The global Forklift Trucks Market is projected to reach $ 86.2 billion by 2030. During the projected period from 2021 to 2030, the market will register a CAGR of 9.80 % and showcase strong market performance.
A forklift truck is a powered industrial vehicle used to lift or move materials over a short distance. These trucks are useful in manufacturing and production settings across different industries. In the contemporary business setting, the demand for forklift trucks is rapidly increasing due to high productivity and efficiency and better safety in the workplace. Integrating innovative technologies has been redefining the global Forklift Trucks Market by creating opportunities to build better and more robust forklift trucks. During the forecasted period, the demand for forklift trucks will rise due to rapid industrialization in varying nations across the globe.
Due to the promising nature of the global Forklift Trucks Market, there exists cut-throat competition among major market players. Several companies are investing in their research and development function to build more technologically advanced forklift trucks for their customers. The objective is to gain a competitive edge in the attractive market.
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The global Forklift Trucks Market can be segmented based on technology, capacity, and application.
The market can be further divided based on technology into electric and internal combustion engines. Based on capacity, the market can be broken down into below 5 tons and above 5 tons. Similarly, depending on the application, the global Forklift Trucks Market can be fragmented into logistics, manufacturing, retail and warehouse and others. One of the common factors that will influence the performance of the market segments is the integration of innovative technology to build more efficient forklift trucks.
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The global Forklift Trucks Market has a solid presence in several regions across the globe. Based on geographical segmentation, the main regional segments of the market include North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific regional segment has been leading globally due to the rapid industrialization of nations such as India and China. During the forecasted period, the region is expected to demonstrate similar performance and shape the growth trajectory of the Forklift Trucks Market. The European and North American segments have also succeeded in contributing to the profitability of the market at the global level. In these regions, the reliance on forklift trucks is expanding rapidly because of the surge in ecommerce business practices. As customers prefer to shop for products online, these industrial vehicles are being used by businesses to transport commodities for a short distance before the final drop shipment.
Key Market Players:
Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co., Ltd (China), and Kalmar Global (Finland).
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July 2022 – KION Group, a prominent player in the global forklift trucks industry, has upgraded its Jinan Plant to enhance the customer experience. The business organized an event to unveil a new Intelligent Experience Center to show its commitment to advanced warehouse technology. Over 100 guests had been invited to the launch, including customers, media representatives, dealers and KION staff members. This strategic move can help the business to gain an edge over its rivals.
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