Global forklift market to grow by nearly 7% through 2021

According to a new report, the global forklift market was valued at $35.3 billion in 2014 and is projected to expand at a CAGR of 6.9% during the forecast period to reach $55.9 billion by the end of 2021.

These are among the findings of the report by Persistence Market Research (PMR), titled “Global Market Study on Forklift Trucks: Asia-Pacific to Witness Highest Growth by 2021.”

Key driving factors identified in the global forklift truck market include expansion of warehouse space globally, growing e-commerce business across the globe, strong demand for forklift truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets.

Assessing the various factors driving the market growth, a PMR analyst said, “The global material handling equipment market is growing significantly at an annual growth rate of 3% to 7%. Electric type forklift trucks is one of the prominent segments in this market. These trucks are gaining traction due to the implementation of various advanced technologies and their growing application across various industries worldwide.”

The China market is projected to exhibit the fastest growth over the forecast period due to various factors, such as favorable economic environment and a need for technological advancements in in-house logistics in the country.

From a regional perspective, Asia-Pacific was the largest market for forklift trucks in 2014, accounting for approximately 41.4% volume share of the overall market. Europe is projected to account for the second largest volume share of the global forklift truck market and expand at a CAGR of 4.6% over the forecast period, due to the positive outlook of the economy in Western Europe and expected rise in trade of goods. This will in turn lead to a significant growth in demand for forklift trucks in the region in the near future.

Key market participants covered in the report include Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation (TICO), Mitsubishi Nichiyu Forklift Co., Ltd., Crown Equipment Corporation, Anhui HeLi Co., Ltd., CLARK Material Handling Co., Ltd., and UniCarriers Americas Corporation.