Global Forklift Trucks Market 2018-2022: Shortage of Skilled Operators to Hamper Market Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2018--The “Global Forklift Trucks Market 2018-2022” report has been added to ResearchAndMarkets.com’s offering.
The forklift trucks market will register a CAGR of almost 6% by 2022.
The demand for increased operational efficiency and the presence of strict regulations for reducing carbon emissions is driving the adoption of fuel cell powered forklifts during the forecast period. The replacement frequency of hydrogen fuel cells is lower than that of lead batteries. Moreover, the fueling time of hydrogen powered forklifts is 80%-85% less than that for battery operated forklifts. Since, hydrogen is derived from natural gas, hydrogen fuel is much cheaper than diesel and LPG. These factors along with improved performance, environmental benefits, and low maintenance will drive the demand for fuel cell powered forklifts and act as a key trend driving market growth.
Rapid growth in construction sector
The construction and renovation sector are witnessing rapid growth in developed markets such as the US and Western Europe. The implementation of Energy Efficiency Directive (EED) by the EC in 2012 is one of the major factors driving the public building renovation sector in Western Europe. Construction activity is also increasing in emerging economies of APAC such as India, China, and countries in South East Asia. Forklift trucks offer better flexibility and operational speed for repeated material handling tasks which makes it suitable for various construction activities. Thus, the growth of the construction sector will drive the growth of forklift trucks market during the forecast period.
Shortage of skilled operators
Trained personnel with skilled technical expertise are required for the handling and operations of forklift trucks. In the US, a rule was implemented by OSHA from 2017, which makes training and certification compulsory for every forklift operator in a workplace. However, it is difficult to find skilled operators which leads to delay and loss in profitability of projects. Thus, the lack of skilled operators will hurt the growth prospects of the forklift trucks market during the forecast period.
The market appears to be fragmented and with the presence of several companies including Crown Equipment, and Jungheinrich the competitive environment is quite intense. Factors such as the rapid growth of the construction sector, will provide considerable growth opportunities to forklift truck manufacturers. Crown Equipment, Jungheinrich, KION GROUP, Mitsubishi Heavy Industries, and Toyota Industries are some of the major companies covered in this report.
Fuel cell powered forklifts provide better operational efficiency as it requires very less downtime. Hydrogen fuel cells also offer improved performance and environmental benefits. Thus, the growing demand for fuel cell powered forklift trucks will be a key trend driving market growth.
According to the report, one of the major drivers for this market is the rapid growth of the construction and renovation sector in developed as well as emerging economies of the world. This growth of the construction sector will foster the demand for forklift trucks and thereby boost market growth.
Further, the report states that one of the major factors hindering the growth of this market is the lack of skilled forklift operators which leads to delay and loss in profitability of projects. According to a rule in the US, every forklift operator needs to be trained and certified to handle forklift trucks. This is leading to a shortage of skilled operators, which in turn is hampering market growth.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: MARKET LANDSCAPEMarket ecosystem Market characteristics Market segmentation analysis
PART 05: MARKET SIZINGMarket definition Market sizing 2017 Market size and forecast 2017-2022
PART 06: FIVE FORCES ANALYSISBargaining power of buyers Bargaining power of suppliers Threat of new entrants Threat of substitutes Threat of rivalry Market condition
PART 07: MARKET SEGMENTATION BY CLASS TYPESegmentation by class type Comparison by class type Class V type forklift trucks - Market size and forecast 2017-2022 Class III type forklift trucks - Market size and forecast 2017-2022 Class I type forklift trucks - Market size and forecast 2017-2022 Class II type forklift trucks - Market size and forecast 2017-2022 Class IV type forklift trucks - Market size and forecast 2017-2022 Market opportunity by class type
PART 08: CUSTOMER LANDSCAPE
PART 09: REGIONAL LANDSCAPEGeographical segmentation Regional comparison APAC - Market size and forecast 2017-2022 EMEA - Market size and forecast 2017-2022 Americas - Market size and forecast 2017-2022 Key leading countries Market opportunity
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGESMarket drivers Market challenges
PART 12: MARKET TRENDSFuel cell powered forklift trucks Growing popularity of automation Rising prominence of tire technology
PART 13: VENDOR LANDSCAPEOverview Landscape disruption Competitive landscape
PART 14: VENDOR ANALYSISCrown Equipment Jungheinrich KION GROUP Mitsubishi Heavy Industries Toyota Industries
For more information about this report visit https://www.researchandmarkets.com/research/2tzsfb/global_forklift?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181120005290/en/
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SOURCE: Research and Markets
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PUB: 11/20/2018 06:07 AM/DISC: 11/20/2018 06:07 AM