Rising Usage of Hydrogen Fueled Trucks to Surge Demand in Global Forklift Market

Published Date : Aug 16, 2018

Albany, New York, Aug 16, 2018 – The global forklift market is anticipated to develop significantly over the forecast period. The forklift is also known as forklift trucks, folk truck, or lift truck, which are used extensively since past few years due to increased usage of moving material or lifting from one place to other in manufacturing or warehouse activities. The stimulated demand for forklift market is anticipated to be because of the rise in usage of a lift trucks material transportation for medium and small distance, in retail, automobile, manufacturing, brick and stone distribution, paper ruling, heavy-duty warehousing, and freight and shipping sectors.

There is an expanding pattern of hydrogen fueled trucks as they are smart and eco-accommodating. Forklifts controlled by such power module advances have a few advantages, for example, smooth task in extreme climate and diminished requirement for battery substitution, and this will fuel their request.

Based on application, the global forklift market is divided into freight and logistics, manufacturing, distribution, and so on. As per the tonnage capacity, this market is categorized into 5 to 10 tons, 11 to 36 tons and more than 36 tons, and below 5 tons. In terms of fuel type, the global market is classified into gasoline, diesel, compressed natural gas or CNG, LPG or liquid propane gas, electric battery.

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On the basis of geography, this Market is segmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Of these, Asia Pacific is the largest market for forklift in the world, with China being the largest regional market within Asia Pacific. Other key markets for forklift in Asia are, India, Japan, Australia, and South Korea. The presence of large number of production facilities, high economy growth, heavy logistics activities, and rising adoption of technology are behind the growth of the forklift market in Asia Pacific. This will lead to significant growth of regional sector.

North America is one of the highest grossing region in case of forklift market. Trailing with it is Europe, as the second largest market in the region, with Germany being the major contributor all throughout, followed by Italy, UK, France, Sweden, Spain, Belgium, Netherlands,  as other lucrative market spaces for forklift. Moreover, the Middle Eastern Africa region is also estimated to become a notable contributor to the revenue of the global forklift market, supported by Turkey, Iran, Saudi Arabia, and South Africa as major supporters in the region. In Latin America, Argentina and Brazil are the key contributors in the global market.

Some of the major players operating in the entire market for example, are Jungheinrich AG (Germany), Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Crown Equipment Corporation (the U.S), Hyster-Yale Materials Handling, Inc. (the U.S.), Lonking Holdings Limited (China), Komatsu Ltd. (Japan), UniCarriers Americas (the U.S), and Anhui HELI Co. Ltd Limited (China).

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