Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The "Forklift Global Market Insights 2024, Analysis and Forecast to 2029, by Manufacturers, Regions, Technology, Product Type" report has been added to ResearchAndMarkets.com's offering.
The forklift market has experienced significant growth in recent years, driven by the increasing demand for material handling and logistics operations across various industries. This review examines the current state of the forklift market, focusing on market size, share, trends, key players, applications, and forecasts for the period of 2024 to 2029.
As of 2023, the global forklift market is estimated to be valued at approximately USD 50 billion. The market is projected to grow at a compound annual growth rate (CAGR) of around 6% over the forecast period (2024-2029), potentially reaching USD 70 billion by the end of 2029. This growth is primarily fueled by the expansion of warehousing and logistic capabilities required by a rapidly evolving global supply chain.
Market Share & Trends Analysis
By Product Type
The forklift market can be segmented by product types, which include:
- Electric Forklifts
- Internal Combustion Engine (ICE) Forklifts
- Warehouse Forklifts
- Specialty Forklifts
In 2023, electric forklifts accounted for over 50% of the market share due to their eco-friendliness and lower operational costs. ICE forklifts are anticipated to grow steadily, especially in industries that require heavy lifting.
By Key Players
The forklift market is highly competitive, with several key players dominating the landscape, including:
- Toyota Industries Corporation
- Jungheinrich AG
- Kion Group AG
- Mitsubishi Logisnext Co., Ltd.
- Hyster-Yale Materials Handling, Inc.
These companies are focusing on innovation, with the development of smart forklifts equipped with IoT technology and automation capabilities playing a significant role in market growth.
By Process
The process segmentation of the forklift market includes:
- Manual Forklifts
- Automated Guided Vehicles (AGVs)
The AGV segment is gaining traction due to the rising demand for automation in warehouses and distribution centers, expected to witness a significant growth rate during the forecast period.
By Application
Forklifts are utilized across a variety of applications such as:
- Construction
- Retail
- Manufacturing
- Logistics
- Others
The logistics sector leads the market due to the ongoing rise of e-commerce, while the construction sector is expected to see increased forklift adoption for project needs.
By End-Use
The market can also be segmented by end-use, which includes:
- Distributors
- Retailers
- Manufacturers
- Construction Firms
- Others
- Manufacturers constitute a substantial end-use market as they require forklifts for assembly and distribution of products.
By Region
The regional analysis reveals varying dynamics in the forklift market:
- North America: Dominates the market with high demand from various sectors.
- Europe: Follows closely, with growth driven by advancements in technology and automation.
- Asia-Pacific: Anticipated to grow at the highest rate, particularly due to industrialization in developing countries like China and India.
- Latin America and Middle East & Africa: Exhibit steady growth with increasing industrial activities.
Market News on Policy and Companies
Recent policy changes, particularly focusing on sustainability and emissions control, have prompted manufacturers to innovate. Many countries are implementing stricter regulations regarding emissions from forklifts, leading to increased investment in electric forklifts and alternative energy solutions. Companies are also enhancing their production lines to ensure compliance with these regulations.
In addition, notable mergers and acquisitions, such as Kion Group's acquisition of Dematic, aim to enhance supply chain solutions and expand market outreach. Investment in R&D to develop smart forklifts and automated systems is gaining momentum, aligning with the trend towards Industry 4.0.
Segment Forecasts (2024 - 2029)
The forecasts for the forklift market from 2024 to 2029 project the following growth trends:
- Electric Forklifts: Expected to grow significantly, driven by the push toward sustainability and energy efficiency.
- Automated Guided Vehicles: Anticipated to see a CAGR of approximately 10%, becoming an essential part of material handling solutions.
- Asia-Pacific Region: Projected to lead in growth rates, focusing on enhancing manufacturing output and logistics efficiency.
The increasing adoption of IoT and AI in forklift technology is expected to create substantial opportunities for growth, pushing companies to invest in smarter forklifts. Innovations such as telematics for online tracking and operational efficiency will further define the future landscape of the forklift market.
The forklift market is poised for substantial growth, driven by the rise of e-commerce, technological advancements, and increasing demand for efficient material handling solutions. Key players are investing in innovation, responding to market needs, and adapting to policy changes to maintain competitiveness. The forecast period from 2024 to 2029 promises to be transformative for the forklift market, highlighting opportunities and challenges as stakeholders navigate this dynamic environment.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
4.1 Market Overview
4.2 Classification/Types
4.3 Application/End Users
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 Forklift Analysis
6.2.1 Technology Analysis
6.2.2 Cost Analysis
6.2.3 Market Channel Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Trading Analysis
8.1 Export of Forklift by Region
8.2 Import of Forklift by Region
8.3 Balance of Trade
Chapter 9 Historical and Forecast Forklift Market in North America (2019-2029)
Chapter 10 Historical and Forecast Forklift Market in South America (2019-2029)
Chapter 11 Historical and Forecast Forklift Market in Asia & Pacific (2019-2029)
Chapter 12 Historical and Forecast Forklift Market in Europe (2019-2029)
Chapter 13 Historical and Forecast Forklift Market in MEA (2019-2029)
Chapter 14 Summary For Global Forklift Market (2019-2024)
14.1 Forklift Market Size
14.2 Forklift Demand by End Use
14.3 Competition by Players/Suppliers
14.4 Type Segmentation and Price
Chapter 15 Global Forklift Market Forecast (2024-2029)
15.1 Forklift Market Size Forecast
15.2 Forklift Demand Forecast
15.3 Competition by Players/Suppliers
15.4 Type Segmentation and Price Forecast
Chapter 16 Analysis of Global Key Vendors
- Toyota
- Kion Group
- Jungheinrich
- Hyster-Yale
- Crown
- Mitsubishi Nichiyu
- UniCarriers
- Komatsu
- Manitou Group
- Doosan Bobcat
- Anhui HeLi
- Hyundai
- SUNWARD Equipment Group
- Zhejiang Hangcha
For more information about this report visit https://www.researchandmarkets.com/r/rxeile
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