Electric Forklift Trucks Driving The Revenue Of Material Handing Industry
Added: (Mon Jan 22 2018)
The global market for electric forklift trucks had reached a value of USD 22.7 billion in 2016. It is expected to expand at a CAGR of 7.1% between 2016 and 2024 and arrive at a valuation of USD 39.4 billion by the end of 2024.
The global electric forklift truck market is growing significantly from decade owing to its applications in relevant industry, providing cost efficiency and improved productivity. The electric forklifts are actively adopted across the globe resulting in the quantitative increase in demand which in turn pushed the year-on-year revenue growth.
Stringent vehicular emission norms and technological advancement in batteries and forklift trucks are the key factors augmenting the growth of electric forklift trucks market across the globe.” Further, the market players are now focusing on developing electric forklifts with higher power output to expand their business in the industries which are need of efficient of high load capacity electric forklifts. However, disadvantages of forklifts over IC engine powered forklifts such as longer battery charging time and lower power output as compared to the conventional forklift trucks.
The global electric forklift trucks market is segmented based on products and by end users. Product type is further bifurcated into counterbalance forklifts and warehouse forklifts. In 206, counter balance forklift truck segment accounted for the lion share of 55% in global market and is likely to expand at a CAGR of 7.0% during the forecast period.
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Geographically, Asia Pacific region accounted for the largest market share with 35% revenue share in global electric forklift truck market. Asia Pacific region is closely followed by Europe and is likely to expand at a CAGR of 6.6% over the forecast period i.e. 2016-2024. The major countries of Latin America such as Brazil and Mexico showcase huge opportunity for electric forklift truck industry as these countries are showcasing positive growth in manufacturing and automotive industry growth.
Key players in the global electric forklift truck market are Jungheinrich Lift Truck Corp., Kion Group AG, Toyota Industries Corp., Hyster-Yale Group, Anhui Forklift Truck Group Co. Ltd, Clark Material Handling International Inc., Combilift Ltd., Crown Equipment Corp., Doosan Industrial Vehicles Co. Ltd, Godrej & Boyce Mfg. Co. Ltd, Hangcha Forklift Co. Ltd, Komatsu Utility Co. Ltd, Hangcha Group and Mitsubishi Forklift Trucks.
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Submitted by:Steve Blade