Global Forklift Truck Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
"Global Forklift Truck Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global forklift truck market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global forklift Truck market report has been segmented on the basis of fuel type, capacity, application and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Forklifts are a type of industrial vehicles used to lift, move, and placement of discrete loads within short distances. These vehicles can be used with a variety of attachments such as platforms, grippers, or clamps. These trucks are used across various industries which includes automotive, food and beverages, construction, consumer goods, e-commerce, and retail. It is also available in several variations and load capacities. For instance, in a typical warehouse setting most forklifts have load capacities up to 5 tons, whereas some larger machines are also used for handling heavier loads are available up to 50 tons lifting capacity.
Expansion of warehouse space and technological advancement in forklift trucks have positive influence on growth of the forklift truck market. In addition, introduction of fuel efficient engines for heavy vehicles and launch of electric trucks increasing the adoption rate of forklift trucks. Electric forklifts are also cheaper to operate and maintain when compared to internal combustion engine forklifts. Moreover, increase in productivity, reduced injuries & accidents along with operator comfort are some major factors driving the global forklift truck market towards growth. Additionally, rapid industrialization and high demand for goods across the globe is inducing high demand for forklift trucks. Recent trend shows that, increasing trend of e-commerce is leading to the establishment of warehouse management and product distribution in e-commerce industry which is generating demand for forklift trucks. However, high cost of electric powered forklift trucks may hamper growth of the forklift truck market.
Geographically, Asia Pacific market dominates the global forklift truck market due to rising urbanization and industrialization. Moreover, Japan, India and China are the major economies in Asia Pacific that contribute to the adoption of forklift trucks. Many manufactures are focusing on electric powered forklift trucks, mainly due to the factors such as stringent norms regarding emission, fuel efficiency, environment friendly and less noisy compared to (internal combustion) IC engine powered forklift trucks. Initiatives like ‘Make in India’ are focusing on improving the manufacturing sector & infrastructure development along with escalating the trade from seaports in the country. Whereas, North America market is one of the most lucrative market for the target product, and Europe market is projected to witness to offer attractive opportunities for the manufacturers.
According to the Material Handling and Logistics Organization, more than 250,000 units of forklifts were sold in North America, in 2017. This marks an increase of 9.5% as compared to 2016 and an increase of 12.2% in sales when compared to 2015.
Global Forklift Truck Market Segmentation:
Segmentation by Fuel type:
- Fuel cell
Segmentation by Capacity:
- Up to 5 Tons
- 5-10 Tons
- 11-30 Tons
- Above 30 Tons
Segmentation by Application:
- Wholesale & Retail Distribution
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Action Construction Equipment Ltd.
- Cat Lift Trucks
- Crown Equipment Corporation
- Hangcha Group Co., Ltd.
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment
- Komatsu Ltd.
- Lonking Machinery Co., Ltd
- Toyota Material Handling Group
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