New York, July 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global forklift truck market generated USD 2.06 billion in 2021, and is estimated to generate USD 4.65 billion by 2030, witnessing a CAGR of 9.5% from 2022 to 2030. The report offers a detailed analysis regarding current market size and estimations, driving forces and opportunities, and competitive landscape. Moreover, key segments and sub-segments are analyzed along with regions and their respective countries.
Offering the entire information, data, and statistics in 300 pages, supported by 169 tables and 139 figures, the report is a helpful source of guidance for leading market players, investors, and startups looking forward to strengthen their position in the forklift truck industry. The research also highlights the Covid-19 impact on the market size and the strategy adopted by market players to cope up with the pandemic.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 2.06 billion |
| Market Size in 2030 | USD 4.65 billion |
| CAGR | 9.5% |
| No. of Pages | 300 |
| Tables | 169 |
| Figures | 139 |
| Segments covered | Power Source, Class, End Use, and Geography. |
| Drivers | Increase in investments in infrastructure development |
| The expansion of the e-commerce industry | |
| Opportunities | Rise in demand for ease in movement and organization of goods |
| The emergence and utilization of hydrogen fuel cell forklifts |
The report offers a detailed analysis of changing market dynamics and opportunities of the global forklift truck market. It highlights driving forces and restraints to help market players in devising strategies. Increase in investments in infrastructure development, the benefits such as time-saving and increased efficiency, and the expansion of the e-commerce industry are the factors that lead to the growth of the global forklift market share. However, high cost of these trucks restrains the market growth.
Outlining the opportunities that play a crucial role in raising the forklift truck market size, the Lead Analyst for the Automotive & Transportation category at Next Move Strategy Consulting, stated, “Rise in demand for ease in movement and organization of goods presents opportunities in the coming years. Moreover, the emergence and utilization of hydrogen fuel cell forklifts will improve efficiency of operation in manufacturing facilities, which, in turn, will present more opportunities.”
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The report provides a detailed segmentation of the global forklift truck market based on power source, class, end use, and geography. With the help of tables and figures, the report analyzes each segment and sub-segment to offer better understanding of the market. Based on power, the report classifies the source segment into IC engine-powered and electric-powered. Based on class, the report further segments the market into class 1, class 2, class 3, class 4, class 5, and others. By end use, the report sub-segments the market into retail & wholesale, automotive, logistics, food industry, and others.
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Based on geography, the research further divides the market into North America, Europe, Asia-Pacific, and RoW. Based on the report, North America held the lion’s share in 2021, and will maintain its dominant position throughout the forecast period. This is due to surge in adoption of forklifts in various end-use industries. On the other hand, Asia-Pacific would grow steadily in the coming years, owing to rise in demand for automation in developing nations. The research analyzes each segment and sub-segment based on regions and countries to help market players in determining strategies and regions to expand into.
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The research provides a detailed analysis of leading market players active in the global forklift truck market. This analysis highlights the competitive scenario and strategies adopted by leading players in gaining the competitive edge. Leading players profiled and analyzed in the research include Crown Equipment Corporation, Hangcha, EP Equipment, Jungheinrich AG, Hyster-Yale Material Handling, Inc., Komatsu Ltd., Kion Group AG, Mitsubishi Logisnext Co., Ltd., Lonking Machinery Co., Ltd., Toyota Industries Corporation, and others. They are also analyzed based on product portfolio and sales value for different segments.
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