Selbyville, Delaware, Feb. 04, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on forklift truck market which estimates the global market valuation for forklift will cross US$ 100 billion by 2026. The growing demand for forklifts in the construction industry will drive market growth over the forecast timespan.
Growing infrastructure development initiatives in emerging economies is increasing the demand for forklifts to lift and transport heavy goods. Government administrations are increasingly investing in improving the public infrastructure to support economic growth. Growing investments toward the replacement of diesel power source with sustainable and green solutions will propel the market for electric powered lift trucks.
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Some major findings of the forklifts market report include:
- Rising expansion of e-commerce and logistics industries globally.
- Stringent emission norms are driving the demand for electric forklifts.
- Need for automation for enhancing productivity.
- Improving industrial sector in South America.
- Demand for forklifts from aviation industry in MEA.
Class V forklifts are being majorly used in warehouses and distribution centers. These trucks can be used for indoor and outdoor applications owing to their large capacity range. It can handle small single pallet loads to 40-foot containers load. Availability of different fuel source options including internal combustion engines, LPG, gasoline, diesel, and compressed natural gas, makes them highly durable and ideal for construction sites and other outdoor applications.
Counterbalance forklift trucks are majorly preferred for use in applications where space is limited due to their effective maneuverability. These are also ideally suitable for inside and outside applications and can be driven up to the exact location of the load or racking without outrigging legs or arms. The combination of counterbalance under-clearance and tight maneuverability ensures maximum productivity.
According to GMI report, Europe forklift market share accounted for around 34% in 2018 and is anticipated to witness significant growth in the coming years. The growth is driven by the increasing demand for battery-operated trucks and development of the warehouse segment across the region. The highest utilization of electric vehicles in wholesale & retail distribution is expected to increase the forklift truck market share in the region. Moreover, the adoption of advanced technologies, such as Industry 4.0 and big data, in the manufacturing sector will further spur market growth.
Browse key industry insights spread across 300 pages with 508 market data tables and 26 figures & charts from the report, “Forklift Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/forklift-market
In the food retail industry, forklifts are used to move, handle, and store food items. The players in the market are offering retailers flexible, convenient, and reliable solutions for multichannel fulfillment and direct-to-consumer fulfillment. In addition, these vehicles allow to speed up the manufacturing processes by helping in moving more pallets per shift, reducing the product damage with careful handling.
Some major findings of the forklift truck market report include:
- Adoption of forklifts for lifting various types of materials, such as steel, wood, and mortar, by the construction industry to transfer heavy goods and reduce mishandling is driving industry growth.
- Increasing manufacturing and e-commerce activities and the need for warehousing operations in these facilities will propel the market demand.
- Growing technological advancements, such as automation, robotics, blockchain, and IoT, are expected to fuel market growth.
- Increasing demand for forklifts across various industry verticals, such as food & beverage, e-commerce, general merchandise, and retail, will propel market size.
Major market players in the forklift truck market include Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., KION Group, Jungheinrich AG, Crown Equipment Corp., UniCarriers Americas Corporation, Anhui Forklift Truck Group Corp., Hangcha Group Co., Ltd., Komatsu Ltd., Clark Material Handling International, Inc., Doosan Industrial Vehicle, Hyundai Heavy Industries, Lonking Forklift Co., Ltd., and Combilift Ltd.
These players are focusing on expanding product portfolios, acquisitions, and collaborations to enhance their offerings and target a wider customer base. For instance, ZF Friedrichshafen AG, a commercial vehicle manufacturer based in Germany has designed smart forklift that combines electrification, data management, connectivity, data analytics, and automation technologies.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Forklift industry 360⁰ synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
2.1.4. Fuel type trends
2.1.5. Class trends
2.1.6. End-use trends
Chapter 3. Forklift Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.2.1. Material handling equipment Market landscape
3.2.2. Robotics industry outlook
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers
3.3.2. Component suppliers
3.3.3. Manufacturers
3.3.4. System integrators
3.3.5. Distribution channel analysis
3.3.6. End-use landscape
3.3.7. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Data analytics
3.4.2. Energy efficiency measures
3.4.3. Impact of IoT
3.4.4. Robotics & automation
3.4.5. Telematics & GPS technology
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.6.2.1. High cost of fuel cell and battery-operated forklifts
3.6.2.2. Lack of trained operators
3.6.2.3. Stringent emission and safety regulations
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. Competitive landscape, 2018
3.9.1. Company market share analysis
3.9.2. Strategy dashboard
3.10. PESTEL analysis
Browse Related Report:
Material Handling Equipment Market Size By Product (Storage & Handling Equipment [Racks, Stacking Frames, Shelves, Bins & Drawers, Mezzanines], Industrial Trucks [Automated Guided Vehicles (AGVs), Hand, Platform & Pallet Trucks, Order Pickers, Pallet Jacks, Side-Loaders, Walkie Stackers], Bulk Material Handling Equipment [Conveyor belts, Stackers, Reclaimers, Elevators], Robotics, Automated Storage & Retrieval System (AS/RS) [Unit-Load AS/RS, Mini-Load AS/RS]), By Application (3PL, E-Commerce, Durable Manufacturing, Food & Beverage, General Merchandise, Food Retail), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025, says the market will exceed USD 200 billion by 2025.
https://www.gminsights.com/industry-analysis/material-handling-equipment-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.