Global Forklift Truck Market Growing at 7%

The Global Forklift Truck market will grow at a compound annual growth rate of nearly 7 percent over the period 2013-2018 according to a new report from Research and Markets.

The authors noted: “With the increase in labor costs, the demand for new equipment for automation in emerging economies is on the rise.”

Of note is the growth in China.

There, Electric Counterbalanced Trucks and Warehouse Forklift Trucks segments, which held market shares of 13 percent and 11 percent, respectively are capturing the market at a high pace, accelerated the combined global average of both to 55 percent.

According to the report, the Global Forklift Trucks market is influenced by several factors, including the globalization of supply chains.

“With the increase in global trade activities, the number of supply chains across the world is increasing. As a result, the increased fragmentation of logistics and production centers is creating new markets for forklift trucks,” the report indicated.

Further, the report states that the need for continuous support and maintenance for forklift trucks is a major concern for the manufacturers. The increase in input costs leads to increased operational costs.

Also, the increased competition among the vendors has led to competitive pricing, resulting in reduced profitability.

Tags: fork lifts

Category: General Update, Shop Stuff