Forklift Truck Market is expected to demonstrate a CAGR of 6.3% by 2030
The Global Forklift Truck Market size is estimated to be USD 49.15 billion in 2019 and is predicted to reach USD 96.25 billion by 2030 with a CAGR of 6.3% from 2020-2030. Forklift Truck is powered vehicles use for lifting and movement of heavy materials over short distance. These trucks are categorized on the basis of weight bearing capacity. These trucks are used in various different industries such as packaging, manufacturing and others. These trucks have reduced the time consumption and accidents at work place caused due to manual transfer of goods which saves lot of time and increase the convenience as compared to the conventional methods.
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There have been tremendous growth in the various industries due to the increased demand of various goods, increase in modernization and developed infrastructure coupled with wide application and technological advancement is expected to fuel the growth of forklift truck market over the forecast period.
The other factors include increased efficiency, reduced accidents and injuries at workplace, increased demand of easy movement of heavy goods coupled with rapid industrialization is further expected to augment the market growth. However, high costs of these trucks are expected to hamper the market growth over the forecast period. Moreover, innovation, increase in e-commerce, and increase in automation in industries are further expected to create numerous opportunities in the near future.
Market Segmentations and Scope of the Study:
The global forklift truck market share is analyzed on the basis of product, engine power, class, end use and geography. On the basis of product, the market is segmented into Warehouse and Counterbalance. On the basis of engine power, the market is divided into IC Engine Power and Electric Power. On the basis of class, the market is divided into Class I, Class II, Class III, Class IV and Class V. On the basis of end use, the market is divided into Retail & Wholesale, Logistics, Automotive, Food Industry, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America denotes the increased adoption of forklift truck and expected to hold the major market share over the forecast period owing to the developed infrastructure, increased industrialization, and technological advancement coupled with increased automation and wide application.
Asia Pacific is expected to develop significantly over the forecast period owing to the presence of emerging economies coupled with increasing industrialization, urbanization and increasing demand of automation in the developing economies are expected to anticipate the growth of forklift truck market over the forecast period.
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The forklift truck market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include Toyota Industries Corporation, Jungheinrich AG, JBT Corporation, Komatsu Ltd, KION Group, Doosan Industrial Vehicles Co. Ltd, Combilift Ltd, Clark Material Handling Company Inc., Crown Equipment Corp., Mitsubishi Nichiyu Forklift Co., Godrej and Boyce Manufacturing Co. Ltd, Hyster-Yale Materials Handling Inc. and Hyundai Heavy Industries Co. Ltd among others.
There have been various developments taken place in the forklift truck market which further contribute the market growth. For instance, in April 2019, JBT Corporation, has announced that it is bringing a new dual-mode AGV to the market in collaboration with Hyster-Yale Materials Handling. The collaboration will help JBT to demonstrate its automated guided vehicle prowess and its commitment to delivering automation to customers around the world with Hyster-Yale on a dual-mode, double-deep pantograph reach forklift truck.