LOS ANGELES, CA / ACCESSWIRE / December 3, 2019 / QY Research has announced the addition of a new report to its automobile & transportation archive of market research studies titled, “Global Electric Forklift Truck Industry Research Report, Growth Trends and Competitive Analysis 2019-2025.” According to the report, the global Electric Forklift Truck market was exceeding US$ 17.0 Bn in 2018 and is anticipated to reach more than US$ 26.5 Bn by the end of 2025. The global Electric Forklift Truck market is anticipated to exhibit a robust CAGR of 6.3% during the forecast period of 6 years, i.e. between 2019 and 2025.
Details Report Table of Content: https://www.qyresearch.com/index/detail/1212265/global-electric-forklift-truck-industry
Surge in the Adoption of Electric Forklift Trucks by End-use Applications to Stimulate Market Growth
Increasing preference for Electric Forklift Trucks over IC powered forklifts among the end-use applications may emerge as a key driver in the market. Government support to adopt Electric Forklift Trucks due to their low power consumption may foster the market growth in future. Benefits such as low operating cost, maximum performance, low energy consumption, low maintenance, optimum safety, and longer lifecycle are likely to fuel the product demand in the coming years.
Technological advancements are expected to open up novel avenues for the market. On the flip side, high initial cost, longer battery charging time, and lower power output may hamper the market growth.
Usage of Electric Forklift Trucks to Upsurge in the Warehouses
Key application segments including warehouses, factories, distribution centers, and others are mapped in the report. Warehouses occupied a market share of exceeding 50% in 2018 and it will maintain its lead in the next few years. The growth is attributed to increased demand for Electric Forklift Trucks from warehouses and manufacturing facilities, which involve indoor use and speedy and efficient operations. Factories accounted for a share of 31% in the year 2018, however it is likely to witness a surge at sales in the coming years. The market share occupied by the distribution centers was only 10% in 2018. Others held 18% of market share in 2018 and may witness a sluggish growth in future.
Class 3 Type Product Segment Captures Largest Share of the Market
The report also offers all-embracing analysis of the key product types such as Class 1, Class 2, and Class 3. Class 3 type accounted for a substantial market share of 60% in the year 2018 and is likely to upsurge in the years to come. The growth is attributed to the benefits offered by them including quick unloading of the delivery trucks and suitability for small warehouses. Class 1 type held 26% share in 2018, however, its demand will witness a surge in the forthcoming years. The market share of Class 2 was only 15% in 2018.
Favourable Government Regulations to Drive the Market in Europe
Europe held a major market share of 45% in 2018 and is expected to expand in the near future owing to favorable government regulations pertaining to increased manufacturing of Electric Forklift Trucks and the growing construction industry. The well-established manufacturing sector in Germany is promoting the demand for Electric Forklift Trucks, which is having a positive impact on the market growth in Europe. The rapid growth of the e-commerce industry in China could create a robust demand for Electric Forklift Trucks, thus supporting the market growth in Asia Pacific.
Manufacturers to Expand Production Capabilities in Future
Key players operating in the Electric Forklift Truck market include Paletrans Equipment, Toyota, Jungheinrich, Hyster-Yale, Doosan Corporation Industrial Vehicle, Crown Equipment, Anhui Heli, Hangcha, Mitsubishi Logisnext, Clark Material Handling, Komatsu, Hubtex Maschinenbau, Hyundai Heavy Industries, Combilift, Lonking, Kion, EP Equipment, and Godrej & Boyce. Manufacturers are involved in extensive research and development and are aiming at reducing the business costs and expanding production capabilities.
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