Global Forklift Industry
New Study On “Forklift Market Segmentation, Parameters and Prospects 2019 to 2023 Market Research Report” Added to Wise Guy Reports Database
The forklift market is anticipated to garner growth due to a number of factors. This includes the increasing number of applications of the device in the manufacturing sector as well as in warehouse facilities. The growth in the automotive and steel industries is also contributing to its market growth. The rising adoption of electric forklifts has been a major driving factor for the global market and is expected to proliferate further in the future.
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The global forklift market has been segmented in terms of type and applications.
By type, the market segments into internal combustion forklift, electric forklift, and automated guided forklift. The electric forklift segment contributes to the global market with the highest share due to the low maintenance cost and low on-road pricing compared to the internal combustion forklifts.
By application, the market comprises construction, freight & logistics, manufacturing, and other applications like warehousing, wood industry, and commercial stores. The manufacturing sector is projected to garner the highest share in the market over the forecast period due to the increasingly high application of forklifts in the same. Also, the commercial stores segment is expected to see considerable growth movement in the coming years due to the increasing number of store chains across the emerging nations of the world like Walmart or Target in
The global forklift market comprises a host of key players. This includes names like Doosan Corp., CNH Industrial America LLC, Anhui Heli Industrial Vehicle Imp. & Exp. Co., Ltd., AB Volvo, Guangxi LiuGong Machinery Co., Ltd., Hitachi Construction Machinery Co., Ltd., Clark Material Handling Co., Godrej & Boyce Mfg. Co., Ltd., Crown Equipment Corp., Hyundai Construction Equipment Co., Ltd., Hangcha Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Deere & Co., Mitsubishi Nichiyu Forklift Co., Ltd., Jungheinrich AG, The Raymond Corp., Kion Group AG, Toyota Industries Corp., Komatsu Ltd., Terex Corp., and others.
The global forklift market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
The Asia Pacific regional market for forklift is expected to hold a major share of the market and grow at a profound pace in the forthcoming years of the forecast period. The regional market is major boosted by the presence and subsequently the contribution made by countries like India, Japan, China, South Korea, and Indonesia. The market of Asia Pacific is expected to showcase the highest compound annual growth rate over the forecast period due to the expanding automotive, steel, construction, and other industries herein.
Both the North American and the European forklift markets are expected to accrue strong revenue in the coming years and contribute to the overall market. The growth in these regions is due to the presence of various highly developed industries and high adoption rate of forklifts.
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