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 5.9% between 2017 and 2023 to reach a valuation of over USD 40 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 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. 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.
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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 trucks market 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.
Global Forklift Trucks Market: Segmental Analysis
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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Global 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.
Global Forklift Trucks Market: Competitive Landscape
Some to top-notch companies operating in the global forklift trucks market include Toyota Industries Corporation (Japan), Hyster-Yale Material handling Inc. (U.S.), Mitsubishi Nichiyu Forklift Corporation (Japan), The Raymond Corporation (U.S.), Kalmar Global (Finland), Komastu Ltd. (Japan), Jungheinrich Group (Germany), Crown Equipment Corporation (U.K), Anhui HELI Co., Ltd (China) and KION Group AG (Germany)
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