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Key Strategy Adopted by Players to Gain Traction in the Global Industrial Vehicles Market is New Product Launch
The global industrial vehicles market is estimated to be USD 13.45 Billion in 2016, and is projected to reach USD 14.75 Billion by 2021, growing at a CAGR of 1.86% from 2016 to 2021. Asia-Pacific is estimated to lead the market in 2016; China, Japan, and India are key contributors to the industrial vehicles market in the region.
The key strategy adopted by players to gain traction in the global industrial vehicles market is new product launch, which accounted for approximately 38% of all the strategies adopted by companies from 2013 to 2016. For instance, Toyota Industries Corporation introduced a three-wheel electric forklift with battery compartments ranging from 17.7 inches to 25.1 inches in the 3,000- and 4,000-pound capacity models. Additionally, Crown Equipment Corporation introduced a new, counterbalanced forklift, the Crown FC 5200 Series counterbalanced forklift, which is stronger, more stable, and more maneuverable for lifting heavy loads in tight aisles and on crowded docks compared to the companyís older models.
Companies operating in the industrial vehicles market also followed the strategy of mergers & acquisitions to diversify their geographical presence and fortify their business network. This approach constituted approximately 32% of the total growth strategies adopted by players in the global industrial vehicles market. For instance, Toyota Industries Corporation acquired Tailift Co., Ltdís (Taiwan) lift truck operations by acquiring 55% of the shares for USD 100 million. Additionally, KION Group AG acquired Belgian automation specialist Egemin Groupís handling automation division for an enterprise value of approximately USD 80 million.
The industrial vehicles market is dominated by global players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (U.S.), and Hyster-Yale Materials Handling, Inc. (U.S.)
Toyota Industries Corporation was founded in 1926, and is headquartered in Japan. It has expanded its business to cater to different domains, such as automobiles, material-handling equipment, and logistic solutions, as well as electronics. The company sells industrial vehicles such as forklifts, tow tractors, lift trucks, and automated guided vehicles. It also offers optimized material-handling solutions based on technological expertise to help customers overcome logistical problems. Toyota Industries Corporation has production facilities in Asia, Europe, and North America.
KION Group AG was founded in 2006, and is headquartered in Wiesbaden, Germany. It sells forklift trucks, warehouse technology, and associated services through seven brand companies around the world. These seven brands are Linde, STILL, Baoli, Egemin Automation, Fenwick, OM STILL, and Voltas. It is the market leader in Europe, and one of the leading international suppliers for China. The Linde and STILL brands cater to the premium segment, while Baoli focuses on the economy segment. OM STILL is a market leader in Italy, and Fenwick is the material-handling market leader in France. Voltas is one of the two market leaders in India.
Industrial Vehicles Market by Product Type (Forklift, Tow Tractor, Aisle Truck, and Container Handler), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Application (Industrial and Cargo), and Region - Global Forecast to 2021
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