Cutting Edge and Cost-effective Product Lines from Prime Players to Propel Forklift Trucks Market
One of the challenging tasks in warehouses and distribution centers is that of placing and removing loads from storage racks, loading and unloading trailers in the yard or at the dock, delivering components to the assembly line, and positioning loads for further handling processes. To complete such tasks, forklift trucks are used across various industries such as aerospace, automotive, food and beverages, construction, consumer goods, e-commerce, and retail.
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Forklift trucks are motorized vehicles primarily used for independent lifting, movement, and placement of discrete loads throughout a facility. These mobile loading trucks can be outfitted with forks for pallet-based unit load picking and for loads that are not palletized. These vehicles can be used with a variety of attachments such as platforms, grippers, or clamps. To move lighter loads, manually powered vehicles such as carts and hand trucks are used.
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The global forklift truck market volume is forecast to expand at a CAGR of 6% during the forecast period from 2015 to 2021. The global forklift truck market is segmented on the basis of geographical region, product type, technology type, and by class. In 2014, by product type, counterbalance was the largest segment in the forklift truck market, accounting for 62.3% share of the overall market.
In this report, the global forklift truck market has been segmented into five major regions, which include North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Of all the regions, Asia Pacific dominated the overall forklift truck market in 2014 with over 41.4% share. Besides, China accounted for approximately 25% share of the global forklift truck market volume in 2014.
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Europe ranked second, accounting for over 30% market share, followed by North America, in 2014. Meanwhile, Asia Pacific is anticipated to be the fastest growing region, both in terms of value and volume, in the global forklift truck market over the forecast period.
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