New York, United States , March 11, 2023 (GLOBE NEWSWIRE) -- The Global Forklift Truck Market Size is to grow from USD 62.2 billion in 2021 to USD 129.4 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.45% during the forecast period. Forklift truck adoption is increasing in various industries, including mining, industrial, food & drinks, construction, chemical, logistic, manufacturing, natural resources, retail & e-commerce, and others. The base year for the report is 2021, and the forecast period is from 2022 to 2030. The market would witness growth owing to driving factors such as stringent emission norms, increasing need for sustainable material handling equipment for intralogistics operations, and the growing warehouse and logistics industries worldwide.
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Forklift trucks are heavy-duty lift trucks that are commonly used to lift and carry big goods such as containers, crates, and other similar components over small distances. The global forklift truck market is expanding as a result of developments in the e-commerce industry in major nations such as Europe, the United States, and China. Similarly, an increase in infrastructure development investments and an increase in the usage of electric forklift trucks are expected to drive market expansion. Also, the market is likely to rise in the medium term during the forecast period, as forklift truck manufacturers implement automation to increase manufacturing capacity. With various other advantages, such as zero-emission, low noise, improved visibility, and the ability to perform practically every operation that an IC forklift can, electric forklift trucks are predicted to acquire market share and be the fastest developing forklift truck over the forthcoming years.
Browse key industry insights spread across 209 pages with 116 market data tables and figures & charts from the report “Global Forklift Truck Market Size, Share, and COVID-19 Impact Analysis, By Class Type (Class 1, Class 2, Class 3, Class 4, Class 5), By Power Source Type (Internal Combustion Engine, Electric), By End-Use Industry (Mining, Industrial, Food & Beverages, Construction, Chemical, Logistic, Manufacturing, Natural Resources, Retail & E-Commerce, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis a006Ed Forecast 2021 – 2030”. in detail along with the table of contents.
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The class 3 segment is witnessing a higher growth rate over the forecast period.
The Global Forklift Truck Market is divided into five classes: class 1, class 2, class 3, class 4, and class 5. Among these, the class 3 segment is witnessing a higher growth rate over the forecast period. Class 3 forklifts are stand-up forklifts that are meant to lift goods over a short distance off the ground. The controller serves next to the vehicle and uses electronic controls. They have a capacity of 4 tonnes, and they are utilized for both loading and unloading trucks.
The electric segment is witnessing significant CAGR growth over the forecast period.
On the basis of materials, the Global Forklift Truck Market is segmented into the internal combustion engine, and electric. Among these, the electric segment is witnessing significant CAGR growth over the forecast period. Electric forklift trucks can be powered by batteries or fuel cells and can run on direct or alternating currents. To work at full efficiency, they must be charged for eight hours. Although electric forklifts are more expensive at first, they require little maintenance and can run for more than five years. They are more maneuverable than gas-powered forklifts and have a quieter start-up.
The food & beverages segment is dominating the market with the largest market share of 55% over the forecast period.
Based on the end-use industry, the Global Forklift Truck Market is segmented into mining, industrial, food & beverages, construction, chemical, logistics, manufacturing, natural resources, retail & e-commerce, and others. Among these, the food & beverages segment dominates the market with the largest market share of 55% over the forecast period. The utilization of these vehicles is growing at a quicker rate as the economic industry of food and beverages expands. Lack of luster or unreliable machines may result in destroyed products, lost output, and costly servicing. In such situations, such vehicles play an important role in the food and beverage industry.
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With a market share of 35%, Asia Pacific dominates the market.
Asia Pacific is expected to emerge as the market's leading region throughout the projected period, with a market share of 35% and 560,000 units in 2021. Rising industrialization is one of the reasons projected to promote the growth of the forklift truck market. Increasing demand in developing countries such as China, Japan, and India is also contributing to this surge. For instance, Mitsubishi Logisnext plans to extend its dealership network in the United States in May 2022. Wiese USA has been appointed to promote the corporation's brand products in Alabama and North-western Florida: Cat lift trucks, Mitsubishi forklift trucks, and Jung Heinrich warehouse goods.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Forklift Truck Market include Toyota Industries Corporation, Anhui Heli Co., Ltd., Mitsubishi Logisnext Co., Ltd., Hyster-Yale Materials Handling, Inc., Doosan Corporation, Crown Equipment Corporation, KION Group AG, Konecranes, Paletrans Equipment, Lonking Holdings Limited, Crown Equipment Corporation, Jungheinrich AG, Mitsubishi Heavy Industries Group, Komatsu Ltd., EP Equipment, Cargotec Oyj, and Manitou Group, among others.
Recent Development
In September 2022, Toyota Industries Corporation unveiled an automated lift truck with world-first AI-based technology that autonomously recognizes vehicle and load location and position and produces automated travel routes to complete loading procedures.
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