New York, NY, May 31, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Forklift Market Share, Size, Trends, Industry Analysis Report, By Class (Class 1, Class 2, Class 3, Class 4/5); By Power Source; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global forklift market size/share will be valued at roughly USD 58.02 Billion in 2022, and its revenue is projected to reach about USD 201.81 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 13.3% between 2023 and 2032.”
Forklift Market: Report Overview
A forklift is an essential industrial vehicle that utilizes two extended forked front accessories to elevate materials. Frequently, the substance is on a wooden platform assortment. The rapidly rising demand for forklift market can be attributed to the fact that it is extensively used to advance substances covering position and spaces. On construction positions, bricks, and wood, as well as tile and other construction substances, are frequently distributed on pallets.
The proliferating e-commerce sector and alterations in warehouse management lately have escalated the demand for forklifts to manage massive consignments and move through compact spaces. These are important constituents chipping into the market’s expansion. The demand for forklifts that can function in stimulating topography and transfer bulky construction stockpiles covering long distances is also escalating due to the augmentation of building estimates globally.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Key Companies Covered Are:
- Anhui Heli.
- Crown Equipment Corp.
- Doosan Corporation
- Hyster-Yale Materials Handling
- Jungheinrich
- KION Group
- Komatsu
- Mitsubishi Logisnext
- Toyota Material Handling
- Lonking Forklift
- Hyundai Vehicle
- Cargotec
- Boyce Group
- Mitsubishi Nichiyu Forklift
- Manitou Group
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/forklift-market/request-for-sample
Key Growth Driving Factors
- Warehousing and logistics industries: Speedy growth of the e-commerce industry is driving the demand for forklift trucks in warehousing and logistics industries. Forklift market size is expanding due to prominent e-tailers globally setting up their warehouses and administration hubs to serve the escalation of demand for online commodities.
- Battery propelled trucks: Lately, electric or battery-propelled trucks have surfaced as the most chosen material handling instruments. Electric forklift trucks are noiseless in their functionality, thereby lessening decibel levels in clattering manufacturing ambiance. This uplifts employee health and safety, thereby causing escalated fecundity.
- Automatic pick up and drop Growing demand for mechanized and meager warehouses covering the globe to escalate functional productivity and speed as meager warehouses decrease the intake of resources without lessening the comprehensive productivity together with its other beneficial attribute such as automatic travel and pick up and drop materials are prominent factors pushing the growth of the market.
- Prevalence of modular solutions: Forklift market sales are soaring as the escalated pervasiveness of modular solutions to maximize customer productivity and capacity to pack each customer’s varied needs productively is also anticipated to fuel the market growth in the coming years.
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Top Report Findings
- Electric or battery-propelled trucks have surfaced as the most chosen material handling instruments pushing the market demand.
- The market is essentially segregated into class, power source, and region.
- The leading region of the market in Asia Pacific
Top Trends Influencing the Market
- Lessening operative prices: Warehouses possessors globally are notably concentrating on lessening operative prices, improvising plant’s efficacy, and escalating clarity by merging contemporarily advanced forklifts by makers with progressive attributes and dimensions, thus fuelling the forklift market growth.
- Growing technology progressions: With the speedily growing technological progressions, there has been a notable prospect for electric-powered forklift trucks due to the growing implementation in several sectors and acclaim as these kinds of forklift trucks are absolute for both outdoor and indoor spaces that can simply load or unload bulky weights from the docks and also from floor level.
- Simplified movements: A speedy upswing in demand for stacker cranes that are broadly utilized for pallet depository and recovery in the rack systems, as it provides several functional benefits, including simplified movement in tapered aisles.
Segmental Analysis
- Class 3 segment held the major forklift market share in 2022
Based on class, the class 3 category dominated the market in 2022 and is projected to continue to lead the market during the anticipated period. Due to its lower base and low maintenance costs in comparison to others, it has gained more recognition and appeal among warehouses and different distribution centers. Class 3 forklift category comprises walk-rider truck, walk-behind stackers, and walk-behind truck, which enables the effective movement of loads and the lifting of loads to a height of around 15 feet. This is another factor supporting segment growth.
- Electric segment accounted for the highest revenue share in 2022
By power source forklift market segmentation, electric category witnessed the largest revenue share in 2022 owing to the rise in demand for electric vehicles across developed and developing nations. This is because EVs require lower maintenance than combustion-engine-based vehicles. In addition, an increase in the use of electric vehicles as a more environmentally friendly alternative to forklifts powered by petrol and diesel is likely to accelerate the segment’s growth. Moreover, various beneficial government initiatives and the rising development of new products by the forklift market key players through R&D investment are projected to augment the market growth in the coming years.
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Forklift Market: Report Scope & Segments
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 201.81 Billion |
| Market size value in 2023 | USD 65.65 Billion |
| Expected CAGR Growth | 13.3% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Anhui Heli Co. Ltd., Crown Equipment Corporation, Doosan Corporation, Hyster-Yale Materials Handling Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Material Handling, Lonking Forklift Co. Ltd., Hyundai Vehicle America Corp., Cargotec, Boyce Group, Mitsubishi Nichiyu Forklift Co. Ltd., and Manitou Group. |
| Segments Covered | By Class, By Power Source, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: Forklift market in Asia Pacific accounted for the largest market share in 2022, which can be attributed to a surge in demand for modern material handling equipment across various sectors such as mining, food & beverage, and construction coupled with growing trend plant automation by major manufactures. Also, APAC is known as one of the greatest industrial production and manufacturing centers, with China emerging as the leading hub. As a result, there is a significant need for forklifts in the region.
North America: The region is predicted to register the fastest growth during the foreseen period owing to a strong presence of major market participants and significant investment in adopting the most cutting-edge and innovative forklifts, particularly in nations like the US and Canada.
Browse the Detail Report “Forklift Market Share, Size, Trends, Industry Analysis Report, By Class (Class 1, Class 2, Class 3, Class 4/5); By Power Source; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/forklift-market
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Recent Developments
- In May 2022, Clark introduced the S40-60 IC pneumatic forklift, which has a capacity of approximately 12,000 pounds and incorporates all the features of the S-Series family. It includes a parking brake, operator visibility, and an optimized center of gravity for improved stability.
- In June 2022, Mitsubishi Logisnext revealed its newest lineup of UniCarriers forklifts, the 80-Volt E-pneumatics trucks, available in capacities ranging from 5,000-7,000 to 9,000-12,000 pounds. These forklifts will be accessible at all company dealers in South and North America, as well as the Caribbean. The trucks are equipped with durable batteries that enhance performance by minimizing the frequency of charging.
Important Questions Answered by Report
- What is the current size of the market?
- What are the names of key players working in the market?
- What are trending strategies utilized by market enterprises to expand their businesses?
- What are the key regions of the market?
- What are the key driving factors in the forklift market?
- Which product type of the market is in high demand?
- What is the projected size of the market at the end of the forecast period?
Polaris Market Research has segmented the Forklift market report based on class, power source, and region:
By Class Outlook
- Class 1
- Class 2
- Class 3
- Class 4/5
By Power Source Outlook
- Internal Combustion Engine
- Electric
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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