Global Forklift Trucks Market - Overview
As per the latest report published by Market Research Future (MRFR), the global market for forklift trucks will surge at a compound annual growth rate of 9.80% between 2021 and 2030 to reach a valuation of over USD 86.2 Bn. Forklift trucks are a modern-age moveable industrial equipment mainly used for independent lifting of products and moving items. They are used in places such as warehouses, shipyards and manufacturing facilities for placemen of discrete loads. Furthermore, these mobile equipments can be integrated with various types of forks based on the loading task.
Over the years, use of forklift trucks market for moving and lifting objects have increased significantly owing to evolving operational structures in facilities. Today, such trucks have become extremely popular in industries such as food & beverage, automotive, consumer goods, retail, e-commerce and construction.
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Global Forklift Trucks Market – Prominent Players
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), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Forklift Trucks Market.
In the years to come, their demand is expected to rise further, which a positive indication for market players. The global manufacturing sector continues to expand due to the increased demand for commodities where forklift trucks play an important role. Their usage can reduce the risk of injuries and accidents as well as significantly cut down on the requirement of manual force.
Large scale industries are undergoing massive transformation, with the arrival of industry 4.0, artificial intelligence and machines learning. These technologies are likely to have distinct impact on the Forklift Truck Industry in the forthcomings. Arrival of new technologies focused on short distance transportation may pose a threat to forklift trucks. However, the market is unlikely to face any major headwind from current technological trends. Emerging markets are likely to present lucrative opportunities to market players during the forecast period. Increase construction activities, development of manufacturing units and urban development efforts in countries such as India, China, Mexico and Brazil is supporting the global forklift trucks market. Introduction of electric forklift truck is having a positive impact on the market. The growing inclination towards application of clean technology is likely to pave the way for electric variant in the near future. The focus remains of improving the operational capacity of such trucks. Development of ultra-capacitor forklift trucks that can carter to the needs of changing storage inventories, warehouses and facilities. One the of major hurdles faced by market players to penetrate developing economies in the high-cost of such trucks.
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Forklift Trucks Market - Segments:
MRFR’s report include detailed segmental analysis of the forklift trucks market based on technology, capacity, and application. On the basis of technology, the market has been segmented into internal combustion engine powered and electric powered. On the basis of capacity, the market has been segmented into above 5 tons and below 5 tons. On the basis of application, the market is segmented into logistics, manufacturing, retail & wholesale and others.
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Forklift Trucks Market - Regional Analysis:
The market has been covered across region such as North America, Asia Pacific (APAC), and Europe. Asia Pacific is likely to spearhead the global forklift trucks market during the assessment period. Rapid industrialization and urbanization in many of APAC countries is viewed as major growth factor for the market in the region. Demand for such trucks has grown tremendously in APAC. The market is the region is projected to capture a robust CAGR during the forecast period.
In April 2020, Navrattan Group announced that they are about to launch their Forklift Trucks in the Indian market. This step will help them to cover substantial grounds in the coming years as the rising awareness regarding eco-friendly products are expected to provide tailwinds. The product has no limestone owing to which there is no requirement for the energy-extensive calcination process. The product also uses reusable materials as major components, which boosts its presence as an eco-friendly material.
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