The newt report by Market Research Future (MRFR) asserts that the global rough terrain lift truck market 2020 is slated to obtain a substantial market valuation at a moderate 3.4% CAGR over the review period.
Drivers and Restraints
The global rough terrain lift truck market is projected to witness sustainable growth in the upcoming years, which is credited to the rapid development of the construction industry in developing economies such as India, China, and other South Asian countries. Additionally, high investments in industrial construction mainly in developing countries such as India, and China, have led to the growth of rough terrain lift trucks in the construction industry. Moreover, the increase in the demand for rough terrain lift trucks in the developing economies of Asia-Pacific and Latin America has encouraged manufacturers to expand their distribution network. The construction industry has witnessed enhanced sales volume in India, which is primarily driven by increasing population, coupled with rising disposable income levels. On the other hand, the shifting cost of raw materials hampers the growth of rough terrain lift truck market.
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Market Segmentation
The global market for rough terrain lift truck has been analyzed on the basis of products and end-user. The product segment is classified into a telescopic rough terrain lift truck and a masted rough terrain lift truck. Based on the product, the telescopic rough terrain lift truck held the largest share in 2017 and is anticipated to sustain this position till 2023. The segment is also predicted to witness a high growth rate due to the rise in industrial construction developments, which further drives the development of the overall rough terrain lift truck market over the market period.
On the basis of end-user, the rough terrain lift truck market is divided into commercial, industrial, and residential. The industrial segment accounted for the significant market share in 2017 and is also anticipated to experience a noteworthy growth rate over the forecast period. The rapid expansion of the industrial sector in emerging economies such as China and India is one of the factors for the growth of this segment. In order to meet the growing demand for construction equipment services, these countries have developed their manufacturing capabilities in the last decades.
Regional Overview
The geographical overview global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North America account for the largest share in the rough terrain lift truck market. The rough terrain lift truck market in this region is majorly driven by technological advancements in the construction equipment industry. The US is emerged to be the largest consumer of this equipment and accounted for the major market share in terms of value and volume among all countries in the North American region.
Nonetheless, Asia-Pacific is anticipated to witness the maximum growth rate over the review period. Establishments based out of the US and UK are now setting up operations in countries such as India and China, which provide tax benefits and reduced manufacturing costs. Hence, the Asia-Pacific region has observed an overwhelming increase in the demand for rough terrain lift truck market, while most of the corporations are based in Europe and North America region.
Competitive Landscape
The top market players identified by MRFR in the global market are Liftking Manufacturing, J C Bamford Excavators Ltd., AUSA, CNH Industrial, HARLO, and many others.
The global rough terrain lift truck market is exceedingly competitive with many companies across the globe. The corporations adopted numerous strategies to expand their global presence and surge their foothold in the overall market. Some of the vital strategies adopted by the companies include acquisitions, expansions & investments, and new product developments.
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List Of Tables
Table 1 Global Rough Terrain Lift Truck Market: By Region, 2018-2023
Table 2 North America Rough Terrain Lift Truck Market: By Country, 2018-2023
Table 3 Europe Rough Terrain Lift Truck Market: By Country, 2018-2023
Table 4 Asia-Pacific Rough Terrain Lift Truck Market: By Country, 2018-2023
Table 5 RoW Rough Terrain Lift Truck Market: By Country, 2018-2023
Table 6 Global Rough Terrain Lift Truck Market, By Product, By Region, 2018-2023
Table 7 North America Rough Terrain Lift Truck Market, By Product, By Country, 2018-2023
Table 8 Europe Rough Terrain Lift Truck Market, By Product, By Country, 2018-2023
Table 9 Asia-Pacific Rough Terrain Lift Truck Market By Product, By Country, 2018-2023
Table 10 RoW Rough Terrain Lift Truck Market By Product, By Country, 2018-2023
Continued…
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Rough Terrain Lift Truck Market Share, By Product, 2017 (%)
FIGURE 9 Global Rough Terrain Lift Truck Market, By Product, 2018-2023 (USD MILLION)
FIGURE 10 Global Rough Terrain Lift Truck Market Share, By End-User, 2017 (%)
Continued…
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