The latest market research report by Technavio on the global warehouse vehicles market predicts a CAGR of more than 6% during the period 2017-2021.
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Technavio has published a new report on the global warehouse vehicles market from 2017-2021. (Graphic: Business Wire)
The global warehouse vehicles market has further been segmented by product (counterbalance trucks, narrow aisle trucks, tow trucks, pallet trucks, and others) and by geography (APAC, EMEA, and the Americas). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global warehouse vehicles market, according to Technavio transportation and logistics researchers:
- Rising e-commerce retail sales: a major market driver
- In 2016, the counterbalance lift truck segment dominated the market and it is expected to grow at a CAGR of more than 6% during the forecast period
- APAC dominated the warehouse vehicles market in 2016 and occupied a market share of close to 42%
- Toyota, KION GROUP, Jungheinrich, and Crown are the key players in the market
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Rising e-commerce retail sales: a major market driver
Rising e-commerce retail sales is one of the major factors driving the global warehouse vehicles market. In the future, an increase is expected in the number of online shoppers. Therefore, retailers have either slowed or stopped the growth of brick and mortar retail stores in several locations. This has led to an increase in the number of warehouses that store the product. Amazon, one of the leading online mass retailers, has increased the size and locations of its warehouse distribution centers. To increase the speed of delivery time, warehouses are required to be closer to population centers. With the demand for warehouses likely to increase, the growth of the warehouse vehicles market looks promising.
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APAC: largest warehouse vehicles market
In 2016, the warehouse vehicles market in APAC held a market share of more than 41% and it is expected to grow further during the forecast period. Owing to the increase in sales of passenger cars and the increasing number of retail e-commerce sales, there is an increase in the need for warehousing activities. This is promoting the growth of the global warehouse vehicles market. The retail e-commerce sales in APAC are expected to grow at CAGR of more than 20% during the forecast period.
According to Shakti Jakhar, a lead analyst at Technavio for research on warehouse and storage, "The macroeconomic developments in APAC and the presence of strong developing economies such as India and China in this region is expected to propel the automotive and e-commerce industry. The rise in the sales of e-commerce and passenger cars is expected to increase the need for an increased number of warehouses to accommodate the products before shipping them customers. This will increase the warehousing activities, thereby, driving the warehouse vehicles market in APAC."
Competitive vendor landscape
The global warehouse vehicles market is fragmented and highly competitive. A few major players such as Toyota and KION GROUP and several small regional vendors such as Mighty Lift in North America and Sroka Incorporated in the US are present in the market. These companies compete on several factors. The global warehouse vehicles market witnessed mergers and acquisitions to increase the product portfolio and increase the geographical reach. For instance, in February 2017, Toyota Industries Corporation (TICO) announced that it has concluded an agreement to acquire North American material handling systems integrator Bastian Solutions.
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