The forklift truck market is segmented on the basis of type, engine power, end user, class, and geography.
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Forklift Truck Market Overview
Forklift trucks market are one of the most important industrial innovations in the current times. They have transformed the way in which businesses move heavy loads over short distances.
Having their origins traced back to the early part of the twentieth century, forklift trucks are now largely used in warehousing operations and manufacturing industries. The various industries where they are employed include the aerospace, automotive, food and beverages, construction, consumer goods, e-commerce, and retail.
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The forklift market is leading its way to a robust growth. It owes its financial rise to factors such as the expansion of warehouse space globally, growth in e-commerce businesses, and development of manufacturing industries.
However, factors such as cyclic nature of lift truck business, and a limited number of suppliers for particular components are restraining the growth of the market. Nevertheless, technological advancements serve as opportunities for growth of the market.
The class segment is further bifurcated into class I (electric motor rider trucks), class II (electric motor narrow aisle trucks), class III (electric motor hand trucks), class IV (internal combustion engine trucks (solid/cushion tires), class V (electric and internal combustion engine tractors), and class VI (rough terrain forklift trucks). Based on the product type, the market is classified into warehouse and counterbalance.
By end user, the market is segmented into retail & wholesale, logistics, automotive and electrical engineering, food industry, and other industries. The engine power segment is divided into internal combustion engine power and electric power.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the forklift truck market include Anhui Forklift Group co., Ltd., Crown Equipment Corporation, Hangcha Group Co., Ltd, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Nichiyu Forklift co., Ltd., and Toyota Industries Corporation.
An extensive analysis of the drivers and restraints provide a deeper understanding of the market.
Future market estimations from 2014 to 2022 along with the affecting factors help to comprehend how the market will grow and to what extent.
The quantitative, as well as qualitative trends, assist the stakeholders to understand the prevailing market situations.
An in-depth analysis of key segments exhibits the stakeholders with different classes and end users of forklift trucks.
Competitive intelligence highlights the business practices followed by leading market players across various geographies.
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