Forklift Market Latest Trends and Forecast - 2021

Forklift Market by Application (Manufacturing, Wholesale & Retail Distribution, Freight, & Logistics), Fuel (Diesel, Electric, and Gasoline & LPG/CNG), Tonnage (36), Class (1, 2, 3, and 4/5), and Region - Global Forecast to 2021

(EMAILWIRE.COM, December 06, 2018 ) 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 global forklift market is driven by the less than 5 ton capacity forklifts which accounts for major market share in terms of volume. The less than 5 ton capacity majorly includes battery-electric forklifts as well as Internal Combustion Engine (ICE) forklifts but the battery-electric forklifts penetration in this segment is highest.

Various secondary sources, such as company annual reports/presentations, press releases, industry association publications, forklift magazine articles, encyclopedias, directories, technical handbooks, world economic outlook, trade websites, technical articles, and databases have been used to identify and collect information useful for an extensive study of the global forklift market. The primary sources-experts from related industries, forklift manufacturers, and forklift suppliers–have been interviewed to obtain and verify critical information, as well as to assess future prospects and market estimations. Bottom-up and top-down, both the approaches have been used for market estimation and calculating the global forklift market size.

The global forklift market consists of various major manufacturers such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.S), Hyundai Heavy Industries (South Korea) and Komatsu Limited (Japan).

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Target audience

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

Rising infrastructural development and the increasing number of warehouses being set up to support hub and spoke model is driving the demand for forklift market
Below 5 Ton
The less than 5 ton forklifts are the compact types of forklifts which are primarily used for indoor applications, as their lifting capacity are limited. The less than 5 ton capacity includes battery-electric forklifts as well as ICE forklifts. Battery-electric forklifts penetration in this segment is highest and contributes approximately 90% of overall forklift market. This is mainly due to its uses in warehouse, factories, and in indoor applications. The growth of battery-electric forklift in less than 5 ton segment is expected to grow, owing to stringent emission norms for diesel forklifts.

5-10 Ton
The 5-10 ton capacity segment also includes battery-electric and ICE forklifts out of which the diesel engines share is highest, but due to stringent emission norms such as Euro Stage V and EPA Tier 4, customers of diesel forklift are shifting towards the battery-electric forklift. Hence it is observed that the market for diesel forklift in this segment is also declining. These forklifts are used in both outdoor as well as indoor work activity

11-36 Ton
The 11-36 ton and above forklifts are considered as a heavy duty forklift. These forklifts are majorly used by steel plants, metal factories, logistics managements, and other heavy industrial purposes. The heavy duty forklifts engines are generally diesel or gasoline driven, out of which diesel engine share is greater than the gasoline one. The heavy duty forklifts are normally used in outdoor activity only.

Critical questions the report answers:
Where will all these developments take the industry in the mid to long term?
What are the upcoming market scenario for global forklift market?

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