IMARC Group has recently released a new research study titled “Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global forklift trucks market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
Industry Definition and Application:
Forklift trucks also referred to as fork trucks, are industrial machines that consist of components such as the truck frame, counterweight, forklift, carriage, and hydraulic cylinders. These machines are typically operated by trained operators and are powered by either internal combustion engines (ICE) or electric batteries. Forklift trucks are mainly available in two types, which include counterbalanced trucks and warehouse trucks. They offer several advantages, such as cost-effectiveness, user-friendliness, power, ease of use, and maintenance, making them efficient for loading, unloading, and transporting goods and materials over short distances. Forklift trucks contribute to improved operational efficiency by performing an extensive range of tasks in both industrial and non-industrial settings. Consequently, they find widespread applications in various sectors, including automotive, aerospace, transportation, manufacturing, construction, etc.
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What are the growth prospects and trends in the industry?
The forklift trucks market is primarily driven by the increasing adoption of these machines in the construction industry for efficient handling of heavy materials. Furthermore, the growing number of warehouse establishments and the inflating demand for fuel-efficient vehicles are also positively influencing the market growth. Besides this, the rising popularity of fuel-cell-powered or battery-powered electric forklift trucks, along with the expanding e-commerce industry, are acting as significant growth-inducing factors. Additionally, the elevating utilization of forklift trucks in distribution centers for numerous tasks such as load retrieval, storage, and material positioning is further catalyzing the global market. Moreover, the escalating global concern to reduce carbon emissions, which is creating a reliance on forklift trucks as a more environmentally friendly option, is expected to bolster the forklift trucks market over the forecasted period.
Competitive Landscape With Key Players:
The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Clark Material Handling Company
- Crown Equipment Corporation
- Godrej & Boyce
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries Co. Ltd
- Jungheinrich
- KION Group
- Mitsubishi Forklift Trucks
- Toyota Industries Corporation
Key Market Segmentation:
The report has segmented the global forklift trucks market based on product type, technology, class, application and region.
Breakup by Product Type:
- Counterbalanced Forklift Trucks
- Warehouse Forklift Trucks
Breakup by Technology:
- Electricity Powered
- Internal Combustion Engine Powered
Breakup by Class:
- Class I
- Class II
- Class III
- Class IV
- Class V
Breakup by Application:
- Non-Industrial
- Warehouses and Distribution Centers
- Construction Sites
- Dockyards
- Snow Plows
- Industrial
- Manufacturing
- Recycling Operations
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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