Global Forklift Truck Market was valued US$ 24Bn in 2017, and is expected to reach US$ 43Bn by 2026, at CAGR of 7.56% during forecast period.
Forklifts are rated for loads at a specified maximum weight & a specified forward centre of gravity. This information is located on a nameplate provided by the manufacturer, and loads must not go above these specifications. In many influences, it is illegal to alter or remove the nameplate without the permission of the forklift manufacturer.
Some of the driving factors behind forklift truck market globally are, increasing E-commerce growth, rising construction sector spending, expansion of warehouse space, an upsurge in industrialization and economic growth, expansion of logistics industry and increasing application in manufacturing industries. Key trends and developments in the market are, increasing M-Commerce, growing penetration of Internet of Things (IoT), increasing technological advancement, improved automation of entire material flow, increasing demand for environmentally friendly vehicles and purchase of low-cost forklift trucks in emerging markets.
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Retail & wholesale and logistics segment are anticipated to register the highest CAGRs of 6.7% and 8.2%, respectively. Moreover, retail & wholesale was the highest revenue-generating segment in 2017, accounting for US$13.6 billion. Based on class, class IV generated the highest revenue, during the forecast period. Owing to the increasing demand for electric trucks for manufacturing and warehouse activities. However, class II segment is anticipated to witness a fastest growth rate of 9.1% to reach US$7 billion by 2026.
Region-wise, The Asia-Pacific dominates the global forklift truck market due to increasing urbanization and industrialization. Furthermore, Japan, India and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. Also, China’s fast-growing e-commerce sector drives the demand for forklift trucks. North America stands to be the third largest market for forklift trucks after Europe and Asia-Pacific regions. Though, in 2017, the region has had an impressive sales profile dedicated to strongly enlivening economy in the United States and Canada.
Key players operating in global forklift truck market, Anhui Heli Co Ltd, Clark Material Handling Company, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich Ag, Kion Group Ag, Komatsu Ltd, Lonking Holdings Limited, Mitsubishi Logisnext Co Ltd, and Toyota Industries Corporation.
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Scope of Global Forklift Truck Market
Global Forklift Truck Market, by Product Type
Global Forklift Truck Market, by Power source
Internal Combustion Engine
Global Forklift Truck Market, by Class
Global Forklift Truck Market, by End user
Transportation and Logistics
Retail and wholesale Industry
Food & Beverages Industry
Global Forklift Truck Market, by Region
Middle East and Africa
Key players operating in Global Forklift Truck Market
Anhui Heli Co Ltd
Clark Material Handling Company
Crown Equipment Corporation
Doosan Corporation Industrial Vehicle
Ep Equipment Co Ltd
Godrej & Boyce Manufacturing Company Limited
Hangcha Group Co Ltd
Hyster-Yale Materials Handling Inc
Hyundai Heavy Industries Co Ltd
Kion Group Ag
Lonking Holdings Limited
Mitsubishi Logisnext Co Ltd
Toyota Industries Corporation
UniCarriers Americas Corporation
Hyster-Yale Materials Handling, Inc
Mitsubishi Nichiyu Forklift Co., Ltd.
Godrej & Boyce Manufacturing
Hangcha Group Ltd
Hyundai Heavy Industries