Forklifts enhance operational efficiency by swiftly and precisely moving heavy materials, reducing reliance on manual labor and minimizing time consumption. The mechanized lifting mechanism allows for rapid loading and unloading of materials, streamlining material handling processes. The precision of forklift movements ensures accurate placement, minimizing errors and potential damage. Forklifts contribute to space optimization in warehouses by efficiently stacking and retrieving goods. Their maneuverability in narrow spaces further enhances operational versatility.
According to Data Bridge Market Research analyses the Global Forklift Truck Market which was USD 67.75 million in 2022, is expected to reach USD 172.62 million by 2030, and is expected to undergo a CAGR of 12.35% during the forecast period of 2023-2030.
"Rapid increase in warehouse boosts the market growth"
The forklift truck market is propelled by a surge in warehouse developments, especially in advancing countries. The expanding number of warehouses, driven by heightened demand from the manufacturing industry, accelerates market growth. Forklift trucks play a pivotal role in optimizing material handling processes within these growing warehouse facilities. The symbiotic relationship between warehouse expansion and the need for efficient logistics solutions contributes to increased demand for forklifts. This trend enhances overall market efficiency and productivity in the manufacturing and logistics sectors.
What restraints the growth of the global forklift truck market?
“Increase in third-party logistics hinders the market growth”
The expansion of third-party logistics (3PL) services in the forklift truck market introduces challenges, including reduced control over deliveries and susceptibility to external factors such as over-regulation and adverse weather. These constraints can disrupt supply chains, leading to delays and inefficiencies in forklift operations. The financial burden associated with 3PL services, coupled with limited capital investments for end users, further restrains the market's growth. Despite the convenience of outsourcing, the dependence on external providers introduces complexities that impact the overall efficiency and adaptability of forklift truck operations.
Segmentation: Global Forklift Truck Market
The global forklift truck market is segmented on the basis of product type, engine type, fuel type, class, and end-use industry.
- On the basis of product type, the global forklift truck market is segmented into warehouse and counterbalance
- On the basis of engine type, the global forklift truck market is segmented into internal combustion (IC) engine power and electric power
- On the basis of fuel type, the global forklift truck market is segmented into diesel, gasoline and LPG/CNG, and electric/hybrid
- On the basis of lifting capacity, the global forklift truck market is segmented into < 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton
- On the basis of class, the global forklift truck market is segmented into class I: electric motor rider trucks, class II: electric motor narrow aisle trucks, class III: electric motor pedestrian trucks, class IV: internal combustion engine trucks; class V: internal combustion engine trucks, class VI: electric and internal combustion engine tractors, and class VII: rough terrain forklift trucks
- On the basis of end-use industry, the global forklift truck market is segmented into retail and wholesale, transportation and logistics, automotive and electrical engineering, food industry, and other industries
Regional Insights: North America is expected to dominate the Global Forklift Truck Market
North America is expected to dominate the forklift truck market due to increased consumer spending and a rising demand for smart logistics. The region's strong market position is fueled by robust purchasing power, enabling businesses to invest in advanced forklift solutions. The emphasis on smart working processes aligns with the growing need for technologically advanced forklifts. North America's commitment to innovation cements its pivotal role in the global forklift market.
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Recent Developments in Global Forklift Truck Market
- In December 2021, Wolter Group LLC unveiled a strategic move with the acquisition of A D Lift Truck, fortifying its position in the market and broadening its scope in the realm of electric forklifts. This initiative not only bolstered market development but also solidified the company's commitment to ensuring comprehensive business expansion
- In June 2020, Hyster-Yale Materials Handling, Inc. completed a significant acquisition by securing 75 percent of the outstanding shares of Zhejiang Maximal Forklift Co., Ltd. This strategic move has played a pivotal role in enhancing the company's product portfolio within the material handling equipment sector, reinforcing its competitive edge in the industry
The Prominent Key Players Operating in the Global Forklift Truck Market Include:
- Jungheinrich AG (Germany)
- Hyster-Yale Group, Inc (U.S.)
- KION GROUP AG (Germany)
- Lift Technologies, Inc (U.S.)
- Crown Equipment Corporation (U.S.)
- Toyota Industries Corporation (Japan)
- Mitsubishi Logisnext Co., Ltd (Japan)
- Godrej & Boyce Manufacturing (India)
- Komatsu Ltd. (Japan), Anhui Forklift Truck (China)
- Hyundai Heavy Industries (South Korea)
Above are the key players covered in the report, to know about more and exhaustive list of global forklift truck market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Forklift Truck Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
