
- Asia Pacific
- Latin America
- Rest of the World