Global Forklift Market Boosted by Chances Presented by Ecommerce

A mechanized and motorized version of a human lifting heavy objects, a forklift can be used for independently lifting and moving large objects about. They can easily move heavy objects between different locations in a large facility. They can also be called mobile loading trucks that are outfitted with mechanically controlled forks. This fork attachment could range from clamps, grippers, to simple platforms. Lighter loads can be moved about using a manually-powered forklift, while heavier loads require a motorized one. As such, the global forklift market finds major use in the industries of retail, ecommerce, consumer goods, food and beverages, automotive, and aerospace.

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The global forklift market is expected to maintain a CAGR of 6% between 2015 and 2021. Major companies operating in the global forklift market are UniCarriers Americas Corporation, CLARK Material Handling Co., Ltd., Anhui HeLi Co., Ltd., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Toyota Industries Corporation (TICO), Hyster-Yale Materials Handling, Inc., Jungheinrich AG, and Kion Group AG.

Global Forklift Market Lifted by Growing Ecommerce Businesses

The key factor driving the global forklift market is the growing ecommerce industry around the world. Online shopping is growing by leaps and bounds. It has already captured major shares in developed nations and is changing the way people shop in emerging economies as well. Add to this the expanding warehouse space on a global scale, the bulk investments made by major industries from emerging economies into low-cost forklifts, and the large demand for advanced forklift trucks in developed nations, and we have an uplifting future for the forklifts market.

All is not shining for the global forklift market, however, as environmental concerns and related energy commitments have made it difficult to use IC engine forklifts. It also does not help for the initial cost and maintenance costs of modern forklifts to be steadily increasing. To counter these limitations, major players are employing strategies that include cloud computing, big data, and harnessing the Internet of Things, in tandem with the use of electrically powered and chemically powered forklifts. Thousands of forklifts that use fuel cells are currently in operation in the U.S. and are providing major benefits to users through high running span and low maintenance costs. They also help maintain a lower carbon footprint, enabling factories and warehouses to build for a cleaner future.

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Most Consumers Prefer Counterbalance Forklifts

Among the various product types in the global forklift market, counterbalance forklifts have always been the most preferred one. The segment held a giant 62.3% of the global forklift market in terms of product type in 2014 and is expected to remain the leading segment in the near future. From the perspective of volume, the global forklift market in 2014 was dominated by the electrically powered forklift segment. It held 57.3% of the market for that year and could hold up to 64.4% of it by 2021. Its high growth rate is attributed to the high demand shown by the emerging economies of India, Brazil, and China.

Other factors that aid the global forklift market include the increasing export demands shown by developing countries, due to which Asia Pacific was the leading region for sales in the global forklift market in 2014.


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