Stratview Research has published a new report on the Forklift Truck Market, segmented by Fuel Type (Diesel, Battery-Electric, and Gasoline & LPG/CNG), by Tonnage Type (Below 5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, and More Than 36 Ton), by Class Type (Class I, Class II, Class III, Class IV, and Class V), by Application Type (Manufacturing, Wholesale & Retail Distribution, Freight & Logistics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.
Market Highlights
The forklift truck market was estimated at USD 53.7 billion in 2021 and is likely to grow at a CAGR of 11.24% during 2022-2028 to reach USD 115.02 billion in 2028.
What is a forklift truck?
A forklift, also known as a forklift truck, is a vehicle with a power-operated forked platform attached to the front that is used to lift and move various materials over short distances. Some forklifts allow drivers to sit while driving and operating the machine, while others require them to stand. They are widely used in the transportation of materials and goods throughout the industry.
COVID-19 Impact
Forklift trucks, a sizeable market, also was unable to escape the pandemic and witnessed a decline in sales in 2020 amid the pandemic. The lockdowns and restrictions resulted in the shutting down of industries and warehouses and hence completely removing the need for material handling and inventory management. This directly impacted the forklift truck market.
Market Dynamics
The growth of the forklift truck market is primarily driven by-
- The growing construction industry, accompanied by rapid industrialization,
- Highly cost-effective, user-friendly, powerful, and simple to maintain,
- A growing number of warehouse establishments in emerging economies.
Segmentation –
This report studies the Storage as a Service Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
The market is segmented as diesel, battery-electric, and gasoline & LPG/CNG. The battery-electric fuel type segment is expected to register the fastest growth in the market during the forecast period. The growth of the segment is owing to the growing preference for fuel efficiency and increased focus on emission norms. Furthermore, high demand for battery-electric forklifts is expected to drive the segment’s growth due to low operating noise, quick charging, and suitability for use inside manufacturing facilities.
The market is segmented as manufacturing, wholesale & retail distribution, freight & logistics, and others. The manufacturing application type is estimated to account for the major share of the market during the forecast period. The segment’s growth is driven by infrastructure development in emerging economies. Furthermore, companies are focusing on increasing productivity by replacing human labor with machines, which is likely to boost the growth of the market during the forecast period.
Asia-Pacific accounted for the largest market share of more than 43% in 2021 and is projected to grow at a steady CAGR during the forecast period. The growth of the region’s market is owing to industrialization in China, Japan, and India. Furthermore, the region's robust manufacturing sector and demand for modern material handling equipment across industries are expected to fuel the market growth during the forecast period. In addition, companies are focusing on establishing manufacturing facilities in India, which will drive the forklift truck market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Following are the key players in the Forklift Truck Market:
- General Electric Company
- Hella KGaA Hueck & Co.
- Hyundai Mobis
- Koito Manufacturing Co., Ltd.
- Koninklijke Philips N.V.
- Magneti Marelli S.p.A.
- Osram Licht AG
- Samsung Electronics
- Valeo
- Varroc.
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