2018 - 2026
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The Forklift truck market was valued USD 49.51 billion in 2020 approximately and is expected to reach USD 80 billion by 2026 registering a CAGR of around 7.3% during the forecast period (2021 – 2026).
In wake of recent pandemic industries such as Automotive, manufacturing, logistics, materials handling companies have shut down their plants as governments of various countries imposed strict lockdown measures. The outbreak of COVID-19 pandemic has led to several forklift manufacturers to reduce production capacity to control spread of virus. Companies such as Hyster-Yale Materials Handling, Inc. suspended their production in Europe, where governments of various countries imposed strict lockdown measures. Due to these factors, there has been a shortage of materials from suppliers in various countries. Furthermore, disruptions in the supply chain are expected due to border closures and traffic delays.
However, market is expected to witness growth during the forecast period as Companies within the manufacturing sector are adopting automation for enhancing their production capacity. Powered industrial trucks reduce manual work as they help manufacturers transfer various parts and materials from warehouses to the production line. In addition, Developments in e-commerce business drive the growth of global forklift truck market during forecast period.
Asia-Pacific dominates the forklift truck market because of the huge need for forklift trucks from advancing nations and the increase in industrialization, are one of the primitive reasons that is expected to aid the growth of the forklift trucks market. This is attributable to the rising demand in developing economies such as China and India.North America is expected to witness a considerable CAGR due to the presence of prominent market players such as Crown Equipment Corporation; Hyster-Yale Materials Handling, Inc.; and CLARK. The market for forklifts in this region is driven by the rising demand in the U.S. retail sector.
Scope of the Report
A forklift is a powered industrial truck, having two power-operated horizontal prongs that can be raised and lowered for loading, transporting, unloading goods and moving materials over short distances.The increasing demand in various industries, such as transportation and logistics, retail sector, general manufacturing, construction, food, and beverage industry is penetrating the forklift market.The scope of the report covers segmentation based on Power-train Type, Vehicle Class, End-user Vertical and Geography.
By Power train type the market is segmented into Internal Combustion Engine and Electric Motor. By Vehicle Class the market is segmented into Class I, Class II, Class III, and Class IV. By End-user Vertical the market is segmented into Transportation and Logistics, Construction, Manufacturing, and Others and By Geography the market is segmented into North America,Europe,Asia Pacific and Rest of the world.For each segment, the market sizing and forecast have been done on basis of value (USD billion).
|Internal Combustion Engine|
|Transportation and Logistics|
Key Market Trends
Electric-Powered Forklift Trucks Are Gaining Popularity In Developed Nations.
With the rapid advancement in technology, there is a lot of potential for electric-powered forklift trucks due to their growing applications and popularity. Such type of electric powered forklift trucks are ideal for use in the indoor spaces, and they can load and unload heavy goods from the ground level or from the docks. A major advantage of using electric powered forklift trucks is that there is no need to store fuel for them at their place of operation.
The use of electric powered forklift trucks is gaining huge ground in the developed regions of North America and Europe, which boast of an established e-commerce industry and the strict norms for emissions and concerns for sustainability. However, in the emerging economies, there is still preference for IC-engine forklift trucks.
In addition, forklift trucks that are powered on alternative sources of energy such as hydrogen are also gaining traction in the global forklift truck market.Governments across various regions are supporting the growth of Forklift truck market through various incentives and policies.For instance,
- The Chicago government regulations are pushing materials handling companies to innovate. Owing to this, Hyster Yale introduced two new products of its research and development initiatives, showcasing the company’s first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.
With several other advantages, like zero emission, low noise, better visibility, and the knack to virtually perform every task that an IC forklift can do is increasingly consenting electric forklift trucks to gain more market share every and is expected to be the fastest growing forklift type over the forecast period.
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North America To Account For A Significant Portion In Forklift Truck Market
North America expected to witness the highest growth in sales in the region during the forecast period (2021 - 2026).This anticipated growth is because of presence of prominent players in U.S.These players are indulged in making heavy investments in adopting the advanced and modern Forklift truck market rather than conventional forktrucks.
Moreover,demand for electric forklift truck is witnessed majorly across the North America region and is also projected to grow in same propaganda during the forecast period.According to the estimates of Clark Material Handling Company, US, the industry contributed over USD 25 billion annually to the US GDP, supporting more than 200,000 US jobs annually.
As this aligns with the interests of the current US government, to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the forecast period, making North America one of the fastest growing regions for the forklift trucks market.
For instance, in 2019, Toyota Material Handling North America (TMHNA) selected four research proposals to provide the industry with solutions that are smarter, more efficient in terms of new technology and innovative approaches which can help the industry for material handling, warehouse, supply chain, logistics.This growth is attributed to the presence of prominent market players such as Crown Equipment Corporation; Hyster-Yale Materials Handling, Inc.; and CLARK.
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The market for forklifts has witnessed various growth strategies such as acquisitions, mergers, and collaboration which are being adopted by market players over the past few years Market players are focusing on expanding their product portfolio to augment their revenue share. For instance,
- In February 2019, Doosan Corporation announced the launch of a wide range of robust electric counterbalance forklifts. The company aims to expand its electric lift truck offerings as it believes they will be an attractive replacement for internal combustion engine lift trucks.
- In June 2019, Crown Equipment Corporation announced the opening of its new sales and service facility in Oklahoma, U.S. The new facility was launched to provide customers access to the latest material handling technology and meet the growing demand for equipment within the region.
- In April 2019 , OTTO Motors, a division of ClearPath Robotics announced the launch of OTTO 750, the first self-driving vehicle for material handling with a payload of 750 kg. It is designed to move pallet-scale loads which would help factories to transport materials. The three standard methods each have different maximum payloads, 100 kg for a cart pushed by a human, 750 kg for a pump truck, and 1500 kg for a forklift.
Some of the key players of global forklift trucks market are 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).
- In December 2020, Doosan Group agreed to sign purchase agreement with Hyundai Heavy Industries and Korean Bank and the company decided to Sell 36% of Doosan Infracore to Hyundai Heavy Industries and Korean Bank to enhance market in developing countries.
- In December 2019,JBT Corporation, a global technology provider announced that it is bringing a new dual-mode AGV to the market in cooperation with Hyster-Yale Materials Handling to demonstrate its automated guided vehicle prowess and its commitment to delivering automation to customers around the world .
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Power-train Type
5.1.1 Internal Combustion Engine
5.1.2 Electric Motor
5.2 Vehicle Class
5.2.1 Class I
5.2.2 Class II
5.2.3 Class III
5.2.4 Class IV
5.3 End-user Vertical
5.3.1 Transportation and Logistics
5.4.1 North America
18.104.22.168 United states
22.214.171.124 Rest of North america
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia Pacific
5.4.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle East&Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Toyota Industries Corporation
6.2.2 KION Group
6.2.3 Jungheinrich AG
6.2.4 Crown Equipment Corp.
6.2.5 Hyster-Yale Materials Handling Inc.
6.2.6 Hangcha Group Co.
6.2.7 Mitsubishi Forklift Trucks
6.2.8 Doosan Industrial Vehicles Co. Ltd
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling Company Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Forklift Trucks Market market is studied from 2018 - 2026.
What is the growth rate of Forklift Trucks Market?
The Forklift Trucks Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in Forklift Trucks Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Forklift Trucks Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Forklift Trucks Market?
- Toyota Industries Corporation
- KION Group AG
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries Co. Ltd
- Godrej and Boyce Manufacturing Co. Ltd
Are the major companies operating in Forklift Trucks Market.