USD 73680.75 million
Report ID: SQSG20G2002 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 71 | Figures: 75
Forklift Trucks Market size was valued at USD 73680.75 million in 2021 and is poised to grow from USD 83416.09 million in 2022 to USD 100000 million by 2030, growing at a CAGR of 13.2% in the forecast period (2023-2030).
A forklift truck is an industrial device with two horizontal prongs used for loading, unloading, and short-distance transportation of commodities and goods. It is often run by a skilled machinist and is either powered by combustion engines or electric batteries. Forklift trucks are made up of a number of parts, including the truck frame, counterweight, forklift, carriage, and hydraulic cylinders, which make it easier to complete a variety of industrial jobs quickly. They are widely used in warehouses, factories, and dockyards throughout many different industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, as a result of these advantages.
The e-Commerce industry is growing steadily. The requirement for warehouse space to store goods before they are sent in bulk to retail outlets via pallet loads and cases has increased due to the rise in consumer product demand. Various distribution strategies and warehouse technologies are employed to deliver goods to the correct location without causing any damage. To efficiently organise products or objects in warehouses and conserve time and space, forklift trucks are utilised. As a result, developments in the e-Commerce sector are fueling the growth of the forklift truck market globally.
US Forklift Trucks Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 73680.75 million
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Global forklift trucks market is segmented based on the Application, Class, and region. Based on Application, the Global forklift truck market is segmented as Mining, logistics, building sector, food and beverage, natural resource, manufacturing, and other industries including agriculture. Based on the Class, the Global Forklift Trucks Market is segmented as Class 1, Class 2, Class 3, Class 4, Class 5, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Forklift Trucks Market Analysis by Application
During the forecast period, manufacturing is expected to have a significant CAGR. In the food and beverage sector, these trucks account for a significant and greater part. Because of the expansion of the commercial food and beverage sector, these trucks are being used more frequently. Due to their frequent quick turnaround, wash-downs, caustic chemicals, and cold storage, a number of food processing facilities and warehouses require sophisticated material handling equipment. Machines that are subpar or unreliable might result in ruined goods, decreased output, and expensive maintenance. Such vehicles are crucial in these situations for the food and beverage industry.
Forklift Trucks Market Analysis by Class
Global Forklift trucks market has been segmented on the basis of Class as Class 1, Class 2, Class 3, Class 4, Class 5, and others. Forklift sales were dominated by the class 3 segment, which had a revenue share of more than 39.0 % in 2021. Over the course of the projected period, the segment is anticipated to continue to dominate. Pallet jacks and electric warehouse pedestrian trucks are examples of class 3 forklifts. Their demand has grown in warehouses and distribution centers because they are less expensive to buy and maintain than forklifts. Also, Class 4 and Class 5 forklifts are in the most demand. Class 4 forklifts are propelled by internal combustion engines that burn LPG gas, gasoline, diesel, or compressed natural gas. Their robust, pneumatic, cushioned tyres provide a comfortable ride on indoor floors and are puncture-proof because they are not air-filled. These forklifts are highly durable.
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North America held the largest share of the Forklift Trucks Market. due to the region's better infrastructure and growing industry. Additionally, the market for forklift trucks is anticipated to grow in value due to the quick uptake of forklifts across several industries. Due to the rising need for automation in emerging nations, it is anticipated that the Asia Pacific region would have significant and steady growth in terms of market share throughout the projection period. Further driving market expansion in this region is projected to be factors like an improved economy and rising urbanisation. About 83% of the market in North America is controlled by the United States. The U.S. is anticipated to see good sales growth during the course of the projected period. The existence of significant players in the U.S. is what causes this anticipated rise. Players in this market are making significant investments in cutting-edge forklift trucks rather than traditional forklift trucks.
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Forklift Trucks Market Driver
Forklift Trucks Market Restraint
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There are numerous manufacturers competing for market share in the competitive forklift truck market on a global scale. Major businesses are growing in order to capture a larger share of the market. Over the past few years, industry players have employed a variety of growth tactics for the forklift market, including as acquisitions, mergers, and collaborations. To increase their revenue share, market participants are concentrating on diversifying their product offerings.
Forklift Trucks Market Top Player's Company Profiles
Forklift Trucks Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Forklift Trucks Market Analysis, in terms of application, the manufacturing segment held the largest. Among Class, Forklift sales were led by the class 3 segment, which had a revenue share of more than 39.0 % in 2021. Over the course of the projected period, the segment is anticipated to continue to dominate. Electric forklift trucks are becoming more common in developed countries. Given the rapid advancement of technology, electric-powered forklift trucks have a lot of potential due to their expanding applications and popularity. These electrically powered forklift trucks can load and unload large items from the ground level or docks, making them ideal for indoor use.
|Market size value in 2021||USD 73680.75 million|
|Market size value in 2030||USD 83416.09 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Forklift Trucks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Forklift Trucks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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