HOME Research Insight Toyota Industries Corporation, headquartered in Japan, is one of the Top Players in the Forklift Market.

Toyota Industries Corporation, headquartered in Japan, is one of the Top Players in the Forklift Market.

The global forklift market is projected to grow at a CAGR of 1.93%, during the forecast period, to reach USD 17.61 Billion by 2021 from an estimated USD 16.00 Billion in 2016. The base year for the report is 2015 and the forecast year is 2021. The increasing trend in e-commerce and warehouse segment and the technological advancements are the major driving factors for the global forklift market.

New product development makes up the most dominant strategy adopted by market players to achieve growth in the global forklift market. Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc (U.S.), Jungheinrich group (Germany) and Mitsubishi Nichiyu Forklift Corporation (Japan) are the major companies that adopted this strategy. Another strategy adopted by industry players is mergers & acquisitions, which also accounted for 31% of the strategic developments during the same period. This strategy was adopted by major players like Toyota Industrial Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material Handling Inc. (U.S.) and Mitsubishi Nichiyu Forklift Co., Ltd. (Japan).

Toyota Industries Corporation, headquartered in Japan, is one of the top players in the forklift market. It is an industry leader in the production and sales of forklift trucks, with overall revenue of about USD 18.62 billion in 2015. Toyota Industries has three brands under which it sells its forklift trucks products around the world: Toyota, Raymond, and BT. The company invested USD 398 million of its total revenue on R&D in 2015. In August 2015, Toyota Industries acquired Tailift Co., Ltd.ís (Taiwan) lift truck operations by acquiring 55% of the share for USD 100 million. This acquisition would likely strengthen its presence in countries like China and Taiwan as Tailift product ranges are mainly focused for emerging markets with cost competitive offerings.

KION Group AG, headquartered in Germany is the market leader in manufacturing material-handling equipment in Europe, and one of the leading international suppliers for China. The KION group sales and service network is spanning in more than 100 countries. In 2015, it generated a revenue of USD 5.66 billion, and invested USD 144.82 million in R&D. The KION group offers forklift trucks, warehouse technology, and associated services through seven brand companies around the world. These seven brands are Linde (Germany), STILL (Germany), Baoli (China), Egemin Automation (Belgium), Fenwick (France), OM STILL (Italy), and Voltas (India). The company is the second-largest manufacturer of forklift trucks worldwide. Its Linde and STILL brands cater to the premium segment worldwide, while the Baoli brand focuses on the economy segment. The KION Group acquired Dematic (U.S.), a best-in-class automation provider and specialist in supply chain optimization, by purchasing shares worth USD 2.1 billion approximately. After this acquisition in 2015, the combined revenue of both the companies was more than USD 7.5 billion.

Related Reports:

Forklift Market by Application (Manufacturing, Wholesale & Retail Distribution, Freight, & Logistics), Fuel (Diesel, Electric, and Gasoline & LPG/CNG), Tonnage (<5, 5-10, 11-36, and >36), Class (1, 2, 3, and 4/5), and Region - Global Forecast to 2021

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