Forklift truck market report, published by Market Research Future, projects that the global forklift truck market is estimated to reach USD 41.73 billion by 2023, growing at a CAGR of 5.9% during the forecast period.
Forklift trucks are the most common material handling equipment, which is used to lift and move materials within a short distance. Although there are a vast number of automated solutions in recent times coming up in the forklift trucks market, the electric forklift has not dwindled. In fact, the increasing demand for these in developing countries is expected to raise further the sale of such units making the forklift truck market to rise substantially.
The key trend which is positively influencing the growth of the forklift truck market is technological advancements which are helping to improve forklifts with high-end sensors and other components.
Forklift truck market: Top Factors Driving Growth
The forklift market is expected to witness notable growth in future due to the competitive advantages of electric forklift trucks that are attributed with high efficiency, eco-friendly nature, and low operation cost compared to other forklift trucks. On the same time, a notable increase in applications of the forklift in the industrial sector, such as in the food industry and automotive, is expected to fuel the market growth with definite pull.
While a tremendous demand from the retail industry, especially from the e-commerce sector, is also driving the forklift trucks market headlong. However, a lack of skilled labor and the advent of automated guided vehicles pose a significant challenge to the market, hindering the growth. But the increasing adoption of Industry 4.0 policies, increasing costs of commercial warehouse spaces, demand for ultra-fast deliveries, and logistics operations and declining robotics costs will assuredly support the forklift trucks market to rise shortly at a higher CAGR.
Going forward, in recent time, forklift truck manufacturers are highly focusing on extensive R&D, which has resulted in a vital development in forklift trucks technology. Forklifts are now powered by hydrogen cells that have already been introduced in the market, making it accessible and successful. During the forecast period, as reported in MRFR, the adoption of fuel cell powered forklifts will increase owing to the need for improved operational efficiency and presence of stringent regulations to reduce carbon emissions.
Forklift Truck Market Segmentation
According to the reports presented by MRFR, the global forklift truck market has been segmented based on technology, captivity, application, and region.
By segment of technology, the market gas segments such as electric powered and internal combustion engine powered.
By segment of captivity, the market has segments such as below 5 tons, and above 5 tons.
By segment of application, the market has segments such as manufacturing, logistic, retail & wholesale, and others.
Regional Outlook: Global Forklift Trucks Market
In the reports of MRFR, the Asia-Pacific region is leading the global forklift trucks market followed by Europe owing to the growth in industrialization in these regions. These primary factors are helping in increasing the demand of forklift trucks, hence supporting the global forklift truck market positively. Europe is another important market and is expected to contribute significantly during the forecast period.
The key players of global forklift trucks market are Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co., Ltd (China), and Kalmar Global (Finland).
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.