PORTLAND, Oregon and PUNE, India, January 24, 2017 /PRNewswire/ —
According to a new report published by Allied Market Research, titled, “Forklift Truck Market: Global Opportunity Analysis and Industry Forecast, 2014–2022,“ the global forklift truck market is estimated to reach $51 billion by 2022, growing at a CAGR of 6.6% during the forecast period. Asia-Pacific accounted for the highest market share in 2015, and is anticipated to maintain its dominance throughout the forecast period.
Summary of the Forklift Truck Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/forklift-truck-market
Forklift is a power industrial truck used for handling different materials. The forklift market is expected to witness notable growth in future owing to the competitive advantages of electric forklift trucks such as high efficiency, eco-friendly nature, and low operation cost compared to other forklift trucks. Increase in applications of forklift in the industrial sector, such as in food industry and automotive, is expected to fuel the market growth. Moreover, increase in warehouse space for automotive and food industry boosts the demand for forklift trucks.
Based on product type, the forklift truck market is bifurcated into warehouse and counterbalance forklift trucks. Counterbalance was the highest revenue-generating segment, accounting for $24 billion in 2015. However, warehouse is expected grow at the highest CAGR of 7.4% to reach $14 billion by 2022.
Based on class type, the market is segmented into class I, class II, class III, class IV, and class V forklift. Class IV generated the highest revenue, accounting for $12.6 billion in 2015. However, class II segment is projected to witness fastest growth rate of 9.1% to reach $7 billion by 2022.
Based on end user, the market is divided into retail & wholesale, logistic, automotive, food industrial, and others (chemical, timber, and paper). Retail & wholesale and logistics are expected to register the highest CAGRs of 6.7% and 8.2%, respectively. However, retail & wholesale was the highest revenue-generating segment in 2015, accounting for $13.6 billion.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific generated the highest revenue, in 2015, with $15 billion and is expected to retain its dominance ahead as well. It is expected to reach $25 billion by 2022, growing at a CAGR of 7.8%. Europe and North America are the second and third leading regions, in terms of revenue, for forklift truck market, respectively.
According to Komal Sharma, Research Analyst, Automotive and Transportation at Allied Market