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Forklift Market was valued at USD 54.79 billion in 2021, and is expected to rise from USD 58.9 billion in 2022 to reach a value of USD 105.05 billion by 2030, at a CAGR of 7.50% during the forecast period 2023-2030.

The development of new products and strategic partnerships such as merger and acquisition, collaboration, and joint venture agreements among market competitors to improve their services, are the main drivers of the worldwide forklift market. Hyster-Yale Materials Handling was able to grow its regional footprint in the utilities & standards industry, particularly in China, thanks to the acquisition. 'Anhui Heli Co., Ltd.', 'Toyota Industries Corporation', 'CLARK', 'Kion Group AG', 'Crown Equipment Corporation', 'Doosan Corporation', 'Lonking Machinery Co.Ltd.', 'Hangcha', 'Hyster-Yale Materials Handling, Inc.', 'EP Equipment', 'Jungheinrich AG', 'KION Group AG', 'Komatsu Ltd.', 'Hangcha', 'Mitsubishi Logisnext Co., Ltd.', 'Toyota Material Handling'

The expansion of the forklift industry can be linked to the booming e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places.

Warehouse owners prioritise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to witness an increase in demand.

Geographically, the forklift market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). In 2021, Asia Pacific held a dominating share of 45.0%. The growth of this regional market is attributed to the rise in connections between manufacturers and their rise in investments on factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. With the recently released products hydrostatic drive technology, the forklift can shuttle constantly, increasing uptime and lowering maintenance costs.

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Global Forklift Market

Product ID: SQMIG20G2021