June 29, 2021 08:28 ET | Source: Global Market Estimates Global Market Estimates
Brooklyn, New York, June 29, 2021 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the Energy Efficient Forklift Market will grow with a CAGR value of around 5.5% percent over the forecast period [2021 to 2026].
Energy Efficient Forklift is a sustainable transporting solution to transfer goods internally. These vehicles run on electricity and are pollution-free. Low operational cost, quick operations, and a safer environment are the key success factors to induce demand for these transporters. Shifting industry trends towards more ecological operational activities and procedures along with long-term competency are key causes to fuel market penetration. At present, the market scope is limited in terms of suppliers and end-users. However, the industry is likely to witness high growth soon.
Currently, various capacities are offered under the energy-efficient forklifts such as below 5 ton, 5 to 10 ton, 11 to 36 ton, and 36 ton and above. The presence of numerous models with different capabilities makes the industry more versatile and suitable for diversified end-users with different weight capacity requirements.
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Logistics dominated the end-use segment
Logistics end-use segment will dominate the market concerning deployment. The segment is likely to foresee the high demand during the forecast period. Heavy adoption due to busy transport areas due to high traffic in material handling routes along with the need to reorganize the operation will drive demand.
Retail & wholesale hold the highest potential
E-commerce industry expansion along with the rising purchase of consumer goods through diversified sales channels will proliferate the electric mover deployment in retail industries. Large space availability, the necessity to manage the operations effectively, and cost efficiency are major reasons to drive market growth in this segment. The food industry is likely to observe the highest growth up to 2026. Shifting consumer spending towards food and wellness rather than on non-essential goods will support the market growth.
Asia Pacific led the regional demand
The Asia Pacific energy-efficient forklift market led the global demand and accounted for more than 37% of the revenue share in 2019. The presence of large-scale manufacturing and logistic facilities along with the increasing need to modernize the existing material handling operations will drive the regional demand. China, Japan, India, and South Korea will be the major revenue-generating countries.
Product upgradation and partnering with the end-users are prime strategies
Key identified companies in the industry are Jungheinrich Lift Truck Corp., Kion Group AG, Toyota Industries Corp., Anhui Forklift Truck Group Co. Ltd, Hyster-Yale Group, Clark, Crown Equipment Corp., Combilift Ltd., Doosan Industrial Vehicles Co. Ltd, Hangcha Forklift, Godrej & Boyce Mfg. Co. Ltd, Komatsu Utility Co. Ltd, PLUG POWER INC., STILL GMBH, Mitsubishi Forklift Trucks, Oorja Corporation, Beijing SinoHytec Co., Ltd., Hydrogenics Corporation, Linde Material Handling, and NEL ASA among others.
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Tonnage Outlook (Revenue, USD Million, 2019-2026)
End-Use Outlook (Revenue, USD Million, 2019-2026)
Regional Outlook (Revenue, USD Million, 2019-2026)