Wellesley, Mass., July 18, 2017 (GLOBE NEWSWIRE) --
The high-efficiency, eco-friendly nature, and low operation cost of electric-powered forklift trucks are steering that market segment to a 6.5% CAGR through 2021, forecasts Global Markets for Forklift Trucks. The globalization of supply chains, rising demand for global trade, increasing demand for the container and shipping industry, and demand for automation in emerging economies will increase global demand, as well.
The new BCC Research report also notes the major applications of forklift trucks are distribution centers and warehouses, accounting for 27.5% and 25.2%, respectively, of the 2016 global market. In response to consumer desire for ever-shorter delivery times, e-commerce companies are seeking warehouse spaces near urban areas. As the demand for distribution centers increases, the demand for forklifts is expected to jump during the forecast period.
BCC Research projects that the global forklift truck market will grow from $41.9 billion in 2016 to $56.3 billion in 2021 at a 6.1% CAGR.
Research Highlights
- While many retailers utilize mega-distribution facilities to support both online and in-store inventory, retailers in North America are building separate, more specialized facilities to support their e-commerce divisions.
- Rising demand for e-commerce and changes in supply chain markets and factories in Europe will drive growth in the European, Middle Eastern and South American markets.
- The segment of internal combustion engine-powered forklift trucks is expected to grow at a 5.5% CAGR through 2021.
“Electric-powered forklift trucks are gaining traction due to the implementation of advanced technologies and their growing application across global industries. Their features include regenerative braking for sending power back to the batteries when the machine slows down, and they can also recapture energy while lowering loads,” says Kevin Fitzgerald, BCC Research editorial director. “Perfect for indoor uses, they can load and unload heavyweight goods from docks or ground level. And because they can be powered at charging stations, there’s no need to store fuel.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.