Impact of Covid-19 Outbreak on Forklift Trucks Market CAGR

21/mag/2020 09:53:02 Automotive Market Research Reports Contatta l'autore

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The purpose of forklift trucks is to lift and move materials within short distances. They are required in all industries. Market Research Future (MRFR) reported about the global forklift trucks market reports in their latest study that vaticinates gains at 5.9% CAGR between 2017 and 2023. By value, the market has been figured to be worth the $ 41.73 BN by the end of the forecast period.  

Monitoring the market structure, this report mensurates the future growth potential of the market. It chalks the strategies of the key players in the market and helps in the competitive developments like new product developments, mergers & acquisitions, joint ventures, and research & developments (R&D) in the market.

The imperative factor driving the global forklift trucks market growth is the growing demand from the manufacturing industry. Other important factors initiating market growth include an increase in productivity, and reduced accidents as well as injuriesalong with operator comfort. However, the high cost of electric-powered forklift trucks can hinder the market growth.

Market Segmentation

The global forklift trucks market segmentation covers application, capacity, technology, and region. Under the application-based segmentation, the covered segments are logistics, manufacturing, retail & wholesale, and others. Based on capacity, the market is being segmented into below 5 tons and above 5 tons. Regarding technology, the market has been segmented into the electric powered truck, and internal combustion engine powered truck.

Regional Segmentation

Geographically, the global forklift trucks market features Asia Pacific, Europe, North America, and the Rest of the World (RoW). The Asia Pacific has maximum market coverage, followed by Europe. Rising industrialization in the Asia Pacific region is the primary factor for market growth. It is also the fastest growing regional market. The prominent country-specific regional markets are China, India, and Japan.

Europe is another important regional market and is expected to contribute significantly to the global market during the forecast period. Noteworthy country-specific markets in this region are France, Germany, Spain, and the UK. In North America, the market is extending due to many established industrial sectors that require a regular supply of raw materials necessary for production. Many key market players are based in North America. Hence, forklift trucks are always required in this region. Country-specific markets that generate maximum revenue in this region are the USA and Canada.

Key Players

Key players in the global forklift trucks market include Anhui HELI Co. Ltd (China), Crown Equipment Corporation (UK), Hyster-Yale Material Handling Inc. (USA), Jungheinrich Group (Germany), Kalmar Global (Finland), KION Group AG (Germany), Komatsu Ltd. (Japan), Mitsubishi Nichiyu Forklift Corporation (Japan), The Raymond Corporation (USA), and Toyota Industries Corporation (Japan).

Latest Industry News

  • Yale is introducing its new UX Series of lift trucks for clients in the Asia Pacific market. Yale aims to offer clients, cost-effective material handling solutions from a trustworthy supplier with a reputable service backup. 12 JUNE 2019
  • A Minworth warehouse Maybrook Business Park has been let to a forklift firm called Impact Fork Trucks on a five-year lease. Having 13 depots and eight dealers located throughout the UK, Impact Fork Trucks have taken this 9,177 sq ft warehouse, intending to expand their national operation. 12 JUNE 2019
  • Leicestershire-based Cesab forklift dealership Angus Lift Trucks has made a six-figure investment in new 20,000 square feet premises. 9 JUNE 2019
  • Narrow Aisle Ltd has launched remanufactured machines in its Flexi ECO AC range of ‘second life’ articulated reach trucks. Rebuilt Flexis are now being offered with the same factory warranty terms as new-build Flexi units. 12 JUNE 2019

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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