Forklift Market share by applications and regions for 2016- 2024

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Forklift Market growth outlook with industry
review and forecasts 2016-2024
Asia Pacific Forklift Market dominated the
accounting for over 40 of the industry share in
2015. China accounted for approximately 25 share
in terms of volume, is anticipated to exhibit an
exponential growth owing to factors such as
presence of large number of production
facilities, heavy logistics activities, economy
growth and high adoption of technological
advancements.
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• Overview

• These include all types of electric motor rider,
  electric motor narrow aisle, electric motor hand
  truck, internal combustion engine (ICE), electric
  combustion engine tractors and rough terrain
  trucks. Class 3 type trucks are projected to
  witness highest CAGR over the forecast timeline
  owing to its major applications in warehouse
  material handling departments and relatively
  higher efficiency than internal combustion
  forklifts. Largest share in terms of volume was
  held by trucks, with capacities less than 5 ton.
  These included Internal Combustion Engine(ICE)
  trucks and battery electric trucks, having the
  highest penetration in forklift market segment.
• Based on end users, forklift market size is
  categorized into food, electrical, retail
  wholesale, chemical, logistics and automotive.
  Wholesale retail distribution segment is
  projected to witness high demands owing to
  increased transportation activities across
  different regions and surplus goods stocking
  generating the requirement for distributors to
  increasingly deploy forklifts. Battery operated
  trucks are highly used in retail segment due to
  its high efficiency.

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Browse Report Summary_at_ https//www.gminsights.com
/industry-analysis/forklift-market

• Forklift Market size is anticipated to benefit
  from increasing manufacturing and e-commerce
  activities, and the need for warehousing
  operations in these facilities. Huge warehousing
  spaces have mandated machine utilization for
  transferring heavy goods to ensure efficient
  productivity and reduce mishandling.
• Increasing adoption of fast charging batteries in
  trucks to help end users overcome long distance
  barriers, reduce the downtime and improve
  productivity is estimated to fuel the overall
  forklift market growth. Electric or battery
  operated trucks are expected witness increased
  adoption rates due to their growing applications
  across various verticals.
• Inadequacy of critical component suppliers and
  lack of skilled operators pose considerable
  threat to forklift market growth. OEMs are highly
  dependent on suppliers for critical components
  such as cockpit controls, tilt cylinders,
  overhead guards and load backrest used in these
  utilities.

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• 360 Analysis

• Owing to the regulatory compliances in imports,
  and difficulty in procuring of these components,
  cost of critical components is expected to
  increase in upcoming years. Moreover, lack of
  skilled workforce for efficient functioning have
  led to increased reports of workplace fatalities.
  
• According to national safety council in US,
  forklifts accidents find second position in
  private sector workforce fatalities and accounted
  for more than 30,000 injuries in 2015. Thus, lack
  of skilled workforce and increasing incidences
  endangering human lives are expected to hamper
  the overall forklift market growth.
• North America is expected to witness stagnant
  growth over the coming few years owing to its
  steady economic recovery after recession. Lack of
  abundant workforce, emphasis on emission
  reduction are expected to present forklift market
  potential growth opportunities over the forecast
  timeframe.
• Europe forklift market share accounted for around
  30 and is anticipated to witness significant
  growth opportunities over the forecast timeframe.
  Increased in demand for battery operated trucks
  and growth in warehouse segment are major
  contributors for market growth. Europe held the
  largest forklift market share in wholesale
  retail distribution segment owing to highest
  utilization of electric vehicles in the segment.

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Competitive Trends

• The notable industries Forklift Market are
• KION Group AG,
• Toyota Industries Corporation,
• Jungheinrich group,
• Hyster-Yale Material handling Inc
• Mitsubishi Nichiyu Forklift Corporation

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