Global Market Insights has recently added a report on Forklift Market Share 2019 – 2025 which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
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Consumers have gained increased inclination towards hydrogen powered trucks owing to its cost effective and environment friendly characteristics. Trucks enabled with these fuel cell technologies are featured with benefits such as reduced needs for battery replacements, smooth operating at freezing temperatures and high speed. Moreover, hydrogen refueling approximately requires two minutes, however, traditional lead acid battery changing requires around 15 minutes, thus saving huge wastage of time in shift operations. Such advancements in fuel to save expenses are anticipated to present forklift market potential growth landscape over the forecast timeframe. For instance, in July 2006, Wal-Mart started using these hydrogen fuel forklift trucks in its distribution center in Washington Court House, Ohio.
Based on class, the forklift market is segmented into class I, class II, class III, class IV and class V trucks. These include all types of electric motor rider, electric motor narrow aisle, electric motor hand truck, internal combustion engine (ICE), electric combustion engine tractors and rough terrain trucks. Class 3 type trucks are projected to witness highest CAGR over the forecast timeline owing to its major applications in warehouse & material handling departments and relatively higher efficiency than internal combustion forklifts. Largest share in terms of volume was held by trucks, with capacities less than 5 ton. These included Internal Combustion Engine(ICE) trucks and battery electric trucks, having the highest penetration in forklift market segment.
Some forklift market players include KION Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale Material handling Inc and Mitsubishi Nichiyu Forklift Corporation.
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Europe forklift market share accounted for around 30% and is anticipated to witness significant growth opportunities over the forecast timeframe. Increased in demand for battery operated trucks and growth in warehouse segment are major contributors for market growth. Europe held the largest forklift market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment. North America is expected to witness stagnant growth over the coming few years owing to its steady economic recovery after recession. Lack of abundant workforce, emphasis on emission reduction are expected to present forklift market potential growth opportunities over the forecast timeframe.
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