iCrowd Newswire – Jul 22, 2020
The Global Forklift Truck Market is estimated to grow at a CAGR of 7.3% during the forecast period 2020-2027. As per the detailed market study, the global forklift truck industry was valued $45.00 billion in the year 2019 and is anticipated to reach $81.40 billion by the end of the year 2027.
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Forklift trucks are powered and heavy-duty industrial vehicle used for material handling that include lifting material and transporting it for short distance to operational sites. The marketplace is witnessing an increase in penetration of electric forklift trucks due to the benefits such as noise less operation and eco-friendly operation. Technological advancements is the key trend which is positively impacting the market growth and help to improve forklifts where they are integrated with sensors and other components.
Additionally, growth in the manufacturing industries are further fuelling the market growth over the future period. For instance, as per the United Nation Industrial Development Organization (UNIDO) estimates, the global manufacturing industry has witnessed a steady growth after a high growth rate of developing economies and slow-paced recovery of the industrialized economy (especially Europe).
The global forklift truck market is driven by various other growth factors such as the growth of the e-commerce industry and increase in investments in the infrastructure industry. Whereas, rising number of safety related concerns may act as a major hindering factor of the forklift truck market. On the contrary, development of autonomous forklifts trucks and production of hydrogen fuel cell forklifts are some lucrative opportunities offered by the market players operating in the global forklift trucks market.
Segmentation Overview of the Global Forklift Truck Market
The global forklift truck market is categorized on the basis of various market segments such as power source, class and end use. These major market segments are further categorized on the basis of various sub-segments to study the market in detail,
The Power Source Segment of the Global Forklift Truck Market is Sub-Segmented into:
- Electric Powered
- IC Engine Powered
The Class Segment of the Global Forklift Truck Market is Sub-Segmented into:
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
The End Use Segment of the Global Forklift Truck Market is Sub-Segmented into:
- Food Industry
- Retail & Wholesale
Key Players Insights of the Global Forklift Truck Market
Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, Lonking Machinery Co., Ltd., Hyster-Yale Materials Handling, Inc., Hangcha, EP Equipment Komatsu Ltd., KION GROUP AG and Crown Equipment Corporation are some major market players included in the research study of the global forklift truck market.
Regional Overview of the Global Forklift Truck Market
The LAMEA forklift truck market is estimated to grow at a CAGR of 11.1% during the forecast period. The regional market growth is driven by production of electric powered forklift truck and technological advancements of the forklift trucks in the marketplace. On the other hand, the Asia-Pacific dominated the global marketplace by holding 2/5th of the market share. The regional market growth is drive by various growth factors such as rising investment in the infrastructure industry and rapid growth of the e-commerce industry in the region.
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Keywords: Forklift Truck Market