Newark, Aug. 12, 2024 (GLOBE NEWSWIRE) -- According to a new report by The Brainy Insights, the global forklift market is set to experience significant growth, with market size expected to expand from USD 67.97 billion in 2023 to USD 178.72 billion by 2033, representing a robust CAGR of 10.15% during the forecast period from 2024 to 2033. This surge is largely driven by the burgeoning e-commerce sector, rising investments in infrastructure development, and the increasing demand for efficient warehouse operations.
Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/13025
Key Market Drivers
Several factors are contributing to the robust growth of the forklift market:
• Automation and Smart Warehousing: The integration of automation and smart technologies in warehouse operations is a major driver of forklift market growth. Companies are increasingly adopting autonomous forklifts equipped with AI and IoT capabilities to enhance efficiency and reduce operational costs.
• E-Commerce Expansion: The booming e-commerce sector continues to demand more efficient and scalable material handling solutions. Forklifts play a critical role in managing the logistics and warehousing needs of this fast-paced industry.
• Sustainability Initiatives: The shift towards greener logistics is encouraging the adoption of electric forklifts, which are seen as a sustainable alternative to traditional internal combustion engine models.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 10.15% |
| 2023 Value Projection | USD 67.97 Billion |
| Market Size in 2033 | USD 178.72 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Propulsion, Tire Type, Class, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Forklift Market Growth Drivers | The growing e-commerce industry |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/forklift-market-13025
Leading companies in the industry include CLARK, Anhui Heli Co., Doosan Corporation, Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., KION Group AG, Hangcha, Komatsu Ltd., Toyota Material Handling, Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The propulsion segment is divided into internal combustion engine and electric. The electric segment led the market with a market share of 56.2% in 2023. This growth is attributed to the rising trend of online shopping and e-commerce platforms. The class segment is divided into class 1, class 2, class 3, and class 4/5. The class 2 segment led the market with a market share of 28.3% in 2023. This growth is attributed to the increasing R&D investment from manufacturers. The tire type segment is divided into pneumatic and cushion. The pneumatic segment led the market with a market share of 58.28% in 2023. This growth is attributed to the advancements in road infrastructure coupled with increasing customer inclination towards personal conveyance. The battery type segment is divided into lithium-ion and lead-acid. The lithium-ion segment led the market with a market share of 57.2% in 2023. This growth is attributed to the general adoption of green logistics. The industry segment is divided into food and beverage, automotive, 3PL, paper and pulp, metals and heavy machinery, e-commerce, semiconductors and electronics, healthcare, chemical, and others. The e-commerce segment led the market with a market share of 19.28% in 2023. This growth is attributed to the fast-paced internet penetration and related technologies.
Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/13025
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
