The purpose of forklift trucks is to lift and move materials within short distances. They are required in all industries. Market Research Future (MRFR) reported about the global forklift trucks market in their latest study that vaticinates gains at 5.9% CAGR between 2017 and 2023. By value, the market has been figured to be worth the $ 41.73 BN by the end of the forecast period.
Monitoring the market structure, this report mensurates the future growth potential of the market. It chalks the strategies of the key players in the market and helps in the competitive developments like new product developments, mergers & acquisitions, joint ventures, and research & developments (R&D) in the market.
The imperative factor driving the global forklift trucks market growth is the growing demand from the manufacturing industry. Other important factors initiating market growth include an increase in productivity, and reduced accidents as well as injuriesalong with operator comfort. However, the high cost of electric-powered forklift trucks can hinder the market growth.
Market Segmentation
The global forklift trucks market segmentation covers application, capacity, technology, and region. Under the application-based segmentation, the covered segments are logistics, manufacturing, retail & wholesale, and others. Based on capacity, the market is being segmented into below 5 tons and above 5 tons. Regarding technology, the market has been segmented into the electric powered truck, and internal combustion engine powered truck.
Regional Segmentation
Geographically, the global forklift trucks market features Asia Pacific, Europe, North America, and the Rest of the World (RoW). The Asia Pacific has maximum market coverage, followed by Europe. Rising industrialization in the Asia Pacific region is the primary factor for market growth. It is also the fastest growing regional market. The prominent country-specific regional markets are China, India, and Japan.
Europe is another important regional market and is expected to contribute significantly to the global market during the forecast period. Noteworthy country-specific markets in this region are France, Germany, Spain, and the UK. In North America, the market is extending due to many established industrial sectors that require a regular supply of raw materials necessary for production. Many key market players are based in North America. Hence, forklift trucks are always required in this region. Country-specific markets that generate maximum revenue in this region are the USA and Canada.
Key Players
Key players in the global forklift trucks market include Anhui HELI Co. Ltd (China), Crown Equipment Corporation (UK), Hyster-Yale Material Handling Inc. (USA), Jungheinrich Group (Germany), Kalmar Global (Finland), KION Group AG (Germany), Komatsu Ltd. (Japan), Mitsubishi Nichiyu Forklift Corporation (Japan), The Raymond Corporation (USA), and Toyota Industries Corporation (Japan).
