North America Forklift Truck Market, By Product Type (Counterbalance and warehouse), Power source (Internal Combustion forklift truck, Electric forklift), Class (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), Fuel Type (Electric, LPG/CNG, Diesel and Gasoline)), Tonnage (Below 5 ton, 5 to 10 ton, 11 to 36 ton and 36 ton and Above), Industry (Construction, Freight & Logistic, Food Industry, Retail, Chemical And Paper & Wood, and Other), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2027
Market Analysis and Insights: North America Forklift Truck Market
Forklift truck market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing at a CAGR of 5.6% in the forecast period of 2020 to 2027 and expected to reach USD 16,803.06 million by 2027. The growing rising e-commerce sector has raise demand for the construction of the building which attributes growth of the market.
The increasing internet penetration has raise the e-commerce sales which further increase the demand of forklift for loading and unloading of goods. The major benefit of using the forklift in the warehouse is that it help in enhancing the productivity and help in cutting down labour cost.
This Forklift truck market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Forklift truck Market Scope and Market Size
North America forklift truck market is segmented on the basis of product type, power source, fuel type, tonnage, class and industry .The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the market is segmented into counterbalance and warehouse. Counterbalance accounted largest market share is due to the growing demand of material handling equipment in various end-use sector has increase demand for the counterbalance forklift.
- On the basis of power source, the market is segmented into internal combustion forklift truck and electric forklift truck. The internal combustion forklift accounted largest market share as these forklift are widely usage in the outdoor application has this forklift have high capacity for loading goods.
- On the basis class, the market is segmented in to 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 provide the facility of high capacity due to which it is widely adopts in the outdoor applications.
- On the basis of fuel type the market is segmented into electric, LPG/CNG, diesel and gasoline. Electric forklift accounted the largest market share as these forklift has zero emission due to which it widely used for indoor application.
- 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 largest market share is due to the growing utilization of forklift in the warehouse activities has increase demand for the less than 5 ton forklift.
- On the basis of industry, forklift truck market is segmented into construction, freight & logistic, food industry, retail, chemical, paper & wood, and other. Construction accounted largest market share due to rising demand of smart homes has result in increasing the construction activities among the countries.
Forklift truck Market Country Level Analysis
North America Forklift truck market is analysed and market size information is provided by product type, power source, tonnage, class and industry. The countries covered in the North America Forklift truck market report are U.S, Canada and Mexico.
U.S. dominates the North America forklift truck market due to the rising government initiative towards smart homes has increase the raise in the construction activities which in turn increases the demand for the forklift.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Construction of High Rise Building Has Raise Demand of Forklift truck
North America forklift truck market also provides you with detailed market analysis for every country growth in installed base of different kind of products for forklift truck market, impact of technology using life line curves and changes regulatory scenarios and their impact on the forklift truck market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Forklift truck Market Share Analysis
North America 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, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America forklift truck market.
The major players covered in the report are Jungheinrich AG, Hyster-Yale Group, Inc, KION GROUP AG, Lift Technologies, Inc, Crown Equipment Corporation, CLARK, Toyota Industries Corporation, Mitsubishi Logisnext Co., Ltd, Godrej & Boyce Manufacturing. Many product developments are also initiated by the companies worldwide which are also accelerating the growth of forklift truck market.
For instance,
- In April 2019, KION GROUP AG engaged in providing industrial trucks, supply chain solutions, services and ware house technology launched five new Linde and Baoli forklift trucks in North America market. This product launch has helped the company to strengthen its presence in North America.
- 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.
Such strategies like partnership, expansion, new product launch and other are helping the market players to increase the sale and market share in North America forklift truck market.
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