Persistence Market Research projects that by 2022, the market for forklift trucks would bring in US$54,145.5 million. Because of rising need for commercial warehousing and ongoing expansion in the e-commerce and logistics sectors, the demand for forklift trucks will increase. By 2033, the forklift truck market will be worth US$ 119,194.2 million, expanding at a 7.5% CAGR from 2023 to 2033.
The study of market analysis of Forklift Trucks Market focuses on the key elements and the market dynamics of a specific market within that industry. Forklift Trucks Market study is an essential part of the industry analysis that focuses on the aspects associated with the SWOT analysis. The survey report analyses the elements, such as the strengths, weaknesses, opportunities, and threats of every individual manufacturing company.
With the help of Forklift Trucks Market Report analysis, every new or established manufacturer can gain knowledge about the business strategies and planning by the significant key marketers who are having a strong base. The documentation is prepared by investigating the company’s activities related to their planning, decision making, purchase, capital investment, innovation, workforce, business expansion strategy, facility expansion, promotional activities, and many other aspects of a company.
Market Dynamics of Forklift Trucks Market
The rising awareness among the global population for the product benefit tends to increase the production of a product of Forklift Trucks Market in a positive way. The manufacturers are hopeful about the possibilities of their market growth. And the analyst is also prepared the report by predicting the high growth rate than the recent rate of growth. A wide range of market players is the vital factor to gain the attraction of the larger buyers, as well as the regional market, existed across the globe.
Healthy growth is demand for forklift trucks is attributed to fleet size augmentation at industrial facilities as well as warehouse establishments handling commercial cargo and goods. These trucks are used to lay and retrieve loads from storage racks, carry components to assembly lines, and arrange products for more efficient handling in distribution centers and warehouses.
With hefty investments on new industrial facilities and warehouse distribution centers in emerging countries, especially with the boom of the e-Commerce industry, forklift trucks are poised to become an integral part of intralogistics operations involving material handling activities.
Various product advancements such as development of hydrogen-powered fuel cell forklift trucks are also leading to a good picture for market growth. These variations help drastically reduce carbon emissions while also improving overall operational efficiency. Over the last few years, there has been rise in the usage of electric-driven forklifts, and manufacturers have made extraordinary efforts to outperform internal combustion engines.
Market players are focusing on product launches and mergers / acquisitions to increase their share and profits.
In 2020, Hyundai Material Handling kicked off the introduction of its new 9V diesel forklift truck.
In October 2019, Cargotec announced its plans to merge with Konecranes.
Key Takeaways from Market Study
Forklift trucks with electric motors are expected to be the preferred type amongst end users because of their eco-friendly features and ability to match the handling capacities of conventional forklift trucks.
By class type, class 4&5 forklift trucks are projected to be the leader because of their superior weight handling capabilities.
By region, East Asia is projected to hold the highest share in the market. China is projected to account for nearly 90% of the East Asia market by 2031.
By product type, counterbalance forklift trucks are projected to hold a significant share of the market due to their ability to handle heavier loads than warehouse product types.
Governments across countries have taken steps to improve infrastructure. Forklift demand is increasing as a result of increased real estate investment.
Market Landscape Identified to Be Fairly Competitive
The worldwide forklift trucks market is identified to be highly competitive with the influx of tier-1, tier-2, and small-scale vendors operating on regional and global levels.
Some of the key players included in the report are Toyota Material Handling, Kion Group AG, Crown Equipment Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Liuzhou liugong forklift co. LTD, Hangcha Group Co., Ltd., and Anhui HeLi Co., Ltd., BYD, Manitou Group, Kalmar (Cargotec Finland Ojy), Doosan Corporation (Industrial Vehicle), Mitsubishi Nichiyu Forklift Co., Ltd, UniCarriers Forklift, Caterpillar (Cat Lift Trucks), Komatsu Ltd., Hyundai Material Handling, Lonking Machinery Co., Ltd., Konecranes, Sumitomo Heavy Industries, Ltd., V. Mariotti S.r.l., CLARK Material Handling Co., Ltd., JAC Heavy-Duty Construction Machine Co., Ltd., MiMA forklift, AUSA, EP Equipment, Godrej & Boyce (Godrej Material Handling), and Shantui Construction Machinery Co., Ltd.
Conclusion
Over the projection period, planned investments in the establishment of new industrial facilities, including warehouse and storage areas, will call for healthy deployment of forklift trucks.
Additionally, with the burgeoning e-Commerce industry and its infrastructure development programs of storage and distribution centers, the need for forklift trucks for intralogistics processes will heighten. In terms of operation, conventional fuel-driven forklift trucks will be gradually replaced by battery-operated ones, facilitating zero emissions and enhanced efficiency of vehicle locomotion.
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Key Questions Answered in the Forklift Trucks Market Report –
How much is the global forklift trucks market currently valued?
What is main factor driving demand for forklift trucks?
At what CAGR did demand for forklift trucks increase over the past 5 years?
What will be the demand outlook for forklift trucks through 2031?
What are the key trends being witnessed in this marketplace?
What is the market share of the top 5 manufacturers of forklift trucks?
At what rate is the Germany market registering growth in Europe?
Which are the top 5 countries driving most demand for forklift trucks?