BIRMINGHAM, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market research has just completed and published a study report with the title "Forklift Truck Market" (including the United States, Europe, China, Japan, India, South East Asia, and other regions). The report emphasizes opportunities, and risks, and leverages this information to help readers make strategic and tactical decisions. The Forklift Truck report encompasses the key developments in the market with respect to the current scenario and the forthcoming advancements. All the parameters of this report can be explored to analyze market status, market share, growth rate, future trends, market drivers, opportunities, challenges, risks, entry barriers, sales channels, and distributors. The Forklift Truck market report is a scrupulous investigation of the current scenario of the global market, which covers several market dynamics. This Forklift Truck market report provides an explanation of the detailed market analysis with inputs from industry experts.
They assist in moving packed goods around the storage area, and loading and unloading goods from vehicles. Global Forklift Truck Market was valued at USD 48.12 billion in 2021 and is expected to reach USD 118.29 billion by 2029, registering a CAGR of 11.90% during the forecast period of 2022-2029. Class III: Electric Motor Pedestrian Trucks account for the largest application segment in the respective market owing to the high demand in warehouses and distribution centers. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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A forklift truck refers to an industrial machine that incorporates two horizontal prongs for loading and transporting goods and materials. The machine is usually operated by a trained machinist. This truck is powered by electric batteries or combustion engines.
Forklift trucks market have been deployed for lifting and transferring heavy materials, such as crates, container goods, and other such components, over a short distance. These heavy-duty electric lift trucks are ideal for warehousing operations, recycling operations and dockyards to perform numerous functions.
Opportunities
Furthermore, increase in demand for battery-operated forklifts extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments will further expand the market.
Recent Developments
- In June 2020, Hyster-Yale Materials Handling, Inc., had acquired Zhejiang Maximal Forklift Co., Ltd. Hyster had acquired 75 percent of the outstanding shares. This acquisition has helped the company to strengthen its product portfolio in material handling equipment.
Some of the Major Players operating in the Forklift Truck Market are
- Jungheinrich AG
- Hyster-Yale Group, Inc. (a subsidiary of Hyster-Yale Materials Handling, Inc.)
- KION GROUP AG
- Lift Technologies, Inc.
- Crown Equipment Corporation
- CLARK
- Manitou Group
- Komatsu Ltd
- Hangcha
- DOOSAN INDUSTRIAL VEHICLE AMERICA CORP
- Konecranes
- Palletrans Forklifts
- HUBTEX Maschinenbau GmbH & Co. KG
- Anhui Heli Co., Ltd.
- TOYOTA INDUSTRIES CORPORATION
- MITSUBISHI LOGISNEXT CO., LTD
- Lonking Machinery Co., Ltd.
- EP Equipment, CO.,LTD
- Combilift Material Handling Solutions
- Godrej Material Handling
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- This study offers the latest product news, trends, and updates from the industry’s leading players who have leveraged their market position.
- It also offers strategic plans and standards to arrive at informed business decisions adopted by the main players, thereby advocating your go-to-market strategies.
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- The market research report includes all of the market’s valuable elements, such as sales growth, product pricing & analysis, growth opportunities, and recommendations for addressing market challenges
- The Forklift Truck Research Report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
Key Market Drivers:
- Expansion of Construction Industry
The rise in the construction industry along with the swift industrialization is one of the major factors driving the growth of forklift truck market. These trucks are popular for being powerful, user-friendly, economical, and easy to maintain. They are usually utilized in several industrial tasks owing to their unique features.
- Increase in Warehouses
The surge in number of warehouse developments in the advancing countries accelerate the market growth. The rise in need from the manufacturing industry has a positive impact on the growth of the market.
- Concerns regarding Safety
The increase in the adoption of forklift truck market to enhance productivity, and reduce injuries and disasters further influence the market. Also, an inclination for IC-engine forklift trucks in developing regions assist in the expansion of the market.
The investment made in the study would provide you access to information such as:
- Global Forklift Truck Market [Global – Broken down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country-wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
- Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Market Regional Analysis/Insights
The countries covered in the forklift truck market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the forklift truck market due to the rise in inclination of manufacturers toward plant automation within the region.
Europe is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rapid urbanization and rising demand from chemical and food manufacturers in the region.
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Key Market Segmentation: -
By Product Type
- Counterbalance
- Warehouse
By Power Source
- Internal Combustion Forklift Truck
- Electric Forklift Truck
By Class
- Class V (IC Engine Forklift Trucks, Pneumatic Tire)
- Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires)
- Class I (Electric Motor Rider Forklift Trucks)
- Class III (Electric Hand Forklift Trucks)
- Class II (Electric Motor Narrow Aisle Forklift Truck)
- Class VI (Electric and IC Engine Tractors)
- Class VII (Rough Terrain Forklift Truck)
By Tonnage
- Below 5 Ton
- 5 To 10 Ton
- 11 To 36 Ton
- 36 Ton and Above
By Fuel Type
- Electric
- LPG/CNG
- Diesel
- Gasoline
By Industry
- Construction
- Freight and Logistic
- Food Industry
- Retail
- Chemical
- Paper and Wood
TABLE OF CONTENTS
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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