Market Overview

The global forklift truck market is predicted to reach US$ 25.04 Billion by 2027, growing at a CAGR of 4.02% from 2019 to 2027. Forklift trucks are used as industrial lifting trucks. These forklift trucks are utilized for relocation of goods from one place to another. Forklift trucks are mostly used in manufacturing and warehouse industries, due to the need to move heavy products in easier way to several locations in a very short time, in order to increase the production process.

Increasing application and rising demand for forklift trucks from end-use industries are some of the major factors driving growth of the forklift truck market, which in turn is expected to create growth opportunities for manufacturers operating in this market.

As a result of rising demand for forklift trucks, manufacturers are focusing on various strategies such as partnerships and acquisitions in order to expand their customer base in the market and strengthen their foothold in the global forklift truck market.

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Market Dynamics

Growing e-commerce & warehousing industries is driving growth of the global forklift truck market. According to data published by the Action Construction Equipment Ltd in June 2019, warehousing industry is extremely fragmented in India. Almost 90% of the warehousing space is controlled by the unorganized players. It has huge growth potential and is slated to become regularized over the next few years. Additionally, it is estimated that the average size of warehouses will increase from 20,000 sq. ft. to 0.2-0.3 million sq. ft., which will be creating huge opportunities for the global forklift truck market.

Furthermore, e-commerce retailers such as Amazon, Flipkart, and Myntra are adopting technology solutions such as forklift trucks for application in activities such as material handling. Forklift can minimize travel time and reduce physical exertion during the picking process. Therefore, such factors are expected to create growth opportunities for manufacturers in this market.

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Key companies covered as a part of this study include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co., Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co. Ltd, and Linde Material Handling.

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