Published Date : Jun 08, 2016
The global market for forklift trucks is experiencing a rapid surge in its valuation. The rising number of warehouses across the world has fueled transportation of goods from one place to another, fuelling the need for forklift trucks. The growth in the e-commerce industry is also adding aiding the demand for these trucks remarkably.
Asia Pacific to Register Fastest Growth in Global Forklift Trucks
The market for forklift trucks is spread across Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific acquired the leading position in the overall market in 2014 with a share of 41.4%. China has surfaced as the biggest domestic forklift trucks market in this region and has also occupied a substantial share in the global market. Analysts expect this regional market to record the fastest growth in the forthcoming years.
Europe Forklift Trucks Market to Rise at 4.60% CAGR between 2015 and 2021
Europe occupied the second position in the global forklift trucks market with more than 30% in 2014. The regional market is anticipated to report a CAGR of 4.60% between 2015 and 2021. The recovering economy in Western Europe and the projected rise in the goods trade are likely to boost the demand for forklift trucks in this region over the next few years. Latin America, North America, and the Middle East and Arica are also projected to register a healthy rise in the demand for forklift trucks in the near future.
Presence of Numerous Players Intensifies Market Competition
The global market for forklift trucks is exhibiting fragmented structure. The presence of a number of market participants has intensified the competition in this market. Hyster-Yale Materials Handling Inc., Crown Equipment Corp., Anhui HeLi Co. Ltd., Godrej & Boyce Manufacturing Co. Ltd., Kion Group, NACCO Material Handling Group, Doosan Industrial Vehicles Co. Ltd., Hyundai Heavy Industries Co. Ltd., Clark Material Handling Int. Inc., Nissan Forklift, UniCarriers Americas Corp., Mitsubishi Caterpillar Forklift America Inc., Toyota Industries, and Jungheinrich Lift Truck Corp. are the key companies operational in this market.