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According to forecasters at Zion Market Research, the global forklift market size was valued at $17, 12 billion in 2019 and the demand for the same in various industries is expected to grow at a CAGR of 2.45% during the forecasted period 2020–2026. The forklifts are a vital part of distribution centers and warehouses. The rising automotive component production and consumable goods coupled with the sweeping prosperity of the e-commerce industry are causing an augmented demand for forklifts. The demand for a forklift truck (also called lift truck) is surging owing to its wide utilization for lifting and shifting materials from one place to another at manufacturing operations and warehouse. The usage of a forklift for handling materials for short and medium distance is the major aspect behind its boosted demand from the automobile industry, brick or stone distribution, retail, heavy-duty warehousing, manufacturing, shipping & freight, and paper ruling industries.Some of the key players in the market are Jungheinrich AG, Toyota Industries Corporation, Crown Equipment Corporation, KION Group AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Nichiyu Forklift Co., Ltd., Komatsu Ltd., UniCarriers Americas, Lonking Holdings Limited, Anhui HELI Co. Ltd., Hangcha Group Co., Ltd., Clark Material Handling Company, Doosan Industrial Vehicle America Corp., Hyundai Heavy Industries, and Combilift.
Technological Development For Increased Productivity To Boost The Global Forklift Market
There is an augmenting trend of hydrogen-powered trucks since they are cost-effective and eco-friendly. Forklifts are driven by such fuel cell technologies and have many benefits like smooth operations in freezing weather and decreased need for battery replacement, and this will accelerate their demand. The technological development targeted toward surged productivity is propelling the global forklift market. Furthermore, other aspects like increasing population, surging demand for the supply chain of various products globally, and rising globalization are expected to further boost demand for forklifts globally in the coming few years.
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The global forklift market is bifurcated on the basis of the class, tonnage capacity, application, fuel type, and regional analysis. Based on the class, the market is divided into class 1, class 2, class 3, and class 4 & 5. Based on the tonnage capacity, the market is divided into less than 5 ton, 5–10 ton, 11–36 ton, and more than 36 ton. Based on the application, the market was divided into wholesale & retail distribution, manufacturing, freight & logistics, and others. Based on the fuel type, the market is divided into battery-electric, diesel, and gasoline & LPG/CNG.
The Asia Pacific Region To Witness Major Share In The Global Forklift Market
Based on the geographical analysis, the global forklift market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The Asia Pacific region is the biggest market for forklift globally and is expected to register massive growth, with China being the chief regional market within the Asia Pacific. Other major markets for forklift across the Asia Pacific are India, South Korea, Japan, and Australia. The existence of a large number of manufacturing facilities, higher economic development, heavy logistics operation, and surging adoption of technology are some of the growth factors of the forklift market across the Asia Pacific region.
The global forklift market is segmented as follows:
By class:
Class 1
Class 2
Class 3
Class 4 & 5
By tonnage capacity:
Less than 5 ton
5–10 ton
11–36 ton
More than 36 ton
By application:
Freight & logistics
Manufacturing
Wholesale & Retail distribution
Others
By fuel type:
Battery-Electric
Diesel
Gasoline & LPG/CNG
By region:
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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