Westford,USA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Forklift Trucks Market size will reach a value of USD 100,000 Million by 2031, with a CAGR of 13.2% during the forecast period (2024-2031). The need for material handling solutions is being driven by factors such as impulsive buying, convenient delivery, rising disposable income, and falling product costs. There are more orders for individual items across warehouses due to growing e-commerce, online shopping, sales, and deliveries. Warehouse lanes are becoming even more constrained due to increased volume sales, which is creating a high demand for small forklift trucks. Faster pick-up and unloading forklifts are essential to warehouses' routine inventory management.
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Browse in-depth TOC on the "Forklift Trucks Market"
Pages – 157
Tables – 71
Figures – 75
Forklift Trucks Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 83416.09Million |
| Estimated Value by 2031 | USD 100,000Million |
| Growth Rate | Poised to grow at a CAGR of 13.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Class |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Forklift trucks significantly improving workplace safety |
| Key Market Opportunities | Evolution of rental and refurbished forklifts |
| Key Market Drivers | Growth in e-commerce and warehousing industries |
Manufacturing Application to Hold Significant Growth due to Continuous Need for Efficient Material Handling
The global forklift trucks market outlook has been largely sustained by the manufacturing sector’s persistent demand for efficient material handling and warehouse automation. As industries and manufacturers develop more advanced technologies, such as automation and the internet of things, the need for the use of forklifts increases. This circumstance improves the functioning of the system, thus increasing the potential output which invites more investments in forklift systems.
Class 3 to Lead Market due to Suitability for Indoor Operations
Class 3 electric forklifts are dominating the global forklift trucks industry due to their suitability for indoor operations and high maneuverability in tight spaces. With the increasing focus on sustainability and minimization of emissions, the transition to electric models creates the need. This development also stimulates the manufacturers to come up with new innovations in performance and efficiency making it even more difficult to dethrone Class 3 from its pedestal.
North America to Dominate Market due to Presence of Robust Manufacturing and Logistics Sectors
North America's dominance in the global forklift trucks market growth is driven by its robust manufacturing and logistics sectors, which require advanced material handling solutions. Due to the region's focus on automation and the effectiveness of warehouses, the demand for forklift trucks market is high. As a result, investment in infrastructure and other technologies promotes further market development, thereby consolidating the position of North America in the adoption of forklifts.
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Forklift Trucks Market Insight
Drivers:
- Increased Demand for Efficient Logistics
- Adoption of Automated Guided Vehicles (AGVs)
- Material Handling in Online Retail
Restraints:
- Cost of Purchasing Advanced Forklifts
- Shortage of Skilled Operators
- Stringent Regulations may Limit Operational Flexibility
Prominent Players in Forklift Trucks Market
The following are the Top Forklift Trucks Market Companies
- Toyota Material Handling (Japan)
- KION Group AG (Germany)
- Hyster-Yale Materials Handling, Inc. (USA)
- Crown Equipment Corporation (USA)
- Mitsubishi Logisnext Co., Ltd. (Japan)
- Jungheinrich AG (Germany)
- Doosan Industrial Vehicle (South Korea)
- Manitou Group (France)
- Hangcha Group Co., Ltd. (China)
- Clark Material Handling Company (USA)
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Key Questions Answered in Global Forklift Trucks Market Report
- What is the projected value of the global forklift trucks market share by 2031?
- Which class of electric forklifts is leading the market, and why?
- What are some key drivers contributing to the growth of the global forklift trucks market trends?
This report provides the following insights:
- Analysis of key drivers (Investments in infrastructure &logistics networks, automated material handling solutions, improved storage & retrieval processes), restraints (Drones for material handling, supply chains can delay production), opportunities (Increasing preference for electric forklifts, specialized forklifts tailored to specific industry needs).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the forklift trucks market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the forklift trucks market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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