Global Forklift Truck Market Outlook 2024 by Goldstein Market Intelligence

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Visibility Report Code :HC 1005

2017-2024

Global Forklift Truck Market Outlook 2024: Global Opportunity & Growth Analysis, 2017-2024

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Description 1. Executive Summary 1.1. Summary of Forklift Truck Market 2. Research Methodology 3. Major Players Presence-Regional Analysis 4. Global Forklift Truck Market Analysis 4.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 4.2. Global Forklift Truck Market Overview, By Region and Market Players-2016 5. Market Dynamics 5.1. Risk analysis 5.1.1. Demand risk 5.1.2. supply risk 5.2. Growth Drivers 5.3. Market Restraints 5.4. Market Opportunity 5.4.1 Global Forklift Truck Market Opportunity, 2017-2024 Copyright

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Description 5.4.2. Forklift Truck Market: Making all the right moves 5.5. Market Trends 5.5.1 Forklift Truck Market Trends 5.5.2. Next Forklift Truck: Rent, Buy Or Lease 5.6. Impact Analysis 6. Global Forklift Truck Market segmentation 6.1. Global Forklift Truck Market segmentation: on the basis of Product 6.1.1. Global Forklift Truck Market Size (USD Billion) ,By Product, 2017-2024 Table:1 Global Sales (USD Billion) of Forklift Truck, By Product, 2017-2024 6.1.1.1. Global Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.2. Global Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.3. Global Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.4. Global Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.5. Global Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.6. Global Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Copyright

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Description 6.1.1.7. Global Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.1.8. Global Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.1.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 6.1.2.1. Global Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.2.2. Global Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.2.3. Global Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.1.2.4. Global Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 6.1.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.1.3.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 6.1.3.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.1.3.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 6.1.3.4. Global Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.1.3.5. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.1.3.6. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 6.1.3.6a. Three Types Of Electric Lift Trucks Are Used In Food And Beverage Plants Copyright

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Description 6.1.3.7. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.1.3.8. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.1.3.9. Global Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 6.2. North America Forklift Truck Market Analysis 6.2A. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.2.1. North America Forklift Truck Market Analysis, by country 6.2.1.1. U.S. Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.1.2. Canada Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.1.3. North America Forklift Truck Market Attractiveness and BPS Analysis - By Country, 2017-2024 6.2.2. North America Forklift Truck Market Analysis, by Product Type Table: 2 North America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 6.2.2.1. North America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.2. North America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.3. North America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.4. North America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.5. North America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

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Description 6.2.2.6. North America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.7. North America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.2.8. North America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.2.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 6.2.3.1. North America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.3.2 North America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.3.3. North America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.2.3.4. North America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 6.2.4. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.2.4.1. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 6.2.4.2. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.2.4.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 6.2.4.4. North America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.2.4.5. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.2.4.6. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Copyright

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Description 6.2.4.7. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.2.4.8. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.2.4.9. North America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 6.3. Europe Forklift Truck Market Analysis 6.3a. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.3b. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.3c Leading Suppliers and Dealers of Forklift Trucks in Europe 6.3.1. Europe Forklift Truck Market Analysis, by country 6.3.1.1. Germany Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.2. France Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.3. The United Kingdoms Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.3a. The United Kingdoms Forklift Truck Market 6.3.1.4. Italy Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.5. Russia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.6. Austria, Benelux & Switzerland Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Copyright

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Description 6.3.1.7. Nordic and Baltic Countries Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.8. Rest of Europe (RoE) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.1.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 6.3.2. Europe Forklift Truck Market Analysis, by Product Type Table.3 Europe Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 6.3.2.1. Europe Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.2. Europe Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.3. Europe Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.4. Europe Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.5. Europe Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.6. Europe Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.7. Europe Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.2.8. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.3.3. Europe Forklift Truck Market Analysis, by Fuel Type 6.3.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Copyright

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Description 6.3.3.1. Europe Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.3.2. Europe Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.3.3. Europe Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.3.3.4. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 6.3.4. Europe Forklift Truck Market Analysis, by End-User 6.3.4. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.3.4.1. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 6.3.4.2. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.3.4.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 6.3.4.4. Europe Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.3.4.5. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.3.4.6. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 6.3.4.7. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.3.4.8. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.3.4.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 Copyright

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Description 6.4. Asia-Pacific Forklift Truck Market Analysis 6.4a. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.4.1. Asia-Pacific Forklift Truck Market Analysis, by country 6.4.1.1. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.1a. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.1b. China Forklift Truck Supply ( In Units), By Vehicle Type 6.4.1.2. Japan Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.3. India Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.4. Australia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.5. Rest Of Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.1.6. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 6.4.2. Asia-Pacific Forklift Truck Market Analysis, by Product Type Table.4 Asia-Pacific Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 6.4.2.1. Asia-Pacific Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.2. Asia-Pacific Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Copyright

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Description 6.4.2.3. Asia-Pacific Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.4. Asia-Pacific Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.5. . Asia-Pacific Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.6. Asia-Pacific Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.7. Asia-Pacific Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.2.8. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.4.3. Asia-Pacific Forklift Truck Market Analysis, by Fuel Type 6.4.3a. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 6.4.3.1. Asia-Pacific Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.3.2. Asia-Pacific Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.3.3. Asia-Pacific Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.4.3.4. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 6.3.4. Asia-Pacific Forklift Truck Market Analysis, by End-User 6.3.4. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.3.4.1. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Copyright

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Description 6.3.4.2. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.3.4.3. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Active Waste Handling, 2017-2024 6.3.4.4. Asia-Pacific Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.3.4.5. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.3.4.6. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 6.3.4.7. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.3.4.8. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.3.4.9. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 6.5. Latin America Forklift Truck Market Analysis 6.5a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.5.1. Latin America Forklift Truck Market Analysis, by country 6.5.1.1. Brazil Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.1.2. Mexico Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.1.3. Rest of Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.1.6. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 Copyright

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Description 6.5.2. Latin America Forklift Truck Market Analysis, by Product Type Table.5. Latin America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 6.5.2.1. Latin America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.2. Latin America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.3. Latin America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.4. Latin America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.5. Latin America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.6. Latin America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.7. Latin America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.8. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.5.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 6.5.3.1. Latin America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.2. Latin America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.3. Latin America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.4. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 Copyright

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Description 6.5.4. Latin America Forklift Truck Market Analysis, by End-User 6.5.4a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.5.4.1. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 6.5.4.2. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.5.4.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 6.5.4.4. Latin America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.5.4.5. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.5.4.6. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 6.5.4.7. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.5.4.8. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.5.4.9. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 6.6. Middle East & Africa Forklift Truck Market Analysis 6.6a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 6.6.1. Middle East & Africa Forklift Truck Market Analysis, by country 6.6.1.1. South Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Copyright

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Description 6.6.1.2. Gulf Cooperation Council (GCC) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.6.1.3. Rest of Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.6.1.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 6.6.2. Middle East & Africa Forklift Truck Market Analysis, by Product Type Table.6. Middle East & Africa Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 6.5.2.1. Middle East & Africa Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.2. Middle East & Africa Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.3. Middle East & Africa Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.4. Middle East & Africa Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.5. Middle East & Africa Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.6. Middle East & Africa Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.7. Middle East & Africa Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.2.8. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 6.5.3. Middle East & Africa Forklift Truck Market Analysis, by Fuel Type 6.5.3a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Copyright

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Description 6.5.3.1. Middle East & Africa Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.2. Middle East & Africa Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.3. Middle East & Africa Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 6.5.3.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 6.5.4. Middle East & Africa Forklift Truck Market Analysis, by End-User 6.5.4a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 6.5.4.1. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 6.5.4.2. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 6.5.4.3. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 6.5.4.4. Middle East & Africa Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 6.5.4.5. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 6.5.4.6. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 6.5.4.7. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 6.5.4.8. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 6.5.4.9. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 Copyright

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Description 7. Porterâ&#x20AC;&#x2122;s Five Force Model 8. Company Profiling 8.1. Toyota 8.1.1. Toyota Industries Corporation ( Company Overview) 8.1.2. Toyota (Revenue & Financial Analysis) 8.1.3. Toyota (Revenue Split & Recent News) 8.2. Kion 8.3. Jungheinrich 8.4. Komatsu 8.5. Hyster-yale

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1. exeCuTive summary Connect With Us: Published By: Goldstein Research Copyright

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1. Executive Summary Fig: 1-2 Global Forklift Truck Market Share(%), By Region-2017-2024

Fig: 1-1 Global Forklift Truck Market Size USD (Billion). 2017-2024 70.00 61.50

60.00

5.70% CAGR: (2017-2024)

50.00

37.90

40.00

40.07

42.44

44.98

47.70

50.66

57.50

53.90

10.56% 12.00%

32.24%

31.00%

30.00

24.00%

24.80%

2016

2024

20.00 8.00%

10.00

6.90%

25.00%

25.50%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

Asia-Pacific

Source: Goldstein Research

In 2016,

Middle East & Africa

North America

Europe

Source: Goldstein Research

Electric Forklifts accounted for the highest market share 65% in Forklift Truck Market

Fig: 1-3 Global Forklift Truck Market Share(%), By Product Type-2016

With

31% share in 2016, Asia Pacific region dominated the Global Forklift Truck market

Fig: 1-4 Global Forklift Truck Market Share(%), By Fuel Type-2016

Fig: 1-5 Forklift Truck Deal Split (%), By End Users2016

7.00%

25.00%

Electric/Hybri d

Paper Industry

4.00% 7.00%

Ports and Logistics

9.00%

Radio Active Waste 34.00%

Gasoline

15.00%

65.00%

Diesel

18.00%

6.00%

Clas s I (Electric Motor Rid er Truc ks) Clas s II (Electric Motor Narrow Aisle Truc ks) Clas s III (H and Rider Trucks ) Clas s IV ( IC En gine Truc ks, solid /Cush ion Tires) Clas s V (IC Engine Truc ks, Pneumatic Tires) Clas s VI ( Electric and IC Engine Tractors) Clas s VII (Rough Terrain Forklift Truc ks)

Source: Goldstein Research

Automobile Iron and Steel Industry & Steel Plants

10.00%

Latin America

Food and Beverages Wood Industry

Source: Goldstein Research

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Others

Key Findings

 In 2016, electric and IC engine tractors dominated the market; electric and IC engine tractors segment accounted for nearly 23% of the total forklift truck market and remaining 77% went for the remaining products. The main reason for this despaired share is due to the rising demand for forklift truck trend owing to the increase in manufacturing activities and transportation networks  Forklift truck volumes grew at 2.4x global GDP in 2006-16, propelled by the Chinese market, which expanded six fold in that period. The European market, on the other hand, is characterized by replacements, growing at 2.7% CAGR 2006-16.

Growing Warehouse Services

 As a result, if seen from the big market point of view, class IV trucks demand is higher in manufacturing and steel plants settings followed by other facilities. Moreover, the rising investment opportunities in Latin America on the back of new mining reforms and rising investment in industry sector is expected to bolster the growth of forklift truck in Africa region.  Despite an expected industrial recovery in Europe, order momentum for industrial trucks was limited in 2015/16. Following a 40% decline in 2009, large markets such as Germany, France and the UK have rebounded to pre-crisis levels. Spain, Italy and other smaller countries that accounted for 44% of volumes pre-crisis continue to lag behind. Declining utilization has extended truck lifecycles in these regions, and we see no significant replacement need before 2017/18.

Rising Manufacturing demands

 At a joint global share of 51%, Toyota (#1), KION (#2), Jungheinrich (#3) and Hyster-Yale (#4) dominate the industry. All of these players offer premium trucks and the relevant after-sales services. At 46%, Jungheinrich’s service share is best in class while KION achieves 42%.  The most significant observation from the sales data in 2015 is the growth of electric lift trucks and the decline of internal combustion (IC) models. Electric models in Class 1, 2 and 3 combined grew by 6% over 2015, whereas IC models in Class 4 and 5 declined globally by 8% compared to 2015.

Global Forklift Revenue (USD Billion)

Asia-Pacific

North America

2016

11.46 Billion

19.04 Billion

2024

10.51 Billion

15.32 Billion

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Rising Iron & Steel Plants

Rise in construction activities

Advancement in forklift technology

1.1. Summary of Forklift Truck Market

Global Global Forklift Forklift Truck Truck Market Market Size, Size, 2024 2024

Global Global Forklift Forklift Truck Truck Market Market Size, Size, 2016 2016

$ 61.50 Billion

$ 37.90 Billion

5.70% CAGR (2017-2024)

• North America Forklift Truck Market accounted for the • North share America ForkliftinTruck revenue of 25.0% 2016Market accounted for the revenue share of 25.0% in 2016 • Asia-Pacific Forklift Truck Market is expected to register a • Asia-Pacific Truck Market is expected to register a CAGR of 6.76%Forklift over the forecast period 2017-2024 CAGR of 6.76% over the forecast period 2017-2024 • Europe Forklift Truck Market is anticipated to grow at • Europe CAGR Forklift is anticipated to grow at moderate ofTruck 6.67%Market by 2024 moderate CAGR of 6.67% by 2024

Source: Goldstein Research Source: Goldstein Research

Fig: 1-6 North-America Forklift Truck Market Share, By Country-2016

Key Findings

 The global forklift truck market reached 37.90 billion in 2016, by registering a CAGR of 5.70% across the globe 30.96%

69.04%

U.S.

Cananda

Source: Goldstein Research

 Electric forklifts (Class-1, 2, 3) accounted for the highest revenue share of more than 50% in global forklift trucks market. Whereas, diesel forklift trucks market declined by more than 6% in 2016 as compared to sales in 2015 .  The Latin America and Africa forklift truck market is expected to builtup business opportunities for the existing key players looking for expansion, new entrants looking to enter in the market of forklift truck over the forecast period i.e. 2017-2024.

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2. Research Methodology Goldstein Research follows a comprehensive and rigorous research methodology to provide you accurate estimates and forecast of a particular market. We provide estimates, forecast and analysis primarily based on secondary research, primary interviews, in-house database and other free as well paid sources. Our company follows simultaneous top down and bottom approach in order to provide you the accurate market sizing. Data triangulation method is strictly followed where we triangulate the data from all the aspects, be it Function Type, application, industry verticals, material, product type or geography. In addition, the research methodology we follow is a systematic approach in order to estimate and project the market sizing keeping in mind all the on-going and upcoming trends of the market. We conduct both primary and secondary research in order to estimate a market and validate our key findings. We put together our effort and prepare an inclusive questionnaire depending on the title of the market we are tracking and extract the important information we require to validate our findings. Our team of Analysts and experts dedicatedly put their effort to provide you the best possible and accurate data and analysis. Adding to that; technological, economic, cultural and social aspects along with the regulatory barriers are completely analysed to understand the comprehensive market scenario across different geographies. Understanding the market from both buyer and seller point of view is important to track a market and provide analysis on the same. We not only provide the market data of the four geographies as a whole, namely, North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World (RoW) but we also provide you qualitative as well we qualitative information on country level bifurcation. We at Goldstein Research provide you: • Precise Estimates and Forecast • Authentic Analysis • In-depth Data and Analysis • Authentic Sources • Reliable Data and Analysis Copyright

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3. Major Players Presence-Regional Analysis

Major Players/ Industries

North America

APAC

Europe

Latin America

Middle East & Africa

Toyota Industries Corporation Mitsubishi Nichiyu Forklift Co. Ltd Anhui HeLi Co. Ltd Kion Group AG

Medium Penetration www.goldsteinresearch.com

Low Penetration

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4.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 Fig: 4-1 Global Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 4-2 Global Forklift Truck Market Y-O-Y Growth Rate, 2017-2024 9.00%

70.0 61.50 60.0 50.0 40.0

37.90

40.07

42.44

44.98

47.70

50.66

53.90

57.50

7.00%

5.42%

5.58%

5.65%

5.70%

5.84%

2018f

2019f

2020f

2021f

6.01%

6.26%

6.50%

5.01% 5.00%

30.0 3.00%

20.0 10.0

1.00%

2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2022f

2023f

Y-o-Y

-1.00%

Source: Goldstein Research

 Global forklift truck market tends to increase at a CAGR of 5.7% and reach the market value of USD 59.52 billion by 2024. In 2016, global Forklift Truck market valued USD 38.2 billion owing to rapid rise of electric forklift trucks in various end use industries. The world’s rising population and economic growth driven by emerging countries have led to an increase in logistics volume, and consequently, an expansion of the lift truck market. At the same time, increasing e-commerce transactions have necessitated larger logistics sites and even more efficient logistics operations. Moreover, the recent advancement in information and communications technology (ICT) has created diverse applications for logistics sites. Technological advancements and rising need for material handling equipments has significantly boosted the growth of forklift trucks market growth. Eisenmann’s driverless guided pallet conveyor LogiMover, HELI's LPG IC engines and Ruyi electric vehicles are the few examples of recent trends and technology in global forklift truck market Copyright

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2024f

4.2. Global Forklift Truck Market Overview, By Region and Market Players-2016 Fig:- 4-3 Global Forklift Truck Market Share (%), By Country, 2016

11.00%

United States

16.00%

Fig:- 4-4 Global Forklift Truck Market Share (%), By Top 10 Players, 2016

Toyota Industries Corporation

Germany

Kion Group AG Japan

China

5.00%

11.00% 6.00% 6.00%

7.00%

Brazil

Russia

India

South Korea

Mexico

Africa

5.00%

21.00%

4.02% 3.02% 2.51% 7.04% 25.13% 9.05% 10.05% 11.06%

15.08% 13.07%

Jungheinrich AG Hyster-Yale Material Handling Crown Equipments Corp. Mitsubishi Nichiyu Forklift Co. UniCarriers Anhui Forklift Truck Group Hangcha

ROW

Komatsu

Source: Goldstein Research

 Asia experienced the biggest jump, with a 152% increase in shipments. The region went from a 23% decline in 2009 shipping 207,207 units to shipping 529,145 units in 2015.  KION is a global leader in industrial truck production and after-sales service. With sales of USD 4.9bn and a global market share of 15%, it is the global number two in industrial trucks, after Toyota Material Handling  Jungheinrich is the world’s number-three producer of industrial trucks with a 9% market share. Operating an integrated intralogistics business model, it is purely focused on the premium truck segment and achieves a best-inclass service share of 46%.

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5. Market Dynamics

Growth Drivers

Growth Barriers

General Trend

Highly Complex

Moderately Complex

Waived

Technology Copyright

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5.1.1. Market Demand Risk

Market Demand Risk-Low Market Demand Risk-Low On the basis of Cost-effectiveness

On the basis of Growing E-Commerce Business

Technological Advancements

The demand for Forklift Trucks is likely to grow due to availability of cost-effective products through different business models such as leasing of forklifts trucks to provide cost efficient solutions for Forklift Truck in developing & underdeveloped countries like Africa , India, etc. Rising demand for Forklift Truck benefits the new players to get into the market to provide affordable products and provide opportunities for expansion of business by existing players in the Forklift Trucks market

Online shopping is growing by leaps and bounds. It has already captured major shares in developed nations and is changing the way people shop in emerging economies as well. Add to this the expanding warehouse space on a global scale, the bulk investments made by major industries from emerging economies into low-cost forklifts, and the large demand for advanced forklift trucks in developed nations, and showcasing uplifting future for the forklifts truck demand.

The future of forklifts looks bright, with the advancement on the horizon of on-board technology that will boost the productivity of operators and encourage further connectivity and automation. Automated guided vehicles has provided the new growth opportunities for the market players as these forklifts are majorly implemented in automated warehouses and logistic sector. Autonomously driven logistic trucks are much more cost-effective than manned forklifts for extremely repetitive processes

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5.1.2. Market Supply Risk

Market Supply Risk-Low Market Supply Risk-Low On the basis of Technological Advancements

Due to rise in advancement in fuel cell technology by major market players and new startups in order to provide clean energy products and high end technology, which is expected to raise the demand for energy and cost efficient forklifts, which significantly bolster the supply in the market with new efficient and cost effective products of Forklift Truck

On the basis of Governmental Regulations

On the basis of Investment

Presence of strict government regulations across the globe for the construction activities and the fuel emission is likely to hamper the growth of conventional forklift trucks. Declining sales of IC engine forklift trucks across the globe with more stringent environmental regulation is anticipated to create a supply risk of IC engine forklifts for the market players.

The initial cost to setup Forklift Truck manufacturing unit is very high due to requirement of research and development sector and high accuracy and precise manufacturing equipment with expertise which is expected to put many limitation for the new players in Forklift Truck market.

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5.2.1. Growth Drivers Growing E-commerce Business

Fig: 5-1 E-Commerce Turnover Per of the Global Regions2015-2016 Region 2015 2016 Growth

 Rising e-commerce business across the globe is a major a growth driver for the forklift truck industry.  In 2015, the global population accounted to around 7.3 billion people, of which 1.4 billion people purchased goods and/or services online at least once. In total, they spent USD 2,272.7bn online, which results in an average spending per e-shopper of USD 1,582. Aforementioned data is showcasing the rapid growth of e-commerce business and is likely to impact material handling equipment market significantly.  Asia-Pacific strongest B2C e-commerce region in the world Just like in 2014, Asia-Pacific was the strongest B2C e-commerce region in the world last year. With a B2C e-commerce turnover of USD 1,056.8bn, it ranked ahead of North America (USD 664.0bn) and Europe (USD 505.1bn). Source: Goldstein research

USD 1895.3bn

USD 2,272.7bn

+19.9%

Asia Pacific

USD 822.8bn

$1,056.8bn

+28.4%

North America

USD 572.5bn

USD 644.0bn

+12.5%

Europe

USD 446.0bn

USD 505.1bn

+13.3%

Latin America

USD 25.8bn

USD 33.0bn

+28.0%

MENA

USD 21.7bn

USD 25.8bn

+18.6%

Impact Analysis:-

Shipping and logistics provider DHL Express will invest USD 185 million in its U.S. operations during 2016 and 2017 in an effort to meet continued business growth and growing e-commerce volume in the country

 Growing e-commerce business across the globe and rising need for efficient warehouse management across the globe is expected to positively impact on the growth of Forklift Truck market.

Toyota Industries Global Commercial Finance, Inc. based in Dallas, Texas, has partnered with the local DFW Toyota Forklift dealer, Shoppa's Material Handling, to create a National Off Lease Equipment Center e-commerce website for the sale, lease or rental of pre-owned late-model used material handling equipment.

 Major market players has introduced automated forklifts which will be implemented in rising number of warehouses across the globe. For automated logistic operations. With the augmented e-commerce business the demand for automated forklifts will increase significantly in coming years.

A-Plant is one of the UK’s largest plant, tool and equipment hire companies has invested over USD 1.67 million in a fleet of new diesel powered forklift trucks manufactured by Linde. High

World

Medium

Low

Impact on Forklift Truck Market Copyright

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5.2.2. Growth Drivers Growing technological advancements in material handling equipment

Fig: 5-2 Reason behind the growth in global forklift truck market-2015-2021

 With standardization of logistics infrastructure, forklifts usage will definitely increase  With the increase in cargo traffic and overall space crunch, efficiency has become a major factor in determining business growth and profitability  huge spending on ports infrastructure and a surge in e-commerce are among factors that are leading to an increase in containerization and palletisation  Rental – on a Splendid Growth Path: Rental forklift market is growing at a spectacular rate. Earlier the rental market was mostly dominated by small players; who used their fleets to meet peak loads in various capacities. But the scenario is changing quickly, majority of the OEMs have now entered in this market and are now providing rental services along with a bunch of value added services; including operators, maintenance and fleet management

Global Market

Rising Demand in Logistic operations

Advancement in Technology

 Hiring segment is a major demand puller of forklift truck market

In 2014, Toyota Material Handling USA, announced it had acquired the forklift business of 15th-place Tailift. Operating mainly in Taiwan and China, Tailift manufactures electric and internal combustion forklifts as well as industrial machine tools KION added 6.5% for a total of USD 5.66 billion after introducing a new brand to North America in 2015 and acquiring Egemin Automation, a manufacturer of automatic guided vehicles. Its North American brands now include Linde, Still, Baoli and Egemin NACCO Materials Handling Group (NMHG), acquired Nuvera Fuel Cells in late 2014. Massachusetts-based Nuvera is focused on fuel cell stacks, related systems, on-site hydrogen production and dispensing systems. High Medium Low Impact on Forklift Truck Market Copyright

Wide range of Products with Multiple Applications Source: Goldstein Research



The AGVs used in warehouses today typically follow preplanned routes and can't navigate around obstacles. They currently account for less than 3 percent of forklift sales in the United States. But, with continuous developments in automated forklifts the market is likely to boost in nearby future.



Customers have realized the importance of cycle efficiency, safety and wastage reduction, resulting into more of palletisation and mechanized handling. This will certainly boost the demand scenario of forklifts

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5.2.3. Growth Drivers ( Electric Forklift and Telematics)

Telematics in Forklifts

Management Systems WHAT GETS MANAGED

TRACK YOUR

FORKLIFT FLEET

Whether you are operating at a single location or offer rentals, T-Matics offers solutions to have visibility of your fleet at all time.

TRACK

YOUR

MAINTENANCE

Telematics

MEASURED

GETS

LIMIT USE

SAFETY CHECKLIST Mandate automated forklift operator checklists before use.

TO ONLY

THOSE QUALIFIED

Set permissions to ensure forklift is being used only by certified operators.

WEB BASED

REPORTING

Generate benchmark results and report results daily, weekly, quarterly and/or annually.

Get real-time notifications on planned maintenance needs and link directly to your dealership for time sensitive service intervals.

IMPACT ALERTS Get alerts directly to you if your forklifts are involved in an impact.

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5.3.1. Market Restraints Lack of Real-Time Information and Rising number of Forklift Accidents

Fig: 5-4 Fatal Injuries to Workers (%)- By End Use Industry

 Lack a formal system to track the time, place, and cause of the impacts, you might be relying on your drivers to report the information.  Lack of knowledge of implementation of sensor and tracking technologies to reduce impacts to a bare minimum.  Forklift trucks and drivers account for as much as 80 percent of operating expenses, a single forklift is associated with 40 separate costs, bringing the total operating expense up to USD 145,000 a year for a USD 25,000 forklift truck  Lack of maintenance tracking alone can sideline vehicles – and downtime is one of the biggest productivity killers in the warehouse.  According to OSHA in the United States, 70% of forklift accidents could have been avoided with standardized training and safety procedures. This is, in part, why Manitoba introduced mandatory training and driver certification for forklift operators.

4200.00% 2500.00% 1100.00%

1000.00%

800.00%

21.90%

24.09%

Manufacturi ng 10.22%

19.71%

Trans port a nd Stora ge Waste

10.22% 13.87%

Other

Source: Health and Safety Executive

400.00%

 Few of the critical components are imported and subjected for regulation, primarily with respect to usual inspection of such products by the U.S. customs. The cost of component is expected to increase in the future owing to regulatory compliance

Source: Occupational Safety and Health Administration

Agri cul ture

Impact Analysis: Availability of spare parts, shortage of storing space, limited number of supplier for particular component and unqualified personnel impact the global forklift market by more than 3%.

Fig: 5-5 Injuries from Forklift Accidents (%)- By Reasons 45 40 35 30 25 20 15 10 5 0

Construction

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5.3.2. Market Restraints High Labour cost to Operate Forklifts

Fig: 5-6 Operating Cost of Vehicle Life(%)- By Expenses

 Beyond safety and lean manufacturing, forklift-free environments drive down cost normally incurred from labor wages, medical costs and training expenses, as well as expenditures suffered from facility, equipment, and unsaleable product damage due to forklifts.

2.0% 4.0% 5.0% Operator

 Forklift operators require expensive labor, approximately USD 62,000 per year to operate the machinery in the U.S. and USD 64,000 in Europe.

Maintenance

2016

 Three forklift operators moving product during three shifts would cost employers $186,000 in labor wages per year. The forklift operator accounts for 96% of the operating cost over the vehicle life. Where as, with an automated tugger solution replacing manned forklift travel, the vehicle can operate for approximately $3 per hour, 24/7  In North America employers spend billions on wages and medical care. Lost productivity in the workplace costs companies USD 60 billion each year. Such productivity losses paired with expensive medical and wage payments greatly affect bottom-line performance. Fig: 5-7 Average cost of operations in Logistic Industry (%)-by Expenses Warehoousing/Storage

800.00%

Training of Other Staff

1000.00%

Rental or Lease

1100.00%

Fuel

1100.00%

Vehicle Maintenance

1300.00%

Drivers

Source: Occupational Safety and Health Administration

2800.00% 0

Source: Goldstein Research

89%

 Without evidentiary data to support these prevention techniques, companies concerned with safety are proactively seeking alternatives to forklifts with vision guided vehicles and forklift-free environments

1200.00%

Training of Drivers

Electricity

Impact Analysis: Safety is driving momentum for forklift-free environments. Although training and legislation are instrumental in managing some degree of risks associated with forklifts, statistics reveal numerous accidents occur every year, providing reason for greater acceptance of forklift-free environments

700.00%

Tranport Related Insurance

Equipment

High

Medium

Impact on Forklift Truck Market www.goldsteinresearch.com

Low

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5.4.1 Global Forklift Truck Market Opportunity, 2017-2024 Fig: Fig: 5-8 5-8 Global Global Forklift Forklift Truck Truck Market Market Opportunity Opportunity by by End End User, User, 2016 2016

 Electric motor rider trucks and electric and IC engine tractors have the future scope in forklift truck market with high adoption rate in manufacturing and logistic sector.

10.0% 3.0% 8.0% 7.0% 35.0% 17.0%

4.0% 16.0%

Paper Industry Ports and Logistics Radio Active Waste Automobile Industry Iron and Steel Industry & Steel Plants Food and Beverages Wood Industry Others

 Rising e-commerce businesses have necessitated the larger logistic sites and more proficient logistic operations. At the same time, advancement in information and communication technology has introduced various applications for logistic sites  Manufacturers are intensifying investments over R&D of electric warehouse forklifts and new energy forklifts in order to improve fuel efficiency of IC (Internal combustion) engines and to deliver longer working time for electric forklifts  APAC with increasing adoption rate of forklift truck tends to create the opportunities for the major players in forklift truck market.

Source: Goldstein Research Fig: Fig: 5-9 5-9 Electric Electric Forklift Forklift Truck Truck Shipments– Shipments– Germany, Germany, 2000-2015 2000-2015

16.2% 2000

21.2% 2015

 Is it predicted that by 2024 ports and logistics will reach about USD 17.6 billion. The next two largest market subsectors are automobile and iron and steel plants in forklift truck  Implementation of intelligent truck systems enable automation of entire material flow and increase the efficiency of warehouse by providing acceleration in product handling and shipments

Source: Goldstein Research

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5.4.2. Forklift Truck Market: Making all the right moves

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5.5.1 Forklift Truck Market Trends

 Telematics and fleet management systems give you complete visibility on the real time use of each truck and Telematics in Forklift Trucks

how many idle trucks you have at any one moment. Many systems are streaming wireless real-time data so you can see at any one moment the efficiency of your fleet. You can also check productivity levels for each truck and even each driver.

 Major advancement in forklift trucks is the development in automation by most major forklift providers, Automated Forklift Trucks

including, Toyota, Raymond and Nissan. With labor occupying around 75% of the total investment in the economic life of a lift-truck it is easy to get a pretty clear view of how enormous the potential savings are. This doesn't even factor the 90% reduction in damage from accidents. Remote applications are also being built to fill the gap between Conventional lift-trucks and AGV’s and allow operators to operate the vehicle while not seated in the truck.

 Large, successful organizations are integrating fuel cell technology into their lift truck fleets and benefiting Fuel Cell Powered Electric Forklifts

from the lower operational costs, reduced emissions and improved reliability. Now, major lift truck brands are bringing fuel cell technology in-house, with ultimate plans to offer hydrogen lift truck solutions with factory warranty coverage and supporting infrastructure.

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5.5.2. Next Forklift Truck: Rent, Buy Or Lease

+ives

RENT

LEASING

-ives +ives

-ives

Financing Options for Forklifts

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5.6.1 Impacting Factors of Forklift Truck

 Drivers of Advanced Technology Fuel efficiency and low maintenance advancement tends to dominate the global forklift truck market in 2016 and this technology is anticipated to impact majorly on the cargo handling equipment market in near future

Electric forklifts Low Maintenance

Telematics

 Moreover, GNSS/Location technology is also one of the technology which hugely impacts the market of forklift truck by rising the adoption rate of smart transportation

Impact of Advanced Technology

Automated Forklift Trucks

Operational Efficiency

Expansion of End User Industry

 Provides remote monitoring facility with software defined networking by scanning and securing the goods at designated facility

 Automated driving technology is expected to impact the global forklift market by 45% by the end of the forecast period i.e. 2017-2024. The increasing trend of smart transportation with driverless trucks and auto functioning vehicles across the globe are the two major factors which creates the smart transportation ecosystem End user expansion due to implementation of advanced technology like operational efficiency, low maintenance , etc tends to drive the forklift trucks market and reach USD 59.5 billions by 2024

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6.1. glObal FOrkliFT TruCk markeT segmenTaTiOn: On The basis OF prOduCT Connect With Us: Published By: Goldstein Research Copyright

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6.1.1. Global Forklift Truck Market Size (USD Billion) ,By Product, 2017-2024 Fig: 6-1 Global Forklift Truck Market Size (USD Billion). By Product, 20172024 70.0

5.70%

CAGR: (2017-2024)

61.5

Fig:- 6-2 Global Forklift Order and Shipments- 2016

TOTAL Regions

Orders

Shipments

Europe

384.935

369.096

America

280.080

260.800

30.0

Asia

425.698

410.191

20.0

Africa

17.337

16.950

10.0

Oceania

20.145

19.450

World

1128.195

1076.487

60.0 50.0 40.0

37.9

40.1

42.4

45.0

47.7

50.7

57.5

53.9

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

Source: Goldstein Research

Fig: 6-3 Global Forklift Truck Market Share (%), by product -2016 6.00% 21.00%

Class I

Class II

Class III

Class IV

Class V

Class VI

20.00%

13.00% 11.00%

Class VII 13.00%

16.00%

ď&#x201A;§Global Forklift Truck market valued USD 37.9 billion in 2016 and tends to reach the value of USD 61.5 billion by 2024 at a CAGR of 5.70% over the forecast period. ď&#x201A;§Class 1, 2 and 3 electric forklifts are in huge demand as they provide increased productivity and efficiency at much lower prices. Electric forklifts are a great fit for warehouses and manufacturing facilities that require primarily indoor use. Application that requires indoor use and fumes or noise are a factor, then an electric forklifts are the key products for the various end user industries. Electric forklifts do not require engine oil or coolant fluids, so replacing and disposing of these fluids is not necessary, providing longer maintenance intervals and reducing maintenance cost. www.goldsteinresearch.com

Table:1 Global Sales (USD Billion) of Forklift Truck, By Product, 2017-2024

Products / Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class 1 (Electric Motor Rider Trucks

7.96

8.49

9.07

9.69

10.36

11.10

11.91

12.80

13.81

7.13%

Class II (Electric Motor Narrow Aisle Trucks)

4.93

5.29

5.68

6.11

6.57

7.08

7.64

8.26

8.95

7.75%

Class III (Hand Rider Trucks)

6.06

6.45

6.86

7.31

7.80

8.33

8.91

9.55

10.27

6.81%

Class IV (IC Engine Trucks, solid/Cushion Tires)

4.93

5.16

5.41

5.68

5.96

6.27

6.60

6.97

7.38

5.18%

Class V (IC Engine Trucks, Pneumatic Tires)

4.17

4.37

4.59

4.82

5.06

5.33

5.62

5.94

6.29

5.28%

Class VI (Electric and IC Engine Tractors)

7.58

7.91

8.28

8.66

9.06

9.50

9.97

10.49

11.07

4.85%

Class VII (Rough Terrain Forklift Trucks)

2.27

2.41

2.55

2.71

2.88

3.06

3.26

3.48

3.73

6.37%

www.goldsteinresearch.com

6.1.1.1. Global Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-4 Global Class-I Forklift Truck Market Size (USD Billion). 2017-2024

16.0 14.0

7.13% CAGR: (2017-2024 )

12.0 10.0 8.0

7.96

8.49

9.07

Fig:- 6-5 Global Class-I Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024

9.69

10.36

11.10

11.91

12.80

13.81

5.8% 7%

6.8% 6.2% 6.4% 6.4% 6.5% 6.6%

7.0% 7.3%

6.0

4.0 1%

2.0 0.0

2016e 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

 Global Class-I electric motor rider trucks market valued USD 7.96 billion in 2016 and tends to generate the revenue of USD 13.81 billion by 2024 at a considerable CAGR of 7.13%  The major factor is simply technological advancements that have made electric forklifts compete and exceed on so many levels. The pros of an electric forklift far outweigh the cons, and one of the top advantages of an electric forklift truck is the operating costs. For instance, the cost to recharge an electric forklift can range from USD 1.50 to USD 4.50 per eight-hour shift while the cost of operating a liquid propane gas (LPG) lift runs between USD 18 to USD 25 per bottle fill.  However, the load capacity and low charging speed of batteries are the major factor that are challenging the growth of the Class-1 Forklift trucks market. Where most of the electric forklift are limited to lifting 12,000 LBS, ICs forklifts can lift up to 51,000 LB. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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6.1.1.2. Global Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-6 Global Class-II Forklift Truck Market Size (USD Billion). 2017-2024 10.00 9.00 8.00

8.95

7.75% CAGR: (2017-2024 )

7.00 6.00 5.00

4.93

5.29

5.68

8.26

6.11

6.57

7.08

Fig:- 6-7 Global Class-II Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024 8% 8%

7.64

8% 7% 7% 7%

6.7%

4.00

6.8%

7.0% 7.0% 7.0%

7.2%

7.3%

7.5%

7.8%

3.00

2.00

1.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Global Class-II Forklift Truck Market valued USD 4.93 billion in 2016 and tends to reach the valuation of USD 8.95 billion by 2024 at a CAGR of 7.75% during the forecast period. The class-II electric forklift offered USD 4,134 per year in potential savings over the IC forklift. The LPG lift truck was four times more expensive to run than the electric lift just on fuel costs alone. This is not taking into consideration the lower maintenance budget, greater productivity, extended lifespan and increased performance of the electric forklift. Also, there’s the lack of carbon monoxide and carbon dioxide emissions, quieter operating environment and overall safety improvement. Growing e-commerce business with amplifies warehouse units, has augmented the demand for class-II forklifts as these forklifts are best suited for the operating in tight spaces, handling pallets, picking/storing inventory. These forklift significantly improves the efficiency and storage of warehouses as they Can be used to gain more storage space in same warehouse footprint. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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6.1.1.3. Global Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-8 Global Class-III Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-9 Global Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

12.00 10.00

6.81%

CAGR: (2017-2024 )

8.00 6.00

10.27

6.06

6.45

6.86

7.31

7.80

8.33

8.91

9.55 7%

5.3% 3%

2.00

2016e

0.00 2017e

6.8% 7.0%

4.00

2016e

6.5% 5.9% 6.1% 6.2% 6.2% 6.3%

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

 The global class-III forklift truck market stood at USD 6.06 billion in 2016, with the demand being the highest in the Asia, followed by Western Europe (Germany, France, U.K) and America (U.S, Mexico, Brazil and Canada), respectively. According to Goldstein Research, the class-III forklift truck market will record a CAGR of 6.81% by 2024 and generate the revenue of USD 10.27 billion by 2024. Class-III Electric forklifts have many advantages over IC machines and already high-technology electrical cells like lithium-ion are replacing older lead-acid batteries. Technology is also moving at breakneck speed with the development of cobotics. This electric forklift operation is mostly robotic and directed by a computer while remote operators perform value-added tasks. Electric models in Class 1, 2 and 3 combined grew by 8% over 2016, whereas IC models in Class 4 and 5 declined globally by 10% compared to 2016. Even more significantly, electric lift trucks jumped from 55% of the global industry in 2015 to now making up 60% of the global orders. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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6.1.1.4. Global Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-11 Global Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-10 Global Class-IV Forklift Truck Market Size (USD Billion). 20172024 8.0 7.0

5.18% CAGR: (2017-2024 )

6.0 5.0

4.93

5.16

5.41

5.68

5.96

6.27

6.60

6.97

7.38

4.0% 5%

4.0

4.5%

5.3% 4.7% 4.7% 4.8% 4.9% 5.1%

5.5%

3.0 2.0

1.0

2016e

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

ď&#x201A;§ Global Class IV forklift truck market was valued at USD 4.93 billion in 2016, and is poised to reach USD 7.38 billion by 2024, registering an estimated of CAGR 5.18% during the forecast period. Class IV IC engine forklift trucks are majorly used at ports and large logistic warehouses to move pallets from the loading dock to storage, vice versa. The IC engine class IV forklift trucks can carry the load up to 50,000 LB and hence are majorly and used at ports and for low-clearance situations. ď&#x201A;§The performance of a diesel fork truck is widely considered superior to an electric model, with better acceleration and lift speeds. Higher torque generally means more power for basic jobs and smoother handling of any hydraulic attachments. However, class Four machines are outfitted with solid rubber tires, so they can only be used on paved surfaces this specification limited the use of class IV forklift in for paved surfaces only and limiting the outdoor applications. The most notable disadvantages are what you would expect: noise and fumes.

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2024f

6.1.1.5. Global Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-12 . Global Class-V Forklift Truck Market Size (USD Billion). 20172024 7.00 6.00

5.28%

CAGR: (2017-2024 )

5.00 4.17

4.37

4.59

4.82

5.06

5.33

5.62

5.94

6.29

Fig:- 6-13 . Global Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024 7% 6%

4.3% 4.6% 5%

4.00

4.7%

5.4% 5.1% 5.0% 4.8% 4.8%

5.6%

3.00

2.00

1.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The global class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to 5.28% over the forecast period and accounting the market revenue of USD 6.29 billion by 2024. ICE Counterbalanced class V forklifts are equipped with pneumatic tires making it best option for outdoor and indoor applications in warehousing and manufacturing units. Class V forklift trucks can be used for outdoor rough terrain purposes and are provided with higher load capacity creating high demand for these trucks in marine ports and heavy manufacturing industries. The sticker price of a diesel forklift is usually less than an electric model but slightly more than a propane lift truck. Expect the cost of maintenance to be higher than for an electric forklift. Also, the diesel engine tends to enjoy a longer life span than a propane engine. Propane and LPG forklifts do the job with a cleaner carbon footprint than diesel. Factoring in planned maintenance and repair costs, the total cost of ownership is reportedly the highest compared to electric or diesel forklifts. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.1.6. Global Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-14 Global Class-VI Forklift Truck Market Size (USD Billion). 20172024

Fig:- 6-15 Global Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

16.0 14.0

4.85% CAGR: (2017-2024)

12.0 10.0 8.0

7.58

7.91

8.28

8.66

9.06

9.50

9.97

10.49

11.07

3.9% 4.2% 5%

4.4%

5.0% 4.7% 4.6% 4.5% 4.4%

5.2%

6.0 2%

4.0 1%

2.0

0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 As per the findings of the report, the global class IV forklifts market was valued at USD 7.58 billion in 2016 will rise to USD 11.07 billion by 2024 exhibiting a CAGR of 4.85% from 2016 through 2024. An increase in the trading between countries and rising e-commerce business will significantly result increased logistic activities at air and marine ports. Further, the growth in manufacturing industries across the globe especially in developing countries such as Brazil, Chin and India will boost the growth of class VI forklifts market.  Class VI forklift trucks are basically not fall into the category of forklifts, they are not counterbalanced and are majorly used for the purpose for towing and pulling luggage carts at airports. Rising number of air passengers traffic across the globe and growing domestic and international passenger numbers indicates the future growth of class VI forklift trucks. Global airport traffic grew at its fastest rate last year since 2010, rising 6.4% to 7.2 billion passengers in 2016. While the highest number of passengers, 2.46 billion, went through the Asia-Pacific region in 2015, up 8.6% from 2015. Passenger traffic generated by Brazil, Russia, India, China, and South Africa grew 8.2% on an annual basis Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.1.7. Global Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-16 Global Class-VII Forklift Truck Market Size (USD Billion). 20172024 5.0 4.5 4.0

6.37% CAGR: (2017-2024 )

3.5 3.0 2.5

2.27

2.41

2.55

Fig:- 6-17 Global Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

2.71

2.88

3.06

3.26

3.48

3.73

5.0% 6%

4% 3%

1.5

1.0

0.5

2016e

0.0 2017e

2018f

6.6%

2.0

2016e

6.1% 6.4% 6.0% 5.8% 5.8% 5.7% 5.5%

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

 The global class-VII forklift truck market is expected to reach USD 3.73 billion by 2024 from USD 2.27 billion in 2016, growing at a CAGR of 6.37% from 2016 to 2024. The growth of this segment is majorly attributed to the rise in construction activities across the globe and growth of lumberyard sites in Canada and Brazil. Featuring big, tractor-style tires that provide plenty of traction to handle even the most challenging outdoor terrain, these rugged trucks are almost exclusively powered by diesel engines and used outdoors. In Europe, the construction and rental markets of class VII forklift account for 40 per cent of volume. Agriculture takes about 34 per cent. In the UK last year agriculture was the big buyer, taking 55 per cent of sales, while construction and other industries accounted for 45 per cent. Besides their growing popularity in construction and agriculture sector, another reason to consider a rough-terrain lift is that improvements in the general economy have loaded up the used market with a fleet of trade-ins. The most popular lift sizes are vehicles with load capacities ranging between19,000and 50,000 LB. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.1.8. Global Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-18 Global Forklift Truck Market Attractiveness-By Product, 20172024

Fig: 6-19 Global Forklift Truck Market BPS Analysis- By Product, 2017-2024

9.00%

100.00%

8.00%

90.00% 80.00%

7.00%

70.00%

6.00%

60.00%

5.00%

50.00%

4.00%

40.00% 30.00%

3.00%

6.00%

6.06%

20.00%

18.00%

11.00% 13.00%

16.00%

13.00%

10.23% 12.00%

16.70%

14.56%

20.00%

2.00%

10.00%

1.00%

21.00%

22.45%

0.00%

0.00% 1.00

Class I

2016

2.00

3.00

Class II

4.00

Class III

5.00

Class IV

6.00

Class V

7.00

Class VII

Class VI

Class VII (Rough Terrain Forklift Trucks) Class V (IC Engine Trucks, Pneumatic Tires) Class III (Hand Rider Trucks) Class I (Electric Motor Rider Trucks)

2024

Class VI (Electric and IC Engine Tractors) Class IV (IC Engine Trucks, solid/Cushion Tires) Class II (Electric Motor Narrow Aisle Trucks)

Source: Goldstein Research

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-II and Class-III forklift trucks tends to grow at the faster pace in the forecast period. Class-I, Class-II and Class-III forklifts are the fastest growing forklifts as they are powered by the electric engines which acquires around 60% of the global forklift market. Growing adoption of electric forklifts and its advantages over ICE forklifts will boost the growth of Class-1, II and III forklifts. ď&#x192;&#x2DC;Factors such as expansion of warehouse space globally, growing e-commerce business across the globe, strong demand for forklift truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets are the key factors driving the growth of market. Copyright Goldstein Research, All Rights Reserved

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6.1.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-19 Global Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 70.0 60.0

8.0%

9.53% CAGR: (2017-2024)

7.0% 13.5 12.3

4.92

11.7

40.0 9.9

9.5

3 .91

3.79

10.3 4.03

10.7 4.16

2 6.3

24.6

4.74

11.2

Diesel

6.3%

30.1

6.6%

6.7%

4.29

4.43

Gasoline

32.2

34.5

37.1

39.9

43.1

6.9%

7.1%

7.3%

Electric

6.0%

5.0% 4.0%

4.0%

4.1%

4.2%

4.3%

3.1%

3.2%

4.5%

3.6%

3.0%

28.1

6.5%

4.58

20.0 10.0

6.0%

12.9

50.0

30.0

Fig: 6-20 Global Forklift Truck Y-o-Y Growth (%), by Fuel Type, 2017-2024

3.0%

3.2%

4.7%

3.4%

4.9%

Gasolin e 3.6%

2.6%

Electric

Diesel

2.0% 1.0%

0.0 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

0.0% 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-21 Global Forklift Truck Market Share (%),by Fuel Type -2016

25.00%

Electric/Hybrid

Gasoline 10.00% 65.00%

Diesel

ď&#x201A;§ Measured in terms of units ordered, 25% of the global market is attributed to the diesel forklift trucks in 2015, while electric forklifts and warehouse electric trucks accounted for 65 percent. Due to increasingly stringent emissions regulations and the continued march of e-commerce, the major players expected the segmentation of the market shift towards electric forklift trucks and warehouse trucks, partly because these are suitable for use in buildings. ď&#x201A;§In regional terms, emerging markets such as China, Eastern Europe, Central America and South America are the major sources of market growth. www.goldsteinresearch.com

6.1.2.1. Global Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-22 Global Electric Forklift Truck Market Size (USD Billion). 2017-2024 50.00 45.00

43.05

40.00

30.00 25.00

24.64

26.30

28.12

30.08

7.11%7.34% 6.87% 6.71% 6.48%6.53%6.58% 5.95%6.32% 8%

7.23% CAGR: (2017-2024)

35.00

Fig:- 6-23 Global Electric Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024

32.20

34.51

37.06

39.89

7% 6% 5% 4%

20.00 3%

15.00 10.00

5.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

Source: Goldstein Research

 Global Electric Forklift Truck market valued USD 24.64 billion in 2016 and estimated to reach the valuation of USD 43.05 billion by 2024 attributed by regulatory frameworks, which include mandatory emissions limits of trucks that have a major impact on the business models.  New platforms are also created and products brought to the market for electric forklifts and warehouse trucks. With the growing demand for electric forklifts in the market companies are expanding their production of electric forklifts and warehouse in order to close gaps in the product portfolio; the various platforms are being adapted specially for American market where electric forklifts constitute more than 63% revenue share North America forklift truck market. In the overall market sales of electric forklifts and warehouse forklifts were increased by 11% in 2016. The demand for electric forklifts with automaton solutions is being driven by the growing e-commerce sector. Electric forklift truck market is also benefitting from advances in battery-charging technology. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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6.1.2.2. Global Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-24 Global Gasoline Forklift Truck Market Size (USD Billion). 20172024 6.00 5.00 4.00

3.32% CAGR: (2017-2024 ) 3.79

3.91

4.03

Fig:- 6-25 Global Gasoline Forklift Truck Y-O-Y Growth (%) Analysis-20172024

4.16

4.29

4.43

4.58

4.74

4.92

2.8% 3.0% 4%

3.4% 3.1% 3.1% 3.1% 3.2% 3.2%

3.6%

3% 3%

3.00

2.00

2% 1%

1.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global gasoline forklift truck market size was valued at USD 3.79 billion in 2016 out of which class-IV, Class-V gasoline powered forklifts accounted for USD 2.85 billion in 2016. Key drivers contributing to market expansion include the stringent emission norms and more fuel efficiency of LPG and natural gas powered forklifts over diesel powered ICE forklifts. Gasoline powered forklifts has various advantages over electric forklifts such as propane and LPG provides 100 percent power throughout operation and fast refueling, which potential buyers consider most important. The data suggest electric is overtaking propane in 1,000 to 5,000 LB. capacity category, especially in applications that are emissions-sensitive. The market has seen major decline in market where companies have aggressive sustainability goals. Major industries such as food handling applications, where even propane’s low emissions aren’t viewed as “clean enough” has severe impact on the market growth. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.2.3. Global Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-26 Global Diesel Forklift Truck Market Size (USD Billion). 2017-2024 16.00 14.00

10.00

4.55% CAGR: (2017-2024)

12.00 9.48

9.87

10.29

Fig:- 6-27 Global Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

10.74

11.21

11.72

12.26

12.87

13.53 5%

3.6%

4.0% 4.1%

4.7% 4.2% 4.2% 4.3% 4.5%

4.9%

8.00

6.00 2%

4.00 2.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global diesel forklift truck accounted for USD 9.48 billion in 2016 and is estimated at USD 13.53 billion by 2024. The major growth is attributed to the advancement in hydrostatic and diesel-electric drive systems and in energy-efficient and low-emission drive technologies. In developed economies, electric forklift trucks already account for the bulk of the market volume, whereas in growth regions simple counterbalance trucks with internal combustion engine (diesel trucks) still make up a comparatively high proportion of the total volume. Diesel powered forklifts are still preferred for outdoor and heavy load capacity applications as these forklifts provide much more torque and power for heavy applications, also at the end of their life cycle, they can maintain a higher residual value than electric or propane-powered machines. However, the stringent fuel emission norms, the availability of alternative forklifts and huge competition in the market are restraining the growth of the diesel forklift truck market. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.2.4. Global Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type2017-2024 Fig: 6-28 Global Truck Market Attractiveness-By Fuel Type, 2017-2024

Fig: 6-29 Global Forklift Truck Market BPS Analysis- By Fuel Type, 20172024

10.00%

CAGR (%)

8.00%

6.00%

4.00%

2.00%

0.00% 0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the faster pace in the forecast period owing to rising adoption in fastest growing logistic and e-commerce end-user industries. ď&#x192;&#x2DC; As per the Recent comments from leading industrial truck producers suggest that competition or market share is set to increase in Europe and emerging markets. The emergence of low-cost producers such as Anhui Heli and Hangcha (both Chinese) in the last few years is well flagged and will only pose a medium-term challenge to premium producers. However, following the rapid growth of internal combustion trucks in emerging markets which still hold the huge market share in these regions expected to drive the growth of diesel powered trucks in future. Copyright Goldstein Research, All Rights Reserved

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6.1.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-30 Global Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d Others

Wood Industry

Food and Beverages

Iron and Steel Industry & Steel Plants

Automobile

Radio Active Waste

Ports and Logistics

Paper Industry

70.0

40.0

30.0

1.1 2.7 3.8 6.5

1.2 2.7 4.2 7.0

1.3 2.8

1.2 2.9

4.9

4.5

7.8

7.4

7.0

1.4 2.8 5.3 8.3 8.0

1.4 2.9 5.6 8.9

8.7

9.4

1 .4 3 .3

30.00%

7 .1

25.00%

6.7

6.3

10 .1

10 .0

10.7

10.8

1.5

1 .5

17 .8

18 .8

19.6

4.2

4.5

4.8

5 .1

2 021

2022

2023

2024

6.1

6.6 1.5

1.7

1.6

1.5

1.6

1.7

1.4

20.0

10.0

13.9

14.7

15.4

16.2

17.1

13.4 3.1

3.3

3.5

3.7

4.0

2016

2017

2018

2019

2 020

0.0

1.3 3.2

1.3 3.1

9.5

Source: Goldstein Research

7.00% 7.00%

Paper Industry

Wood Industry Food and Beverages

20.00%

Iron and Steel Industry & Steel Plants

15.00%

Automobile

10.00%

Radio Active Waste Ports and Logistics

5.00% 0.00% 2016

Paper Industry 2017

2018

2019

2020

2021

2022

2023

2024

ď&#x201A;§ Global forklift truck market is anticipated to reach USD 61.50 billion by 2024 at a CAGR of 5.70% owing to the rapid growth of forklift market in logistics and warehouses.

Ports and Logistics

4.00%

Radio Active Waste Automobile 34.00% 15.00%

Iron and Steel Industry & Steel Plants Food and Beverages Wood Industry Others

18.00%

Others

Source: Goldstein Research

Fig: 6-32 Global Forklift Trucks Market Share (%), by End Users -2016

9.00%

40.00% 35.00%

60.0

50.0

Fig:- 6-31 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, by End Users,2017-2024

ď&#x201A;§ Highly automation of logistic and warehouse industry is majorly driving the growth of advanced forklifts. Logistics processes are conveniently automated by automation solutions that convert regular electric forklifts into selfdriving vehicles that can position themselves to pick up and deliver pallets as directed to. Also, navigating via geoguidance, these vehicles do not require a new infrastructure www.goldsteinresearch.com

6.1.3.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-33 Global Forklift Truck Market Size (USD Billion). In Paper Industry, 2017-2024 6.00 5.00

8.03% CAGR: (2017-2024 )

4.92 4.53

4.00 3.00

2.65

2.85

3.08

Fig:- 6-34 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024

3.32

3.58

3.86

8% 8%

4.18

8% 7% 7%

6.9%

7.1%

7.2% 7.2% 7.3%

7.4%

7.5%

7.7%

8.0%

2.00

1.00

7% 6%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Global forklift truck market tends to reach USD 4.92 billion by 2024 owing to the rapid growth in paper production and paper recycling industry augmented by the escalating demand for paper and cardboard packaging in various other industries. In 2015, over 400 million tons of paper and paperboard were produced throughout the world and is expected to increase in the near future. In the same year, China accounts for 26% of market share in global paper and paperboard production. The rising need for paper products and major players are expanding their businesses in emerging countries to take advantage of growth opportunities which provides the favorable conditions for the growth of forklift market in paper industry. The paper industry in significantly growing in Brazil and Canada owing to availability of huge land for the plantation of trees. For instance, the results for exports and production from the planted tree sector are positive for the first eight months of 2017. In comparison with this same period last year, exports of pulp rose 4.9%, wood panels 30.4%, and paper 0.6 percent. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-35 Global Forklift Truck Market Size (USD Billion). 2017-2024 25.00

20.00

15.00

5.84% CAGR: (2017-2024 )

12.89

13.57

14.32

Fig:- 6-36 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024

15.12

15.98

16.91

17.92

19.05

20.30

4.9% 5.1% 5.2% 6%

5.9% 5.7% 5.5% 5.3% 5.4%

6.1%

5% 4%

10.00

3% 2%

5.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 In this report, the global forklift truck market in ports and logistics industry is valued at USD 12.89 billion in 2016 and is expected to reach USD 20.30 billion by the end of 2024. With the rapid advancement of logistic operations across the globe has significantly driven the growth of forklifts driven by automation of forklifts and advancement in connectivity technologies, that can provide up to 40% more in productivity, reduced operational costs, and improved inventory accuracy. With the growing number of warehouses and port activities in emerging countries such as China, Brazil and India owing rising trade relation with different countries across the globe. For instance, in China the total value of social logistics goods in 2016 expanded by 6.1 percent year on year to USD 33.2 trillion. Global air freight markets showing that demand increased by 11.4% in July 2017 compared to the same period a year ago. Rising air cargo volume is putting pressure on transport authority to increase their material handling equipment capacity. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 Fig: 6-37 Global Forklift Truck Market Size (USD Billion). in Radio Waste Handling 2017-2024 3.50 3.00 2.50

3.84% CAGR: (2017-2024 ) 2.27

2.35

2.44

2.53

2.62

2.72

2.83

2.95

3.08

Fig:- 6-38 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio Waste Handling, 2017-2024 5% 4%

3.1% 4%

3.4% 3.5% 3.6% 3.6%

3.7%

4.2% 4.0% 3.8%

2.00 3%

1.50

2% 2%

1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global forklift trucks used in radio waste handling valued USD 2.27 billion in 2016 and is expected to reach USD 3.08 billion at a CAGR of 3.84% over the forecast years. Forklift trucks are specially built for the toxic waste and chemical industries to insure the safe and efficient handling of toxic and radioactive materials. Explosive gas mixtures, vapors, mists, or dust clouds are produced as a side effect of production in many branches of industry. These include the pharmaceutical and chemical industry, the printing and paper sectors, but also areas such as cereal or sugar processing. In these companies, intralogistics trucks guarantee the maximum level of explosion protection in order to avoid accidents. Diesel and gasoline forklift trucks are majorly avoided in these industries in order to achieve maximum safety as these fuels can ignite easily in case of accidents or in case they came in contact with hazardous chemicals. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.4. Global Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig:- 6-40 Global Forklift Truck Market Y-O-Y Growth (%) Analysis- in Automobile Industry, 2017-2024

Fig: 6-39 Global Forklift Truck Market Size (USD Billion). In Automobile Industry 2017-2024 14.00 12.00

6.96% CAGR: (2017-2024 )

11.69

10.00 8.00

6.82

7.26

7.75

8.27

8.82

9.44

10.11

10.85

5.9% 6.1% 7%

6.9% 6.6% 6.5% 6.3% 6.2% 6.3%

7.1%

6% 5% 4%

6.00

4.00

2.00 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global forklift market used in automobile industry accounted for USD 6.82 billion in 2016 and tends to grow at a CAGR of 6.96% and reach the valuation of USD 11.69 billion by 2024 Over the next five years the global automotive industry faces a significant market growth, up from an annual 3.1% (between 2007 and 2014) to an annual +4% (between 2015 and 2024). At the same time the industry is investing billions of dollars in car connectivity, autonomous or assisted driving, new mobility or car sharing, and electrified powertrains and components. The ongoing innovations and advancement in automobile sector is likely to impel the growth of material handling equipment in the industry. One of the major crucial aspect of material handling in automotive industry is organization, with so many auto parts to be assembled, pieces must be neatly stored for instant access during any moment of a given shift. With the high demand for efficient and smart forklifts the future of autonomous and connected forklifts is much brighter than conventional forklifts in other manufacturing industries. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.5. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-41 Global Forklift Truck Market Size (USD Billion).in Iron & Steel Industry, 2017-2024 12.00 10.00

6.00

7.10% CAGR: (2017-2024 )

8.00 5.69

6.06

6.47

Fig:- 6-42 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Iron & Steel Industry, 2017-2024

9.84

6.92

7.39

7.92

8.49

9.13

6.0% 7%

6.8% 7.0% 6.6% 6.5% 6.4% 6.4% 6.2%

7.2%

6% 5% 4%

4.00

3% 2%

2.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global forklift truck market in Iron & steel Industry accounted for USD 5.69 billion in 2016 and tends to reach the valuation of USD 9.84 billion by 2024. The forklift truck market in iron & steel industry is driven by the rising consumption of iron & steel in automobile and construction sector across the globe. China consumes over 40 percent of the global steel output. In 2016 the country saw an increase of 1.8 percent in domestic consumption of steel amidst the continuing incentives and a growth in loans. This growth has come primarily from the construction and machine building industries, which account for almost all steel consumption in the country. Boosted by extensive infrastructural investments, the demand for steel in South-Eastern Asian countries such as Vietnam, Indonesia, Thailand and the Philippines increased by 10 percent in 2016. There is still potential for rebounding growth in the metal industry of developed nations, which will be realized in 2017 is likely to impel the growth of heavy forklift trucks with the replacement of older forklifts in developed countries. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.6. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-43 Global Forklift Truck Market Size (USD Billion).in Food & beverage Industry, 2017-2024 7.00 6.00

6.15

7.65%

5.68

CAGR: (2017-2024 )

5.00 4.00

3.41

3.66

3.93

4.22

4.53

4.88

Fig:- 6-44 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Food & Beverage Industry, 2017-2024 10% 9%

7.1% 7.2% 7.4% 6.9% 6.9% 6.9% 6.7% 6.5%

5.26

7.7%

7% 6% 5%

3.00

2.00

3% 2%

1.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The global forklift truck market in Food & beverage industry accounted for USD 3.41 billion in 2016 and tends to reach the valuation of USD 6.15 billion by 2024. The forklift truck market in food & beverage industry is majorly driven by the growing demand for packaged food products across the globe specially the industry is blooming in emerging countries such as China, India and Brazil. ď&#x201A;§The global food and beverage industry is growing at around 5% a year and global expenditure on food products by consumers is expected to reach USD 20 trillion by 2030. Electric forklifts are majorly adopted in food and beverage industry owing to the fuel emission from diesel and LPG powered forklifts which is not considered significant for applications in food an beverage industry. Hence, with the growth of food & beverage industry electric forklifts tends to grow faster than the ICE forklifts. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.6a. Three Types Of Electric Lift Trucks Are Used In Food And Beverage Plants

Both gas and electric-powered lift trucks come with a choice of pneumatic or cushion (solid core) tires. Pneumatic tires tend to be used most frequently by gas-powered units, because they are adept at handling uneven surfaces and provide higher undercarriage clearance outdoors. However, they wear out relatively fast and need to be replaced frequently

Solid wheels, which usually consist of a hard foam core covered with a hard rubber outer surface, are ideally suited to smooth indoor floors where clearance requirements are minimal. Their main benefit is they wear extremely well—providing less maintenance and lower operating costs than their pneumatic counterparts. In addition, because clearance isn’t an issue, the lift truck’s center of gravity can be lower, and the hard rubber tire base provides more stable lifting of heavy loads, particularly in higher and tighter places

Toyota Toyota Material Material Handling Handling USA USA of of Irvine, Irvine, CA CA is is part part of of Toyota, Toyota, which which pioneered pioneered the the switch switch from from DC DC to to AC AC motors motors for for lift lift trucks trucks in in the the 1970s. Before that time, 60 percent of lift trucks were gas powered; 40 percent were electric. Today, 65 percent are electric, and 1970s. Before that time, 60 percent of lift trucks were gas powered; 40 percent were electric. Today, 65 percent are electric, and 35 35 percent percent are are powered powered by by gas gas or or other other hydrocarbons hydrocarbons Copyright All Rights Reserved, Goldstein Research

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6.1.3.7. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-45 Global Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 5.00

4.50 4.00

4.21%

CAGR: (2017-2024 )

3.50 3.00

Fig:- 6-46 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024

2.65

2.75

2.86

2.98

3.10

3.23

3.37

3.52

3.69

3.4% 4%

3.7% 3.8% 3.9% 3.9%

4.0%

4.6% 4.3% 4.1%

4% 3%

2.50

2.00

1.50

1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The global forklift truck market in Wood Industry accounted for USD 2.65 billion in 2016 and tends to reach the valuation of USD 3.69 billion by 2024. The forklift truck market in iron & steel industry is majorly driven by the growing demand for wood construction material and furniture across the globe specially in developed regions such Canada, Europe and United States. Wood industry majorly consist of heavy load applications such as loading and unloading of heavy wood logs. ICE engines are majorly used in these industries and still consist of majority of market share, in between the fast growth of electric forklifts. Electric forklifts are not much efficient to provide higher torques for applications in wood industry, but with continuous technological advancements major players are seeking out for better battery options or some are working in the field of hydrogen fuel cells in order expand their electric forklift portfolio for such applications. Rebound in Construction activities in Europe and North America is likely to impel the growth of new and leased forklift market in these regions. For instance, 20 U.S. pellet plants exported 4.8 million tones of pellets oversea in 2016, and this number has grown significantly in recent years, and it is expected to grow further due to renewable energy policy of the European Union.

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2024f

6.1.3.8. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-47 Global Forklift Truck Market Size (USD Billion).in Other Industries, 2017-2024 3.00

2.50

2.61% 2.51% 2.48% 2.45% 2.36%2.38%2.39%2.40% 2.10%

2.49% CAGR: (2017-2024 )

2.00

1.50

Fig:- 6-48 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Other Industries, 2017-2024

1.52

1.55

1.59

1.63

1.67

1.71

1.75

1.80

1.84

1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The global forklift truck market in other industries accounted for USD 1.52 billion in 2016 and tends to reach the valuation of USD 1.87 billion by 2024. Additionally, agriculture and defense industries are also creating considerable demand for the rough terrain forklift trucks which is expected to drive the growth of forklift trucks market across the globe, particularly in developing countries. ď&#x201A;§Other industries such as electric and electronics and some small scale industries are also contributing significant share in the growth of forklift market. Majorly small scale industries like to lease the new trucks instead of buying them as these business models are more feasible for them so they can buy lease new trucks when technology or trend hit the market, also they save huge amount on the maintenance charges by doing so. Agriculture industry for instance, accounted for the 40% of the leased forklift trucks in united kingdom in 2016. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.1.3.9. Global Forklift Truck Market Attractiveness & BPS Analysis, By End Users2017-2024

CAGR (%)

Fig: 6-49 Global Forklift Truck Market Attractiveness-By End Users, 20172024

Fig: 6-50 Global Forklift Truck Market BPS Analysis- By End Users, 20172024

9.00%

100%

8.00%

90%

7.00%

80%

6.00%

70% 60%

5.00%

4% 7%

3% 6%

10%

15%

16%

18%

19%

34%

33%

2016

2024

50%

4.00%

40%

3.00%

30%

2.00%

20%

1.00%

10%

0.00% 0

Ports and Logistics

Automobile

Radio Active Waste

3 4 5 Market Size (USD Billion)

Iron & Steel industry

Paper Industry

Food and Beverage

Wood Others Industry

Automobile

Others

Source: Goldstein Research

Wood Industry

Food and Beverages

Iron and Steel Industry & Steel Plants

Radio Active Waste

Ports and Logistics

Paper Industry

Source: Goldstein Research Key Points

deeffeffefewvfv â&#x20AC;˘According to above graphs, ports and logistics accounted for the highest revenues share in global forklift trucks market, owing to growing eCommerce business and growing interstate and intercontinental trading across the globe, which has significantly accelerated the demand for efficient material handling equipment at ports and warehouses. However, automobile industry showcasing considerable faster growth with good market size for forklift truck market, which is likely to grow considerably in coming years with expanding manufacturing facilities by automotive players around the world. â&#x20AC;˘Paper and food & beverage industry has comparatively smaller size than the logistic and automobile industry , but the market is fastest growing as the paper industry have started adopting more efficient and productive material handling equipment for their factories and warehouses. Copyright Goldstein Research, All Rights Reserved

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6.2. nOrTh ameriCa FOrkliFT TruCk markeT analysis Connect With Us: Published By: Goldstein Research Copyright

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6.2a. North-America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 Fig: 6-51 North-America Forklift Truck Market Size(USD Billion)-20172024 18.0

6.50%

16.0

CAGR: (2017-2024)

14.0 12.0 10.0

10.7

10.0

9.5

11.3

12.0

12.8

13.7

14.6

Fig: 6-52 North-America Forklift Truck Market Share By Product, 20172024

15.7 6.35% 20.0%

Class II

21.0%

8.0

Class V Class VI

14.0%

2.0

2024

Class IV 15.0%

10.0%

4.0

20.00%

Class III

2016

6.0

21.00%

Class I

6.0%

14.0%

11.00%

Class VII

13.00%

12.65%

0.0 2016e

2017f

2018f

2019f

2020f

2021f

2022f

2023f

2024f

Source: Goldstein Research

Fig: 6-53 North-America Forklift Truck Market Size (USD Billion), By Country-2017-2024

Fig: 6-54 North-America Forklift Truck Market Size (USD Billion), By Fuel Type, 2017-2024

10.98 11.92

6.87 4.70

6.44

2.61 1.80

2016 U.S.

2024 Canada

Source: Goldstein Research

2.35 1.23

2016 Electric/Hybrid

Diesel

2024 Gasoline

Source: Goldstein Research

www.goldsteinresearch.com

1.41

16.00%

6.2.1. nOrTh ameriCa FOrkliFT TruCk markeT analysis, by COunTry Connect With Us: Published By: Goldstein Research Copyright

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6.2.1.1. U.S. Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-55 U.S. Forklift Truck Market Size (USD Billion). 2017-2024

12.0 10.0 8.0

6.04% CAGR: (2017-2024) 6.9

7.2

7.7

8.1

8.6

9.1

9.7

10.3

Fig: 6-56 U.S. Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

11.0

5.24%

5.41%

5.47%

5.52%

5.66%

2017e

2018f

2019f

2020f

2021f

5.83%

2022f

6.08%

6.32%

4.65%

6.0 4.0 2.0 0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

 US Forklift Truck market accounted for USD 6.9 billion in 2016 and tends to increase at a CAGR of 6.04% over the forecast years. The North American forklift lift truck industry has recovered nicely from the recession in 2009. Retail orders for all seven truck classes in 2016 were approximately 225,000 orders, which almost reached region’s pre-recession level of 215,000 units. When considering with only 98,000 units in 2009, forklift truck industry in North America has rebounded quite well and can be characterized as mature and healthy. In North America—which also set a record last year—the electric ratio went from 63% in 2015 to 65.5% in 2016. The North American electric truck market grew 6%, whereas the IC market was down 5%. United states accounted for the largest revenue share for the electric forklift truck market in North America.

6.2.1.2. Canada Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-57 Canada Forklift Truck Market Size (USD Billion). 2017-2024 5.0

4.7

7.67%

4.5 4.0

4.3

CAGR: (2017-2024)

3.5 3.0

Fig: 6-58 Canada Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

2.6

2.8

3.0

3.2

3.5

3.7

4.0

6.71%

6.87%

6.92%

6.96%

2017e

2018f

2019f

2020f

7.09%

7.24%

2021f

2022f

7.48%

7.70%

6.10%

2.5 2.0 1.5 1.0 0.5 0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

Canada Forklift Truck market tend to reach the valuation of USD 4.7 billion by 2024 at considerable CAGR of 7.67% over the forecast years. In In the U.S., Canada and Mexico, more than 230,000 units were sold in 2016. With over 200,000 units in the U.S. alone, more than 60% are electric. Electric riders have grown from 37.6% of the rider market in 2012 to 46.3% in 2016. In contrast, the internal combustion forklift has gone from a dominating position of 62.4% in 2008 to a much less dominating position of 42% in 2010.  The growth of forklift trucks market will continue as technology continues to improve ( i.e. fuel cells, lithium batteries etc. ), if government incentives materialize to assist companies transition to green technology and as more companies become aware of the long list of benefits associated with operating electric forklift trucks.

6.2.1.3. North America Forklift Truck Market Attractiveness and BPS Analysis - By Country, 2017-2024 Fig: 6-59 North America Forklift Truck Market Attractiveness-By Country, 2017-2024

Fig: 6-60 North America Forklift Truck Market BPS Analysis- By Country, 2017-2024

9.00%

100.00%

8.00%

90.00%

7.00%

80.00%

35%

45%

70.00%

6.00%

60.00% 5.00%

50.00%

4.00%

40.00%

3.00%

30.00%

2.00%

20.00%

55%

10.00%

1.00%

0.00%

1.5

2.5

3.5

Canada

Source: Goldstein Research

65%

4.5

2016

Canada

2024

Source: Goldstein Research

ď&#x201A;§

According to the above graph, Canada Forklift Truck market is anticipated to be the most attractive market across all the countries in Forklift Truck market, for new entrants looking to enter in the market, existing players looking for business expansion and investors seeking investment opportunities over the forecast period i.e. 2017-2024

ď&#x201A;§

Due to rise in forklift truck across the globe and rising awareness about the forklift truck owing to their ease of usage with less labor Canada tends to increase its market share in North America forklift truck market. However, stringent regulatory policies pertaining to forklift truck and lack of appropriate import/export policies in emerging economies are expected to impede growth of Canadian forklift truck market

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6.2.2. nOrTh ameriCa FOrkliFT TruCk markeT analysis, by prOduCT Type Connect With Us: Published By: Goldstein Research Copyright

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Table: 2 North America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 Product Type/Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class-I

1.90

2.02

2.16

2.31

2.47

2.64

2.84

3.05

3.29

7.15%

Class-II

1.42

1.52

1.63

1.74

1.87

2.00

2.15

2.32

2.51

7.36%

Class-III

1.33

1.39

1.46

1.53

1.60

1.69

1.78

1.87

1.98

5.16%

Class-IV

1.33

1.39

1.47

1.54

1.63

1.72

1.81

1.92

2.04

5.52%

Class-V

0.95

1.02

1.09

1.18

1.26

1.36

1.47

1.59

1.73

7.78%

Class-VI

1.99

2.10

2.21

2.34

2.47

2.61

2.77

2.94

3.14

5.85%

Class-VII

0.57

0.69

0.73

0.76

0.79

0.82

0.86

0.91

1.00

7.26%

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6.2.2.1. North America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-61 North America Class-I Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-62 North America Class-I Forklift Truck Y-O-Y Growth (%) Analysis2017-2024 8%

3.5 3.0

7.15% CAGR: (2017-2024)

2.5 2.0

1.9

2.0

2.2

2.3

2.5

2.6

2.8

3.1

3.3

6.0% 6.2% 7%

7.1% 6.4% 6.5% 6.5% 6.6% 6.8%

7.3%

6% 5% 4%

1.5

1.0

0.5

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 North America Class-I electric motor rider trucks market valued USD 1.9 billion in 2016 and tends to generate the revenue of USD 3.3 billion by 2024 at a considerable CAGR of 7.15%  Class-I electric forklifts are capturing an increasing share of the materials handling market in North America. While conventional lead-acid batteries are a mature and well-entrenched technology in this market, they have limitations that are spurring interest in alternative electric technologies. These limitations relate to the length of charge time, runtime, and low cycle life.  These costs provide an opportunity for advanced electric technologies for forklifts that may have higher upfront prices, but can reduce operating costs with longer runtime and reduced fueling. Advanced lead-acid batteries, lithium ion (Li-ion) batteries, and fuel cells are all being offered as technology solutions to the drawbacks of conventional lead-acid batteries in electric forklifts. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.2. North America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-63 North America Class-II Forklift Truck Market Size (USD Billion). 2017-2024 3.00

7.36%

2.50

2.51

CAGR: (2017-2024) 2.00 1.50

Fig:- 6-64 North America Class-II Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

1.42

1.52

1.63

1.74

1.87

2.00

2.15

2.32

6.2% 7%

7.2% 7.0% 6.8% 6.7% 6.6% 6.4% 6.6%

7.5%

6% 5% 4%

1.00

3% 2%

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 North America Class-II Forklift Truck Market valued USD 1.42 billion in 2016 and tends to reach the valuation of USD 2.51 billion by 2024 at a CAGR of 7.36%  Distribution centers run by companies such as Walmart and Sysco, as well as companies with plants requiring indoor forklifts, are adopting new technology for electric forklifts. Goldstein Research expects sales of advanced lead-acid, Li-ion, and fuel cell forklifts in North America to reach over 25,000 units by 2024, up from approximately 14,000 units in 2016. Moreover, growing ecommerce business and rising need for efficient warehousing operations has bolstered the demand for class II forklifts in order to lift the materials at tighter space in warehouse, which helps in increasing the efficiency of same warehouse with increased storage capacity by enabling high stacking of materials.

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2024f

6.2.2.3. North America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-65 North America Class-III Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-66 North America Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

2.50 6%

5.16%

2.00

CAGR: (2017-2024) 1.50

1.33

1.39

1.46

1.53

1.60

1.69

1.78

1.87

1.98

4.2% 4.5% 5%

4.7% 4.7%

5.3% 4.7% 4.9% 5.0%

5.5%

1.00

0.50 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ The North America class-III forklift truck market stood at USD 1.33 billion in 2016, with the demand being the highest in the United States, followed by Canada. According to Goldstein Research, the class-III Forklift Truck market will record a CAGR of 5.16% by 2024 and generate the revenue of USD 1.98 billion by 2024. ď&#x201A;§Shrinking IC engine powered forklift trucks are majorly replaced due to the replacement by class III forklift trucks in manufacturing industries across the America. Hand rider forklifts are the major contributor the significant growth of class III forklift trucks segment in the overall market. Class III forklifts are used in those applications where ICE-powered forklifts are not practical, such as indoor environments and narrow aisles. Although forklifts are primarily designed for indoor use, several features can enable electric models to be used outdoors. These features include using pneumatic tires (air filled) to enable use on unimproved surfaces, waterproofing the forklifts, and sealing the electronic compartment for more water resistance. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.4. North America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-68 North America Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-67 North America Class-IV Forklift Truck Market Size (USD Billion). 2017-2024 2.5

2.0

1.5

5.52% CAGR: (2017-2024) 1.33

1.39

1.47

1.54

1.63

1.72

1.81

1.92

2.04

4.5% 4.8%

5.4% 5.0% 5.0% 5.1% 5.2%

5.6% 5.8%

5% 4%

1.0

3% 2%

0.5

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ North America Class IV forklift truck market was valued at USD 1.3 billion in 2016, and is poised to reach USD 2.04 billion by 2024, registering an estimated of CAGR 5.52% during the forecast period. Class IV IC engine forklift trucks are majorly used at ports and large logistic warehouses to move pallets from the loading dock to storage, vice versa. North America consist of more than 400 small and large marine ports which is likely to bolstered the demand for forklift trucks with the rising port activities. ď&#x201A;§Class IV, forklifts are also used in construction, agriculture, manufacturing, large warehousing, recycling, beverage and bottling, trucking, and garden supply operations. These forklifts also are used in the manufacturing and processing of paper and allied products; lumber and wood products. But due to its low load capacity, the class IV forklift trucks are limited to some specific applications only. Moreover, rebounding construction sector in U.S and Canada will propel the growth of class IV forklift trucks market. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.5. North America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-69 North America Class-V Forklift Truck Market Size (USD Billion). 2017-2024 2.0

1.8 1.6 1.4

1.7

7.78%

1.6

CAGR: (2017-2024)

1.2 1.0

Fig:- 6-70 North America Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

0.9

1.0

1.1

1.2

1.3

1.4

1.5

8% 8% 7% 7% 7%

0.8

6.6%

6.8%

7.0% 7.0% 7.1%

7.2%

7.3%

7.6%

7.8%

0.6

0.4

0.2

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The North America class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to 7.78% over the forecast period and accounting the market revenue of USD 1.7 billion by 2024. ICE Counterbalanced class V forklifts are equipped with pneumatic tires making it best option for outdoor and indoor applications in construction and wood & paper industry. Class V forklift trucks can be used for outdoor rough terrain purposes and are provided with higher load capacity creating high demand for these trucks in marine ports and heavy manufacturing industries and lumber industry. However, stringent emission norms to reduce carbon footprints and growing market for electric forklifts with innovative technology is likely to reduce the market share of Class V IC engine forklift trucks. The Class V type of forklift truck segment is projected to register the highest CAGR among conventional forklifts over the forecast period. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.6. North America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-71 North America Class-VI Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-72 North America Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

4.0 7%

3.5 3.0

5.85% CAGR: (2017-2024)

2.5 2.0

1.99

2.10

2.21

2.34

2.47

2.61

2.77

2.94

3.14

4.7%

5.1% 5.3%

5.9% 5.7% 5.5% 5.4% 5.3%

6.2%

5% 4% 3%

1.5

1.0

0.5

0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 As per the findings of the report, the North America class VI forklifts in Forklift Truck market, which was valued at USD 1.99 billion in 2016 will rise to USD 3.14 billion by 2024 exhibiting a CAGR of 5.85% from 2016 through 2024. An increase in the trading between countries and rising e-commerce business will significantly result increased logistic activities at air and marine ports which will result in demand for class VI forklift trucks.  Class VI forklift trucks are basically not counterbalanced and are majorly used for the purpose for towing and pulling luggage carts at airports. Rising number of air passengers traffic in North America and growing domestic and international passenger numbers indicates the future growth of class VI forklift trucks. North American airlines saw demand rise 2.6% in 2016. Most of the growth occurred in the second quarter, and traffic has been strongest on Pacific routes. The North Atlantic, by contrast, has been fairly flat. Capacity rose 3.3%, reducing the load factor by 0.5 percentage points to 81.3%. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.7. North America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-73 North America Class-VII Forklift Truck Market Size (USD Billion). 2017-2024 1.2

7.26%

1.0

1.00

CAGR: (2017-2024) 0.8 0.6

Fig:- 6-74 North America Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

0.57

0.61

0.65

0.69

0.74

0.80

0.86

0.92

6.1% 7%

7.1% 6.9% 6.7% 6.6% 6.6% 6.3% 6.5%

7.4%

6% 5% 4%

0.4

3% 2%

0.2

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The North America class-VII forklift truck market is expected to reach USD 1.0 billion by 2024 from USD 0.57 billion in 2016, growing at a CAGR of 7.26% from 2016 to 2024. The growth of this segment is majorly attributed to the rise in construction activities across the North America region and growth of lumberyard sites in Canada. TIER4 and upcoming TIER5 emissions reduction regulations will continue to influence forklift design and innovation in 2017 and beyond. Innovative solution will continue to remain a headache for the end-user, prompting demand for high-capacity forklifts. The continuing maturation of the Internet of Things has a direct impact on the industrial sector. Within the forklift sector, telematics continues to advance as operators are trying to manage their fleets more efficiently. While adoption is slow by most measures, telematics will ultimately make its impact Moreover, U.S army has significantly contributed to market growth. For instance, the Army has ordered 1,600 light-capabilty rough terrain forklifts from JCB to be deployed for loading and unloading aircraft and shipping containers around the world. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.2.8. North America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-75 North America Forklift Truck Market Attractiveness-By Product, 2017-2024

Fig: 6-76 North America Forklift Truck Market BPS Analysis- By Product, 2017-2024

9.00%

100.0%

8.00%

90.0% 80.0%

7.00%

70.0%

6.00%

60.0%

5.00%

50.0%

4.00%

40.0% 30.0%

3.00%

6.00%

6.35%

21%

20%

10%

11%

14%

13%

14%

13%

15%

16%

20%

21%

20.0%

2.00%

10.0%

1.00%

0.0%

0.00% 0.20

Class I

2016

0.40

0.60

Class II

0.80

Class III

1.00

Class IV

1.20

1.40

Class V

1.60

Class VII

Class VI

Class VII (Rough Terrain Forklift Trucks) Class V (IC Engine Trucks, Pneumatic Tires) Class III (Hand Rider Trucks) Class I (Electric Motor Rider Trucks)

2024

Class VI (Electric and IC Engine Tractors) Class IV (IC Engine Trucks, solid/Cushion Tires) Class II (Electric Motor Narrow Aisle Trucks)

Source: Goldstein Research

Source: Goldstein Research Key Points

ď&#x192;&#x2DC;According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-I and Class-II forklift trucks tends to grow at the faster pace in the forecast period. Class-I and Class-II forklifts are the fastest growing forklifts as they are powered by the electric engines which acquires around 65% of the North America forklift market. Growing adoption of electric forklifts and its advantages over ICE forklifts will boost the growth of Class-I, II and III forklifts. ď&#x192;&#x2DC;Factors such as expansion of warehouse space North America, growing e-commerce business across the globe and strong demand for forklift truck replacement in North America, and bulk investments in purchase of advanced cost efficient and environment friendly forklifts are the key factors driving the growth of North America forklift trucks market market. Copyright Goldstein Research, All Rights Reserved

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6.2.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-77 North America Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 18.0 16.0

9.0%

5.70% CAGR: (2017-2024)

8.0% 2.4

14.0 12.0

2.1 2.0

8.0

1.8 1.23

1.41

1.9 1 .26

1.9 1.28

2.0 1.30

1.39

6.4

6.9

7.5

8.0

Diesel

1.37

8.7

Gasoline

9.4

6.8%

7.0%

7.2%

7.4%

7.5%

7.7%

8.0%

6.0%

Electric

5.0%

1.35 1.32

6.0 4.0

7.0%

2.3 2.2

10.0

Fig: 6-78 North America Forklift Truck Growth (%), by Fuel Type, 2017-2024

10.1

11.0

11.9

Electric

4.0% 3.0%

3.00%

2.0% 1.5%

2.0

3.10%

3.20%

3.21%

3.22%

3.23%

3.31%

3.47%

3.62%

2.0%

2.1%

1.6%

1.9%

2.2%

1.8%

2.1%

1.7%

Gasolin e

Diesel

1.0%

0.0 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

0.0% 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-79 North America Forklift Truck Market Share (%),by Fuel Type -2016

30.00%

Electric/Hybrid

Gasoline

ď&#x201A;§ Measured in terms of units ordered, 19% of the North America market is attributed to the diesel forklift trucks in 2016, while electric forklifts and warehouse electric trucks accounted for more than 65 percent. Due to increasingly stringent emissions regulations and the continued march of e-commerce, the major players expected the segmentation of the market shift towards electric forklift trucks and warehouse trucks, partly because these are suitable for use in buildings.

60.00% 10.00%

Diesel

ď&#x201A;§Propane-powered forklifts are common across the industry for their versatility, quick refueling time, and the capability to run at 100% throughout operation. www.goldsteinresearch.com

6.2.3.1. North America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-80 North America Electric Forklift Truck Market Size (USD Billion). 2017-2024 14.00 12.00

7.99% CAGR: (2017-2024)

11.92 10.97

10.00 8.00 6.44

6.93

7.46

Fig:- 6-81 North America Electric Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

8.04

8.67

9.36

10.12

8% 8% 8% 7% 7%

6.00

6.8%

7.0%

7.2% 7.2% 7.2%

7.4%

7.5%

7.7%

8.0%

4.00

7% 7%

2.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 North America Electric Forklift Truck market valued USD 6.44 billion in 2016 and estimated to reach the valuation of USD 11.92 billion by 2024 attributed by regulatory frameworks, which include mandatory emissions limits of trucks that have a major impact on the business models.  Many company has begun testing a new line of high-capacity forklifts with electric motors. The latest trends suggests that, in the near future, ports and heavy industry will be able to electrify their ‘big truck’ fleets, producing zero emissions while achieving comparable full-shift performance. To drive efficiency and manage costs, the new electric trucks will be built to match the needs of the specific application. In the overall market sales of electric forklifts and warehouse forklifts were increased by 4% in 2016. The demand for electric forklifts with automaton solutions is being driven by the growing e-commerce sector. Electric forklift truck market is also benefitting from advances in battery-charging technology. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.3.2 North America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-82 North America Gasoline Forklift Truck Market Size (USD Billion). 2017-2024 1.45 1.40

1.41

1.72% CAGR: (2017-2024 )

1.25

1.39 1.37

1.35

1.5%

1.32 1.30

1.30

Fig:- 6-83 North America Gasoline Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

1.8% 1.7% 1.6%

2.1% 2.1% 2.0% 1.9%

2.2%

1.28 1.26 1.23

1.20 1%

1.15 1.10 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The North America gasoline forklift truck market size was valued at USD 1.23 billion in 2016 out of which class-IV, Class-V gasoline powered forklifts accounted for USD 0.285 billion in 2016. Key drivers contributing to market expansion include the stringent emission norms and more fuel efficiency of LPG and natural gas powered forklifts over diesel powered ICE forklifts. ď&#x201A;§ Electric truck sales in the US were up by 8.7%, gasoline powered Class IV and V forklift trucks sales were also up by 2.5%. After declining steadily for more than 10 years, consumer propane sales increased by about 12 percent between 2012 and 2014. The long term decline in demand was driven primarily by declines in demand in conventional propane markets, including residential, commercial, and forklift markets, due to improvements in propane usage efficiency, competition from other fuels, and the impacts of increasing propane prices. The decline in oil prices, combined with growth in propane production and inventories, will lead to lower propane prices relative to natural gas and electricity in traditional propane markets, including the residential, commercial, and forklift markets. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.3.3. North America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-84 North America Diesel Forklift Truck Market Size (USD Billion). 2017-2024 3.50 3.00

3.47%3.62% 3.31% 3.22%3.23% 3.00%3.10%3.20%3.21% 4%

3.40% CAGR: (2017-2024)

2.50 2.00

1.80

1.86

1.92

Fig:- 6-85 North America Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

1.98

2.05

2.12

2.19

2.27

2.35

3% 3% 2%

1.50

1.00

0.50 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The North America diesel forklift truck accounted for USD 1.80 billion in 2016 and is estimated at USD 2.35 billion by 2024.  The forklift truck manufacturers are promising more than 20 percent increase in fuel efficiency over the previous generation IC forklifts, to meet stringent Tier 4 interim regulation standards from the U.S. Environmental Protection Agency (EPA), which is likely to push the growth of diesel forklift trucks market in North America. For optimal fuel consumption these machines are now equipped with a load sensing system; e.g.: The flow of the pump is reduced when no mast movement is required. Besides fuel consumption improvement, engine power can be transferred completely to the drive system. However, continuous technological advancement in electric forklift trucks and innovation in fuel cells to provide better power and efficiency to electric powered forklift trucks is likely to replace the majority of diesel forklifts in various industry verticals across the region.

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2024f

6.2.3.4. North America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 Fig: 6-86 North America Truck Market Attractiveness-By Fuel Type, 20172024

Fig: 6-87 North America Forklift Truck Market BPS Analysis- By Fuel Type, 2017-2024

9.00% 8.00% 7.00%

CAGR (%)

6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 0.0

1.0

2.0

3.0

4.0

5.0

6.0

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the faster pace in the forecast period owing to rising adoption in fastest growing logistic and e-commerce end-user industries. ď&#x192;&#x2DC; Electric forklifts are capturing an increasing share of the North American materials handling market as the industry continues to shift away from propane, diesel, and other fossil fuels in favor of advanced lead-acid batteries, Li-ion batteries, and fuel cells. While conventional lead-acid batteries are a mature and well-entrenched technology in this market, limitations related to the length of charge time, runtime, and low cycle life are helping to spur interest in alternative technologies. According to the report, sales of advanced lead-acid, Li-ion, and fuel cell forklifts in North America are expected to reach over 47,000 units by 2024, up from approximately 10,000 units in 2016. Copyright Goldstein Research, All Rights Reserved

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6.2.4. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-88 North America Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d

Fig:- 6-89 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, by End Users,2017-2024 60.00%

1 8.00

Paper Industry

1 6.00

Others

50.00%

Others

1 4.00

Wood Industry 1 2.00

40.00%

Wood Industry

Food and Beverages 1 0.00

Iron and Steel Industry

Food and Beverages

30.00%

Iron and Steel Industry & Steel Plants

8.00

Automobile 6.00

20.00%

Automobile

Radio Active Waste 4.00

Ports and Logistics

2.00

Paper Industry

0.00 2016

2017

2018

2019

2020

2021

2022

20 23

2024

Source: Goldstein Research

Radio Active Waste

Ports and Logistics 0.00% 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Goldstein Research

Fig: 6-90 North America Forklift Trucks Market Share (%), by End Users -2016 10.00%

10.00%

8.00%

Paper Industry 5.00%

ď&#x201A;§ North America forklift truck market is anticipated to reach USD 15.68 billion by 2024 at a CAGR of 6.50% owing to the rapid growth of forklift market in logistics and warehouses.

Ports and Logistics Radio Active Waste

10.00% 30.00%

Automobile Iron and Steel Industry & Steel Plants Food and Beverages Wood Industry

16.00%

Others

ď&#x201A;§In total, industrial truck manufacturers support employment of nearly 209,600 workers in the US and generate over USD 25.7 billion in economic activity. Moreover, growth in the industrial truck manufacturing sector has exceeded the US average and will continue to support employment and economic activity throughout the country.

6.00%

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6.2.4.1. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-91 North America Forklift Truck Market Size (USD Billion). in Paper Industry, 2017-2024 1.40

5.99%

1.20 1.00 0.80

Fig:- 6-92 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024

CAGR: (2017-2024) 0.76

0.80

0.85

0.89

0.95

1.00

1.06

1.13

1.21

5.1% 5.2% 5.3% 5.4% 6%

5.5%

6.0% 6.2% 5.9% 5.6%

5% 4%

0.60

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 North America forklift truck market in paper industry tends to reach USD 1.21 billion by 2024 owing to the rapid growth in paper production and paper recycling industry augmented by the escalating demand for paper and cardboard packaging in various other industries across the globe, which also triggered the growth paper export industry. The paper industry has changed dramatically over recent years. Mills that once produced only magazine paper are now producing pulp and other products in order to stay afloat. Facilities are also producing larger paper rolls with larger machines. Changes such as these require a firm understanding of materials handling equipment and attachment needs. Using outdated or improper equipment and attachments increases the likelihood of downtime and damage As one of the largest industrial sectors in the world, the pulp and paper industry has an enormous influence on global forests. This sector, which includes products such as office and catalog paper, glossy paper, tissue and paper-based packaging, uses over 40 percent of all industrial wood traded globally. And, the U.S. is still one of the world’s largest paper consumers. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.4.2. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-93 North America Forklift Truck Market Size (USD Billion). 20172024 5.00 4.50 4.00

6.05%

CAGR: (2017-2024)

3.50 3.00

2.84

3.00

3.17

3.36

3.55

3.77

4.00

4.26

4.55

Fig:- 6-94 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024 7%

5.1% 5.3% 5.4% 6%

6.1% 5.8% 5.7% 5.5% 5.5%

6.3%

5% 4%

2.50 2.00

1.50

1.00 0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 In this report, the North America forklift truck market in ports and logistics industry is valued at USD 2.84 billion in 2016 and is expected to reach USD 4.55 billion by the end of 2024. Powered industrial trucks, or forklifts, are an indispensible part of doing business for logistics operations. They are used to move and lift materials and offer load capacities from a few thousand pounds up to 180,000 pounds. Spending in the U.S. logistics and transportation industry totaled USD 1.48 trillion in 2016, and represented 8 percent of annual gross domestic product (GDP) of which roughly USD 14.9 billion results from supply chain and consumer spending activities. That spreads the benefits of the sector to other parts of the U.S. economy—those that are purchasers of logistics equipment support. That includes USD 3.5 billion in trade, transportation and utilities; USD 2.1 billion in professional and business services; and USD 1.1 billion in education and health services.

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2024f

6.2.4.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 Fig: 6-95 North America Forklift Truck Market Size (USD Billion). in Radio Waste Handling 2017-2024

Fig:- 6-96 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio Waste Handling, 2017-2024

1.20 8%

1.01

7.47%

1.00

CAGR: (2017-2024) 0.80 0.60

0.57

0.61

0.65

0.70

0.75

0.81

0.87

0.94

6.1% 7%

7.1% 7.3% 6.9% 6.8% 6.7% 6.7% 6.5%

7.5%

6% 5% 4%

0.40

3% 2%

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The North America forklift trucks market for radio waste handling valued USD 0.57 billion in 2016 and is expected to reach USD 1.01 billion at a CAGR of 7.47% over the forecast years. ď&#x201A;§ The industry's more than 10,000 firms produce more than 70,000 products. In 2016, the U.S. chemical industry had final sales exceeding $800 billion and directly employed more than 811,000 workers, with additional indirect employment by industry suppliers of more than 2.7 million. With investments of USD 91 billion in research and development in 2016 and a record of strong enforcement of intellectual property rights, the chemical industry accounts for a significant portion of patents granted in the United States. Rapid growth of chemical industry has augmented the demand for efficient handling and storing of chemicals and disposal of toxic waste, which is likely to fuel the demand for specially built forklift trucks for these applications. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.4.4. North America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig: 6-97 North America Forklift Truck Market Size (USD Billion). In Automobile Industry 2017-2024 3.00 2.50

1.50

7.36%

2.51

CAGR: (2017-2024)

2.00 1.42

1.52

1.63

Fig:- 6-98 North America Forklift Truck Market Y-O-Y Growth (%) Analysis- in Automobile Industry, 2017-2024

1.74

1.87

2.00

2.15

2.32

6.1% 7%

7.0% 6.4% 6.6% 6.6% 6.7% 6.8%

7.2% 7.5%

6% 5% 4% 3%

1.00

0.50

1% 0%

2016e

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

The North America forklift market used in automobile industry accounted for USD 1.42 billion in 2016 and tends to grow at a CAGR of 7.36% and reach the valuation of USD 2.51 billion by 2024 North American motor vehicle production is expected to increase in 2017 due to stronger domestic demand, with the majority of the output expansion in Mexico. Canadian motor vehicle production is expected to contract further in 2017. Forklifts, has a tightly-interwoven relationship with the automotive industry. Forklift trucks drives innovation in production and manufacturing of passenger vehicles, provides transfer logistics for parts, pallets, and components in automotive warehouses, and evolves with the industry as needs arise or technology forces ingenuity for forklift machines. No matter the need in the automotive industry – innovation, cost efficiency, or utility maximization, forklifts are versatile pieces of material handling equipment that continue to be an invaluable part of the support system for automotive manufacturers

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2024f

6.2.4.5. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-99 North America Forklift Truck Market Size (USD Billion).in Iron & Steel Industry, 2017-2024 3.00 2.50

1.50

6.08% CAGR: (2017-2024)

2.00 1.52

1.60

1.69

Fig:- 6-100 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Iron & Steel Industry, 2017-2024

1.79

1.90

2.01

2.14

2.28

2.43

5.1% 5.3% 5.4% 6%

6.1% 5.9% 5.7% 5.6% 5.5%

6.4%

5% 4% 3%

1.00 2%

0.50 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The North America forklift truck market in Iron & steel Industry accounted for USD 1.52 billion in 2016 and tends to reach the valuation of USD 2.43 billion by 2024. The forklift truck market in iron & steel industry is driven by the rising consumption of iron & steel in automobile and construction sector across the globe. The US steel industry is expected to return to growth next year, with production predicted to rise on lower imports and buoyant demand from the construction and energy sectors. Crude steel output in the world’s largest economy will increase by 4.4 per cent in 2017, reversing almost two years of contraction. The iron and steel industry probably requires a greater diversity of material-handling equipment than any other type of manufacturing, because of the enormous bulk and weight to be handled and the growing iron and steel industry is likely to generate demand for new efficient forklift trucks. Moreover, rising pressure in iron and steel industries to reduce their carbon footprints, the industry is shifting towards the adoption of electric material handling equipment, which is anticipated to bolster the growth of electric forklift trucks in iron & steel industry.

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2024f

6.2.4.6. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-101 North America Forklift Truck Market Size (USD Billion).in Food & beverage Industry, 2017-2024 1.80

1.40

1.53

CAGR: (2017-2024)

1.20 1.00

1.65

7.22%

1.60

0.95

1.01

1.08

1.16

1.24

1.33

Fig:- 6-102 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Food & Beverage Industry, 2017-2024 8%

6.1% 7%

1.42

7.1% 6.9% 6.7% 6.6% 6.5% 6.3% 6.5%

7.3%

6% 5%

0.80

0.60

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The North America forklift truck market in Food & beverage industry accounted for USD 0.95 billion in 2016 and tends to reach the valuation of USD 1.65 billion by 2024. The demand forklift truck market in food and beverage industry is majorly driven by the growing demand for packaged food products across the region and growing need for efficient and faster warehouse operations. ď&#x201A;§Revenue in the "Food & Beverages" industry in United States amounts to USD 13.8 billion in 2017. Revenue is expected to show an annual growth rate (CAGR 2017-2022) of 13.3 % resulting in a market volume of USD 25.8 billion in 2022. Factors that are most likely to influence sales growth include attracting new customers, improving sales performance and developing new products. The two top trends driving sales growth are both private label and healthy/nutritious foods. Material handling and warehousing operations in food and beverage industry plays an vital role for the significant growth of market and to provide enhance service to the consumers. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.4.7. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-103 North America Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 0.90 0.80 0.70

6.77% CAGR: (2017-2024)

0.60 0.50

0.80

0.47

0.50

0.54

0.57

0.61

0.65

0.69

0.74

Fig:- 6-104 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024 8% 7%

5.5% 6%

6.7% 6.5% 6.3% 6.2% 5.9% 6.1% 6.1%

7.0%

0.40

0.30

0.20

0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The North America forklift truck market in Wood Industry accounted for USD 0.47 billion in 2016 and tends to reach the valuation of USD 0.80 billion by 2024. The forklift truck market in wood and lumber is majorly driven by the growing demand for wood products for construction activities and furniture across the region. ď&#x201A;§The American wood products and forestry industries are critical elements of the U.S. manufacturing base and state economies. The U.S. sawmills and wood preservation industry employs over 90,000 workers across America. This represents an annual payroll income of over USD 3 billion which supports the economies of thousands of communities nationwide. Approximately 11 million U.S. private landowners, managing approximately 640 million acres of family-owned timberlands, depend on a strong domestic lumber industry. Use of heavy or rough terrain forklift demand is majorly driven by the growth of wood and industries in the region which required the forklifts to work in harsh condition with higher load capacities. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.4.8. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-105 North America Forklift Truck Market Size (USD Billion).in Other Industries, 2017-2024 1.60

6.05%

1.40 1.20 1.00

Fig:- 6-106 North America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Other Industries, 2017-2024

CAGR: (2017-2024) 0.85

0.90

0.95

1.01

1.07

1.13

1.20

1.28

1.36

5.0% 5.3% 6%

6.3%

5% 4%

0.80 0.60

0.40

0.20

0.00 2016e

5.4%

6.1% 5.8% 5.7% 5.5% 5.5%

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The North America forklift truck market in other industries accounted for USD 0.85 billion in 2016 and tends to reach the valuation of USD 1.36 billion by 2024. The North America is a leader in the production and supply of energy, and is one of the world’s largest energy consumers. North America energy companies produce oil, natural gas, renewable fuels, as well as electricity from clean energy sources such as wind, solar, and nuclear power and these industries is also contributing significantly in the growth of forklift trucks market in the region. Others industries such as textile, electric and electronics and agriculture industries collectively contribute to the significant demand for forklift trucks in North America. Agriculture sector requires forklift trucks for various application from lifting bulky harvested crops to stacking of hays. However, Farm income is expected to decline modestly in 2016 and 2017, as expansion in U.S. cattle and hog herds puts downward pressure on livestock prices, more than offsetting modest increases in crop receipts. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.2.4.9. North America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 8.00%

Fig: 6-108 North America Forklift Truck Market BPS Analysis- By End Users, 2017-2024

Fig: 6-107 North America Forklift Truck Market Attractiveness-By End Users, 2017-2024 100%

7.00%

10.0%

9.7%

5.0%

5.1%

10.0%

10.6%

16.0%

15.5%

50%

15.0%

16.0%

40%

6.0%

6.5%

30.0%

29.0%

8.0%

7.7%

2016

2024

90% 6.00%

80% 70%

CAGR (%)

5.00%

60%

4.00% 3.00%

30%

2.00%

20% 1.00%

10% 0%

0.00% 0.2

0.4

Wood Industry Automobile

0.6

0.8 1 1.2 Market Size (USD Billion)

Ports and Logistics Iron and Steel Industry

1.4

Paper Industry Others

1.6

1.8

Food and Beverage Industry Radio Active Waste

Others

Wood Industry

Food and Beverages

Iron and Steel Industry & Steel Plants

Automobile

Radio Active Waste

Ports and Logistics

Paper Industry

Source: Goldstein Research

Source: Goldstein Research Key Points

â&#x20AC;˘According to above graphs, ports and logistics accounted for the highest revenues share in north America forklift trucks market, owing to growing ecommerce business and growing trading with foreign countries. Automobile industry in North America also showed significant growth rate in past few years which is likely to impel the demand for automated guided vehicle forklifts and advanced electric forklifts in manufacturing facilities. â&#x20AC;˘Iron & Steel industry and food & beverage industry has also contributed to the considerable market share for the forklift trucks revenue. Paper industry is slowly growing but the industry is now demanding for highly efficient and sophisticated forklifts for the handling of paper, which will contribute to the healthy growth of forklift trucks in paper industry. Copyright Goldstein Research, All Rights Reserved

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6.3. eurOpe FOrkliFT TruCk markeT analysis Connect With Us: Published By: Goldstein Research Copyright

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6.3a. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),20172024 Fig: 6-109 Europe Forklift Truck Market Size(USD Billion)-2017-2024

Fig: 6-110 Europe Forklift Truck Market Share By Product Type, 20172024

6.67%

18.0 16.0

CAGR: (2017-2024)

14.0 12.0 10.0

9.7

9.1

10.3

10.9

11.6

12.4

13.3

14.2

15.3 12.55%

13.55% 20.00%

19.00%

2016

8.0 6.0

12.00% 9.45%

12.00%

Class II

Class III

Class18.00% IV

Class V

Class VI

Class VII

15.00%

4.0

Class I

20.45%

2024 11.00%

13.00%

10.00% 14.00%

2.0 0.0 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-111 Europe Forklift Truck Market Size (USD Billion), By Country2017-2024

Fig: 6-112 Europe Forklift Truck Market Size (USD Billion), By Fuel Type, 2017-2024

2.44 2.35

74% 1.85

1.67 1.61

1.40 1.41 1.32

1.29 0.98 0.99 0.89 0.60 0.57

61%

0.90 0.83 29% 19% 10%

2016

2024 2016

The UK

Germany

France

Austria, Benelux & Switzerland

Nordic and Baltic Countries

Others

Source: Goldstein Research

Russia

Italy

Electric

2024

Gasoline

Source: Goldstein Research

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Diesel

6.3b. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),20172024 Fig: 113- Warehouse Development in Europe-2016 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Germany

Belgium

The Netherlands

The UK

France

Russia

Underconstruction Warehouse

Poland

Czech Republic

Italy

Spain

Completed Warehouse

Source: Goldstein Research

Fig: 114- Europe Forklift Truck Market Share(%), Revenue Split-2016

Fig: 115- Europe Forklift Truck Market Share (%), By Companies, 2017-2024 40% 35%

38.00%

30% 25% 20% 15%

62.00%

10% 5%

New Forklift Truck Sales

After Sales Revenue

Source: Goldstein Research

0% 2016

2017 KION

2018

2019 2020 Jungheinrich

Source: Goldstein Research

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2021 Toyota

2022

2023 Hyster Yale

2024

6.3c Leading Suppliers and Dealers of Forklift Trucks in Europe Suppliers of Forklift Trucks on Rental Basis

Dealers of Forklift Trucks

6.3.1. eurOpe FOrkliFT TruCk markeT analysis, by COunTry Connect With Us: Published By: Goldstein Research Copyright

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6.3.1.1. Germany Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-116 Germany Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-117 Germany Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

3.50 3.00

6.75%

CAGR: (2017-2024)

2.50 2.00

1.70

1.92

1.81

2.05

2.18

2.33

2.49

2.67

2.87

5.70%

5.87%

6.04%

6.10%

6.15%

6.29%

2016

2017

2018

2019

2020

2021

6.46%

2022

6.70%

6.94%

1.50 1.00 0.50 0.00 2016

2017

2018

2019

2020

2021

2022

2023

2024

Fig: 6-118 Germany Forklift Truck Market Share (%), Revenue Split-2016

27.00%

New Forklift Trucks Rental 55.00%

10.00%

Source: Goldstein Research

2024

Source: Goldstein Research

8.00%

2023

Used Equipment Service

Germany forklift truck market is anticipated to reach USD 2.87 billion by 2024 from USD 1.70 in 2016, growing at a CAGR of 6.75% during the forecast period Changing warehouse dynamics and growing demand for forklift trucks for paper and pulp industry and for handling empty containers are propelling the Germany forklift truck market growth  Germany’s leading forklift truck company KION has recently launched five new Linde and Baoli forklift trucks to expand their product line in Europe region

6.3.1.2. France Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-119 France Forklift Truck Market Size (USD Billion). 2017-2024 2.5

2.0

1.5

2.26

6.50%

CAGR: (2017-2024) 1.36

1.45

1.54

Fig: 6-120 France Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.63

1.73

1.85

1.97

2.11

5.60%

5.65%

5.82%

5.88%

5.93%

6.07%

2016

2017

2018

2019

2020

2021

6.24%

2022

6.48%

6.72%

1.0

0.5

0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2023

Source: Goldstein Research

 France forklift truck market is growing at a CAGR of 6.50%, which is likely to continue over the forecast years and will reach USD 2.26 billion by 2024. Streamlined process and distribution channel for forklift trucks by Toyota in Europe is creating new opportunities for forklift truck market in France. Toyota has introduced direct sales channel in the region which eventually supported the growth of France forklift trucks market Development of high-performance material flow solutions in France to achieve sustainable competitive advantages by companies such as Linde Material Handling, Jungheinrich, KION, Toyota and Hyster Yalehcare is expanding the France forklift trucks market

2024

6.3.1.3. The United Kingdoms Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-121 The United Kingdoms Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-122 The United Kingdoms Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

3.50 3.00

6.74%

2.97

CAGR: (2017-2024)

2.50 2.00

1.76

1.87

2.00

2.12

2.26

2.42

2.58

2.77

5.80%

5.87%

6.04%

6.10%

6.15%

6.29%

2016

2017

2018

2019

2020

2021

6.45%

2022

6.70%

6.94%

1.50 1.00 0.50 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

The UK forklift truck market tend to reach the valuation of USD 2.97 billion by 2024 at considerable CAGR of 6.74% over the forecast years  The UK is rapidly overcoming economical crisis and creating huge opportunities for manufacturing and transport sectors. Manufacturing sector of the UK is the largest end-user of industrial trucks, and over 33% of forklifts trucks are used in this industry. Counterbalance and warehouse truck market sectors remain strong with market demand from the UK’s major forklift users  Online giants such as Amazon and ASOS are continuously expanding their operations in the UK which is increasing the demand for transport and warehousing forklifts and is expected to witness noticeable growth for electric counterbalance forklift trucks and powered pallet trucks over the forecast period

2024

6.3.1.3a. The United Kingdoms Forklift Truck Market Fig: 6-123 The United Kingdoms Forklift Truck Market Share (%), By EndUser, 2016

Manufacturing 33%

Transportation & Logistics 14%

Fig: 6-124 The United Kingdoms Forklift Truck Market Share (%), By Trucks Type, 2016

Wholesale Distribution 14%

12.00% COUNTERBALANCED

48.00%

Retail 20% 40.00%

WAREHOUSE RIDER TRUCKS

Others 19% Source: Goldstein Research

WAREHOUSE PEDESTRIAN TRUCKS

Source: Goldstein Research

 Forklift trucks are contributing in the growth of the UK’s economy. Rising operations of forklift trucks in every major industry verticals from agriculture to waste management and in both public and private service is supporting the growth of the UK forklift truck market  Rapid increase in online shopping is reflecting the growth of pedestrian warehouse trucks, which is the fastest growing class of forklift trucks whose sales was increased by 16% in 2016 as compared to 2015. Among all the forklift truck types, the market share of diesel engine forklifts remains relatively unchanged, this is likely to support the growth of electric powered forklift trucks  Sales of electric powered forklift trucks in the United Kingdom is expected to increase by 70% during the forecast period

6.3.1.4. Italy Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-125 Italy Forklift Truck Market Size (USD Billion). 2017-2024

1.20 1.00

6.77%

0.60

1.01

CAGR: (2017-2024)

0.80 0.60

0.64

0.68

Fig: 6-126 Italy Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

0.72

0.77

0.82

0.88

0.94

5.60%

5.90%

6.06%

6.12%

6.18%

6.32%

2017e

2018f

2019f

2020f

2021f

6.48%

2022f

6.73%

6.97%

0.40 0.20 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

Italy forklift truck market is anticipated to reach value USD 1.01 billion by 2024 at considerable CAGR of 6.77% during the forecast years  Large amount of warehouse capacity has been added in Italy in past few years which in turn has created the market for warehouse forklift trucks. Rising demand for quality and efficient warehouse forklift trucks are increasing the sales of forklift trucks in Italy  In 2017, Italian company KION’s Indian forklift truck brand, Voltas, announced the partnership with Italian brand OM in India to effectively harness the forklift market potential of the Asia-Pacific region. Trucks based on Voltas technology will be marketed under the OM Voltas brand in the near future. This new expansion of forklift truck is likely to support the growth of Italy forklift truck market

6.3.1.5. Russia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-127 Russia Forklift Truck Market Size (USD Billion). 2017-2024

1.20 1.00

7.05%

1.10 1.02

CAGR: (2017-2024)

0.80 0.64

0.68

0.72

Fig: 6-128 Russia Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

0.77

0.83

0.88

0.95

5.90%

6.14%

6.31%

6.37%

6.42%

6.56%

2017e

2018f

2019f

2020f

2021f

6.72%

2022f

6.97%

7.20%

0.60 0.40 0.20 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

Russia forklift truck market tend to reach the market value of USD 0.9 billion by 2024 at considerable CAGR of 7.89% over the forecast years  Sharp rise in added warehouse capacity and efficiency improvements are spurring the demand forklift trucks in Russia. Growth has been driven by new unit sales of forklift trucks in Russia, which in 2016 accounted for 48% of Eastern Europe, as compared to 36% in 2015.  Overall logistics upgrades in Russia are also encouraging the growth of automotive industry and thereby propelling the demand for forklift trucks in Russia. However, dramatic increase in forklift accidents may hinder the market growth. Blocked vision, blind intersections and operator inattention are often factors in accidents that involve forklifts running over pedestrians

6.3.1.6. Austria, Benelux & Switzerland Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-129 Austria, Benelux & Switzerland Forklift Truck Market Size (USD Billion). 2017-2024 2.00

6.44%

1.80 1.60

CAGR: (2017-2024)

1.40 1.20

1.04

1.10

1.17

1.24

1.32

1.40

1.49

1.59

Fig: 6-130 Austria, Benelux & Switzerland Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.71

5.30%

5.60%

5.77%

5.83%

5.88%

2017e

2018f

2019f

2020f

6.02%

6.19%

2021f

2022f

6.43%

6.67%

1.00 0.80 0.60 0.40 0.20 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

Austria, Benelux and Switzerland Forklift Truck market tend to reach the market value of USD 1.71 billion by 2024 at considerable CAGR of 6.44% over the forecast years Improvement of material handling equipment for industries such as paper & pulp industry, food & beverage and wood industry in countries such as Belgium, The Netherlands and Austria are spurring the demand for efficient forklift trucks. Moreover, development in warehouse and storage space in Belgium and Netherlands is expected to boost the growth of forklift trucks market during the analysis period  In past five years, over 500 warehouse projects have been completed in both Belgium and the Netherlands whereas over 300 warehouse projects are still in development stage in both the countries which is likely to be completed in next three years

6.3.1.7. Nordic and Baltic Countries Forklift Truck Market Size (USD Billion) & Y-OY growth (%), 2017-2024 Fig: 6-131 Nordic and Baltic Countries Forklift Truck Market Size (USD Billion). 2017-2024 2.00 1.80 1.60

6.44% CAGR: (2017-2024)

1.40 1.20

1.05

1.11

1.18

1.25

1.33

1.41

1.50

1.61

Fig: 6-132 Nordic and Baltic Countries Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.72

5.40%

5.60%

5.77%

5.83%

5.88%

2017e

2018f

2019f

2020f

6.02%

6.19%

2021f

2022f

6.43%

6.68%

1.00 0.80 0.60 0.40 0.20 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2023f

2024f

Source: Goldstein Research

Nordic and Baltic forklift truck market tend to reach the market value of USD 1.72 billion by 2024 at considerable CAGR of 6.44% over the forecast period  Electric warehouse forklift trucks are expected to lead the materials handling equipment in countries such as Denmark, Finland, Norway, and Sweden as these countries are shifting engine-powered forklift trucks geared for large containers to highly maneuverable electric warehouse trucks  Logistics companies are continuously focusing towards automation of their operational bases in an effort to cut costs. Moreover, growing tendency to depend on leased equipment are likely to accelerate the growth of Nordic and Baltic forklift truck market

6.3.1.8. Rest of Europe (RoE) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-133 Rest of Europe Forklift Truck Market Size (USD Billion). 20172024

6.87%

1.80 1.60

CAGR: (2017-2024)

1.40 1.20 1.00

0.95

1.01

1.07

1.14

1.22

1.30

1.39

1.50

Fig: 6-134 Rest of Europe Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.61

5.90%

5.98%

6.14%

6.20%

6.26%

6.39%

2016e

2017e

2018f

2019f

2020f

2021f

6.56%

2022f

6.81%

7.05%

0.80 0.60 0.40 0.20 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2023f

2024f

Source: Goldstein Research

 RoE Forklift Truck market tend to reach the valuation of USD 1.61 billion by 2024 at considerable CAGR of 6.87% over the forecast years  Growing demand for electric warehouse and counterbalanced forklift trucks along with the development of new product, service and rental businesses in other countries of Europe such as Poland and Hungary are likely to accelerate the sales of forklift trucks in Europe  Expanding logistics industry in countries such as Slovakia, Poland and Czech Republic are also fueling the Europe forklift truck market growth. Further rising inclination of logistics companies towards rental and leasing operations in countries such as Portugal, Poland and the Czech Republic will support the growing business of forklift truck in the region

6.3.1.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Country2017-2024 Fig: 6-135 Europe Forklift Truck Market Attractiveness-By System, 20172024

Fig: 6-136 Europe Forklift Truck Market BPS Analysis- By System, 20172024

7.10%

100%

7.00%

90%

6.90%

80%

6.80%

10.55%

11.5%

11.3%

70%

11.4%

11.2%

6.70%

60%

6.6% 7.0%

6.7% 7.2%

6.60%

50%

6.50%

40%

15.0%

14.8%

6.40%

30%

18.7%

18.8%

6.30%

20%

6.20%

10%

19.4%

19.5%

CAGR (%)

10.40%

6.10% 0.30

0% 0.40

The UK

0.50

0.60 0.70 0.80 0.90 Market Size (USD Billion)

Germany

France

Austria, Benelux & Switzerland

1.00

Italy Rest of Europe

Source: Goldstein Research

1.10

1.20

2016

1.30

Russia Nordic & Baltic Countries

2024

Rest of Europe

Nordic and Baltic Countries

Austria, Benelux & Switzerland

France

Germany

Italy

Russia

Source: Goldstein Research

Key Points

ď&#x192;&#x2DC;According to Goldstein Research in Europe, Rest of European countries like Ireland, Portugal, Slovakia, Poland, Hungary and the Czech Republic holds the notable portion of market revenue after the leading European countries such as Germany. France and The UK which tends to grow at the faster pace during the forecast period ď&#x192;&#x2DC;Europe has a positive acceleration in industrial activities which is expected to support the increasing demand of forklift trucks over the forecast years. Increasing labor costs, ongoing industrialization and rising global trade activity are the key driving factors for forklift truck demand in Europe Copyright Goldstein Research, All Rights Reserved

www.goldsteinresearch.com

6.3.2. eurOpe FOrkliFT TruCk markeT analysis, by prOduCT Type Connect With Us: Published By: Goldstein Research Copyright

www.goldsteinresearch.com

Table.3 Europe Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 Product Type/Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class-I

1.82

1.94

2.07

2.20

2.35

2.52

2.70

2.90

3.12

6.97%

Class-II

1.09

1.17

1.26

1.35

1.45

1.57

1.69

1.83

1.98

7.75%

Class-III

0.86

0.92

0.98

1.06

1.13

1.22

1.31

1.41

1.53

7.43%

Class-IV

1.36

1.44

1.51

1.60

1.69

1.78

1.89

2.01

2.14

5.76%

Class-V

1.09

1.15

1.21

1.27

1.34

1.41

1.49

1.58

1.68

5.52%

Class-VI

1.73

1.82

1.93

2.04

2.15

2.28

2.42

2.57

2.75

5.96%

Class-VII

1.14

1.22

1.31

1.41

1.52

1.64

1.76

1.91

2.07

7.70%

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6.3.2.1. Europe Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-137 Europe Class-I Forklift Truck Market Size (USD Billion). 20172024

Fig:- 6-138 Europe Class-I Forklift Truck Y-O-Y Growth (%) Analysis-20172024 8%

3.5 3.0

6.97% CAGR: (2017-2024)

2.5 2.0

1.82

1.94

2.07

5.9% 6.1% 7%

2.20

2.35

2.52

2.70

2.90

3.12

6.9% 6.7% 6.5% 6.3% 6.2% 6.3%

7.1%

6% 5% 4%

1.5

1.0

0.5

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Europe Class-I electric motor rider trucks market valued USD 1.82 billion in 2016 and tends to generate the revenue of USD 3.12 billion by 2024 at a considerable CAGR of 6.97% over the forecast period. Class-1 motor rider trucks are majorly adopted for warehouse operations in manufacturing industry for storing and stacking of manufactured goods.  Although the overall picture was positive, the situation was mixed in Europe’s bigger markets. Demand for industrial trucks in Germany, France and UK remained strong with Germany even surpassing peak market volumes seen before the crisis. In contrast market growth in Italy and Spain remained static. The positive trend in the eastern European markets continued with Russia as the main driver. Eastern Europe countries are showcasing immense growth potentials with growing number of manufacturing industries in the region. Moreover, introduction of lithium ion batteries in Class-1 forklift trucks is likely to further boost the market growth. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

www.goldsteinresearch.com

2024f

6.3.2.2. Europe Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-139 Europe Class-II Forklift Truck Market Size (USD Billion). 20172024 2.50

2.00

Fig:- 6-140 Europe Class-II Forklift Truck Y-O-Y Growth (%) Analysis-20172024 10%

7.75%

1.98

CAGR: (2017-2024)

1.50 1.09

1.17

1.26

1.35

1.45

1.57

1.69

1.83

7.2% 7.3% 6.6% 6.8% 6.9% 7.0% 7.0% 8%

7.5% 7.8%

7% 6% 5%

1.00

4% 3%

0.50

2% 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Europe Class-II Forklift Truck Market valued USD 1.09 billion in 2016 and tends to reach the valuation of USD 1.98 billion by 2024 at a CAGR of 8.6% during the forecast period. Further, demand for lower vehicle emissions and higher fuel efficiency in the material handling equipment industry has drifted over to vehicles in other motive industries. Industrial fork lift trucks are no exception. Like the automotive industry, some of the drivers for emissions reductions are more stringent European regulatory emissions standards, which is the major growth driver for the class-II forklift truck growth in Europe. Many manufacturers’ customers are now requiring emissions tracking as a prerequisite to being a supplier. Food production facilities cannot use emissions-producing plant vehicles that would contaminate their food products. In addition, manufacturers are zeroing in on low- and no-emissions and energy-efficient forklifts in pursuit of a cleaner workplace, energy cost savings, general efficiency and productivity improvements, which is likely to diminish the use of IC engine trucks in these industries and will propel the growth of electric forklift trucks. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

www.goldsteinresearch.com

2024f

6.3.2.3. Europe Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-142 Europe Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-141 Europe Class-III Forklift Truck Market Size (USD Billion). 20172024 1.80 1.60 1.40 1.20 1.00

1.53

7.43%

1.41

CAGR: (2017-2024) 0.86

0.92

0.98

1.06

1.13

1.22

1.31

0.80

6.3%

6.5%

6.6% 6.7%

6.8% 6.9%

7.0%

7.3%

7.5%

0.60 0.40

0.20 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ The Europe class-III forklift truck market stood at USD 0.86 billion in 2016, with the demand being the highest in the Western Europe (Germany, France, U.K) , followed by Eastern Europe. According to Goldstein Research, the class-III forklift truck market will record a CAGR of 7.43% by 2024 and generate the revenue of USD 1.58 billion. ď&#x201A;§Electric-powered lift trucks in Europe, including motorized hand trucks (Classes I, II, and III), have surpassed market share on internal combustion engine (ICE) (Classes 4 and 5) lift trucks since the 1990s and continue to grow in popularity. Electric lift trucks are continually evolving, and the performance gap between ICE and electric trucks is narrowing. With AC power, electric lift trucks are able to have more consistent power throughout the battery charge. With increased power, these trucks are able to provide higher levels of performance when compared to previous DC systems. However, there will always be a need in some applications for internal combustion lift trucks to climb ramps and handle heavy loads. Class III forklift trucks are best suited for the warehouses, food and beverage manufacturers, sales floors applications, owing to its small size and higher efficiency. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.2.4. Europe Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-144 Europe Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-143 Europe Class-IV Forklift Truck Market Size (USD Billion). 20172024 2.5

2.0

1.5

5.76% CAGR: (2017-2024) 1.36

1.44

1.51

1.60

1.69

1.78

1.89

2.01

2.14

4.9% 5.0% 5.2% 6%

5.8% 5.2% 5.3% 5.4% 5.6%

6.0%

5% 4%

1.0

3% 2%

0.5

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ Europe Class IV forklift truck market was valued at USD 5.76 billion in 2016, and is poised to reach USD 2.1 billion by 2024, registering an estimated of CAGR 3.52% during the forecast period. Class IV IC engine forklift trucks are majorly used at ports and large logistic warehouses to move pallets from the loading dock to storage, vice versa as this class of forklifts majorly consist of diesel and gasoline powered forklift trucks which provide higher load capacity then electric forklifts. ď&#x201A;§Market players have consistently engineered their forklift lift trucks to be compatible with the latest in alternative power technologies over the years, including electric batteries, liquid propane, fuel cells, clean diesels, and CNG-powered lift trucks as a factory-installed option to its customers. LPG and CNG powered forklift trucks are gained acceptance in industries where high output is required with higher fuel efficiency and lower emissions. Class IV forklift are will grow steadily in coming years with significant demand generating from replacement of older forklift trucks in Europe. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.2.5. Europe Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-145 Europe Class-V Forklift Truck Market Size (USD Billion). 20172024 2.0

1.8 1.6 1.4 1.2

Fig:- 6-146 Europe Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

5.52% CAGR: (2017-2024) 1.09

1.15

1.21

1.27

1.34

1.41

1.49

1.58

1.68 6%

4.5% 4.8%

5.4% 5.0% 5.0% 5.1% 5.2%

5.6% 5.8%

5% 4%

1.0 0.8

0.6

0.4 0.2

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ The Europe class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to 5.52% over the forecast period and accounting the market revenue of USD 1.68 billion by 2024 owing to major growth of gasoline, LPG and Diesel engine forklift trucks in some of the most demanding industries and applications that are proven for performance and reliability. ď&#x201A;§The subsequent transition of the manufacturing base to low-cost Eastern European countries has opened new prospects for forklift trucks market sustainability. Many heavy and light industry plants exist, which once modernized will constitute good base for various industrial developments; thus indicating a large market for forklift trucks market and automated products. However, dynamic operational and environmental specifications differ by region and need to be taken into account when designing and developing class V forklifts. Warehouse management, safety standards, legal regulations and actual forklift utilization are but a few of the parameters applied in defining regional trends for healthy growth of class-IV forklifts in Europe. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.2.6. Europe Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-147 Europe Class-VI Forklift Truck Market Size (USD Billion). 20172024

Fig:- 6-148 Europe Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

4.0

3.0

5.96%

3.5

2.5 2.0

1.73

1.82

1.93

2.04

5.0% 5.2% 5.3% 6%

CAGR: (2017-2024) 2.15

2.28

2.42

2.57

2.75

6.0% 5.4% 5.5% 5.6% 5.8%

6.2%

5% 4% 3%

1.5

1.0

0.5

0.0 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ As per the findings of the report, the Europe class VI forklifts in Europe forklift trucks market, valued at USD 1.73 billion in 2016 will rise to USD 2.75 billion by 2024 exhibiting a CAGR of 5.96% from 2016 through 2024. Class-VI forklift trucks are basically tractors which are majorly used at air and marine ports for hauling applications to carry cargo and luggage at the ports. ď&#x201A;§This heavy class-VI forklift truck is designed to meet the high performance and reliability demands of heavy-duty handling. This versatile forklift is the ideal choice for applications with long shifts, heavy loads and where power and precision are both key requirements. Steel mills and busy ports are the natural environment for these powerful machines. Europe airports maintained an almost consistent pace in passenger traffic growth at +7.2%, which is likely to impel the growth of passenger cargo and will push the port operators for faster and efficient transportation of luggage and cargo, and significant growth in demand for class VI forklift trucks. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.2.7. Europe Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-150 Europe Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-149 Europe Class-VII Forklift Truck Market Size (USD Billion). 20172024 2.5

2.0

10%

7.70%

2.07

CAGR: (2017-2024)

1.5 1.14

1.22

1.31

1.41

1.52

1.64

1.76

1.91

7.1% 7.3% 6.5% 6.7% 6.9% 6.9% 7.0% 8%

7.5% 7.7%

7% 6% 5%

1.0

4% 3%

0.5

2% 1%

0.0 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Europe class-VII forklift truck market is expected to reach USD 2.07 billion by 2024 from USD 2.7 billion in 2016, growing at a CAGR of 7.70% from 2016 to 2024. The growth of this segment is majorly attributed to the rise in construction activities and growing renewable energy generation projects across the region in some of the remote areas, which has augmented the demand for rough terrain class VII forklift trucks. Rough-terrain forklift trucks are designed specifically for remote logistics operations in military and commercial applications. These forklifts have a capacity of up to 90,000 pounds, can traverse virtually any type of terrain, and is able to operate in extreme climates such as desert and arctic conditions. Currently, countries such as Italy, Belgium, Switzerland, France, U.K., Holland, Germany, Denmark, and Norway "have begun to consider these forklifts an indispensable tool for a wide variety of functions. Not all rough-terrain forklift manufacturers will use lower power engines to meet the new emission standards. Redesigning forklifts to accommodate bigger engines and components is tricky as some manufacturers sell their forklifts to niche markets that are drawn to their machines’ compact sizes, which is maintaining the healthy growth of Class-VII forklift trucks. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.2.8. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-151 Europe Forklift Truck Market Attractiveness-By Product, 20172024

Fig: 6-152 Europe Forklift Truck Market BPS Analysis- By Product, 20172024

9.00%

100.0%

8.00%

90.0% 80.0%

7.00%

12.55%

13.55%

19%

18%

12%

11%

15%

14%

10%

12%

13%

20%

2016

2024

70.0%

6.00%

60.0%

5.00%

50.0%

4.00%

40.0% 30.0%

3.00%

20.0%

2.00%

10.0%

1.00%

0.0%

0.00% 0.50

0.60

Class I

0.70

Class II

0.80

0.90

Class III

1.00

1.10

Class IV

1.20

1.30

Class V

1.40

Class VI

Class VII

Class VI

Class V

Class IV

Class III

Class II

Class I

Class VII

Source: Goldstein Research

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, Class-I forklift Trucks holds the largest portion of market revenue and Class-II and Class-III forklift trucks tends to grow at the faster pace in the forecast period. However, diesel powered forklift trucks will face decline in market owing to emergence of advanced and highly powered electric forklift trucks. ď&#x192;&#x2DC;In recent years, logistics systems in the advanced nations of Europe have become increasingly sophisticated, and there is a marked shift from engine-powered forklift trucks geared for large containers to highly maneuverable electric warehouse trucks. At present, commoditization in the European materials handling equipment market is advancing, particularly in Germany and France. Many logistics companies are focusing on the automation of their operational bases in an effort to cut costs, and there is a growing tendency to depend on leased equipment. Copyright Goldstein Research, All Rights Reserved

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6.3.3. eurOpe FOrkliFT TruCk markeT analysis, by Fuel Type Connect With Us: Published By: Goldstein Research Copyright

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6.3.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-153 Europe Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 16.0 14.0

9.0%

9.53% CAGR: (2017-2024)

8.0% 3.31

8.0 6.0

7.0%

3.20

12.0

3.10 3.01

10.0

0.91

0 .93

2.75

0.95

5.5

7.2%

Gasoline

0.97

6.5

7.0

7.6

8.2

7.6%

7.7%

7.9%

8.1%

9.7

10.6

Electric

8.3%

6.0%

Electric

4.0% 3.5%

8.9

7.4%

7.6%

5.0%

1.01 0.99

4.0 6.0

Diesel

1.03

2.84 2 .67

1.07 1.05

2.92

2.59

Fig: 6-154 Europe Forklift Truck Growth (%), by Fuel Type, 2017-2024

3.0%

2.7%

3.9%

4.0%

4.1%

4.2%

2.9%

3.0%

2.9%

3.0%

4.4%

3.1%

4.6%

3.2%

Diesel

2.0%

2.0

Gasolin e

1.0%

0.0 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

0.0% 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-155 Europe Forklift Truck Market Share (%),by Fuel Type -2016

28.50%

Electric

Gasoline

61.00% 10.50%

Diesel

 Measured in terms of units ordered, 30% of the Europe market is South America are the major sources of market growth. If the forklift is going to be used outside but still in close proximity to workers, the noise and fumes emitting from the diesel fuel can be still intolerable for some workers. The diesel forklift is bigger and bulkier than the compact-sized electric-powered lift, and thus requires more room for overall storage inside a warehouse or plant. Whether it’s an electricpowered forklift or one using diesel, both move, retrieve, and store large and heavy materials in a timely and safe fashion www.goldsteinresearch.com

6.3.3.1. Europe Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-156 Europe Electric Forklift Truck Market Size (USD Billion). 20172024 12.00 10.00

8.43% CAGR: (2017-2024)

5.55

5.99

6.48

7.02

7.59

7.9% 8.1% 7.7% 7.6% 7.6% 7.6% 7.4% 7.2% 9%

8.3%

9.72 8.93

8.00 6.00

10.60

Fig:- 6-157 Europe Electric Forklift Truck Y-O-Y Growth (%) Analysis-20172024

8.23

6% 5% 4% 3%

4.00

2.00

1% 0%

2016e

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

 Europe electric forklift truck market valued USD 5.55 billion in 2016 and estimated to reach the valuation of USD 10.60 billion by 2024. European manufacturers alone posted higher growth with electric pedestrian trucks and the customers in Western Europe are mainly investing in electric counterbalanced lift trucks and warehouse and system appliances. Electric forklift trucks are the long-term future of intralogistics. Sales of electric trucks in Europe have been higher than those of internal combustion engine trucks since 2009. Even in Eastern Europe, where IC-trucks once clearly dominated, their lead has shrunk to a minimum since 2009. At the same time, the rising sales of E-trucks does not mean that internal combustion engine trucks will soon be obsolete. On the contrary: trucks powered by diesel or LPG will remain without any alternative in certain areas of use in the foreseeable future. For forklift trucks market players, whether they are manufacturers, distributors or component suppliers, the environmentally friendly, economical propulsion technologies and sustainable, intelligent efficiency are clearly the industry’s future. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.3.2. Europe Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-158 Europe Gasoline Forklift Truck Market Size (USD Billion). 20172024 1.60 1.40

1.00

4.34% CAGR: (2017-2024 )

1.20 0.96

0.99

1.03

Fig:- 6-159 Europe Gasoline Forklift Truck Y-O-Y Growth (%) Analysis-20172024

1.08

1.12

1.17

1.22

1.28

1.34

5% 5%

3.5%

4.2% 4.4% 4.1% 4.0% 4.0% 4.0% 3.9%

4.6%

4% 3%

0.80

0.60

0.40

0.20 0%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e 0%

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Europe gasoline forklift truck market size was valued at USD 0.96 billion in 2016, and the market is anticipated to grow significantly over the forecast period at a CAGR of 4.34% to reach projected USD 1.34 billion revenue share in Europe forklift trucks market. More than 10% of the forklift trucks in Europe are running on LPG or CNG powered engines, owing to zero emission with power out as similar to diesel forklift trucks. In order to achieve zero emission targets many customers across various industries prefer gasoline forklift trucks without intervening with the application’s high power requirements. Gasoline share in forklift truck market have been declining since the start of the recession in 2007, and are expected to continue to decline through about 2017. Goldstein Research is projecting modest growth in gasoline forklifts sales in the Europe forklift truck market beginning in about 2018 when a new generation of gasoline forklifts is expected to reach the market.

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2024f

6.3.3.3. Europe Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-160 Europe Diesel Forklift Truck Market Size (USD Billion). 20172024 4.00 3.50

3.10% CAGR: (2017-2024)

3.00 2.59

2.67

2.75

Fig:- 6-161 Europe Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis2017-2024

2.84

2.92

3.01

3.10

3.20

3.31

3.0% 3.0% 2.9% 2.9% 3.0% 3.1% 2.7% 2.9% 4% 3%

3.2%

2.50

2.00

2% 2%

1.50

1.00

0.50

1% 0%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The Europe diesel forklift truck accounted for USD 2.59 billion in 2016 and is estimated at USD 3.31 billion by 2024. The major growth is attributed to their low operating costs, with diesel the cheapest fuel option for internal combustion lifts. Diesel lifts are also less bulky and easier to maneuver. Not only are diesel forklift engines easier to maintain than propane engines, diesel engines usually last significantly longer. ď&#x201A;§The sudden electrification push among European forklift truck manufacturers sped up the expected decline of diesel engines, then the ongoing emissions-related scandals and investigations seem to be driving a stake through the heart of the controversial fuel. But the diesel powered forklifts are not going to disappear from the market in foreseeable future as the manufacturers are manufacturing highly efficient hybrid engines for forklift trucks for lower CO2 emission and fuel consumption. The trend to use electric trucks instead of ICE trucks even in hard applications will intensify within the near future because the performance of the electric trucks is growing continuously, but there is still a strong demand for ICE trucks which will not abate very soon. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.3.4. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type2017-2024 Fig: 6-162 Europe Truck Market Attractiveness-By Fuel Type, 2017-2024

Fig: 6-163 Europe Forklift Truck Market BPS Analysis- By Fuel Type, 20172024

9.00% 8.00% 7.00%

CAGR (%)

6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 0.0

2.0

4.0

6.0

8.0

10.0

12.0

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the faster pace in the forecast period owing to rising demand for automated warehouse solutions in Europe â&#x20AC;˘Electric forklift trucks have gained huge popularity owing to its advantages over IC engine forklift trucks, and the market is becoming more competitive for the market players in Europe. In order to respond to these market changes, electric warehouse and counterbalanced forklift truck manufacturers, boosting price competitiveness, accelerated product development and greater flexibility, and expansion into lines of business that add value for customers, such as the component, service and rental businesses. Under these circumstances, some major players are focusing on business expansion through its unique targeted solutions. Copyright Goldstein Research, All Rights Reserved

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6.3.4. eurOpe FOrkliFT TruCk markeT analysis, by end-user Connect With Us: Published By: Goldstein Research Copyright

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6.3.4. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-164 Europe Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d 1 8.00

Fig:- 6-165 Europe Forklift Truck Shipments (Thousand Units), by region,2017-2024

Year/Region

Western Europe

Eastern Europe

2012

258.7

53.8

2013

259.4

58.0

2014

289.2

57.6

2015

321.9

53.5

2016

335.8

55.7

1 6.00

Others

1 4.00

Wood Industry

1 2.00

Food and Beverages

1 0.00

Iron and Steel Industry 8.00

Automobile 6.00

Radio Active Waste

4.00

Ports and Logistics

2.00

Paper Industry

0.00 2016

2017

2018

2 019

Source: Goldstein Research

2020

2021

2022

2023

2024

Fig: 6-166 Europe Forklift Trucks Market Share (%), by End Users -2016 7.00%

Paper Industry

8.00%

Source: Goldstein Research

ď&#x201A;§ Europe forklift truck market is anticipated to reach USD 15.25 billion by 2024 at a CAGR of 6.67% owing to the rapid growth of forklift market in logistics and warehouses and manufacturing industries.

Ports and Logistics 8.00%

4.00%

Radio Active Waste 25.00%

Automobile Iron and Steel Industry & Steel Plants Food and Beverages Wood Industry

16.00%

Others 10.00%

ď&#x201A;§The European forklift truck market had a successful year in 2016 achieving an increase of 6%. After stagnating in 2015 the western Europe market showed double digit growth, largely due to healthy demand in Germany, UK and a continued recovery in Spain and Italy. Overall demand in eastern Europe was flat. However a significant decline in Russia offset the good development in other regional markets such as Poland and Czech Republic. www.goldsteinresearch.com

6.3.4.1. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-167 Europe Forklift Truck Market Size (USD Billion). In Paper Industry, 2017-2024 1.20 1.00

1.05

6.46% CAGR: (2017-2024)

0.80 0.64

0.67

0.72

0.76

0.81

0.86

0.92

0.98

Fig:- 6-168 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024 8% 7%

5.3% 5.6% 6%

6.5% 5.8% 5.8% 5.9% 6.0% 6.2%

6.7%

0.60

0.40

3% 2%

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ Europe forklift truck market tends to reach USD 1.05 billion by 2024 owing to the rapid growth in paper production and paper recycling industry. With more than 90 million tonnes of paper production in 2016, Europe has shown the vast opportunity for the forklift market players as with the rising demand for paper products and growing production, the industry has augmented the demand for efficient paper handling forklift trucks. ď&#x201A;§The pre-crisis production in 2008 totalled 97.9 million tonnes. Pulp production fell by 1.0% while the output of market pulp increased by 4.3%. Exports of paper and board outside Europe showed an increase by 5.3% whilst imports fell by 9.7% when compared with 2011. The overall consumption of paper and board fell by 3.8% in 2013. In comparison the overall GDP in Europe decreased by 0.3% in 2013, but the paper industry has recovered in 2016 with a 1.4% increase. Forklift manufacturers are also providing specially built automated forklifts for paper industry that can revolutionize productivity, especially in mills with limited space. A fully automated crane increases handling speed, stacking paper or tissue rolls much higher in less space than comparable forklift systems, without requiring floor space for aisles. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.2. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-169 Europe Forklift Truck Market Size (USD Billion). 2017-2024 5.00

6.13%

4.50 4.00

CAGR: (2017-2024)

3.50 3.00 2.50

Fig:- 6-170 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024

2.27

2.40

2.54

2.69

2.85

3.03

3.22

3.43

3.66

5.2% 6%

4% 3%

1.50

1.00

0.50

2016e

0.00 2017e

2018f

6.4%

2.00

2016e

5.9% 6.2% 5.7% 5.6% 5.6% 5.5% 5.3%

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

 In this report, the Europe forklift truck market in ports and logistics industry is valued at USD 2.27 billion in 2016 and is expected to reach USD 3.66 billion by the end of 2024. Within the Europe logistics makes up 14% of the total GDP of the region. This number amounts to a massive 11,200,000 people being employed to work within the European logistic industry. Out of which more than 15% employees are working as a material handling equipment operators, showcasing a huge market for forklift trucks in Europe port and logistics industry. The total gross weight of goods handled in EU ports is estimated at just above 3.8 billion tonnes in 2016, an increase of 1.3 % from 2015. The Netherlands has reported the largest volumes of seaborne freight handling in Europe every year since overtaking the United Kingdom in 2010. At 594 million tonnes, the volume of seaborne goods handled in Dutch ports represented 15.5 % of the EU-28 total in 2015. The Netherlands was followed by the United Kingdom (UK) and Italy, with shares of 12.9 % and 11.9 % of the EU total, respectively Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 Fig: 6-171 Europe Forklift Truck Market Size (USD Billion). in Radio Waste Handling 2017-2024 2.00

6.13%

1.80 1.60

CAGR: (2017-2024)

1.40 1.20 1.00

Fig:- 6-172 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio Waste Handling, 2017-2024

0.91

0.96

1.02

1.08

1.14

1.21

1.29

1.37

1.46

5.1% 6%

4% 3%

0.60

0.40

0.20

2016e

0.00 2017e

2018f

6.4%

0.80

2016e

5.9% 6.2% 5.7% 5.6% 5.6% 5.5% 5.3%

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2017e

2018f

2019f

2020f

2021f

2022f

2023f

-1%

Source: Goldstein Research

The forklift trucks used in Europe’s radio waste or toxic waste handling valued USD 0.91 billion in 2016 and is expected to reach USD 1.46 billion at a CAGR of 6.13% over the forecast years. At a reported 100 million tonnes, hazardous waste accounted for close to 4% of the 2.5 billion tonnes of waste generated across the European Union in 2012, representing huge need for waste material handling equipment in coming years. The challenge for waste management sites is that they are handling high volumes of flammable materials with different flashpoints, temperature classes and characteristics, so the risk of fire and explosion is always present. In order to cater the need of toxic chemicals and waste industry, forklift manufacturers are providing tailored forklift trucks and technologies to ensure the safety of truck operators and increased efficiency of the operations. Electric forklifts are majorly used in these industries to eliminate the possibility of explosion of fuel tanks. Moreover, in 2016 new standards have been introduced regarding forklifts operating in the hazardous areas. As of April 2016 a new ATEX directive 2014/34/EU has been issued to replace the old ATEX directive 94/9/EC, this new directive affects manufacturers, suppliers and importers when bringing a new product to market. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.4. Europe Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig: 6-173 Europe Forklift Truck Market Size (USD Billion). In Automobile Industry 2017-2024 5.00

10%

7.53%

4.50 4.00

CAGR: (2017-2024)

3.50 3.00 2.50 2.00

Fig:- 6-174 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis- in Automobile Industry, 2017-2024

2.00

2.14

2.30

2.46

2.64

2.84

3.06

3.30

3.58

7.1% 6.5% 6.6% 6.7% 6.8% 6.8% 7.0% 8%

7.4% 7.6%

7% 6% 5% 4%

1.50

1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The forklift trucks market in Europe automobile industry accounted for USD 2.0 billion in 2016 and tends to grow at a CAGR of 7.53% and reach the valuation of USD 3.58 billion by 2024. Automobile manufacturers operate some 302 vehicle assembly and production plants in 26 countries across Europe, providing huge growth opportunity for forklift trucks in mid of growing automotive sales across the globe. Automotive manufacturing is one of Europe's most enduring industrial activities, and it accounts for millions of jobs, billions of euros in investment, and represents a large portion of the continent's exports. Automotive industry consists handling and logistic of enormous variety of components that are need to delivered to the production plants across the region  Ensuring that this enormous variety of car components supplied by various sources in different countries is delivered to the production plant bang on time is a logistic tour de force. This calls for well-engineered mobile computing solutions. All German car manufacturers use Advantech forklift terminals, for instance for production logistics processes, in-house transport, scanning transport goods, and purchase order processing. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.5. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-175 Europe Forklift Truck Market Size (USD Billion).in Iron & Steel Industry, 2017-2024 3.00 2.50

10%

2.59

7.49%

2.40

CAGR: (2017-2024)

2.00 1.50

Fig:- 6-176 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Iron & Steel Industry, 2017-2024

1.46

1.56

1.67

1.79

1.92

2.06

6.9% 7.1% 6.4% 6.5% 6.7% 6.8% 6.8%

2.22

7.3% 7.6%

7% 6% 5% 4%

1.00

0.50

2% 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Europe forklift truck market for Iron & steel Industry accounted for USD 1.46 billion in 2016 and tends to reach the valuation of USD 2.59 billion by 2024. The forklift truck market in iron & steel industry is driven by the rising consumption of iron & steel in automobile and construction sector across the Europe. the EU is the second largest producer of steel in the world after China. Its output is over 177 million tonnes of steel a year, accounting for 11% of global output. Steel production is closely linked to many downstream industries such as automotive, construction, electronics, and mechanical and electrical engineering. It is vital to the EU’s goal to increase industry’s share of GDP to 20% by 2020. Lift trucks play a key role moving raw materials such as iron, as well as semi-finished and finished steel products, including steel coil, pipe, slabs, long bars, billets or pipes efficiently. Forklift truck manufacturers has developed some of the most fuel efficient heavy duty forklifts on the market, helping steel customers significantly reduce their monthly fuel bills by as much as 25% in some cases. This adds up to a lot of money when consumers consider the size of the machines and fleets. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.6. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-177 Europe Forklift Truck Market Size (USD Billion).in Food & beverage Industry, 2017-2024 1.90

10%

7.64%

1.70 1.50

CAGR: (2017-2024)

1.30 1.10 0.90 0.70

0.73

0.78

0.84

0.90

0.97

1.04

1.12

1.21

1.31

6.5% 7%

7.2% 7.5% 7.1% 6.9% 6.9% 6.8% 6.7%

7.7%

6% 5% 4%

0.50

0.30

0.10 -0.10

Fig:- 6-178 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Food & Beverage Industry, 2017-2024

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

2016e

Source: Goldstein Research

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Europe forklift truck market in Food & beverage industry accounted for USD 0.73 billion in 2016 and tends to reach the valuation of USD 1.31 billion by 2024. The Europe food and drink industry accounts for more than 285,000 SMEs that generate almost 50% of the food and drink industry turnover and value added and provide 2/3 of the employment of the sector, also the industry accounted for 8% of the total forklift sales in Europe. A project called ILIAD (Intra-Logistics with Integrated Automatic Deployment) has scientists developing new fleets of autonomous "self-optimizing" forklift trucks which can operate safely and efficiently in warehouses alongside human coworkers. The goal of the project, a multinational collaboration between robotics specialists in the UK, Sweden, Italy and Germany, is to enable deployment of next-generation automated guided vehicles (AGVs) into current warehouse facilities to support tasks such as packing, palletizing and transporting goods. The researchers will use the fresh food sector as their development setting due to the industry’s particularly challenging requirements: short shelf life of products, need for complete traceability, high cost of wastage, and pressure for rapid responses to changing market needs. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.7. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-179 Europe Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 1.60 1.40 1.20

5.64% CAGR: (2017-2024)

1.00 0.80

Fig:- 6-180 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024

0.73

0.77

0.81

0.85

0.90

0.95

1.00

1.06

1.13

4.7% 4.9% 4% 3%

0.40

0.20

0.00 2017e

2018f

2019f

5.9%

0.60

2016e

5.1%

5.7% 5.5% 5.3% 5.1% 5.2%

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

Europe forklift trucks market for wood industry is accounted for USD 0.73 billion in 2015 and expected to expand at compound annual growth rate of 5.64% over the forecast period. Further, the market is anticipated to reach USD 1.13 billion by the end of 2024. The European Union (EU) accounts for approximately 5 % of the world’s forests and contrary to what is happening in many other parts of the world, the forested area of the EU is slowly increasing, which is likely to impel the growth of forklift trucks market considerably. The Europe’s wood-based industries cover a range of downstream activities, including woodworking industries, large parts of the furniture industry, pulp and paper manufacturing and converting industries, and the printing industry. Together, some 415 000 enterprises were active in wood-based industries across the Europe; they represented nearly 19.7 % manufacturing enterprises across the Europe. Forklift trucks used in wood industry are huge and IC engine powered as they are required to work in harsh and extreme conditions, market players are providing tailored forklift trucks for the lumber yards and paper pulp mills across the Europe with major demand in Sweden followed by Finland, Germany and France. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.8. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-181 Europe Forklift Truck Market Size (USD Billion).in Other Industries, 2017-2024 0.70 0.60 0.50 0.40

Fig:- 6-182 Europe Forklift Truck Market Y-O-Y Growth (%) Analysis, in Other Industries, 2017-2024 4%

3.16% CAGR: (2017-2024) 0.36

0.37

0.39

3.2% 2.9% 3.0% 3.0% 3.0% 3.0% 3.0% 3.1% 4%

0.40

0.41

0.42

0.44

0.45

0.47

3.3%

3% 3% 2%

0.30

0.20

0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

-0.10

Source: Goldstein Research

The forklift truck market in Europe’s other industries accounted for USD 0.36 billion in 2016 and tends to reach the valuation of USD 0.47 billion by 2024. The other industries of Europe majorly consist of Agriculture, defense and electric & electronics industry, which are generating considerable demand for forklift trucks.

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2024f

Source: Goldstein Research Fig:- 6-183 Market Development Forklift Trucks in Europe,(Thousand Units) Order Intake, 2017-2024 160 140

Electric C/B Trucks

120 100

Rider Warehouse Trucks

The strong economic expansion in the countries of Eastern Europe continued in 2005. The growth again exceeded the growth in the Western European countries by a substantial margin. This accordingly had a positive affect on the development of the industrial forklift truck market.

2023f

Pedesetrian Warehouse Trucks

40 20 0 2009

IC C/B Trucks 2010

2011

2012

www.goldsteinresearch.com

2013

2014

2015

2016

6.3.4.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By End Users2017-2024 Fig: 6-184 Europe Forklift Truck Market Attractiveness-By End Users, 2017-2024

CAGR (%)

9.00%

Fig: 6-185 Europe Forklift Truck Market BPS Analysis- By End Users, 20172024 100%

8.00%

90%

7.00%

80%

6.00%

70%

3% 7%

16%

17%

22%

23%

10%

25%

24%

2016

2024

60%

5.00%

50%

4.00%

40%

3.00%

30%

2.00%

20%

1.00%

10%

0.00% 0.00

4% 8%

0% 0.20

Wood Industry Automobile

0.40

0.60 0.80 1.00 Market Size (USD Billion)

Ports and Logistics Iron and Steel Industry

1.20

1.40

Paper Industry Others

1.60

1.80

Food and Beverage Industry Radio Active Waste

Source: Goldstein Research

Others

Wood Industry

Food and Beverages

Iron and Steel Industry & Steel Plants

Automobile

Radio Active Waste

Ports and Logistics

Paper Industry

Source: Goldstein Research Key Points

•Europe automotive industry is one of the most attractive market for the growth of forklift truck sin Europe. Automotive industry in Europe accounted for the 22% of the total forklift truck sales, and the product innovation of automated forklifts or automated guided vehicles is anticipated to propel the growth of forklift trucks market in automotive industry across Europe. Moreover, ports and logistics industry accounted for lion share in Europe’s forklift truck market owing to growing trading of goods between countries and rising eCommerce business which has vastly augmented the need for advanced forklift and warehousing operations. •Iron and steel industry is also projected to grow in future, which will fuel the need for replacement demand of existing forklifts in Europe. However, demand from wood and paper industry is likely to remain flat over the forecast period, with major demand generating from replacement of outdated forklifts. Copyright Goldstein Research, All Rights Reserved

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6.4a. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),20172024 Fig: 6-186 Asia-Pacific Forklift Truck Market Size(USD Billion)-20172024

Fig: 6-187 Asia-Pacific Forklift Truck Market Share By Product Type, 2017-2024

6.76%

25.00

Class I (Electric Motor Rider Trucks)

CAGR: (2017-2024) 20.00

15.00 11.75

13.29

12.48

14.15

15.08

16.10

17.21

18.45

19.83

Class II (Electric Motor Narrow Aisle Trucks)

9.00% 23.00%

Class III (Hand Rider Trucks)

17.00%

10.00

Class V (IC Engine Trucks, Pneumatic Tires)

14.00%

13.00% 12.00%

2017

2018

2019

2020

2021

2022

2023

16.00%

2024 15.00%

12.00%

Class VI (Electric and IC Engine Tractors)

12.00%

11.00%

13.00%

Class VII (Rough Terrain Forklift Trucks)

0.00 2016

23.45%

Class IV (IC Engine Trucks, solid/Cushion Tires)

2016

5.00

9.55%

2024

Source: Goldstein Research

Fig: 6-188 Asia-Pacific Forklift Truck Market Size (USD Billion), By Country-2017-2024

Fig: 6-189 Asia-Pacific Forklift Truck Market Size (USD Billion), By Fuel Type, 2017-2024

6.15

14.08 5.16

3.52

3.67

3.17

7.90 2.76

2.11

2.10

1.76

3.97

1.17

2.56

1.78

1.29

2016

2024

Electric/Hybrid

China

Japan

India

Australia

Source: Goldstein Research

2024 Gasoline

RoAPAC

Source: Goldstein Research

www.goldsteinresearch.com

Diesel

6.4.1. asia-paCiFiC FOrkliFT TruCk markeT analysis, by COunTry Connect With Us: Published By: Goldstein Research Copyright

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6.4.1.1. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-190 China Forklift Truck Market Size (USD Billion). 2017-2024 7.00 6.00

7.20%

4.00

6.15

CAGR: (2017-2024)

5.00 3.52

3.76

4.02

Fig: 6-191 China Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

4.30

4.60

4.93

5.29

5.70

6.09%

6.28%

6.44%

6.50%

2016

2017

2018

2019

6.55%

6.68%

6.85%

2020

2021

2022

7.09%

7.33%

3.00 2.00 1.00 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

China forklift truck market is anticipated to reach USD 5.90 billion by 2024 from USD 3.44 in 2016, growing at a CAGR of 6.99% during the forecast period. Due to increasing professionalization in the Chinese logistics sector and rising demand for material handling equipment in China are propelling the China forklift market growth Chinese material handling equipment industry grew at an average annual rate of over 30%. Nevertheless, there is still considerable mechanization potential in logistics. Fueled by an overwhelming domestic demand China’s domestic forklift sales is expected to witness a notable growth during the forecast period  Sheer number of foreign companies now manufacturing forklifts in China can only be seen as an endorsement of the quality of forklifts being manufactured in China. American, Asia-Pacifican and Japanese forklift brands now actually have production or assembly plants in China as well as they look to lower production costs and increase their own sales into the Chinese forklift market which is eventually making China’s strong presence in forklift market

2024

6.4.1.1a. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-192 Chinese Truck Market Shifting (%), By Type, 2010-2016

Internal Combustion Truck

16.00%

Fig: 6-193 Chinese Forklift Supply Share (%), By Forklift Truck Type2015

32.00%

40.00% 12.00%

2010

Electric Truck

2016

51.00%

49.00%

72.00% WH Truck

28.00%

Internal Combustion Truck

Source: Goldstein Research

Electric Truck

Source: Goldstein Research

 Industrial truck volumes have been supercharged by unit growth in emerging markets, in particular China as increasing trade activity and labor cost inflation drive automation needs. Despite the Chinese market being the growth engine of new equipment sales, it predominantly demands low-cost trucks with correspondingly low profitability Increasing use of warehouse trucks and electric trucks along with adherence of tighter emission regulation are shifting the consumer’s preference from internal combustion trucks. Rising labor costs, ongoing industrialization and increasing global trade activity are expected to remain the key drivers for industrial truck demand in China Political pressure for reduced CO2 emissions is rising in emerging as well as developed markets. While OEMs and particularly the suppliers of IC truck engines adjust to ever-tightening standards, the broad-based requirement for low emission equipment also constitutes a driver for E-forklift trucks in China

6.4.1.1b. China Forklift Truck Supply ( In Units), By Vehicle Type Fig: 6-194 China Internal Combustion Forklift Truck Market, By Manufacturing( In Units), 2014-2016 350000 300000

319000 326000 305300 313000 299000 286000 293000 274000 280000 259000 268000

250000 200000 150000 100000 50000 0 2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-195 China Electric Forklift Truck Market, By Manufacturing( In Units), 2014-2016 500000 450000 400000 350000 300000 250000

256000 270000

286000

313000

330500

350000

368500

390000

411000

434000

459000

200000 150000 100000 50000 0 2014

2015

Source: Goldstein Research

2016

2017

2018

2019

2020

2021

2022

2023

2024

 Domestic manufacturers dominate China’s heavyduty market, accounting for 90% of vehicle sales and 80% of diesel engine sales for buses and trucks. These manufacturers focus mostly on the low-end segment to meet demand from China’s low-margin transport industries, in which fleet operators prefer to buy inexpensive, undersized engines. However, China’s increasingly stringent emission standards promote cleaner technology in the heavy-duty market which eventually boosting the manufacturing and supply of electric forklift trucks in domestic market resulting in the overall growth of China electric forklift truck market  China’s forklift design and manufacturing technology had gained rapid development through introducing advanced technologies from TCM, Mitsubishi and Nissan. At present, China’s complete machine design technology has been close to the international advanced level, but the technology gap in engine and other key parts design and manufacturing field is still relatively large. Anhui Forklift Truck Group, the largest domestic forklift manufacturer, can produce more than 400 types of industrial vehicles  Regulatory challenges and a highly cost-sensitive market are the main obstacles for many types of ICE technologies, but incremental infrastructure and vehicle design changes can help make the ICE vehicle market much cleaner and is expected to bring new prospects for China forklift market

6.4.1.2. Japan Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-196 Japan Forklift Truck Market Size (USD Billion). 2017-2024

6.00 5.00

6.26%

CAGR: (2017-2024)

4.00 3.17

3.36

3.55

3.77

4.00

4.25

4.52

4.82

Fig: 6-197 Japan Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

5.16

5.43%

5.45%

5.61%

5.67%

5.72%

5.86%

2016

2017

2018

2019

2020

2021

6.02%

2022

6.27%

6.51%

3.00 2.00 1.00 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2023

Source: Goldstein Research

 Japan forklift truck market is growing at a CAGR of 5.40% over the forecast years and will reach USD 2.10 billion by 2024. Japan is a mature market for forklifts and one of the largest manufacturer of internal combustion industrial forklift trucks in the world, owing to the presence of leading companies such as Toyota Industries Corporation, Mitsubishi Motors Corporation and Komatsu Ltd  Japan forklift market is expected to witness steady growth during the forecast period. Toyota Industries Corporation one of the leading forklift company witnesses 3% decline in the sales in 2016, as compared to 2015, due to mainly due to impact of currency fluctuations. However, structural changes in the logistics industry and growing demands by major and big customers or in logistics and warehouse business are driving the Japan forklift truck market

2024

6.4.1.3. India Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-198 India Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-199 India Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

2.50

7.54%

2.00

2.10

CAGR: (2017-2024)

1.50 1.17

1.26

1.35

1.45

1.94 1.55

1.67

1.80

6.38%

6.59%

6.75%

2016

2017

2018

6.80%

6.85%

6.98%

7.14%

2019

2020

2021

2022

7.38%

7.61%

1.00

0.50

0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

 India forklift truck market tend to reach the valuation of USD 2.10 billion by 2024 at considerable CAGR of 7.83% over the forecast years  Expansion of industries such as automobile, logistics, chemicals, pharmaceuticals among others are contribute to major share of forklift applications and supporting the growth of India forklift market. High demand for diesel forklifts for outdoor applications and inclination towards electric fuel is contributing in the growth of India forklift truckk market  Companies such as Godrej & Boyce manufacturing company limited, KION India private limited (Voltas), Toyota material handling India private Limited and Action Construction Equipment private limited together occupied approximately 80% share of overall India forklift market in 2016

2024

6.4.1.4. Australia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-200 Australia Forklift Truck Market Size (USD Billion). 2017-2024 3.00 2.50

Fig: 6-201 Australia Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

2.86 2.66

7.13%

CAGR: (2017-2024)

2.00 1.60

1.73

1.85

1.99

2.48 2.14

2.30

5.90%

6.21%

6.38%

6.43%

6.49%

6.62%

6.79%

2017

2018

2019

2020

2021

2022

7.03%

7.27%

1.50

1.00 0.50

0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2016

2023

Source: Goldstein Research

 Australia forklift truck market tend to reach the valuation of USD 2.86 billion by 2024 at considerable CAGR of 7.48% over the forecast years. Strong demand for battery electric forklifts are expected to bring new opprtunites. Electric forklift truck occupies more than 45% of overall Australia forklift market in 2016  Australian forklift market is relatively small compared to the rest of the world However, presence strong customer base for companies such as Clark, Crown, Hastings Deering, Hyster Asia Pacific, Kalmar, Linde, Manitou, MLA Holdings, Nichiyu, NTP Forklifts, Pacific Heli, Powerlift (Nissan), Toyota, OSKO (Task) and Red Australia are propelling the overall market growth  Although Australia’s strong resources boom has strengthened the market for forklift sales, the global credit crunch and accompanying slow-down have started to affect the local market. Higher interest rates affect everyone, including those looking to purchase or lease a forklift. growing oil crisis and the introduction of carbon emissions trading system in Australia is expected to impact the costs of operation for businesses that run diesel, petrol or LPG forklifts

2024

6.4.1.5. Rest Of Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-202 Rest Of Asia-Pacific Forklift Truck Market Size (USD Billion). 2017-2024 3.00 2.50 2.00

5.75%

CAGR: (2017-2024) 1.76

1.86

1.96

2.06

2.18

2.30

2.44

2.59

Fig: 6-203 Rest Of Asia-Pacific Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

2.76

4.96%

5.02%

5.17%

5.23%

2016

2017

2018

2019

5.27%

5.40%

5.56%

2020

2021

2022

5.80%

6.03%

1.50 1.00 0.50 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

The Rest of Asia-Pacific forklift truck market tend to reach the valuation of USD 6.09 billion by 2024 at notable CAGR of 5.75% over the forecast years  Increasing demand for goods coupled with increasing development in the system of transportation have amplified the shipping of goods in warehouses, which is further distributed through suppliers and wholesalers. Rapid progression of the E-commerce industry in Asia-Pacific region, particularly in emerging economies, in turn, fuels demand for forklift trucks at ports and airports for goods handling  Increase in bulk investment for the procurement of low-cost forklift trucks in emerging economies of Asia-Pacific region is expected to propel the Rest of Asia-Pacific forklift trucks market growth. Moreover, increase in warehouse space for automotive and food industry is impelling the demand for forklift trucks in rest of Asia-Pacific region

2024

6.4.1.6. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 Fig: 6-205 Asia-Pacific Forklift Truck Market BPS Analysis- By System, 2017-2024

Fig: 6-204 Asia-Pacific Forklift Truck Market Attractiveness-By System, 2017-2024 8.00%

100%

7.00%

90% 80%

6.00%

15.0%

13.9%

18.0%

18.5%

10.0%

10.6%

27.0%

26.0%

30.0%

31.0%

2016

2024

70% 5.00% CAGR (%)

60%

4.00%

50%

3.00%

40% 30%

2.00%

20%

1.00% 0.00% 0.80

10% 0% 1.00

China

1.20

1.40 1.60 1.80 2.00 Market Size (USD Billion)

Japan

India

2.20

Australia

2.40

2.60

2.80 RoAPAC

Rest of AsiaPacific

Source: Goldstein Research

Australia

India

Japan

China

Source: Goldstein Research Key Points

ď&#x192;&#x2DC;According to Goldstein Research in Asia-Pacific, Rest of Asia-Pacific countries like South Korea, Singapore, Indonesia, Thailand, Philippines and Hong Kong among others holds the notable portion of market revenue after the leading Asia-Pacific countries such as China. Japan, India and Australia tends to grow at the faster pace during the forecast period ď&#x192;&#x2DC;Japan, India, Australia and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. Moreover, China's fast-growing e-commerce sector energies the demand for electric forklift trucks such as LMH's newly developed pallet stacker. In addition, stringent government regulations related to CO2 emissions in Japan and China and rise in adoption of electric forklift truck are expected to fuel the electric forklift truck market growth in the future in Asia-Pacific region Copyright Goldstein Research, All Rights Reserved

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Table.4 Asia-Pacific Sales (USD Billion) of Forklift Trucks, By Product Type, 20172024 Product Type/Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class-I

2.70

2.88

3.07

3.28

3.50

3.75

4.02

4.32

4.65

7.02%

Class-II

1.64

1.76

1.89

2.03

2.19

2.35

2.54

2.74

2.97

7.68%

Class-III

1.41

1.48

1.56

1.65

1.73

1.83

1.94

2.05

2.18

5.61%

Class-IV

1.41

1.51

1.63

1.75

1.89

2.03

2.19

2.38

2.58

7.83%

Class-V

1.53

1.61

1.69

1.79

1.89

1.99

2.11

2.24

2.38

5.70%

Class-VI

2.00

2.11

2.23

2.35

2.49

2.64

2.80

2.97

3.17

5.95%

Class-VII

1.06

1.13

1.21

1.30

1.40

1.50

1.62

1.75

1.89

7.55%

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6.4.2.1. Asia-Pacific Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-206 Asia-Pacific Class-I Forklift Truck Market Size (USD Billion). 2017-2024 5.00

4.65

4.32

4.50 4.00 3.50 3.00

Fig:- 6-207 Asia-Pacific Class-I Forklift Truck Y-O-Y Growth (%) Analysis-20172024

2.70

2.88

3.07

3.28

3.50

3.75

4.02

5.6%

6.9% 6.7% 6.5% 6.4% 6.3% 6.1% 6.3%

7.2%

6% 5%

2.50

2.00

1.50 2%

1.00

0.50 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Asia-Pacific Class-I electric motor rider trucks market valued USD 2.7 billion in 2016 and tends to generate the revenue of USD 4.65 billion by 2024 at a considerable CAGR. Material handling market is highly mature, mostly demanding premium products as well as reliable and timely aftersales support.  Following the strong growth in recent years, the Asian and Eastern European markets are relatively fragmented. In China, the share of global players is below 10%, with large low-cost producers Heli and Hangcha claiming c60% of the market. It is anticipated that global OEMs are well placed to gain share but assume that this will happen only gradually, driven by a shifting product mix and increased focus on total cost of ownership The material handling industry is a highly competitive environment offering little room for differentiation. The industry landscape has been broadly stable for its top-five players over the past decade. This is because of high barriers to entry – particularly for the premium segment – arising from the important after-sales network (which creates brand awareness and loyalty), understanding of customer needs and sustained investment in R&D at 2-3% of annual sales Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.2. Asia-Pacific Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-208 Asia-Pacific Class-II Forklift Truck Market Size (USD Billion). 2017-2024 3.50

Fig:- 6-209 Asia-Pacific Class-II Forklift Truck Y-O-Y Growth (%) Analysis2017-2024 9%

2.97

3.00

2.74

2.50 2.00 1.64

1.76

1.89

2.03

. 2.19

2.35

6.4%

2.54

7.3% 6.7% 6.9% 6.9% 7.0% 7.1%

7.5% 7.7%

6% 5%

1.50

1.00

3% 2%

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Asia-Pacific Class-II Forklift Truck Market valued USD 1.64 billion in 2016 and tends to reach the valuation of USD 2.97 billion by 2024. KION is more oriented to emerging-market new equipment growth but Jungheinrich is catching up. Having entered the Chinese market in 1993, KION is the largest non-domestic player and has significantly greater exposure than Jungheinrich. With a specialisation in warehouse trucks and its new factory ramping up production, Jungheinrich’s China sales are set to increase significantly in coming years Addressing the premium and low cost/value segment at the same time, most OEMs with the exception of Jungheinrich use a multi-brand strategy. KION for example positions its Linde, OM STILL, STILL and Fenwick brands as premium while Voltas and Baoli are low-cost products aimed at growth markets Hyster Vale and Crown generate the majority of their revenues in the US. As reflected by the low service share, Hyster Yale focuses on the value segment while Crown has a robust position in the premium segment due to a strong E-truck product in particular Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.3. Asia-Pacific Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-210 Asia-Pacific Class-III Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-211 Asia-Pacific Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

2.50

2.00

1.50

1.41

1.48

1.56

1.65

1.73

1.83

1.94

2.05

2.18

7% 6%

4.2% 5%

4.9% 5.1%

5.7% 5.1% 5.1% 5.3% 5.4%

5.9%

1.00

3% 2%

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Asia-Pacific class-III forklift truck market stood at USD 1.41 billion in 2016. According to Goldstein Research, the classIII forklift truck market will record a considerable CAGR by 2024 and generate the revenue of USD 2.18 billion by 2024. However, loading and unloading material from trucks, trailers, and storage shelves presents unique risks to the operators of motorized industrial trucks, such as forklifts and hand and hand/rider trucks. Serious injury and death have been known to occur during loading and unloading operations The Company’s operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. The Company manufactures lift trucks and component parts in the United States, Northern Ireland, Mexico, Italy, the Netherlands, Vietnam, Japan, the Philippines, Brazil and China. Lift truck unit volumes drive the Company’s economic engine, and its worldwide distribution strength drives market share, volume, economies of scale and installed truck population  Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.4. Asia-Pacific Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-213 Asia-Pacific Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-212 Asia-Pacific Class-IV Forklift Truck Market Size (USD Billion). 2017-2024 3.00 2.58 2.50

2.38

2.00 1.50

1.41

1.51

1.63

1.75

1.89

2.03

8% 8%

2.19

8% 7% 7%

6.7% 7%

1.00

6.9%

7.0% 7.1% 7.1%

7.2%

7.4%

7.6%

7.8%

7% 7%

0.50

6% 6%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Asia-Pacific Class IV forklift truck market was valued at USD 1.41 billion in 2016, and is poised to reach USD 2.58 billion by 2024. The operating profit margin at the Lift Truck business declined to 3.0% and net income decreased in 2016. However, while the results declined from the prior year, solid progress was made on the strategic initiative Looking forward, the global market for lift truck units is expected to remain stable at a high level in 2017. Anticipated improvements in the Western and Eastern European markets and a positive but weakening JAPIC market are expected to be offset by an anticipated small decline in the Americas market from the record level achieved in 2016  To invest in broadening the product range and focus on designing and developing utility, standard and premium products for the electric-rider, warehouse, ICE and Big Truck product lines in all appropriate market segments are done to meet the specific application needs of the customers

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2024f

6.4.2.5. . Asia-Pacific Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-214 Asia-Pacific Class-V Forklift Truck Market Size (USD Billion). 2017-2024 2.50

2.00

1.50

1.53

1.61

1.69

1.79

1.89

1.99

2.11

2.24

2.38

Fig:- 6-215 . Asia-Pacific Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 7% 6%

4.4%

5.0%

5.5% 5.1% 5.2% 5.2% 5.4%

5.8% 6.0%

5% 4%

1.00

3% 2%

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Asia-Pacific class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR over the forecast period and accounting the market revenue of USD 2.38 billion by 2024. Introduction of automation and telemetry capabilities in the forklift trucks to reduce operating costs further. Telemetry delivers additional information and value to customers, allowing them to monitor the use of trucks and ensure they are being properly operated and serviced in a timely manner, thereby reducing lifetime maintenance costs  In most markets around the world, electric-powered trucks are gaining in popularity, due in part to environmental concerns but also due to growth of the retail, warehousing and distribution markets, particularly in Asia Pacific region. As a result, the industry is experiencing a secular shift from ICE trucks to electric power trucks  Sales of electric lift trucks accounted for 27% of Hyster-Yale’s revenues in 2016. As part of the Company’s efforts to penetrate the growing warehouse equipment market more deeply, it has upgraded its warehouse and electric-rider product lines, including launching new Reach and Stacker trucks in Europe and an enclosed end-rider warehouse truck in both the United States and Europe. Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.6. Asia-Pacific Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-216 Asia-Pacific Class-VI Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-217 Asia-Pacific Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

3.50 3.17 3.00 2.50 2.00

2.00

2.11

2.23

2.35

2.49

2.64

2.80

2.97

4.9% 5.2% 6%

5.4%

6.0% 5.4% 5.5% 5.6% 5.7%

6.2%

5% 4%

1.50

1.00

0.50

1% 0%

0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 As per the findings of the report, the Asia-Pacific class IV forklifts in Forklift Truck market, which was valued at USD 2.0 billion in 2016 will rise to USD 3.17 billion by 2024. Rising trading between countries and growing e-commerce business will significantly result increased logistic activities at air and marine ports. Furthermore, expansion of manufacturing industries developing countries such as China and India will boost the growth of Asia-Pacific class VI forklifts market.  Worldwide orders for warehouse trucks were approximately 44% of total lift truck orders in 2016, compared with 42% in 2015 and 37% ten years ago. Companies are also giving attention to expand the product range, as well as the competitiveness of its products produced in the region, either in its own facility in China, through its Japanese joint venture or with its partners in China and India. Players also continue to believe that having entrepreneurial, exclusive, independent dealers that are committed to customer satisfaction is a competitive advantage. The Lift Truck and Attachment businesses, which are in a mature, cyclical industry with market-leading positions and solid operating cash generation, are focused on creating value by increasing unit volume and market share through the execution of core strategic initiatives Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.7. Asia-Pacific Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-218 Asia-Pacific Class-VII Forklift Truck Market Size (USD Billion). 2017-2024 2.00

1.89 1.75

1.80 1.60 1.40 1.20

1.06

1.13

1.21

1.30

1.40

1.50

Fig:- 6-219 Asia-Pacific Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 8%

1.62 8%

1.00

6.4%

0.80

6.6%

6.8% 6.8%

6.9% 7.0%

7.2%

7.4%

7.6%

0.60 0.40

0.20 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Asia-Pacific class-VII forklift truck market is expected to reach USD 1.89 billion by 2024 from USD 1.06 billion in 2016, growing at a considerable CAGR over the forecast years from 2016 to 2024. Companies are trying to expand the attachment business into a larger, long-term business through growth in lower-share markets, through leverage of manufacturing capacity and through the integration of attachment sourcing for the Lift Truck business, to ultimately achieve and exceed its operating margin target In contrast to the highly consolidated nature of developed regions, the Asian, Eastern European and Latin American markets are more fragmented. The smaller share of global OEMs such as KION and Jungheinrich results from the regions’ rapid volume growth during the past decade as well as the high share of value- and low-cost products. While we expect the share of global players to rise, this will be a steady, long-term process driven by tighter emission standards and an increased focus on total cost of ownership Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.2.8. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-221 Asia-Pacific Forklift Truck Market BPS Analysis- By Product, 2017-2024

Fig: 6-220 Asia-Pacific Forklift Truck Market Attractiveness-By Product, 2017-2024 9.00%

100.0%

8.00%

90.0% 80.0%

7.00%

70.0%

6.00%

9.0%

9.5%

17.0%

16.0%

13.0%

12.0%

13.0%

12.0%

11.0%

14.0%

15.0%

23.0%

23.5%

60.0%

5.00%

50.0%

4.00%

40.0% 30.0%

3.00%

20.0%

2.00%

10.0%

1.00%

0.0%

0.00% 0.60

2016

0.80

Class I

1.00

Class II

1.20

1.40

Class III

1.60

Class IV

1.80

2.00

Class V

2.20

Class VII

Class VI

Class VII (Rough Terrain Forklift Trucks) Class V (IC Engine Trucks, Pneumatic Tires) Class III (Hand Rider Trucks) Class I (Electric Motor Rider Trucks)

2024

Class VI (Electric and IC Engine Tractors) Class IV (IC Engine Trucks, solid/Cushion Tires) Class II (Electric Motor Narrow Aisle Trucks)

Source: Goldstein Research

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-II and Class-III forklift trucks tends to grow at the faster pace in the forecast period. Class-I, Class-II and Class-III forklifts are the fastest growing forklifts as they are powered by the electric engines which acquires around 60% of the Asia-Pacific forklift market. Growing adoption of electric forklifts and its advantages over ICE forklifts will boost the growth of Class-1, II and III forklifts. ď&#x192;&#x2DC;Factors such as expansion of warehouse space Asia-Pacific, growing e-commerce business across the globe, strong demand for forklift truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets are the key factors driving the growth of market. Copyright Goldstein Research, All Rights Reserved

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6.4.3. asia-paCiFiC FOrkliFT TruCk markeT analysis, by Fuel Type Connect With Us: Published By: Goldstein Research Copyright

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6.4.3. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-222 Asia-Pacific Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 25.00

Fig: 6-223 Asia-Pacific Forklift Truck Growth (%), by Fuel Type, 2017-2024 8.0%

6.56% CAGR: (2017-2024)

7.0%

20.00

6.0%

6.3%

6.5%

6.8%

6.7%

3.97 3.73 3.5 2

15.00

10.00

3.33

2.56 1.29

5.00

7.90

2.83

2.69

1.40

1.34

9.06

8.45

2.99 1.45

9.72

3.15 1.51

10.43

1.57

1.78

Diesel

1.71

4.0%

1.6 3

Gasoline 3.0%

11.20

12.06

14.08

13.01

Electric

2017

2018

2019

4.9%

3.7%

6.9%

5.1%

5.2%

5.3%

3.8%

3.9%

5.5%

4.0%

7.3%

5.7%

7.6%

5.9%

Electric 4.2%

4.4%

Gasolin e

3.3%

Diesel

2.0% 1.0% 0.0% 2016

0.00 2016

5.0%

6.8%

7.1%

2020

2021

2022

2023

2024

Source: Goldstein Research

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-224 Asia-Pacific Forklift Truck Market Share (%),by Fuel Type -2016

21.75%

Electric/Hybrid

11.00% 67.25%

Diesel

Gasoline

 The Asian Development bank predicts that the 48 nations of the Asia Pacific region will collectively increase their energy demand by 67% between 2010 and 2035, accounting for more than half the planet’s consumption. That wouldn’t be too much of a problem if, say, renewable energy was fueling that growth. But coal will remain king, accounting for 83% of energy production. Overall, coal demand will spike nearly 53% between 2010 and 2035 Some members in Southeast Asia (such as Indonesia, the Philippines, and Vietnam) will encourage the use of coal, particularly in the power sector, to diversify the energy supply structure and to enhance energy security www.goldsteinresearch.com

6.4.3.1. Asia-Pacific Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-225 Asia-Pacific Electric Forklift Truck Market Size (USD Billion). 2017-2024 16.00

12.00 10.00 8.00

7.49% CAGR: (2017-2024)

14.00

7.90

8.45

9.06

9.72

Fig:- 6-226 Asia-Pacific Electric Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

14.08 13.01 10.43

11.20

12.06

6.3%

6.5%

6.7% 6.8%

6.8% 6.9%

7.1%

7.3%

7.6%

6.00 4.00

2.00 0.00

2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Asia-Pacific Electric Forklift Truck market valued USD 7.90 billion in 2016 and estimated to reach the valuation of USD 14.08 billion by 2024 attributed by regulatory frameworks, which include mandatory emissions limits of trucks that have a major impact on the business models As of September 2016, over 700 million people in Asia and the Pacific remain without access to electricity. Subsidies for fuel (including diesel, gasoline, liquefied petroleum gas, and kerosene) have usually been implemented with the goal of expanding access to transportation, cooking, and electricity. The Asia-Pacific region is at a turning point in its energy trajectory. The energy solutions that have fuelled growth in the region over the past few decades are no longer compatible with the sustainable development aspirations of our nations and their people The dynamic nature of power markets across Asia Pacific means market participants and investors are often facing market restructuring, plant mix changes and analytical challenges associated with rapid demand growth Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.3.2. Asia-Pacific Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-227 Asia-Pacific Gasoline Forklift Truck Market Size (USD Billion). 2017-2024 2.00 1.80 1.60 1.40

4.12% CAGR: (2017-2024 ) 1.29

1.34

1.40

Fig:- 6-228 Asia-Pacific Gasoline Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

1.45

1.51

1.57

1.63

1.71

1.78

5% 4%

3.3% 3%

1.00

0.80

0.60

0.40

0.20

0.00 2017e

2018f

4.4%

1.20

2016e

3.7%

4.2% 4.0% 3.9% 3.8% 3.8% 3.8%

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific gasoline forklift truck market size was valued at USD 1.29 billion in 2016 out of which class-IV, Class-V gasoline powered forklifts accounted for USD 1.78 billion in 2016. Key drivers contributing to market expansion include the stringent emission norms and more fuel efficiency of LPG and natural gas powered forklifts over diesel powered ICE forklifts. Oil will continue to play a leading role in the energy mix with demand being driven by fuel for transportation and feedstock for the chemicals industry. These feedstocks help to make plastics and other advanced materials that provide advantages to manufacturers and consumers including energy efficiency gains The European oil refining industry is experiencing a systemic crisis. Such ongoing trends as the decrease in US gasoline imports and commissioning of new highly effective oil refineries in the Middle East and Asia will continue to have a long- term negative effect on European producers

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2024f

6.4.3.3. Asia-Pacific Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-230 Asia-Pacific Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-229 Asia-Pacific Diesel Forklift Truck Market Size (USD Billion). 20172024 4.50 4.00

5.65% CAGR: (2017-2024)

3.50 3.00 2.50

2.56

2.69

2.83

2.99

3.15

3.33

3.52

3.73

3.97

7% 6%

4.5% 5%

4.9% 5.1%

5.7% 5.5% 5.3% 5.1% 5.2%

5.9%

2.00

1.50 1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific diesel forklift truck market accounted for USD 2.56 billion in 2016 and is estimated at USD 3.97 billion by 2024. The major growth is attributed to the advancement in hydrostatic and diesel-electric drive systems and in energyefficient and low-emission drive technologies. The world will need to pursue all economic energy sources to keep up with this considerable demand growth. Oil and natural gas will likely be nearly 60 percent of global supplies in 2040, while nuclear energy and renewables will grow about 50 percent and be approaching a 25 percent share of the world’s energy mix Global oil price dynamics are subject to many factors, the principal of which are the balance of supply and demand, macroeconomic and geopolitical situation, dynamics of the US dollar exchange rate and conditions on the global financial markets. Technological breakthroughs make it possible to develop huge resources. The increase in unconventional oil and gas production in the US serves as a good example. Taking into account the US oil production progress many analytical agencies lower their long-term oil price forecasts Copyright All Rights Reserved, Goldstein Research

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2024f

6.4.3.4. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 Fig: 6-231 Asia-Pacific Truck Market Attractiveness-By Fuel Type, 20172024

Fig: 6-232 Asia-Pacific Forklift Truck Market BPS Analysis- By Fuel Type, 2017-2024

8.00% 7.00%

CAGR (%)

6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the faster pace in the forecast period as the cost of recharging the battery overnight on low rate tariff is considerably less than replacing gas bottles or filling a tank with diesel fuel. Electric fork lift trucks are generally easier to drive than engine powered machines, because they only have an accelerator and a brake pedal ď&#x192;&#x2DC;Due to the need for a battery and charger (vs. diesel fuel), the initial investment is higher; and, unless the warehouse or plant has a fleet of forklifts to access when needed, the operator must wait until the battery is fully recharged before using it. Further, this type of forklift is not the best choice for outdoor use since the battery, electrical components, and circuitry should not be exposed to the elements for prolonged periods of time Copyright Goldstein Research, All Rights Reserved

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6.3.4. asia-paCiFiC FOrkliFT TruCk markeT analysis, by end-user Connect With Us: Published By: Goldstein Research Copyright

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6.3.4. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-233 Asia-Pacific Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d

Fig:- 6-234 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis, by End Users,2017-2024

2 5.00

Paper Industry

Others 2 0.00

0.71

1 5.00

1 0.00

0.47 0.94 0.82 2.11 1.64

5.00

0.00

0.49 1.01 0.88 2.23 1.76

1.06

1.13

4.11

4.35

0.57 1.25

0.54 1.16 1.02

0.52 1.08 0.95

5.48

5.16

4.87

4.60

1.49

1.39

1.30

1.21

2.35

2.19

2.03

1.89

2.80

2.64

0 .67

1.71

1 .57

1.51 3.37

3 .16

2.97

2 .74

Food and Beverages

2.54

1 .73

1.61

Iron and Steel Industry & Steel Plants

6 .21

6.6% 6.5%

6.7% 6.6%

6.8% 6.7%

6.63

0.63

0.67

0.72

0.78

0.84

0.90

0 .97

1.05

2017

2018

2019

2020

2021

2022

2023

2024

7.1% 7.0%

7.4% 7.3%

7.6% 7.5%

Radio Active Waste Automobile Iron and Steel Industry & Steel Plants

6.2%

5.5%

5.4%

5.5%

5.6%

5.8%

5.6%

5.9%

Food and Beverages

5.2%

Ports and Logistics Paper Industry

Source: Goldstein Research

Ports and Logistics

6.4%

Automobile

0.59

Wood Industry 4.5% 2016

2017

2018

2019

2020

2021

2022

2023

2024

Others

Source: Goldstein Research

Fig: 235 Asia-Pacific Forklift Truck Market Share (%), By End-User -2016 5.00%

Paper Industry

8.00%

Ports and Logistics 7.00%

Radio Active Waste Automobile 35.00%

Iron and Steel Industry & Steel Plants Food and Beverages

18.00%

Wood Industry Others

14.00%

6.5% 6.4%

1.87

Radio Active Waste

5.82

6.5%

6.8% 6.7%

7.0% 6.9%

2.97

2016

4.00%

7.5%

1 .39

1.28

1.19

1.10

2.49

2.36

0.60 1.35

0.64 1.45

Wood Industry

ď&#x201A;§ All end users may use general forklift attachments, like sideshifters, fork positioners, drum clamps and working platforms or crane jibs but there are also specific attachments for different end users ď&#x201A;§ Not only do industrial truck manufacturers produce these vital pieces of equipment; they also provide additional support services such as retail, leasing, and rental operations; distribution and logistics; and training, maintenance, and repair services that generate additional economic value throughout the economy

9.00%

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6.3.4.1. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-236 Asia-Pacific Forklift Truck Market Size (USD Billion). In Paper Industry, 2017-2024 1.20

7.54% CAGR: (2017-2024)

1.00 0.80 0.60

1.05

0.59

0.63

0.67

0.72

0.78

7.6%

7.4%

0.97 0.84

Fig:- 6-237 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024

0.90

7% 7% 7%

6.5% 6.6% 7%

0.40

6.7%

6.8% 6.8%

7.0%

7.1%

7% 6%

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Asia-Pacific forklift truck market tends to reach USD 1.05 billion by 2024 from USD 0.59 billion in 2016, registering a CAGR of 7.54% during the forecast period Pulp mills handle raw materials like logs or wood chips and their finished product is pulp bales. Rotators are used to handle containers of wood chips while pulp bale clamps handle pulp bales. In paper mills, pulp bale clamps and recycling bale clamps handle pulp bales and recycling paper bales while fork positioners, pallet handlers, rotating roll clamps and non-rotating roll clamps handle the finished product like sheeted graphic paper on pallets or paper rolls. Roll clamps come in different sizes and have different sizes and shapes of pads. They are used to handle different types and grades of paper Of the 339 million tons of paper produced globally in 2003, Asia accounted for 32 per cent of production, North America 30 per cent, the European Union 26 per cent, and the remaining 12 per cent was from other parts of the world. Roll damage problems include torn layers and scuffing, out-of-roundness and core crushing, edge damage and roll dropping. We have developed options designed to control clamp force to accurately align the contact pads to the paper roll and securely lift and deposit rolls Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.2. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-238 Asia-Pacific Forklift Truck Market Size (USD Billion). 2017-2024 7.00

6.63

6.16% CAGR: (2017-2024)

6.00 5.00 4.00

4.11

4.35

4.60

4.87

5.16

5.48

5.82

6.21

Fig:- 6-239 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024 7%

5.2% 5.4% 5.5% 6%

6.2% 5.6% 5.6% 5.8% 5.9%

6.4%

5% 4%

3.00

2.00

1.00

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 In this report, the Asia-Pacific forklift truck market in ports and logistics industry is valued at USD 4.11 billion in 2016 and is expected to reach USD 6.63 billion by the end of 2024. Government initiatives in the infrastructure development of ports, airports and manufacturing industries have raised the demand of material handling equipment's in India. On other hand, major logistic players have announced the development of more than 50 logistic parks in India for parcel storage and distribution, which is an added advantage to the forklift industry With the help of 'Make in India' drive, India is on the path of becoming the hub for hi-tech manufacturing plants. Global players have either set up their plant or are in process of setting up manufacturing plants in India. The forklift industry is expecting to see a good growth in manufacturing and consequently in logistics and distribution activities for the next few years. This manufacturing initiative has added advantages for forklift industry. The key markets like Ports, CFS and warehouses are generating demand for forklifts, pallet trucks, stackers, order pickers truck etc. Cargo traffic handled by India's major ports & CFS increased more than 6% Y-O-Y Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.3. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Active Waste Handling, 2017-2024 Fig: 6-240 Asia-Pacific Forklift Truck Market Size (USD Billion) in Radio Active Waste Handling 2017-2024 2.00

1.87

7.41%

1.80 1.60

CAGR: (2017-2024)

1.40 1.20

1.73

1.06

1.13

1.21

1.30

1.39

1.49

1.61

Fig:- 6-241 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio Active Waste Handling, 2017-2024

7.5%

7.3%

7% 7% 7%

1.00

6.4% 6.5%

0.80

6.6%

6.7% 6.7%

6.9%

7.0%

0.60

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific forklift truck valued USD 1.06 billion in 2016 and is expected to reach USD 1.87 billion at a CAGR of 7.41% over the forecast years owing to increasing need for material handling equipment that is directly related to the amount of cargo and freight traffic The material handling environment is highly dangerous. Interaction by humans with the waste is only through robotic means. Lauyans’ conveyors, lifts and other equipment must function continuously in this rigorous process. Maintenance costs in a radioactive environment are too high to accept anything other than complete reliability. A large facility in Idaho was required to remove all nuclear waste previously stored at this site and repackage it for shipment to another site Major companies operating in the forklift market of India are Godrej & Boyce Manufacturing Company Limited, Toyota Material Handling India Private limited, Josts Engineering Company Limited, Kion India Private Limited (Voltas) and Nilkamal Limited Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.4. Asia-Pacific Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig: 6-242 Asia-Pacific Forklift Truck Market Size (USD Billion) in Automobile Industry 2017-2024 3.50

Fig:- 6-243 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis in Automobile Industry, 2017-2024 8%

2.97

7.68%

3.00

2.74

CAGR: (2017-2024)

2.50 2.00 1.64

1.76

1.89

2.03

2.19

2.35

2.54

6.6%

1.50

6.7%

6.9% 6.9%

7.0% 7.1%

7.3%

7.5%

7.7%

1.00 6%

0.50 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific forklift market used in automobile industry accounted for USD 1.64 billion in 2016 and tends to grow at a CAGR of 7.68% and reach the valuation of USD 2.97 billion by 2024 The logistics sector is being touted as one of the main beneficiaries of the new GST system. In the long run, operational efficiency is bound to improve. And while GST won’t solve many inherent problems of India’s transport network, it could reduce the logistics costs of companies producing non-bulk goods by as much as 20%. Hence, most of the current challenges of this industry will be a story of the past as India has become one single market wherein goods can move freely inter-state without any levy. This will further bring warehouse consolidation across the country and mega logistic hubs and high investments are expected in the infrastructure, which will boost the demand for forklifts as well Diesel forklifts will remain dominant due to their own advantage in rugged outdoor applications. However, industries will now prefer electric forklifts over diesel because of low maintenance cost and lower total cost of ownership

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2024f

6.3.4.5. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-244 Asia-Pacific Forklift Truck Market Size (USD Billion) in Iron & Steel Industry, 2017-2024 4.00 3.50 3.00 2.50

Fig:- 6-245 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis in Iron & Steel Industry, 2017-2024 7%

6.0% CAGR: (2017-2024) 2.11

2.23

2.36

2.49

2.64

2.80

2.97

3.16

3.37

5.0% 5.2% 6%

6.3%

5% 4%

2.00 1.50

1.00

0.50

0.00 2016e

5.4%

6.0% 5.8% 5.6% 5.4% 5.5%

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific forklift truck market in Iron & steel Industry accounted for USD 2.11 billion in 2016 and tends to reach the valuation of USD 3.37 billion by 2024. The forklift truck market in iron & steel industry is driven by the rising consumption of iron & steel in automobile and construction sector across the globe. Electric forklifts are available with various customizations and special attachments for specific applications. Forklift players are confident of a huge growth in the coming years. Competition in the forklift industry has certainly brought changes in terms of improvement in product quality, pricing and services; ultimately benefitting the customer Steel plants, forging plants, foundries and iron and steel manufacturers in general are undoubtedly the most challenging sector for forklift trucks. This is the sector where electric forklift trucks reach their utmost by offering customers who choose them endless environmental and economic benefits, as well as advantages in terms of space and reliability

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2024f

6.3.4.6. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-246 Asia-Pacific Forklift Truck Market Size (USD Billion) in Food & beverage Industry, 2017-2024 1.60

1.51

1.40

7.86%

CAGR: (2017-2024)

1.20 1.00 0.80

1.39

0.82

0.88

0.95

1.02

1.28 1.10

Fig:- 6-247 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis in Food & Beverage Industry, 2017-2024 8%

7.6%

1.19

8% 7% 7%

6.9% 6.9%

7.0% 7.1% 7.1%

7.3%

7.9%

7.4%

0.60

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The Asia-Pacific forklift truck market in Food & beverage industry accounted for USD 0.82 billion in 2016 and tends to reach the valuation of USD 1.51 billion by 2024. The forklift truck market in iron & steel industry is majorly driven by the growing demand for packaged food products across the globe specially the industry is blooming in emerging countries such as China, India and Brazil. ď&#x201A;§Thanks to the compact design of its vehicles and the high residual capacities, Carer has always been a leading company in the beverage handling field in top beverage companies. In a sector where there is an imperative need for electric vehicles, our wide range of forklift trucks allows you to work comfortably in warehouses, which means you can handle several pallets at the same time without any productivity loss. Once again, environmental protection, which is also required for the product handled, and considerable savings on running costs are fully guaranteed

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2024f

6.3.4.7. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-248 Asia-Pacific Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 1.80 1.60 1.40 1.20 1.00

1.71

7.73% CAGR: (2017-2024)

0.94

1.01

1.08

1.57

Fig:- 6-249 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024 8%

1.45 1.16

1.25

1.35

6.6%

0.80

6.8%

6.9% 7.0%

7.0% 7.1%

7.3%

7.5%

7.8%

0.60 0.40

0.20 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Asia-Pacific forklift truck market in Wood Industry accounted for USD 0.94 billion in 2016 and tends to reach the valuation of USD 1.71 billion by 2024. The forklift truck market in iron & steel industry is majorly driven by the growing demand for wood construction material and furniture across the globe specially in developed regions such Canada, AsiaPacific and United States. Storing and handling heavy and large pieces of wood in various shapes (large panels, beams and axes) indoors is clearly one of the applications where our machines can provide the best results in terms of making the most of space and height. Even in the wood industry, to save on the impact of transport costs, there is an ever growing tendency to increase the size of the pieces carried as much as possible to the detriment of making it easy to handle them in warehouses The operating costs include items such as fuel, tire replacements, and periodic maintenance and repair including parts and labor. In addition, labor cost for the lift truck operator, damage to the equipment, facility and products moved, as well as fees for rental equipment in the case of unscheduled downtime can occur Copyright All Rights Reserved, Goldstein Research

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2024f

6.3.4.8. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-250 Asia-Pacific Forklift Truck Market Size (USD Billion) in Other Industries, 2017-2024 0.80 0.70

5.36% CAGR: (2017-2024)

0.60 0.50

0.47

0.49

0.52

0.54

0.57

0.60

0.64

0.67

0.71

Fig:- 6-251 Asia-Pacific Forklift Truck Market Y-O-Y Growth (%) Analysis in Other Industries, 2017-2024 6%

4.7% 4.7% 4.8% 5%

5.4% 4.9% 4.9% 5.1% 5.2%

5.7%

0.40

0.30 2%

0.20 0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

Source: Goldstein Research

The Asia-Pacific forklift truck market in Wood Industry accounted for USD 0.47 billion in 2016 and tends to reach the valuation of USD 0.71 billion by 2024. Opportunities to reduce expenses can be categorized in four main areas. Reducing operating cost by decreasing fuel consumption, optimizing periodic maintenance or prolonging tire life is one area. Another area is increasing productivity. This can be achieved by eliminating ‘double handling’ or in other words optimizing the transport, storage and shipping logistics in an operation. Ultimately, the more productive a lift truck is, the less lift trucks and operators are needed to get the job done. Improved uptime, the third area of interest, leads to reduced ‘back up’ rental costs and avoiding costly unscheduled downtime. Lastly, reducing damage to the product, equipment and the facility can greatly reduce material handling operating budgets New technologies continuously emerge and innovations are developed that make the way materials are handled more efficient for example number of improvements in powertrain technology, hydraulic systems, tire protection, steel-handling attachments, visibility & vision, as well as telemetry & fleet management systems Copyright All Rights Reserved, Goldstein Research

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6.3.4.9. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 Fig: 6-252 Asia-Pacific Forklift Truck Market Attractiveness-By End Users, 2017-2024

Fig: 6-253 Asia-Pacific Forklift Truck Market BPS Analysis- By End Users, 2017-2024

9.00%

100%

8.00%

90% 80%

7.00%

70%

6.00%

CAGR (%)

60%

5.00%

4.0% 8.0%

3.6% 8.6%

7.0%

7.6%

18%

17%

14%

15%

35%

33%

50%

4.00%

40%

3.00%

30%

2.00%

20% 10%

1.00%

0.00% 0

Food & Beverage

0.5

Wood Industry Others

1 Size (USD Billion) 1.5 Market

Paper Industry Radio Active Waste

Source: Goldstein Research

Iron and Steel Industry & Steel Plants

2.5

Automobile Ports and Logistics

Others

2016

Wood Industry

Iron and Steel Industry & Steel Plants

Automobile

Ports and Logistics

Paper Industry

2024 Food and Beverages Radio Active Waste

Source: Goldstein Research

Key Points

ď&#x192;&#x2DC;According to Goldstein Research, ports and logistics hold the largest share in end user segment of APAC forklift truck market while automobile and food & beverage industry tends to dominate the market in future owing to highest CAGR. Logistics is considered to be the backbone of manufacturing and trading activities in the economy. It has a critical role to play for developing countries like India wherein consumption is growing and demand is always high. The logistics sector broadly comprises of the road transport sector, the storage and warehousing sector and finally third-party logistics (3PL) ď&#x192;&#x2DC;New engine technology with computer guided load management systems offer a range of benefits, including fuel savings, lower maintenance cost and lower emission levels Copyright Goldstein Research, All Rights Reserved

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6.5. laTin ameriCa FOrkliFT TruCk markeT analysis Connect With Us: Published By: Goldstein Research Copyright

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6.5a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 Fig: 6-254 Latin America Forklift Truck Market Size(USD Billion)-20172024

4.55%

7.00

CAGR: (2017-2024)

6.00 5.00

4.55

4.94

4.74

5.15

5.38

5.89

5.62

6.18

Fig: 6-255 Latin America Forklift Truck Market Share (%), By Product Type, 2017-2024

6.49

Class I (Electric Motor Rider Trucks) Class II (Electric Motor Narrow Aisle Trucks)

6.00%

22.00%

18.00%

13.00%

2016

2.00 15.00%

14.00%

Class IV (IC Engine Trucks, solid/Cushion Tires)

2024 14.00%

12.00%

14.00%

Class VI (Electric and IC Engine Tractors)

0.00 2017

2018

2019

2020

2021

2022

2023

11.00%

Class VII (Rough Terrain Forklift Trucks)

2024

Source: Goldstein Research

Fig: 6-256 Latin America Forklift Truck Market Size (USD Billion), By Country-2017-2024

Fig: 6-257 Latin America Forklift Truck Market Size (USD Billion), By Fuel Type, 2017-2024 4.16

2.69

2.66 1.82

1.91 2.50

1.14 0.82 0.86

2016 Brazil

2024 Mexico

RoLA

Source: Goldstein Research

15.00%

Class V (IC Engine Trucks, Pneumatic Tires)

1.00

2016

22.65%

17.00%

Class III (Hand Rider Trucks)

4.00 3.00

6.35%

1.36

1.18

0.97

2016 Electric/Hybrid

2024 Gasoline

Source: Goldstein Research

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Diesel

6.5.1. laTin ameriCa FOrkliFT TruCk markeT analysis, by COunTry Connect With Us: Published By: Goldstein Research Copyright

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6.5.1.1. Brazil Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-258 Brazil Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-259 Brazil Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

3.00

4.88%

2.50 2.00

CAGR: (2017-2024) 1.82

1.90

1.99

2.08

2.18

2.28

2.40

2.52

2.66

1.50

4.13%

4.27%

4.42%

2016

2017

2018

4.46%

4.49%

4.61%

4.75%

2019

2020

2021

2022

4.98%

5.20%

1.00 0.50 0.00 2016

2017

2018

2019

2020

2021

2022

2023

Fig: 6-260 Production of Forklift in Brazil (%), 2013-2016 29.0% 26.0%

30% 22.0%

2023

2024

Source: Goldstein Research

25%

2024

23.0%

 Brazil Forklift Truck market tends to reach the valuation of USD 2.32 billion by 2024 growing at a CAGR of 6.24% over the forecast years  Electric power remains the most popular technology among forklift users and the growth is mainly driven by the demand for electric forklifts in emerging countries such as Brazil

20% 15% 10% 5% 0% 2013

Source: Goldstein Research

2014

2015

2016

 Rising local manufacturing partnerships with U.S. forklift providers are expected to fuel the growth of Brazil forklift truck market over the forecast period

6.5.1.2. Mexico Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 20172024 Fig: 6-261 Mexico Forklift Truck Market Size (USD Billion). 2017-2024

3.00 2.50 2.00

4.37%

CAGR: (2017-2024) 1.91

1.99

2.07

2.15

2.24

2.34

2.45

2.56

Fig: 6-262 Mexico Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

2.69

1.50

3.67%

3.80%

3.95%

2016

2017

2018

3.99%

4.03%

4.14%

4.29%

2019

2020

2021

2022

4.52%

4.74%

1.00 0.50 0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2023

Source: Goldstein Research

 Mexico forklift truck market is estimated to grow at a CAGR of 6..54% over the forecast years and will reach USD 2.36 billion by 2024  Rising number of plants for manufacturing of component parts for forklift trucks in Mexico are creating new opportunities for local vendors and manufacturers of forklift trucks and thereby supporting the market growth in Mexico Leading companies are also setting up their manufacturing units in Mexico to sustain their market position. For instance, Hyster, an American manufacturing company specializing in forklifts and other materials-handling equipment have set up their plant at RAMOS ARIZPE in Mexico to manufacture component parts for lift trucks

2024

6.5.1.3. Rest of Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-263 Rest of Latin America Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-264 Rest of Latin America Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.40 1.20

4.26%

CAGR: (2017-2024)

1.00 0.80

0.82

0.85

0.88

0.92

0.96

1.00

1.04

1.09

1.14

0.60

3.50%

3.71%

3.86%

3.90%

3.93%

2017

2018

2019

2020

4.05%

4.19%

2021

2022

4.42%

4.64%

0.40 0.20 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2016

2023

Source: Goldstein Research

 Rest of Latin America forklift truck market tend to reach the valuation of USD 2.76 billion by 2024 at considerable CAGR of 5.58% over the forecast years  Rising demand for high capacity lift trucks with electric motors and growing partnership between local manufacturers and other leading players of forklift trucks in Latin America are contributing in the growth of Latin America forklift truck market. For instance, in 2017, Hyster-Yale Group (HYG) announced an agreement with RICO Manufacturing (RICO) to become the exclusive distributor of RICO’s Pegasus Elite Counterbalance forklift truck line  Growing demand for multiple mast, carriage and fork combinations to perform wide range of applications in industries, including metals and automotive stamping and manufacturing in countries such as Chile, Peru and Columbia are expected to fuel the market growth in the region

2024

6.5.1.6. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 Fig: 6-265 Latin America Forklift Truck Market Attractiveness-By System, 2017-2024 5.00%

Fig: 6-266 Latin America Forklift Truck Market BPS Analysis- By System, 2017-2024 100% 90%

4.80%

18.0%

17.6%

42.0%

41.4%

40.0%

41.0%

2016

2024

80% 70%

4.60% CAGR (%)

60%

4.40%

50% 40%

4.20%

30% 20%

4.00%

10% 3.80% 0.200

0% 0.300

0.400

0.500 0.600 Market Size (USD Billion)

Brazil

Mexico

0.700

0.800

0.900 RoLA

Rest of Latin America

Source: Goldstein Research

Mexico

Brazil

Source: Goldstein Research Key Points

ď&#x192;&#x2DC;According to Goldstein Research in Latin America, Rest of Latin American countries such as Argentina, Chile, Peru, Columbia, Cuba, Costa Rica and Venezuela among others holds the largest portion of market revenue closely followed by Brazil and Mexico tends to grow at the faster pace in the forecast period. ď&#x192;&#x2DC;Growing international partnerships and collaborating on safety solutions and regulatory innovations in Latin America region are encouraging the global trade in material handling equipment. Key market players such as KION, Hyster and Linde are setting up their plants to further exploit the forklift truck market in Latin America region Copyright Goldstein Research, All Rights Reserved

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Table.5. Latin America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 Product Type/Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class-I

1.00

1.05

1.09

1.15

1.20

1.26

1.32

1.39

1.47

4.94%

Class-II

0.64

0.67

0.70

0.74

0.78

0.82

0.87

0.92

0.97

5.46%

Class-III

0.55

0.56

0.58

0.60

0.62

0.64

0.66

0.69

0.71

3.42%

Class-IV

0.68

0.70

0.73

0.75

0.78

0.81

0.84

0.87

0.91

3.66%

Class-V

0.59

0.62

0.65

0.69

0.73

0.77

0.81

0.86

0.91

5.53%

Class-VI

0.82

0.85

0.88

0.91

0.94

0.98

1.02

1.06

1.10

3.81%

Class-VII

0.27

0.33

0.34

0.35

0.36

0.37

0.38

0.41

5.30%

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6.5.2.1. Latin America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-267 Latin America Class-I Forklift Truck Market Size (USD Billion). 2017-2024 1.60 1.40

4.94% CAGR: (2017-2024)

1.20 1.00

1.00

1.05

1.09

1.15

1.20

1.26

1.32

1.39

1.47

Fig:- 6-268 Latin America Class-I Forklift Truck Y-O-Y Growth (%) Analysis2017-2024 6%

4.1% 4.3% 5%

4.5%

5.0% 4.8% 4.7% 4.5% 4.5%

5.3%

0.80

0.60 2%

0.40 1%

0.20 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Latin America Class-I electric motor rider trucks market valued USD 1.0 billion in 2016 and tends to generate the revenue of USD 1.47 billion by 2024 at a considerable CAGR of 4.94% over the forecast years  This is the most popular type of fork lift truck. The weight of the load (forward of the chassis at the front) is counterbalanced by a large weight built into the rear of the vehicle. The vehicle is very flexible as it can be used indoors and outdoors and can be fitted with a wide range of attachments. There are many variants and manufacturers, so like buying a car you can purchase anything from a Trabant to a Rolls Royce, with a similar variation in safety characteristics Popular models have a lifting capacity in the range of 1,000 to 3,000 kg and lift heights of 3 to 6 meters or more, depending on the mast configuration. Some are designed with low masts in order to operate in containers or other confined spaces. Intermediate trucks, with lifting capacities up to say 9,000 kg are also readily available. There are specialist heavy lift trucks with capacities much greater than this – see below. At the other extreme, small, three-wheel machines can deliver high levels of manoeuvrability and productivity Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.2. Latin America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-269 Latin America Class-II Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-270 Latin America Class-II Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

1.20 1.00

5.46% CAGR: (2017-2024)

0.80 0.64

0.67

0.70

0.74

0.78

0.82

0.87

0.92

0.97

4.7% 4.8%

5.5% 5.3% 5.1% 5.0% 5.0% 5.0%

5.7%

0.60 3%

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Latin America Class-II Forklift Truck Market valued USD 0.64 billion in 2016 and tends to reach the valuation of USD 0.97 billion by 2024 at a CAGR of 5.46% over the period. However, an important early decision to be made when purchasing a narrow aisle truck will be the power source. This decision brings its own safety issues, not least the issues of fumes and fuel storage The VNA turret truck or high rack stacker is a highly sophisticated piece of equipment designed to work in exacting conditions. As the name suggests, the truck operates in very narrow high aisles in order to maximize storage density. The operator can swivel the forks and reach the load forward to put it away in the racking. Depending on the specification, loads of 1,500 kg can be whisked up to 17 meters Precision is key in all VNA operations. Rail, wire or radio guidance can assist with positioning, together with end of aisle control systems. Floor condition is critical for the safe operation of these trucks and specialist advice should be sought from appropriate truck manufacturers Copyright All Rights Reserved, Goldstein Research

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6.5.2.3. Latin America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-271 Latin America Class-III Forklift Truck Market Size (USD Billion). 2017-2024

Fig:- 6-272 Latin America Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

0.80 0.70 0.60

3.42% CAGR: (2017-2024) 0.55

0.56

0.58

0.60

0.62

0.64

0.66

0.69

0.71

5% 4%

3.2% 2.9% 3.0% 3.1% 3.1% 4%

0.50

3.3%

3.8% 3.6% 3.4%

0.40

0.30

2% 2%

0.20

0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Latin America class-III forklift truck market stood at USD 0.55 billion in 2016, with the demand being the highest in the Asia, followed by Western Latin America and America (U.S, Mexico, Brazil and Canada), respectively. According to Goldstein Research, the class-III forklift truck market will record a CAGR of 3.42% by 2024 and generate the revenue of USD 0.71 billion by 2024. The cheap and cheerful workhorse of many operations, there are many variations of hand pallet truck available. Commonly called a “pump truck” the forks are often raised sufficiently to clear the load from the ground by pumping the control arm. Some may have battery assistance and, of these, some may have on board chargers Some trucks have especially flat forks, some have a scissor lift action, or perhaps a high lift up to 0.6 metre. Some are designed to lift just a ½ or ¼ pallet load. Some are made from stainless steel for the food industry or may be corrosion protected. Some have a ramp lifter, to raise enough to negotiate a ramp, or on board weighing scales. Some models have an especially quiet operation to aid early morning deliveries. Copyright All Rights Reserved, Goldstein Research

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6.5.2.4. Latin America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig:- 6-274 Latin America Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-273 Latin America Class-IV Forklift Truck Market Size (USD Billion). 2017-2024 1.00 0.90

3.66% CAGR: (2017-2024)

0.80 0.70

0.68

0.70

0.73

0.75

0.78

0.81

0.84

0.87

0.91

5% 4%

3.3% 3.3% 3.4% 3.2% 3.0%

3.5%

4.1% 3.8% 3.6%

4% 3%

0.60 0.50

0.40

0.30

0.20

0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Latin America Class IV forklift truck market was valued at USD 0.68 billion in 2016, and is poised to reach USD 0.91 billion by 2024, registering an estimated of CAGR 3.66% during the forecast period. Class IV IC engine forklift trucks are majorly used at ports and large logistic warehouses to move pallets from the loading dock to storage, vice versa. The IC engine class IV forklift trucks can carry the load up to 50,000 LB and hence are majorly and used at ports and for low-clearance These trucks are also very popular and can be found in many warehouses. The load is carried partially within the chassis with the mast “reaching” out and in to place and recover the load. With a capacity of 2,000 kg or more, they can be configured to lift loads up to about 12 metres. These trucks are similar to sideloaders but have the ability to drive in any direction giving them enormous flexibility. The capacity range is 2,000 to 25,000 kg, with lift heights up to 4 metres Many manufacturers will supply battery powered trucks especially adapted for cold store operations, including special heated cabs. This can include equipment that will operate in temperatures down to -35°C Copyright All Rights Reserved, Goldstein Research

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6.5.2.5. Latin America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-275 Latin America Class-V Forklift Truck Market Size (USD Billion). 2017-2024 1.00 0.90 0.80

5.53% CAGR: (2017-2024)

0.70 0.60

0.59

0.62

0.65

0.69

0.73

0.77

0.81

0.86

0.91

Fig:- 6-276 Latin America Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 7% 6%

4.8% 5%

5.3% 5.5% 5.2% 5.1% 5.1% 5.0% 4.9%

5.8%

0.50 0.40

0.30

0.20 0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Latin America class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to 5.53% over the forecast period and accounting the market revenue of USD 0.91 billion by 2024. A number of manufacturers produce heavy lift trucks, up to a limit of about 60,000 kg. Models include giant counterbalance fork lifts, reach stackers, full or empty container handlers and specialist equipment designed for specific applications. As an example, an empty container handler can stack empty containers up to 8 high Industries that produce, store, or distribute flammable materials need to be aware of the risk of an explosive atmosphere being generated during normal operation. Unprotected fork lift trucks operating in such an area may cause an explosion. Pyroban Ltd is one of a number of companies that offer appropriate protection for diesel and electric trucks used within such areas, protecting the people and the site. Their products remove the sources of ignition whilst retaining the original ergonomics and performance of each vehicle, and comply with the European Directive ATEX 94/9/EC. Copyright All Rights Reserved, Goldstein Research

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6.5.2.6. Latin America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-277 Latin America Class-VI Forklift Truck Market Size (USD Billion). 2017-2024 1.20

3.81% CAGR: (2017-2024)

1.00 0.80

0.82

0.85

0.88

0.91

0.94

0.98

1.02

1.06

1.10

Fig:- 6-278 Latin America Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 5%

3.4% 3.5% 3.5% 3.3% 3.1% 4%

3.6%

4.2% 4.0% 3.8%

4% 3% 3%

0.60

0.40

2% 1%

0.20

0.00 2016

2017

2018

2019

2020

2021

Source: Goldstein Research

2022

2023

2024

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 As per the findings of the report, the Latin America class VI forklifts in Forklift Truck market, which was valued at USD 0.82 billion in 2016 will rise to USD 1.10 billion by 2024 exhibiting a CAGR of 3.81% from 2016 through 2024. Forklifts are a great investment for any business that regularly uses machinery for vital project work. For example, a construction company will use forklifts regularly to help shift materials to and from various parts of the construction site. Recycling companies and waste management companies, as well as many warehouses, also benefit from the use of forklifts on site Forklifts are heavy and robust pieces of machinery that can do the job of many men and in much quicker time. They can transport piping, wood and other materials which are heavy precisely to where they are needed. A man operates the forklift from the “cab” where the controls and a seat is situated  Some companies may be put off buying a forklift as they feel it is too much money, but many forklift companies offer monthly plans and very reasonable rates on most forklift vehicles Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.7. Latin America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-279 Latin America Class-VII Forklift Truck Market Size (USD Billion). 2017-2024 0.45 0.40

5.3% CAGR: (2017-2024)

0.35 0.30

0.27

0.29

0.30

0.32

0.33

0.35

0.37

0.39

0.41

Fig:- 6-280 Latin America Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 6%

4.4% 4.7% 5%

5.4% 4.8% 4.8% 4.9% 5.0% 5.1%

5.6%

0.25 3%

0.20 0.15

0.10 1%

0.05 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Latin America class-VII forklift truck market is expected to reach USD 0.41 billion by 2024 from USD 0.27 billion in 2016, growing at a CAGR of 5.3% from 2016 to 2024. Rough terrain – sometimes called all-terrain – trucks are designed to operate on uneven ground such as construction sites, road maintenance areas, agriculture and forestry. They can be useful in unpaved yards and other such locations. Stability is an issue for all fork lift truck operations and this is an increasingly important safety factor when on soft or uneven ground. As for other specialist operations, the operator will need specialist training. Rough terrain trucks may be masted or telescopic and some lighter models may have skid-steer With a telescopic handler the forks are attached to a sectioned boom which can be moved forward and up. There are a variety of configurations. There are lightweight models that can readily load pallets across the bed of a lorry, lifting 1,500 kg to 4 meters. Others can lift loads of 4,000 kg to over 16 meters, perhaps placing pallets of tiles on the roof of a building. Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.8. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-281 Latin America Forklift Truck Market Attractiveness-By Product, 2017-2024 6.00%

Fig: 6-282 Latin America Forklift Truck Market BPS Analysis- By Product, 2017-2024 100.0%

6.0%

6.3%

18.0%

17.0%

13.0%

14.0%

15.0%

14.0%

12.0%

11.0%

14.0%

15.0%

22.0%

22.7%

90.0%

5.00%

80.0% 70.0%

4.00%

60.0% 50.0%

3.00%

40.0% 30.0%

2.00%

20.0% 10.0%

1.00%

0.0%

0.00% 0.10

2016

0.15

Class I

0.20

Class II

0.25

0.30

Class III

0.35

Class IV

0.40

0.45

Class V

0.50

Class VII

Class VI

Source: Goldstein Research

Class VII (Rough Terrain Forklift Trucks) Class V (IC Engine Trucks, Pneumatic Tires) Class III (Hand Rider Trucks) Class I (Electric Motor Rider Trucks)

2024

Class VI (Electric and IC Engine Tractors) Class IV (IC Engine Trucks, solid/Cushion Tires) Class II (Electric Motor Narrow Aisle Trucks)

Source: Goldstein Research Key Points

 According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-V and Class-II forklift trucks tends to grow at the faster pace in the forecast period. Class-I, Class-II and Class-VI forklifts are the fastest growing forklifts as forklifts are a major key to warehouse efficiency, warehouses have the potential to be major sources of slowdown and backlog, so it's important for companies to assess their warehousing practices  Hybrid trucks are designed to be carried by special mountings on the back of lorries or trailers. They use their power and lifting mechanism to “mount” or “dismount” the lorry in less than a minute. This means that palletised goods can be delivered to locations that do not have a fork lift truck in place, making for highly flexible deliveries. Trucks with capacities up to 3,500 kg can lift to heights of about 3 metres. Special safety considerations should include the likelihood of these trucks being used on public roads Copyright Goldstein Research, All Rights Reserved

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6.5.3. laTin ameriCa FOrkliFT TruCk markeT analysis, by Fuel Type Connect With Us: Published By: Goldstein Research Copyright

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6.5.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-283 Latin America Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 7.00 6.00

7.0%

4.55% CAGR: (2017-2024)

6.0%

1.36 1.34

5.00 4.00 3.00

1.18

0.86

1.20

0.88

1.22

0.89

1.24

0.90

1.26

1.00

2.66

2.83

3.01

1.29

0.91

0.97 0.93

0.94

Diesel Gasoline

3.20

3.41

5.8%

3.63

3.88

4.16

Electric

2018

6.0%

2019

2020

2021

6.4%

6.6%

Electric

4.0%

Gasolin e

3.0% Diesel 2.0%

0.00 2017

6.0%

6.2%

5.0%

1.5% 1.3%

2016

5.9%

6.1%

1.31

0.96

2.00 2.50

Fig: 6-284 Latin America Forklift Truck Y-O-Y Growth (%), by Fuel Type, 2017-2024

2022

2023

2024

Source: Goldstein Research

1.0% 2016

1.6% 1.4%

2017

1.7% 1.5%

2018

1.7% 1.4%

2019

1.6% 1.4%

2020

1.7% 1.4%

2021

1.8% 1.5%

2022

1.9% 1.6%

2023

2.1% 1.7%

2024

Source: Goldstein Research

Fig: 6-285 Latin America Forklift Truck Market Share (%),by Fuel Type -2016

26.00%

Electric/Hybrid

55.00%

19.00%

Gasoline

Diesel

ď&#x201A;§ Greatest population growth will be registered in the developing countries, while in the developed countries population will remain relatively stable. Urbanization and growth of the consumer class in developing countries will, in turn, promote growth in demand for real estate, infrastructure, cars, hi-tech goods and, as a result, energy resources ď&#x201A;§The greatest surge in oil demand will come from the transportation sector, for which oil is the principal energy source (over 90%)

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6.5.3.1. Latin America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-286 Latin America Electric Forklift Truck Market Size (USD Billion). 2017-2024 4.50 4.00

4.16

6.55% CAGR: (2017-2024)

3.50 3.00 2.50

2.50

2.66

2.83

3.01

3.20

3.41

3.63

Fig:- 6-287 Latin America Electric Forklift Truck Y-O-Y Growth (%) Analysis2017-2024 7%

3.88 7% 6% 6% 6%

5.8%

2.00 1.50

5.9%

6.0% 6.0% 6.0% 6.1%

6.2%

6.4%

6.6%

1.00

0.50

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Latin America Electric Forklift Truck market valued USD 2.50 billion in 2016 and estimated to reach the valuation of USD 4.16 billion by 2024 attributed by regulatory frameworks, which include mandatory emissions limits of trucks that have a major impact on the business models. Despite stable growth rates oil’s share in the global consumption of energy resources will gradually decrease, because of substitution for other energy sources in such sectors as power generation and housing. Freight cars and trucks will make a strong contribution to the growth in consumption of motor fuels. Total number of such cars is expected to grow by 135 million by 2024. Growth in the size of forklift will be accompanied by changes in its structure. However, over the course of the whole forecast period internal combustion engines will preserve their dominant position. Their share in the total material handling will amount to more than 80%. At the same time the share of trucks with diesel engines will slightly decrease Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.3.2. Latin America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-288 Latin America Gasoline Forklift Truck Market Size (USD Billion). 2017-2024 1.00 0.98

1.51%

CAGR: (2017-2024)

0.97 0.96

0.96 0.94

0.88

0.89 0.88

0.86

0.84

0.82

0.80

2016e

2017e

1.7%

0.91 0.90

0.86

1.5% 1.4% 1.4% 1.4% 1.5% 1.4% 1.3%

1.6%

0.93

0.90

2% 2%

0.94

0.92

Fig:- 6-289 Latin America Gasoline Forklift Truck Y-O-Y Growth (%) Analysis2017-2024

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America gasoline forklift truck market size was valued at USD 0.86 billion in 2016. Energy demand is an important driver of oil and gas consumption because, despite diversification into other energy sources such as hydroelectricity, oil continues to cover more than 60 percent of the region’s primary energy consumption needs  Brazil, Mexico and Venezuela were particularly responsible for the region's increase in oil production capacity in the 19902000 period, accounting for 75 percent of the total expansion. Venezuela, for example, accounted for 35 percent of the region’s oil output increase in the 1990-2000 period, while Brazil and Mexico were responsible for 22 percent and 17 percent, respectively On the consumption side, Latin America is behind Asia, consuming almost 9 percent of total world oil demand versus emerging Asia’s 19 percent in 2000. Historically, though, the region has seen an important surge in oil consumption: a 30 percent increase from 1990 to 2000, representing an average annual growth rate of 2.5 percent Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.3.3. Latin America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-290 Latin America Diesel Forklift Truck Market Size (USD Billion). 2017-2024 1.40 1.35

1.8%

1.36

CAGR: (2017-2024) 1.31

1.7% 1.7% 1.6% 1.7% 1.6% 1.5% 2%

1.29 1.26

1.20

1.24

1.8%

1.9%

2.1%

1.22 1.18

1.34

1.30 1.25

Fig:- 6-291 Latin America Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

1.20 1%

1.15 1%

1.10 1.05 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America diesel forklift truck market accounted for USD 11.17 billion in 2016 and is estimated at USD 13.29 billion by 2024. The major growth is attributed to the advancement in hydrostatic and diesel-electric drive systems and in energyefficient and low-emission drive technologies. As a result, Latin American oil exporters and importers have indeed engaged in the important process of opening up their oil industries, both upstream and downstream. Net oil importers like Brazil face a pressing demand for energy growth and a desire for medium term self-sufficiency while oil exporters like Venezuela face increasing competition from both OPEC and non-OPEC oil exporters crowding the oil market Mexico has the fourth largest proven crude oil reserves in the Western Hemisphere after Canada, Venezuela, and the United States at 12.6 billion barrels. During the first 10 months of 2002, Mexico produced about 3.6 million barrels per day (bbl/d) of oil. Mexico consumed approximately 1.9 million bbl/d of oil in 2002, resulting in net exports of roughly 1.7 million bbl/d (barrels per day) Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.3.4. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 Fig: 6-292 Latin America Truck Market Attractiveness-By Fuel Type, 20172024

Fig: 6-293 Latin America Forklift Truck Market BPS Analysis- By Fuel Type, 2017-2024

CAGR (%)

% 0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the highest CAGR over the forecast period. Diesel forklifts will remain dominant due to their own advantage in rugged outdoor applications. However, industries will now prefer electric forklifts over diesel because of low maintenance cost and lower total cost of ownership. Electric forklifts are available with various customizations and special attachments for specific applications. Forklift players are confident of a huge growth in the coming years. Competition in the forklift industry has certainly brought changes in terms of improvement in product quality, pricing and services; ultimately benefitting the customer ď&#x192;&#x2DC;The key markets like Ports, CFS and warehouses are generating demand for forklifts, pallet trucks, stackers, order pickers truck etc Copyright Goldstein Research, All Rights Reserved

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6.5.4. laTin ameriCa FOrkliFT TruCk markeT analysis, by end-user Connect With Us: Published By: Goldstein Research Copyright

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6.5.4a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-294 Latin America Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d

6.0%

7.00

6.00

5.00

4.00

0.18 0.23 0.23 0.82

0.19 0.24 0.24 0.86

3.00

2.00

1.00

Fig:- 6-295 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis, by End Users,2017-2024

1.00

1.04

0.18

0.19

1.64

1.70

0.14 0.25 0.25 0.91

1.08

0.14 0.26 0.27 0.95

1.12

0.14 0.27 0.28 1.01

1.17

0.14 0.28 0.30 1.06

1.22

0.21

0.22

0.24

0.20

1.76

1.83

1.90

1.98

0.14 0.30 0.32 1.12

1.27 0.25

0.14 0.31

0 .21 0 .33 0 .36

0.34 1.19

1.33

0.26

5.5%

Others

5.0%

Wood Industry

4.8% 4.8%

4.9%

5.0%

5.1%

5.2%

5.3%

4.4%

1 .39

0 .28

Automobile

3.4%

3.5%

3.7%

3.8%

4.0%

3.0%

Radio Active Waste 2.06

2.15

2 .25

Ports and Logistics

0.27

0.29

0.30

0.32

0.33

0.35

0.37

0.39

0 .42

2016

2017

20 18

2019

2020

2021

2022

2023

2024

Others

Source: Goldstein Research

Fig: 6-296 Latin America Forklift Truck Market Share (%), By End-User -2016 6.00%

5.00%

Iron and Steel Industry & Steel Plants

Wood Industry 1.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Goldstein Research

Automobile

Food and Beverages

2.0%

Paper Industry 0.00

Radio Active Waste

4.2%

4.0%

Iron and Steel Industry & Steel Plants

Paper Industry Ports and Logistics

1 .26

Food and Beverages

5.7%

Paper Industry

5.00%

Ports and Logistics

4.00%

Radio Active Waste 18.00%

36.00%

Automobile Iron and Steel Industry & Steel Plants

4.00%

22.00%

Food and Beverages Wood Industry Others

 Ports and logistics occupy the largest share among all the end user i.e. 36% in 2016. Between 1986 and 2010, Latin America's share of global exports increased from 4.4% to 6.9%, according to the World Bank, but underdeveloped infrastructure places even its fastestgrowing nations — Brazil, Chile, Colombia and Peru — at a competitive disadvantage Currently, the Port ofLimon is awaiting further investment to complete its cruise ship terminal, which is expected to cost 600 million colones. JAPDEVA has been awaiting a Panamax crane that was ordered in 1995 at a cost of$5.3 million. It has also been awaiting thre straddle carriers, 30 2.5-ton forklifts, and six toplifters www.goldsteinresearch.com

6.5.4.1. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-297 Latin America Forklift Truck Market Size (USD Billion). In Paper Industry, 2017-2024 0.45 0.40 0.35 0.30

0.27

0.29

0.30

0.32

0.33

0.35

0.37

0.39

0.42

Fig:- 6-298 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024 6% 6% 6% 5%

0.25

4.8% 4.9%

0.20

5.0% 5.0% 5.1%

5.2%

5.3%

5.5%

5.7%

0.15

0.10

0.05

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Latin America forklift truck market tends to reach USD 0.42 billion by 2024 owing to capable of lifting and move a diverse range of materials. Combine them with attachments, and they perform tasks in very specific industries. In the paper industry, the forklift is fitted with different types of attachments to lift and carry materials along the industry’s logistics line Just as forklift attachments work when combined with forklifts, attachment manufacturer, has close ties with forklift distributors. However, Forklift driver training is another important service carried out by forklift distributors. Roll clamps could pose a difficulty for forklift drivers The third end users were ports, harbours, paper wholesalers or "any type of logistics provider". They handle only finished products, either paper rolls or sheeted paper on pallets. Fork positioners, pallet handlers, telescopic forks, rotating roll clamps and non-rotating roll clamps were attached to forklifts to move the finished products. The fourth end users, converters and print shops, handle the same product and use the same forklift attachments Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.2. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-299 Latin America Forklift Truck Market Size (USD Billion). 20172024 2.50

2.00 1.64

1.70

1.76

1.83

1.90

1.98

2.06

2.15

2.25

Fig:- 6-300 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024 5% 5%

3.7% 3.7% 3.7% 3.4% 3.5% 4%

3.8%

4.4% 4.2% 4.0%

1.50

3% 3%

1.00

2% 2%

0.50

1% 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 In this report, the Latin America forklift truck market in ports and logistics industry is valued at USD 1.64 billion in 2016 and is expected to reach USD 2.25 billion by the end of 2024. Caribbean ports are gearing up for increased levels of activity, and availing themselves of investments from around the world, as they await full implementation of the Caribbean Community (CARICOM) Single Market and Economy. The regional initiative will facilitate the free flow of labor, goods, and capital among participating CARICOM states by lifting legal and administrative restrictions affecting trade, labor, and technology within the region Container handling is a unique application that is served with specialized expertise. With the widest and deepest range of lift trucks for container handling on the market which comprises container lift trucks, reach stackers, fork lift trucks and all the attachments

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2024f

6.5.4.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 Fig: 6-301 Latin America Forklift Truck Market Size (USD Billion) in Radio Waste Handling 2017-2024 0.30 0.25 0.20

0.18

0.19

0.20

0.21

0.22

0.24

0.25

0.26

0.28

Fig:- 6-302 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis in Radio Waste Handling, 2017-2024 6%

5.7%

5.5%

6% 5%

0.15

4.8% 4.9%

5.0% 5.0% 5.1%

5.2%

5.3%

0.10

0.05

0.00

2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America forklift trucks market for radio waste handling valued USD 0.18 billion in 2016 and is expected to reach USD 0.28 billion at a CAGR of 5.5% over the forecast years. Thanks to the extensive experience in making special electric machines, major players have made various electric forklift trucks designed to handle radioactive waste both in storage deposits where the waste is left to settle before being disposed of as well as in nuclear plants. For the latter, they made machines with highly protective frames and cabins to ensure utmost safety levels and protection against radiation for the operator driving the vehicle However a well-constructed interim storage facility presents a simple solution for low waste reduction. The general trend of Turkey is: preserving the interim storage option under the authority control at least for the near future and carry on research studies on technical confidence in the long-term safety. The interim storage period provides sufficient time for developing of disposal technology. There is still a need for an international consensus on standards and criteria for the safety of disposal Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.4. Latin America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig: 6-303 Latin America Forklift Truck Market Size (USD Billion). In Automobile Industry 2017-2024 1.60

1.40 1.20 1.00

Fig:- 6-304 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysisin Automobile Industry, 2017-2024

1.00

1.04

1.08

1.12

1.17

1.22

1.27

1.33

1.39

3.8% 3.8% 3.9% 3.6% 3.5% 5%

4.0%

4.6% 4.4% 4.1%

4% 4% 3%

0.80

0.60

0.40

2% 1%

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America forklift market used in automobile industry accounted for USD 1.0 billion in 2016 and tends to grow at a CAGR of 4.19% and reach the valuation of USD 1.39 billion by 2024. The biggest global groups in the automotive sector chose Carer as their partner in the supply of large-capacity electric machines required to feed assembly chains and handle products in warehouses. Reliability, a compact design and productivity have made Carer's electric forklift trucks an important tool in this sector, constantly after solutions that can improve the environmental impact at the workplace and the system running costs without in any way affecting productivity. “Right-sized” smaller displacement engines to match the demand of loads carried while not losing productivity is an innovative approach pursued by some lift truck manufacturers today. Many lift trucks have utilized large engines to be able to simultaneously power the maximum demands of the hydraulic system and the powertrain. New innovative load management systems are able to best distribute power to where it is most needed based on the driver’s input.

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2024f

6.5.4.5. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-305 Latin America Forklift Truck Market Size (USD Billion) in Iron & Steel Industry, 2017-2024 1.40 1.20 1.00 0.80

0.82

0.86

0.91

0.95

1.01

1.06

1.12

1.19

1.26

Fig:- 6-306 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis in Iron & Steel Industry, 2017-2024 6% 6% 6% 5% 5%

4.8% 4.9%

0.60

5.0% 5.1% 5.1%

5.2%

5.3%

5.6%

5.8%

5% 5%

0.40

0.20

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America forklift truck market in Iron & steel Industry accounted for USD 0.82 billion in 2016 and tends to reach the valuation of USD 1.26 billion by 2024. Effortless handling of coils, raw materials and finished products with electric vehicles whilst ensuring over time protection for the environment, considerable savings and, in most cases, also the chance to move in the same spaces with very compact machines. Manufacturers have designed different solutions for its customers by creating vehicles fitted with plates, uprights and dedicated equipment for every kind of use: a "tailor-made garment" for indoor work in confined spaces requiring great stability. In this kind of sector where the weights that need moving are ever growing (along with the size of the goods handled) and which yet requires an increasingly eco-friendly approach The benefits of the smaller engines are wide. Fuel cost is one of the highest contributors of operating cost for lift trucks. Significantly reduced fuel consumption is possible with the smaller engines as well as lower maintenance costs; quieter operation; and lower emissions levels Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.6. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-307 Latin America Forklift Truck Market Size (USD Billion) in Food & beverage Industry, 2017-2024 0.40 0.35 0.30 0.25

0.23

0.24

0.25

0.27

0.28

0.30

0.32

0.34

0.36

Fig:- 6-308 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis in Food & Beverage Industry, 2017-2024 6% 6% 6% 6% 5%

0.20

5.0% 5%

0.15

5.2%

5.3% 5.3% 5.3%

5.4%

5.6%

5.8%

6.0%

0.10

0.05 5%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America forklift truck market in food & beverage industry accounted for USD 0.23 billion in 2016 and tends to reach the valuation of USD 0.36 billion by 2024. Whether your business is food product manufacturing or the processing environment, Cat Lift Trucks offers a full range of durable forklifts for greater productivity in the food and beverage industry Lift trucks have taken their own special direction in the food and beverage manufacturing industry. Today’s units are quiet, clean, economical and powerful. There are two main types of lift trucks: those powered by internal combustion engines, including diesel, LP, CNG and gasoline, and others powered by batteries. Hydrocarbon-powered units are the stronger of the two types and can lift the greatest weight. Because of the exhaust they create, they’re ideal for outside jobs. Battery-powered units, on the other hand, are best for inside environments, such as warehouses and food and beverage manufacturing facilities, where air quality is an issue. No hydrocarbon equals better air. Workers stay healthier, and food stays safer

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2024f

6.5.4.7. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-309 Latin America Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 0.35 0.30 0.25

0.23

0.24

0.25

0.26

0.27

0.28

0.30

0.31

0.33

Fig:- 6-310 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024 6%

4.1% 4.2% 4.4% 5%

4.9% 4.7% 4.6% 4.4% 4.4%

5.1%

0.20 3%

0.15 0.10

0.05

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The Latin America forklift truck market in Wood Industry accounted for USD 0.23 billion in 2016 and tends to reach the valuation of USD 0.33 billion by 2024. multi-faceted cost savings can be realized through the proper application and implementation of improved or innovative technologies available today. In the operational cost category improvements of up to 50% can be realized by reducing tire damage, fuel costs and optimizing periodic maintenance. Additional benefits resulting from improved storage lay-outs, shorter shuttle runs and higher density, as well as an optimized fleet size reducing equipment and labor cost can contribute to total bottom line improvements ď&#x201A;§ Electric forklift trucks allow you to quickly move large panels around forecourts and especially in warehouses, thereby ensuring considerable savings over time and providing full protection from indoor pollution and the risk of fires. These electric forklift trucks ensure to make up the most of every square metre in the warehouse. This is all done without affecting the stability of the vehicles, even at great heights

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2024f

6.5.4.8. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-311 Latin America Forklift Truck Market Size (USD Billion).in Other Industries, 2017-2024 0.22

0.21

0.20

1.6%

0.20

0.19

1.9% 1.8% 1.8% 1.7% 1.7% 1.7%

2.0%

2.2%

0.19

0.19 0.19

Fig:- 6-312 Latin America Forklift Truck Market Y-O-Y Growth (%) Analysis, in Other Industries, 2017-2024

0.19 0.18

0.18 0.18

0.17 0.17 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Latin America forklift truck market in other industry accounted for USD 0.18 billion in 2016 and tends to reach the valuation of USD 0.21 billion by 2024. The result is more utilization of indoor warehouse and manufacturing space, meaning more throughput, productivity and profitability Since steel mill operations are measured on productivity and cost management, a proper lift truck fleet management program for the operation is a key element to support overall productivity and bottom line savings over the long term. Effective lift truck fleet management requires proper understanding of the material handling needs of the operation, managing and measuring the current equipment’s performance and correcting and adjusting the fleet or material handling parameters for continual improvement. Telematics devices provide remote visibility to the forklift’s productivity, i.e. its utilization, which allows tracking operation costs more closely Many telematic systems on the market today also make other vital truck statistics available, such as fault codes or impact alerts along with exact hour meter readings helping to determine when precisely the next periodic maintenance is due Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.9. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 Fig: 6-313 Latin America Forklift Truck Market Attractiveness-By End Users, 2017-2024 7.00%

Fig: 6-314 Latin America Forklift Truck Market BPS Analysis- By End Users, 2017-2024 100% 90%

6.00%

80% 5.00%

4.0% 5.0% 5.0%

3.3% 5.1% 5.5%

18%

19%

22%

21%

36%

35%

70%

CAGR (%)

60%

4.00%

50%

3.00%

40% 30%

2.00%

20% 1.00%

10% 0%

0.00% 0

Food & Beverage

0.1

0.2 0.3 0.4 Market Size (USD Billion)

Wood Industry Others

Source: Goldstein Research

Paper Industry Radio Active Waste

0.5

Iron and Steel Industry & Steel Plants

0.6

0.7

Others

Automobile Ports and Logistics

2016

Wood Industry

Iron and Steel Industry & Steel Plants

Automobile

Ports and Logistics

Paper Industry

2024 Food and Beverages Radio Active Waste

Source: Goldstein Research

Key Points

According to Goldstein Research, ports and logistics hold the largest share in Latin America forklift truck market followed by automobile and iron & steel plant. While Iron & steel, paper industry and radioactive waste end user will drive the Latin America forklift market in future In certain applications the use of a reachstacker rather than a forklift can increase productivity and throughput, potentially leading to a smaller fleet of lift trucks and operators required to get the job done. While the use of a forklift has certain advantages over a reachstacker, such as lower acquisition, cost higher travel speeds and the flexibility to pick up other goods when needed, it also may be less maneuverable, requiring larger aisles and can only pick from the first row which means that rows cannot be ‘stacked deep’ and therefore get rather long. Both factors lead to larger storage areas and longer travel to the pick spot Copyright Goldstein Research, All Rights Reserved

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6.6a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024 Fig: 6-315 Middle East & Africa Forklift Truck Market Size(USD Billion)-2017-2024

4.29%

4.50 4.00

CAGR: (2017-2024)

3.50

3.41

3.00

3.03

3.28

3.15

3.55

3.87

3.70

4.05

Fig: 6-316 Middle East & Africa Forklift Truck Market Share By Product Type, 2017-2024

4.24 Class I 4.00%

Class II

20.00%

23.00%

Class III

2.50

2016

2.00

1.00

14.00%

21.00%

22.20%

Class IV 15.00%

14.00%

1.50

3.80%

Class VI

10.00%

2024

Class V

16.00% 15.00%

Class VII

13.00%

0.50

9.00%

0.00 2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: Goldstein Research

Fig: 6-317 Middle East & Africa Forklift Truck Market Size (USD Billion), By Country-2017-2024

Source: Goldstein Research

Fig: 6-318 Middle East & Africa Forklift Truck Market Size (USD Billion), By Fuel Type, 2017-2024

2.42 2.55 1.67 1.37 1.06

1.52 1.06

0.97 0.45

0.30

2016 South Africa

2024 GCC

RoMEA

Source: Goldstein Research

0.55

0.64

2016

2024

Electric/Hybrid

Gasoline

Source: Goldstein Research

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Diesel

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6.6.1.1. South Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-319 South Africa Forklift Truck Market Size (USD Billion). 2017-2024 0.50 0.45 0.40 0.35 0.30

5.05%

CAGR: (2017-2024) 0.30

0.32

0.33

0.35

0.37

0.38

0.40

0.43

Fig: 6-320 South Africa Forklift Truck Market Y-O-Y Growth Rate, 20172024

0.45

0.25

4.35%

4.48%

4.61%

4.64%

2016

2017

2018

2019

4.66%

4.77%

4.90%

2020

2021

2022

5.11%

5.32%

0.20 0.15 0.10 0.05 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

South Africa forklift truck market tends to reach the valuation of USD 0.45 billion by 2024 growing at a CAGR of 5.05% over the forecast years Rising industrial applications and increasing demand for material handling equipment are flourishing the market growth of forklift trucks in South Africa Although rising number of forklift accidents due to unsafe method of changing forklift batteries may hinder the market growth. However, South Africa has detailed regulations regarding all lift trucks and lifting machines. The South African Occupational Health and Safety Act contains many standards that apply directly to forklift battery handling equipment. new controls over workplace injury, warehouses across South Africa are likely to enter the market for reliable battery handling equipment

2024

6.6.1.2. Gulf Cooperation Council (GCC) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024 Fig: 6-321 GCC Forklift Truck Market Size (USD Billion). 2017-2024

Fig: 6-322 GCC Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

3.00

2.50

4.76%

CAGR: (2017-2024)

2.00 1.67

1.74

1.82

1.90

1.99

2.08

2.19

2.42

2.30

1.50

4.05%

4.20%

4.34%

2016

2017

2018

4.37%

4.39%

4.50%

4.63%

2019

2020

2021

2022

4.85%

5.06%

1.00

0.50

0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2023

2024

Source: Goldstein Research

Fig: 6-323 GCC Forklift Truck Market Share(%), By Countries-2016

16.00% 36.00%

Source: Goldstein Research

Saudi Arabia

48.00%

The UAE

Other Countries(Kuwait, Bahrain, Qatar,Oman)

ď&#x201A;§ Gulf Cooperation Council (GCC) forklift truck market is anticipated to grow at a CAGR of 4.76% over the forecast years and will reach USD 2.42 billion by 2024 ď&#x201A;§ Growing complexity and evolving market dynamics in the regional logistics sector is accelerating the demand for more technical innovations in automated storage and picking solutions, forklifts and other warehouse trucks which eventually supporting the growth of forklift truck market in Gulf Cooperation Council

6.6.1.3. Rest of Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-OY growth (%), 2017-2024 Fig: 6-324 Rest of Middle East & Africa Forklift Truck Market Size (USD Billion). 2017-2024 1.60 1.40 1.20

3.29%

CAGR: (2017-2024) 1.06

1.09

1.13

1.16

1.20

1.24

1.28

1.32

Fig: 6-325 Rest of Middle East & Africa Forklift Truck Market Y-O-Y Growth Rate, 2017-2024

1.37

1.00 0.80 0.60

2.75%

2.86%

2.99%

3.02%

3.04%

3.14%

3.27%

2016

2017

2018

2019

2020

2021

2022

3.48%

3.68%

0.40 0.20 0.00 2016

2017

2018

Source: Goldstein Research

2019

2020

2021

2022

2023

2024

2023

Source: Goldstein Research

Rest of Middle East & Africa forklift truck market tend to reach the valuation of USD 1.06 billion by 2024 growing at a CAGR of 3.29% over the forecast period Countries such as Turkey, Cyprus, Syria, Lebanon, Iraq, Iran, Jordan, and Sudan are expected to witness slow demand for forklift trucks due to stagnancy in the growth of aerospace, automotive, food and beverages, construction, consumer goods, e-commerce, and retail industry Restrictions imposed by Israel on movement of goods from west bank to Israel are impacting living standards of Palestinians and significantly hindering the growth of forklift trucks market. Lack of container handling and heavy forklifts in the under developed countries due to geopolitical issues are negatively impacting the market growth

2024

6.6.1.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024 Fig: 6-327 Middle East & Africa Forklift Truck Market BPS Analysis- By System, 2017-2024

Fig: 6-326 Middle East & Africa Forklift Truck Market Attractiveness-By System, 2017-2024 6.00%

100% 90%

5.00%

80%

35.0%

32.4%

55.0%

57.0%

10.0%

10.6%

2016

2024

70%

4.00% CAGR (%)

60% 50%

3.00%

40% 2.00%

30% 20%

1.00%

0.00% 0.10

10% 0% 0.20

Size (USD Billion) 0.30 Market0.40 0.50

South Africa

GCC

0.60

0.70

0.80

Rest of Middle East & Africa

Source: Goldstein Research

GCC

South Africa

Source: Goldstein Research Key Points

ď&#x192;&#x2DC;According to Goldstein Research in Middle East & Africa, Gulf Cooperation Council (GCC) holds the largest portion of market revenue closely followed by South Africa tends to grow at the faster pace over the forecast period. ď&#x192;&#x2DC; Strong growth in industrial automation are driving the growth of forklift trucks in automobile and logistics sector. However, shortage of supply of forklift trucks in Dubai, Al Quoz, Ras Al Khor and Jebel Ali Industrial area may increase the rental rates of forklift trucks in the region during the forecast period Copyright Goldstein Research, All Rights Reserved

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Table.6. Middle East & Africa Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024 Product Type/Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

CAGR %

Class-I

0.61

0.63

0.66

0.70

0.73

0.76

0.80

0.84

0.89

4.93%

Class-II

0.45

0.48

0.50

0.52

0.55

0.58

0.61

0.64

0.68

5.14%

Class-III

0.30

0.31

0.32

0.33

0.34

0.35

0.36

0.37

0.38

2.93%

Class-IV

0.42

0.44

0.45

0.47

0.48

0.50

0.51

0.53

0.55

3.33%

Class-V

0.42

0.45

0.47

0.49

0.52

0.54

0.57

0.60

0.64

5.19%

Class-VI

0.70

0.72

0.75

0.77

0.80

0.83

0.87

0.90

0.94

3.83%

Class-VII

0.12

0.13

0.14

0.15

0.16

3.63%

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6.5.2.1. Middle East & Africa Class-I Forklift Truck Market Size (USD Billion) & Y-OY growth (%), 2017-2024 Fig: 6-328 Middle East & Africa Class-I Forklift Truck Market Size (USD Billion). 2017-2024 1.00 0.90 0.80 0.70 0.60

4.93%

CAGR: (2017-2024) 0.61

0.63

0.66

0.70

0.73

0.76

0.80

0.84

0.89

Fig:- 6-329 Middle East & Africa Class-I Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024 6%

4.3% 4.4% 5%

5.0% 4.5% 4.5% 4.5% 4.7% 4.8%

5.2%

0.50

0.40 0.30

0.20 1%

0.10 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Middle East & Africa Class-I electric motor rider trucks market valued USD 0.61 billion in 2016 and tends to generate the revenue of USD 0.89 billion by 2024 at a considerable CAGR of 4.93% during the forecast period. Class-I forklifts sales in region is majorly driven by the significant adoption of electric forklifts in GCC countries and South Africa. The major demand for class-I forklift is generating from warehouses located in gulf countries and South Africa region owing to good economic and e-commerce business growth in the region. For instance, with a network of 90 warehouse facilities in 12 locations across the Middle East and Africa, Agility Logistics profiles its top ten storage centers in countries such as the UAE, Bahrain, Oman, Kuwait and Saudi Arabia the company is implementing advanced electric forklifts in it’s warehouses facilities for stacking and pelleting operations. Moreover, gulf countries generate more than 50% of the Class-I forklift trucks demand in Middle East and Africa Region.

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6.5.2.2. Middle East & Africa Class-II Forklift Truck Market Size (USD Billion) & Y-OY growth (%), 2017-2024 Fig: 6-330 Middle East & Africa Class-II Forklift Truck Market Size (USD Billion). 2017-2024 0.80 0.70

0.50

5.14%

CAGR: (2017-2024)

0.60 0.45

0.48

0.50

Fig:- 6-331 Middle East & Africa Class-II Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024

0.52

0.55

0.58

0.61

0.64

0.68

4.5% 4.6% 5%

5.2% 5.0% 4.8% 4.7% 4.7% 4.7%

5.4%

0.40

0.30 2%

0.20 0.10

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ Middle East & Africa Class-II Forklift Truck Market valued USD 0.45 billion in 2016 and tends to reach the valuation of USD 80.68 billion by 2024 at a CAGR of 5.14% over the forecast owing to shift of industries in the region towards electric forklifts. ď&#x201A;§Class-II forklift is for companies that opt for very narrow aisle operation. This allows them to maximize the use of storage space. These vehicles have been developed unique features that are designed to minimize the space occupied by the truck and to improve speed and efficiency. Most of the demand are generated from the warehouse with limited storage capacity such as ecommerce distribution centers and manufacturing industries' product storage warehouses. According to Goldstein Research estimates about 34% of major GCC retailers have e-commerce channel compared with 58% of the in United States. However, with right enablers in place, the e-commerce market is likely to quadruple to reach USD 20 billion by 2020, which is likely to augment the demand for warehouse spaces along with specific demand for narrow aisle or class-II forklift trucks in coming years. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.3. Middle East & Africa Class-III Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig:- 6-333 Middle East & Africa Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-332 Middle East & Africa Class-III Forklift Truck Market Size (USD Billion). 2017-2024 0.45

2.93%

0.40 0.35 0.30

CAGR: (2017-2024) 0.30

0.31

0.32

0.33

0.34

0.35

0.36

0.37

0.38

4% 3%

2.4%

2.8% 2.5% 2.7% 2.7% 2.7%

2.9%

3.1%

3.3%

0.25 2%

0.20 2%

0.15 0.10

0.05

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Middle East & Africa class-III forklift truck market stood at USD 0.30 billion in 2016, with the demand being the highest in GCC countries, followed by South Africa. Further the, market is anticipated to expand at a CAGR of 2.93% over the forecast period. Class-III vehicles are battery powered with the smaller capacity units using industrial batteries, these forklift are majorly used in food and beverage industry and warehouses where the load capacity is minimum. In South Africa, major demand are generated from wholesale outlets where operators use them to retrieve and replenish stock throughout the working day. In Saudi Arabia, the warehouse offers tailored logistics solutions to many top brands from the FMCG, high tech, oil and gas, pharmaceutical and retail sectors. Servicing the largest consumer market in the GCC, the Riyadh warehouse has 40,000m² warehousing space and 59,000 pallet positions. Expansion of such warehouses will boost the growth of class-II forklift trucks market by 2024. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.4. Middle East & Africa Class-IV Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig:- 6-335 Middle East & Africa Class-IV Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

Fig: 6-334 Middle East & Africa Class-IV Forklift Truck Market Size (USD Billion). 2017-2024 0.75 0.65

3.33%

CAGR: (2017-2024)

0.55 0.45

0.42

0.44

0.45

0.47

0.48

0.50

0.51

0.53

0.55

3.2%

3% 3%

0.35

0.25

0.15

0.05 -0.05

3.0% 3.1% 3.1% 2.9% 2.7% 4%

3.7% 3.5% 3.3%

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f

2016e

Source: Goldstein Research

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ Middle East & Africa Class IV forklift truck market was valued at USD 0.42 billion in 2016, and is poised to reach USD 6.55 billion by 2024, registering an estimated of CAGR 3.33% during the forecast period, owing to vast applications at marine and airports to lift heavy cargo material. ď&#x201A;§Class-IV or IC engine forklifts are used inside on smooth dry floors for transporting palletized loads to and from the loading dock and the storage area. In Middle East and Africa region the forklift market is majorly linked to the truck market. With the economy as good as it is at the moment, there is an increase in the tonnage being moved, which means more forklifts are being used to load and offload goods. Class III forklift trucks accounts for more than 10% of forklift truck market share in Middle East and Africa region, which is majorly due to growing transportation industry in the region.

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2024f

6.5.2.5. Middle East & Africa Class-V Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig: 6-336 Middle East & Africa Class-V Forklift Truck Market Size (USD Billion). 2017-2024 0.70 0.60

5.19%

CAGR: (2017-2024)

0.50 0.42

0.45

0.47

0.49

0.52

0.54

0.57

0.60

0.64

Fig:- 6-337 Middle East & Africa Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 6%

5.2%

5% 5% 5%

0.40

4.6% 4.6% 5%

0.30

4.7% 4.8% 4.8%

4.9%

5.4%

5.0%

0.20

0.10 4%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ The Middle East & Africa class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to 5.19% over the forecast period and accounting the market revenue of USD 0.64 billion by 2024. ď&#x201A;§Class V forklift trucks can be used either inside or outside and used in virtually any type of application. Because of the large capacity range of this series of lift truck, they can be found handling small single pallet loads to loaded 40-foot containers. These lift trucks can be powered by internal combustion engines and are available for use with LPG, Gasoline, Diesel, and Compressed Natural Gas fuel systems. The handling needs at ports, terminals and port centric warehouses in the region require materials handling equipment of all sizes and types, at various stages of the supply chain, from ship to shore to the store and onto the shop floor. Further, economic improvements in some countries of the region such as Niger, Costa Rica and Egypt is likely to drive the growth of port activities in the region and as a result considerable demand for forklifts will generate in the region. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.6. Middle East & Africa Class-VI Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig: 6-338 Middle East & Africa Class-VI Forklift Truck Market Size (USD Billion). 2017-2024 1.20 1.00 0.80

3.83%

CAGR: (2017-2024)

0.70

0.72

0.75

Fig:- 6-339 Middle East & Africa Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

3.5% 3.5% 3.5% 3.2% 3.3% 4%

0.77

0.80

0.83

0.87

0.90

0.94

3.6%

4.2% 4.0% 3.8%

4% 3% 3%

0.60 2%

0.40

2% 1%

0.20

1% 0%

0.00 2016e

2017e

2018f

Source: Goldstein Research

2019f

2020f

2021f

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ As per the findings of the report, the class VI forklift trucks in Middle East & Africa Forklift Truck market, valued at USD 7.3 billion in 2016 will rise to USD 8.9 billion by 2024 exhibiting a CAGR of 2.62% from 2016 through 2024 owing to growing tourism industry in the region particularly in gulf countries and South Africa region. ď&#x201A;§These vehicles are versatile and can be used in a variety of applications. They can be equipped with either internal combustion engines for outdoor use or battery powered electric motors for indoor use. These forklift tractors are majorly used at airports and railway cargo yards to haul the cargo and luggage. Moreover, Africa air passenger traffic will grow by 5.1% in next 10 years and by 2035 it will see an extra 192 million passengers a year for a total market of 303 million passengers, which will upsurge the demand for class VI forklift trucks for efficient cargo and luggage handling at airports in Africa region.

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2024f

6.5.2.7. Middle East & Africa Class-VII Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig: 6-340 Middle East & Africa Class-VII Forklift Truck Market Size (USD Billion). 2017-2024 0.18 0.16 0.14 0.12

3.29%

CAGR: (2017-2024) 0.12

0.13

0.14

0.15

0.16

Fig:- 6-341 Middle East & Africa Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024 5% 4%

3.3% 3.3% 3.3% 3.0% 3.2% 4%

3.5%

4.0% 3.8% 3.6%

0.10

0.08

0.06

0.04

0.02

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 The Middle East & Africa class-VII forklift truck market is expected to reach USD 0.16 billion by 2024 from USD 0.12 billion in 2016, growing at a CAGR of 3.29% from 2016 to 2024. The growth of this segment is majorly attributed to the rise in The days of the conventional and outdated cargo vessels with their limited capacity holds are all but over as they continue to be replaced by a growing fleet of supersized container ships that are now sailing the maritime trade routes of today. Larger and more powerful, diesel-driven versions of these iconic machines are now a constant feature of the country’s ports and to for the efficient and fast movement of these containers rough terrain and heavy forklift trucks are playing an important role. Major demand for these types of forklifts are majorly from forklift rental service providers. This is also true for companies operating in the agricultural and construction sectors, among other sectors of the economy. For several South African businesses, the demand for class-VII forklifts is seasonal. Farmers might have a greater demand for forklift use during harvest season, and construction companies might experience fluctuating demand from one project to another. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.2.8. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024 Fig: 6-343 Middle East & Africa Forklift Truck Market BPS Analysis- By Product, 2017-2024

Fig: 6-342 Middle East & Africa Forklift Truck Market Attractiveness-By Product, 2017-2024 6.00%

100.0%

23%

22%

14%

15%

14%

13%

10%

15%

16%

20%

21%

90.0%

5.00%

80.0% 70.0%

4.00%

60.0% 50.0%

3.00%

40.0% 30.0%

2.00%

20.0% 10.0%

1.00%

0.0%

0.00% 0.00

Class I

2016

0.05

0.10

Class II

0.15

Class III

0.20

Class IV

0.25

Class V

0.30

Class VII

Class VI

Class VII (Rough Terrain Forklift Trucks) Class V (IC Engine Trucks, Pneumatic Tires) Class III (Hand Rider Trucks) Class I (Electric Motor Rider Trucks)

2024

Class VI (Electric and IC Engine Tractors) Class IV (IC Engine Trucks, solid/Cushion Tires) Class II (Electric Motor Narrow Aisle Trucks)

Source: Goldstein Research

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-II and Class-V forklift trucks tends to grow at the faster pace in the forecast period. Class-I, Class-II and Class-III forklifts are the most attractive segment as they are powered by the electric engines which acquires around 45% of the Middle East & Africa forklift market. Growing adoption of electric forklifts and its advantages over ICE forklifts will boost the growth of Class-1, II and III forklifts. ď&#x192;&#x2DC;Factors such as growing port activities and rising e-commerce business in Middle East & Africa are the major factors driving the growth of forklift trucks market in the region. Moreover, considerable economic growth of underdeveloped countries will further boost the market growth in the region. Copyright Goldstein Research, All Rights Reserved

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6.5.3. middle easT & aFriCa FOrkliFT TruCk markeT analysis, by Fuel Type Connect With Us: Published By: Goldstein Research Copyright

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6.5.3a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024 Fig: 6-344 Middle East & Africa Forklift Truck Market Size (USD Billion). By Fuel Type 2017-2024 4.50

7.0%

4.00

6.0%

1.06

3.50

6.0%

6.1%

6.2%

6.1%

6.2%

6.3%

6.5%

6.6%

1.01 1.01

3.00 2.50

Fig: 6-345 Middle East & Africa Forklift Truck Growth (%), by Fuel Type, 2017-2024

0.97

2.00 0.55

0.98

0.56

0.98

0.57

0.99

1 .00

5.0%

1.00

0.66

0.59

0 .60

0.62

4.0%

0.64

Gasoline

1.50 1.00 1.52

1.61

1.72

1.83

1 .95

2.08

2.22

2.38

Electric

2.55

2.0% 1.0%

0.00 2017

2018

2019

2020

2021

2022

2023

Gasolin e

3.0%

1.6%

0.50

2016

Electric

Diesel

0.64

0.90%

0.0% 2016

2024

Source: Goldstein Research

1.7% 1.06%

2017

1.8%

1.12%

2018

1.08%

2019

1.8% 1.01%

2020

1.8% 1.03%

2021

1.9% 1.08%

2022

2.1% 1.20%

2023

2.3%

Diesel 1.30%

2024

Source: Goldstein Research

Fig: 6-346 Middle East & Africa Forklift Truck Market Share (%),by Fuel Type -2016

ď&#x201A;§ Middle East and Africa region accounted for about 50% sales of electric forklifts in the region which is likely acquire about 60% of the forklift trucks market over the forecast period at a CAGR of 6.7 percent.

Electric/Hybrid

32.00%

50.00%

Gasoline

18.00%

Diesel

ď&#x201A;§ Moreover, stringent emission norms in gulf countries will propel the market growth of electric forklift trucks in the region. On the other hand, North African and other middle East countries are likely to showcase slow adoption of electric forklifts owing to absence of such strict emission norms and regulatory bodies.

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6.5.3.1. Middle East & Africa Electric Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig: 6-347 Middle East & Africa Electric Forklift Truck Market Size (USD Billion). 2017-2024 2.50

5.78% CAGR: (2017-2024)

2.00

1.50

1.52

1.60

1.69

1.78

1.88

1.99

2.11

2.24

2.38

Fig:- 6-348 Middle East & Africa Electric Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024 6% 6% 6% 5%

5.0% 5%

1.00

5.2%

5.3% 5.3% 5.3%

5.4%

5.5%

5.7%

5.9%

0.50

5% 5%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§ Middle East & Africa electric forklift truck market valued USD 1.52 billion in 2016 and estimated to reach the valuation of USD 2.38 billion by 2024 recognized by the significant adoption of electric and hybrid forklifts in South Africa and Gulf countries. ď&#x201A;§ Gulf countries currently has the largest forklift market in the Middle East and Africa. Most forklifts are either considered to be powered by electricity, gas, diesel or internal combustion with propane. In Middle East and Africa, internal combustion forklifts constitute 50% percent of the total market, but electrical models accounted for over 48 percent of the volume sold during 2016. As companies become more energy conscious, electric forklifts are gaining popularity in comparison to the older internal combustion models. Environmentally friendly practices are becoming increasingly important, and there is a growing commitment to sustainability in the materials handling sector of South Africa and GCC which is likely to propel the growth of electric forklift trucks market.

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2024f

6.5.3.2. Middle East & Africa Gasoline Forklift Truck Market Size (USD Billion) & YO-Y growth (%), 2017-2024 Fig: 6-349 Middle East & Africa Gasoline Forklift Truck Market Size (USD Billion). 2017-2024 0.74 0.72 0.70

0.72

2.19% CAGR: (2017-2024 )

0.70 0.67

2.1% 2.2% 2.0% 2.0% 2.0% 1.9%

2.4%

2.5%

0.64

0.64 0.62

1.7%

0.66

0.69

0.68

Fig:- 6-350 Middle East & Africa Gasoline Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024

0.63 0.62 0.61

0.60 0.58

0.56 0%

0.54 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The Middle East & Africa gasoline forklift truck market size was valued at USD 0.61 billion in 2016 out of which class-IV, Class-V gasoline powered forklifts accounted for lion share of more than 25% in 2016. ď&#x201A;§The increasing complexity and evolving market dynamics in the regional logistics sector is fuelling demand for more technical innovations in MHE, ranging from pallets, forklifts, automated storage and picking solutions, warehouse trucks, telehandlers, tow tractors, cranes. Gasoline powered forklift trucks has significantly filled the gap between efficiency and higher load outputs, which are best suited for the industries for applications that required higher power output with low emission. Lower maintenance cost of LPG and CNG powered forklifts than diesel ones, is one of the key factors pushing the growth of gasoline forklift trucks market.

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2024f

6.5.3.3. Middle East & Africa Diesel Forklift Truck Market Size (USD Billion) & Y-OY growth (%), 2017-2024 Fig: 6-351 Middle East & Africa Diesel Forklift Truck Market Size (USD Billion). 2017-2024 1.40 1.20 1.00

2.93% CAGR: (2017-2024) 0.91

0.93

0.96

Fig:- 6-352 Middle East & Africa Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis-2017-2024

0.99

1.01

1.04

1.07

1.11

1.15

2.2% 2%

0.60

0.40

0.20

0.00

2017e

2018f

2.9%

3.3%

0.80

2016e

2.8% 2.5% 2.7% 2.7% 2.7%

3.1%

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa diesel forklift truck market accounted for USD 0.91 billion in 2016 and is estimated at USD 1.15 billion by 2024. The major growth is attributed to the fact that majority of the Middle East and Africa region is not currently bound by any of stringent emission standards. Many manufacturers’ customers now are requiring suppliers to track emissions. Food production facilities cannot use emissions-producing plant vehicles that would contaminate their food products. In addition, manufacturers are zeroing in on low- and no-emissions and energy-efficient forklifts in pursuit of a cleaner workplace, energy cost savings, general efficiency and productivity improvements. Engine manufacturers must produce engines for diesel-powered forklifts with advanced emission control technologies similar to those already expected for highway trucks and buses. Exhaust emissions from these engines are expected to decrease by more than 90 percent compared to unregulated engines as a result. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.3.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024 Fig: 6-353 Middle East & Africa Truck Market Attractiveness-By Fuel Type, 2017-2024

Fig: 6-354 Middle East & Africa Forklift Truck Market BPS Analysis- By Fuel Type, 2017-2024

7.00% 6.00%

CAGR (%)

5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

Market Size (USD Billion)

Electric

Gasoline

Diesel Diesel

Source: Goldstein Research

Gasoline

Elec tric

Source: Goldstein Research Key Points

ď&#x192;&#x2DC; According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow at the faster pace in the forecast period owing to demand for lower vehicle emissions and higher fuel efficiency in the automotive industry. ď&#x192;&#x2DC; As the result of the trend of green environment protection and the rise in oil prices, electric forklift is in rapidly developing, more and more customers prefer a half electric forklift or all-electric forklift. Because they have the advantages of easier operation, higher energy saving, no pollution, and comply with the principle of sustainable development, widely used in port, warehouse, food and other industries. Copyright Goldstein Research, All Rights Reserved

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6.5.4. middle easT & aFriCa FOrkliFT TruCk markeT analysis, by end-user Connect With Us: Published By: Goldstein Research Copyright

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6.5.4. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024 Fig: 6-355 Middle East & Africa Forklift Truck Market Size (USD Billion). by End Users, 2017-2024d 4.50

5.7% 0 .40

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

Fig:- 6-356 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, by End Users,2017-2024

0.27 0.21 0.27 0.61

0.45 0.18

0.82

0.29 0.22 0.29 0.63

0.48 0.19

0.85

0.09 0.22 0.30 0.65

0.50 0.20

0.88

0.09 0.23 0.31 0.67

0.52 0.21

0.92

0.09 0.23 0.33

0.69

0.55 0.22

0.95

0.09 0.24 0.35

0.72

0.58

0.09 0.25

0.09 0.24

0.38

0.36

0.77

0.74

0.64

0.61

0.23

0.24

0.25

0.99

1.03

1.08

0 .25

Wood Industry

0 .41

Food and Beverages 0 .81

0 .68 0 .26

1 .13

Iron and Steel Industry & Steel Plants

0.21

0.22

0.23

0.24

0.25

0.26

0.28

2016

2017

2018

201 9

2020

2021

2022

2023

0 .31 2024

Radio Active Waste Ports and Logistics

5.2% 5.0%

4.7% 4.2% 3.7% 3.2%

4.3%

4.4% 4.1%

3.9% 3.5% 3.0%

3.6% 3.2%

4.5%

4.2%

4.3%

3.8%

3.3%

4.7% 4.4% 3.9% 3.5%

4.8% 4.5%

2.0%

2.1%

Ports and Logistics

4.5%

Automobile

4.3% 4.1%

4.0% 3.8%

3.6%

Iron and Steel Industry & Steel Plants Food and Beverages

2.5%

2.2%

5.0%

4.8%

2.7%

1.9%

2.1%

2.2%

2.7%

2.3%

Wood Industry Others

1.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Goldstein Research

Fig: 6-357 Middle East & Africa Forklift Truck Market Share (%),By End-User -2016 9.00%

5.2%

Automobile

Paper Industry 0.29

Paper Industry

Others

7.00%

Paper Industry Ports and Logistics

7.00%

Radio Active Waste 9.00%

27.00%

Automobile Iron and Steel Industry & Steel Plants Food and Beverages

20.00% 6.00%

15.00%

Wood Industry Others

ď&#x201A;§ Middle East & Africa forklift truck market is anticipated to reach USD 3.03 billion by 2024 at a CAGR of 4.29% during the forecast period. ď&#x201A;§The rise and fall of forklift sales and demand is closely tied to the manufacturing, construction, wholesale trade and transportation sectors. The recovery in construction and heavy manufacturing sectors are believed to have had a significant influence in the spike of internal combustion forklift sales. These businesses typically require higher capacities and/or outdoor operations, two characteristics of IC trucks www.goldsteinresearch.com

6.5.4.1. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024 Fig: 6-358 Middle East & Africa Forklift Truck Market Size (USD Billion). In Paper Industry, 2017-2024 0.35 0.30

4.66%

CAGR: (2017-2024)

0.25 0.21

0.22

0.23

0.24

0.25

0.26

0.28

0.29

0.31

Fig:- 6-359 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper Industry, 2017-2024 6%

3.9% 4.1%

4.8% 4.2% 4.3% 4.3% 4.4% 4.5%

5.0%

0.20 3%

0.15

0.10

0.05 0.00

2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 Middle East & Africa forklift truck market in paper industry tends to reach USD 0.31 billion by 2024 owing to the rapid growth in paper production and paper recycling industry augmented by the escalating demand for paper and cardboard packaging in various other industries. “The South African pulp and paper manufacturing sector is a robust, well-regulated and highly developed industry, which ranks among the top 20 pulp producers in the world. There has also been growing demand in packaging products, mainly owing to the growth of South African middle- and upper-middle classes, which is fostering the need for more efficient lifts in Africa with growing manufacturing capacity of the industry. In addition, South Africa imports some USD 400 million of paper and paperboard per annum and produces approximately 316,000 tons of newsprint.

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2024f

6.5.4.2. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024 Fig: 6-360 Middle East & Africa Forklift Truck Market Size (USD Billion). 2017-2024 1.50 1.30

4.13%

CAGR: (2017-2024)

1.10 0.90

0.82

0.85

0.88

Fig:- 6-361 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports and Logistics, 2017-2024

0.92

0.95

0.99

1.03

1.08

1.13

3.8% 3.8% 3.8% 3.5% 3.6% 4%

3.9%

4.5% 4.3% 4.1%

4% 3%

0.70

0.50

0.30

2% 1%

0.10

-0.10

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

2024f 0%

2016e

Source: Goldstein Research

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

 In this report, the Middle East & Africa forklift truck market in ports and logistics industry is valued at USD 0.82 billion in 2016 and is expected to reach USD 1.13 billion by the end of 2024. The Middle East and Africa region for long has remained a strategic hub for international trade and commerce between the East and West. The rising exports and imports have driven the supply chain and logistics market and the Middle East, led by the UAE, has become one of the most important hubs in the ensuing changing global trading lanes. Furthermore, in recent years, the industry has benefited from government initiatives, including setting up of freezones with in-built logistics infrastructure and providing incentives for using the air and seaports as stopovers for the transportation of goods globally. Growing challenges in the Middle East and Africa logistics market is presenting remarkable scope for automation in the region’s materials handling industry, while current levels of mechanization within the sector is relatively low. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.3. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024 Fig: 6-362 Middle East & Africa Forklift Truck Market Size (USD Billion). in Radio Waste Handling 2017-2024 0.30

0.25

0.20

4.55%

CAGR: (2017-2024)

0.18

0.19

0.20

Fig:- 6-363 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio Waste Handling, 2017-2024

0.21

0.22

0.23

0.24

0.25

0.26 5%

3.9% 4.0% 4.1% 4.2%

4.2% 4.3%

4.9% 4.7% 4.4%

0.15

0.10

0.05

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa forklift trucks used in radio waste handling valued USD 0.18 billion in 2016 and is expected to reach USD 0.26 billion at a CAGR of 4.55% over the forecast years. Manufacturers and suppliers of automated material handling equipment and systems are paying increasing attention to the Middle East and GCC in particular, as the region transforms into a significant market for automated materials handling systems. While Africa offers plenty of new opportunities for producers willing to approach the market, it comes with its own unique challenges that suppliers to the region will have to overcome or adapt to. According to the latest estimates, “the GCC countries generate in excess of 150 Tonnes of medical (hazardous) waste daily. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.4. Middle East & Africa Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024 Fig: 6-364 Middle East & Africa Forklift Truck Market Size (USD Billion). In Automobile Industry 2017-2024

0.80

5.14%

CAGR: (2017-2024)

0.70 0.60 0.50

0.45

0.48

0.50

Fig:- 6-365 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis- in Automobile Industry, 2017-2024

0.52

0.55

0.58

0.61

0.64

0.68

4.5% 4.6% 4.7% 4.7% 5%

4.7% 4.8%

5.4% 5.2% 5.0%

0.40 0.30

0.20 1%

0.10 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa forklift market used in automobile industry accounted for USD 0.45 billion in 2016 and tends to grow at a CAGR of 5.14% and reach the valuation of USD 0.68 billion by 2024. Africa’s automotive market remains relatively underdeveloped in comparison to Europe, Asia and North America. Increasing industrial prospects on the continent are shifting with growing local manufacturing, better infrastructure and strong economic growth. The opportunities for the automotive industry in Africa are looking increasingly attractive, which is likely to foster the forklift truck market growth in coming years. The global automotive industry is looking for new growth opportunities and those opportunities reside in Africa. Nigeria, the continent's largest economy and by far the most populated presents huge opportunities for investors in the automotive space. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.5. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024 Fig: 6-366 Middle East & Africa Forklift Truck Market Size (USD Billion).in Iron & Steel Industry, 2017-2024 1.00 0.90 0.80

0.60

3.63%

CAGR: (2017-2024)

0.70 0.61

0.63

0.65

Fig:- 6-367 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Iron & Steel Industry, 2017-2024

0.67

0.69

0.72

0.74

0.77

0.81

3.3% 3.3% 3.3% 3.0% 3.2% 4%

3.5%

4.0% 3.8% 3.6%

3% 3%

0.50

0.40

0.30 0.20

0.10

1% 0%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa forklift truck market in Iron & steel Industry accounted for USD 0.61 billion in 2016 and tends to reach the valuation of USD 0.81 billion by 2024. Focusing on the current market and ongoing trends we can expect to see a growth of about 12 to 15 per cent in 2018 compared to 2017. The recent announcements in the construction sector are expected to boost the steel manufacturing sector over the next few years. These projects are the key driver to support the steel industry's growth, followed by oil and gas, petrochemicals and other projects. Since no two steel mills or aluminum production facilities are alike, forklift truck manufacturer’s various forklift models can be customized to meet individual customer requirements. For instance, forklifts handling hot steel slabs, blooms and billets with temperatures up to 800 degrees have reinforced lifting equipment and heat protection. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.6. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024 Fig: 6-368 Middle East & Africa Forklift Truck Market Size (USD Billion).in Food & beverage Industry, 2017-2024 0.50 0.45 0.40

0.30

5.08%

CAGR: (2017-2024)

0.35 0.27

0.29

0.30

Fig:- 6-369 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Food & Beverage Industry, 2017-2024

0.31

0.33

0.35

0.36

0.38

0.41

4.4% 4.5% 5%

5.1% 4.6% 4.7% 4.7% 4.8% 4.9%

5.3%

0.25

0.20 0.15

0.10 1%

0.05 0.00 2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa forklift truck market in Food & beverage industry accounted for USD 0.27 billion in 2016 and tends to reach the valuation of USD 00.41 billion by 2024. The food and beverage market in the entire Southern African region is experiencing continuous growth with South Africa leading the way. The region’s southernmost country accounts for more than 40% of Africa’s economic strength. Naturally, that is also noticeable in the food and beverage industry. Growth forecasts for the beverage industry between now and 2019 are positive. According to the Food Processing Machinery and Packaging Machinery Association in the VDMA (German Engineering Federation), growth in the overall beverage industry is expected to be as high as 13% during the next few years. The food and drink manufacturing industry is broken down into a number of small sectors, ranging from slaughterhouses, sugar refineries and grain mills to malt manufacture and whisky distilling, which is bolstering demand from a clean emissions focus to advanced ergonomics, lift truck solutions for specific needs. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.7. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024 Fig: 6-370 Middle East & Africa Forklift Truck Market Size (USD Billion).in Wood Industry, 2017-2024 0.35 0.30

2.30%

CAGR: (2017-2024)

0.25 0.21

0.22

Fig:- 6-371 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Wood Industry, 2017-2024

0.23

0.24

0.25

1.9%

2.2% 2.0% 2.1% 2.1% 2.1%

2.3%

2.5%

2.7%

0.20 0.15

0.10

0.05 1%

0.00 2016e

2017e

2018f

2019f

2020f

2021f

-0.05

Source: Goldstein Research

2022f

2023f

2024f 0%

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

The Middle East & Africa forklift truck market in Wood Industry accounted for USD 0.21 billion in 2016 and tends to reach the valuation of USD 0.25 billion by 2024. Sub-Saharan Africa’s colonial past has influenced the development, nature and ownership structure of its forest and wood products industry including the wood processing sector. The location of wood processing facilities coincides with the availability of raw materials. Consequently, the majority of the existing processing facilities are found in West and Central Africa. Wood and timber products remain vital to the GCC construction industry, with 70% of all timber imported into the region used in the sector. According to figures produced by the Gulf Organization for Industrial Consulting (GOIC), wood imports in the UAE have reached USD 629 million.

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2024f

6.5.4.8. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024 Fig: 6-372 Middle East & Africa Forklift Truck Market Size (USD Billion).in Other Industries, 2017-2024 0.45 0.40

0.30

4.93%

CAGR: (2017-2024)

0.35 0.27

0.29

0.30

Fig:- 6-373 Middle East & Africa Forklift Truck Market Y-O-Y Growth (%) Analysis, in Other Industries, 2017-2024

0.31

0.33

0.34

0.36

0.38

0.40

4.3% 4.4% 4.5% 4.5% 4.5% 5%

4.7%

5.2% 5.0% 4.8%

0.25 3%

0.20 0.15

0.10 1%

0.05 0.00

2016e

2017e

2018f

2019f

2020f

2021f

Source: Goldstein Research

2022f

2023f

2024f

2016e

2017e

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

ď&#x201A;§The Middle East & Africa forklift truck market in other industries accounted for USD 0.27 billion in 2016 and tends to reach the valuation of USD 0.40 billion by 2024. ď&#x201A;§Goldstein Research expect continued revenue growth for the forklift industry over the next five years as the economy continues to improve creating more demand for material handling solutions. Falling steel costs and advances in automation of production will keep the market healthy yet competitive. Automation of materials handling processes will become increasingly prevalent in the regional logistics industry as it rapidly scales up to meet the needs of the burgeoning market, which will accelerate the growth of advanced forklifts in the market. Source: Goldstein Research Copyright All Rights Reserved, Goldstein Research

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2024f

6.5.4.9. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024 Fig: 6-374 Middle East & Africa Forklift Truck Market Attractiveness-By End Users, 2017-2024 6.00%

Fig: 6-375 Middle East & Africa Forklift Truck Market BPS Analysis- By End Users, 2017-2024 100% 90%

5.00%

80%

4.0% 5.0% 5.0%

3.3% 5.1% 5.5%

18%

19%

22%

21%

36%

35%

70%

4.00%

CAGR (%)

60%

3.00%

50% 40%

2.00%

30% 20%

1.00%

10% 0.00% 0

Food & Beverage

0.05

0.1

0.15

0.2

0.25

Wood Market Size (USD Billion) Iron and Steel Industry Paper Industry Industry & Steel Others Radio Active Waste Plants

Source: Goldstein Research

0.3

0.35

Automobile Ports and Logistics

0% Others

2016

Wood Industry

Iron and Steel Industry & Steel Plants

Automobile

Ports and Logistics

Paper Industry

2024 Food and Beverages Radio Active Waste

Source: Goldstein Research

Key Points

Manufacturing remains the largest single sector user of industrial trucks and has seen a slight increase in market share with industry now making up over a third (40 per cent) of sales. The increased output of GCC manufacturing towards the end of 2016 helped the improving picture after a downturn in 2013. In the region, the logistics forklift sector is presaged to witness a rise in demand driven by mining, manufacturing, logistics and power industries,â&#x20AC;? Gomer predicts. â&#x20AC;&#x153;So far, the manufacturing boom has largely accounted for this growth. It is this very same manufacturing boom that has been exciting logistics companies. The greater the demand for goods, the greater the need for logistics services to transport them. This, in turn, can only be good news for the forklift industry. Copyright Goldstein Research, All Rights Reserved

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7. pOrTerâ&#x20AC;&#x2122;s Five FOrCe mOdel Connect With Us: Published By: Goldstein Research

7. Porter’s Five Force Model

Customer can easily switch to substitute products. So substitutes are a threat to your company. When there are actual and potential substitute products available then segment is unattractive. Profits and prices are effected by substitutes so, there is need to closely monitor price trends. In substitute industries, if competition rises or technology modernizes then prices and profits decline.

Bargaining power of suppliers

Intensity of competition among the existing competitors in the market. Intensity of rivalry depends on the number of competitors and their capabilities. Industry rivalry is high when: •There are number of small or equal competitors and less when there’s a clear market leader. •Customers have low switching costs •Industry is growing •Exit barriers are high and rivals stay and compete •Fixed cost are high resulting huge production and reduction in prices Copyright

The Barriers to Entry are significantly medium to high which means that it is difficult for outside companies to enter the industry. New entrant is require to offer the innovative and distinguish service or product in order to make place in the competitive space, only such a player tends to establish its market presence and obtain the necessary clearance from regulatory agencies and obtain the profit.

Threat of new entrants

Bargaining Power of buyers

Threat of substitute products or services

The power of Buyers is significantly medium to high and they are able to negotiate for better pricing. However on the supplier side, the power of Suppliers is low to medium as there are multiple supplier for a particular test and these causes, for companies to compete on price when they do not have any point of differentiation.

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8. COmpany prOFiling Connect With Us: Published By: Goldstein Research Copyright

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8.1. TOyOTa Connect With Us: Published By: Goldstein Research Copyright

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8.1.1. Toyota Industries Corporation ( Company Overview)

Founded 1926

Employees 51,458

Website www.toyota-industries.com

Headquarters Japan

Key Products

Company Overview

Internal Combustion Lift truck 

Toyota Motor Corporation is a Japanese automotive and material handling equipment manufacturer headquartered in Toyota, Aichi, Japan.

Reach Truck



The Company is traded on the New York Stock Exchange (NYSE)

Low Lift Truck



Toyota was the largest automobile manufacturer in 2012 (by production) ahead of the Volkswagen Group and General Motors.



The Industrial Vehicle segment provides forklift trucks, warehouse equipment, automatic warehouse, vehicles for high-place work.

Warehouse Logistics



Lift trucks, which capture the top global market share*, are delivered to customers around the world under the TOYOTA, BT, RAYMOND and CESAB brands.

Simple AGV (Automated Guided Vehicles) Automated storage and retrieval system

Business Strategy 

Improves quality control structure and globalization: The company has adopted various methods to enhance their manufacturing structure which helps the company to improve the quality of their automobile products. Moreover, the company is looking forward towards expansion of globalization. Toyota Motors adopted Toyota Global Vision in 2011 to improve the quantitative expansion across the globe. The company is investing a huge amount for research and development activities to introduce the future of material handling equipment such as hydrogen powered forklifts and automated guided vehicles. The company spend USD 588.11 Million in 2016 for research and development of their products and services. Toyota motors is one of the largest automobile and material handling equipment manufacturer across the globe and expected to lead other global companies in near future.

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8.1.2. Toyota (Revenue & Financial Analysis) Fig :- 8-1 Toyota Industries Corporation Revenue (USD Billion), 2014-2016

Key Takeaways

Revenue (USD Billion)

20.03



In material handling equipment market, an increase in sales in Europe, North America and Japan Compensated weaker sales in China and drove continued growth globally.



As a result, unit sales of lift trucks for year 2016 increased 17,000 units or 7% to a total of 239,000 units over the year 2015. Consequently, net sales increased USD 0.70 billion or 9% to USD 9 billion.



Expect for Russia and some other countries, European Economies in Fiscal 2016 registered mild growth and posted sales of 75,000 units up 9% from the previous fiscal.

19.47

18.04

2014

Source: Annual Report

2015

2016

Fig: 8-3 Toyota Industries Corporation Revenue (USD Billion), 2014-2016

Fig: 8-2 Material Handling Equipment Sales (Thousand Units), 2014-2016 1.8

250 239

240

1.6 1.4

230

1.53

1.26

1.2

222

220

210

0.8

200

1.43

200

0.6 0.4

190

0.2 0

180 2014

Source: Annual Report

2015

2016

2014

Source: Annual Report

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2015

2016

8.1.3. Toyota (Revenue Split & Recent News) Fig :- 8-4 Toyota Industries Corporation Revenue (%)-By Business Segments, 2016

Fig :- 8-5 Toyota Motors Revenue (%), By Region, 2016

7.07% 15.76%

Japan 30.24%

North-America Europe

8.83%

Asia

38.10%

Automotive

Other

Materi al Ha ndl ing

Other

Source: Annual Report

Key Findings  Toyota Industries Corporation (TICO) has signed an agreement to acquire Vanderlande – the global market leader for value-added logistic process automation at airports and in the parcel market, as well as being a leading supplier for warehouses – from the company’s current owner NPM Capital  Toyota Industries Corporation announces that it has concluded an agreement with major North American materials handling systems integrator Bastian Solutions LLC (“Bastian”) to acquire the company. The acquisition of Bastian signify Toyota Industries' full-scale entry into the North American materials handling solutions industry amid the e-commerce boom.  To expand company’s presence in emerging countries, Toyota Industries acquired the lift truck business of Taiwan-based Tailift Co., Ltd. In August 2015. By capitalizing on Tailift’s strength, company aimed to increase its sales in emerging c9oountries where market expansion is expected over the medium to long term. Copyright All Rights Reserved, Goldstein Research

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8.2. kiOn Connect With Us: Published By: Goldstein Research Copyright

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8.2.1. KION Group( Company Overview)

Founded 2006

Employees 30,544

Headquarters Germany

Website www.KIONgroup.com

Industrial Trucks and Services

Company Overview 

KION Group AG is a German multinational manufacturer of materials handling equipment, with its headquarters in Wiesbaden, Germany.

Counter Balance Trucks With Electric Drive



The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific(APAC).

Counter Balance Trucks with IC Engines



KION Group AG is traded on ETR stock exchange, Europe



The Company offers a range of products, including warehouse and counter-balance trucks with both internal combustion engines (IC-trucks) and electric motors (Etrucks).

Warehouse Technology: Ride-on Industrial Trucks



Its activities are structured into four operational segments: Linde Material Handling; STILL; Financial Services, and Other. Linde Material Handling includes the Linde, Fenwick and Baoli brands. STILL includes the STILL and the OM STILL brands

Warehouse Technology: Hand-Operated Industrial Trucks Towing Vehicles Automated Trucks and Autonomous Trucks

Business Strategy 

Innovation and Investment Strategy: The KION Group believes in the development of new product range and services in order to sustain the competitive environment of the industry. The KION Group is leading manufacturer of intelligent trucks and automated trucks also incorporating automation systems in modern warehouses. Research and development activities alone accounted for the 20% expenses of the company. The company is also investing in strategic acquisitions of technology and services company to increase its product and service portfolio. For instance, with acquisition of Dematic, a specialist for automation and supply chain optimization, the KION Group has become a different, more diverse and more powerful group. The KION Group is thus strengthening its position as a full-service provider of intelligent supply chain and automation solutions and can benefit from megatrends, such as digitalization and the growing e-commerce business

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8.2.2. KION Group (Revenue & Financial Analysis) Key Takeaways

Revenue (USD Billion)

Fig: 8-6 KION Group Revenue (USD Billion), 2014-2016 

Total revenue in the industrial trucks & services segment went up by 3.1% to USD 6051.4 million. The order intake was also 4.6% higher year on year, one of the reasons being the excellent sustained level of orders in Europe.



The supply chain solution segment generated total revenue of USD 425 million, which equated to an increase of USD 387.3 million compared with 2015.



The increase in revenue of KION Group attribute to the sound performance of the industrial trucks & service segment in Western Europe, particularly in France, Italy and Germany.

6.8 6.1 5.5

2014

2015

2016

Source: Annual Report Year / Business

2016

2015

Industrial Truck and Services

6.05

5.86

Supply Chain Solutions

0.425

0.387

Corporate Services

0.281

0.254

Reconciliation

-0.259

-0.231

Total

6.79

5.92

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8.2.3. KION Group( Revenue Split & Recent News) Fig: 8-7 KION Group- Revenue (%)-By Business Segment, 2016

6.2

Fig: 8-8 KION Group Revenue (%)-By Geography, 2016

2.80% Industrial Trucks & Services

Supply Chain Solutions

Eastern Europe

5.40% 1.70%

Middle East & Africa

8.40% North America

71.30%

Corporate Services 89.5

Source: Annual Report

Western Europe

10.40%

4.3

Central and South America Asia Pacific

Source: Annual Report