Asia-Pacific Forklift Truck Market, By Product Type (Warehouse and Counterbalance), Class (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), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), End-Use Industry (Retail and Wholesale, Transportation and Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries) – Industry Trends and Forecast to 2029.
Market Analysis and Size
Forklift trucks have been deployed for lifting and transferring heavy materials, such as crates, container goods, and other such components, over a short distance. These heavy-duty electric lift trucks are ideal for warehousing operations, recycling operations and dockyards to perform numerous functions. They assist in moving packed goods around the storage area, and loading and unloading goods from vehicles.
Asia-Pacific Forklift Truck Market was valued at USD 5,963.61 million in 2021 and is expected to reach USD 11,281.36 million by 2029, registering a CAGR of 7.80% during the forecast period of 2022-2029. Class III: Electric Motor Pedestrian Trucks accounts for the largest application segment in the respective market owing to the high demand in warehouses and distribution centers. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
A forklift truck refers to an industrial machine that incorporates two horizontal prongs for loading and transporting goods and materials. The machine is usually operated by a trained machinist. This truck is powered by electric batteries or combustion engines.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volumes in Units, Pricing in USD
Product Type (Warehouse and Counterbalance), Class (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), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), End-Use Industry (Retail and Wholesale, Transportation and Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries)
Japan, China, India, South Korea, Australia, Thailand, Malaysia, Singapore, Philippines, Indonesia and Rest of Asia-Pacific
Market Players Covered
Jungheinrich AG (Germany), Hyster-Yale Group, Inc (US), KION GROUP AG (Germany), Lift Technologies, Inc (US), Crown Equipment Corporation (US), Toyota Industries Corporation (Japan), Mitsubishi Logisnext Co., Ltd (Japan), and Godrej & Boyce Mfg. Co. Ltd. (India), among other
Asia-Pacific Forklift Truck Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Expansion of Construction Industry
The rise in the construction industry along with the swift industrialization is one of the major factors driving the growth of forklift truck market. These trucks are popular for being powerful, user-friendly, economical, and easy to maintain. They are usually utilized in several industrial tasks owing to their unique features.
- Increase in Warehouses
The surge in number of warehouse developments in the advancing countries accelerate the market growth. The rise in need from the manufacturing industry has a positive impact on the growth of the market.
- Concerns regarding Safety
The increase in the adoption of forklift truck market to enhance productivity, and reduce injuries and disasters further influence the market. Also, an inclination for IC-engine forklift trucks in developing regions assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the forklift truck market.
Furthermore, increase in demand for battery-operated forklifts extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments will further expand the market.
On the other hand, increase in third party logistics (3PL) services and high cost of battery operated and fuel cell forklift are expected to obstruct market growth. Also, stringent safety and emission regulations are projected to challenge the forklift truck market in the forecast period of 2022-2029.
This forklift truck market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on forklift truck market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Asia-Pacific Forklift Truck Market
The COVID-19 had a negative impact on forklift truck market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for forklift truck market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the automotive forklift truck market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
- In June 2020, Hyster-Yale Materials Handling, Inc., had acquired Zhejiang Maximal Forklift Co., Ltd. Hyster had acquired 75 percent of the outstanding shares. This acquisition has helped the company to strengthen its product portfolio in material handling equipment.
Asia-Pacific Forklift Truck Market Scope and Market Size
The forklift truck market is segmented on the basis of product type, power source, fuel type, tonnage, class and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of product type, the market is segmented into counterbalance and warehouse. Counterbalance accounted the largest market share due to the rising e-commerce sector which has inadvertently increased the warehouse activities due to which it increases the demand for counterbalance in the e-commerce sector.
- Internal Combustion Forklift Truck
- Electric Forklift Truck
On the basis of power source, the market is segmented into internal combustion forklift truck and electric forklift truck. The internal combustion forklift accounted the largest market share as these forklift are widely usage in the harsh environment has this forklift have high capacity for loading material from one place to another.
- Class V (IC Engine Forklift Trucks, Pneumatic Tire)
- Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires)
- Class I (Electric Motor Rider Forklift Trucks)
- Class III (Electric Hand Forklift Trucks)
- Class II (Electric Motor Narrow Aisle Forklift Truck)
- Class VI (Electric and IC Engine Tractors)
- Class VII (Rough Terrain Forklift Truck)
On the basis class, the market is segmented into class V (IC engine forklift trucks, pneumatic tire), class IV (IC engine forklift trucks, solid/cushion tires), class I (electric motor rider forklift trucks), class III (electric hand forklift trucks), class II (electric motor narrow aisle forklift truck), class VI (electric and IC engine tractors) and class VII (rough terrain forklift truck). Class V (IC engine forklift trucks, pneumatic tire) attributes largest market share this forklift has been widely used for outdoor application.
- Below 5 Ton
- 5 To 10 Ton
- 11 To 36 Ton
- 36 Ton And Above
On the basis of tonnage, the market is segmented in to below 5 ton, 5 to 10 ton, 11 to 36 ton and 36 ton and above. Below 5 ton accounted for the largest market share due to the growing utilization of forklift in the indoor application.
On the basis of fuel type, the market is segmented into electric, LPG/CNG, diesel and gasoline. Electric forklift accounted largest market share as these forklift has zero emission due to which it is widely used for indoor application.
- Freight and Logistic
- Food Industry
- Paper and Wood
On the basis of industry, forklift truck market is segmented into construction, freight and logistic, food industry, retail, chemical, paper and wood, and other. Construction accounted for the largest market share due to the rising population has further increases the demand for shelters which result in increasing construction activities among countries.
Asia-Pacific Forklift Truck Market Regional Analysis/Insights
The forklift truck market is analyzed and market size insights and trends are provided by country, product type, power source, fuel type, tonnage, class and industry.
The countries covered in the Asia-Pacific forklift truck market report are the Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
Japan dominates the forklift truck market because of the technologically advanced infrastructure and presence of manufacturers within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Forklift Truck Market
The forklift truck market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to forklift truck market.
Some of the major players operating in the forklift truck market are
- Jungheinrich AG (Germany)
- Hyster-Yale Group, Inc (US)
- KION GROUP AG (Germany)
- Lift Technologies, Inc (US)
- Crown Equipment Corporation (US)
- TOYOTA INDUSTRIES CORPORATION (Japan)
- Mitsubishi Logisnext Co., Ltd (Japan)
- Godrej & Boyce Mfg. Co. Ltd. (India)
Research Methodology: Asia-Pacific Forklift Truck Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
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 versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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