The global Forklift market is projected to touch USD 51 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.6% during the forecast period, and Asia-Pacific region is expected to continue its dominance in the global forklift market, said a report published by market research firm Allied Market Research.
As per the report, the sale of forklift is anticipated to grow due to the rise of Automotive and Food industries, both the sectors are likely to drive the market growth.
“Japan, China, and India are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. In addition, China’s fast-growing e-commerce sector drives the demand for electric forklift trucks such as LMH’s newly developed pallet stacker. Moreover, stringent government regulations related to carbon emissions in Japan and China and rise in adoption of electric forklift truck are expected to fuel the electric forklift truck market growth in the future,” said Ms. Komal Sharma, Research Analyst, Automotive and Transportation at Allied Market Research.
She further added, “Food industries and logistics are identified as lucrative targets for investment in this market, which are expected to rise with the highest market share owing to increase in adoption of forklift trucks.”
According to the report, the forklift market would witness notable growth in future due to competitive advantages of electric models forklift, like high efficiency, eco-friendly nature, and low operation cost as compared to other forklift trucks. The IC engine enabled forklift is expected to grow at CAGR of 5.8%
Looking at the product type, the forklift market is bifurcated into warehouse model lift trucks and counterbalance forklift trucks, as per the report, the warehouse forklift is projected to touch USD 14 billion by 2022 at the highest CAGR of 7.4%, whereas counterbalance forklift will continue to be the largest revenue generator.
Looking at the geographical growth of the Forklift market, Asia-Pacific continues to maintain its dominance ahead as well, its revenue likely to reach USD 25 billion by 2022 from USD 15 billion in 2015. Europe and North America are the second and third leading regions respectively followed by LAMEA (Latin America, Middle East, and Africa).
Major players in forklift market are Toyota, Mitsubishi, Komatsu, Kion, Crown Equipment, Jungheinrich, Hyster-Yale, UniCarriers, Hangcha, and Anhui Forklift Truck Group, said the report.
As a part of the business strategy, these companies will launch new products and expand their business operations in emerging countries.