Rising Demand from E-Commerce Sector Strengthens Global Forklift Truck
Market Growth
According to Inkwood Research, the Global Forklift Truck Market is estimated to progress with a CAGR of 6.60% in terms of revenue and 5.78% in terms of volume during the forecasting years of 2023-2032.
Forklift trucks are instrumental in lifting, moving, and transporting heavy items and goods in a range of industrial settings, including warehouses, factories, distribution centers, ports, and more. They are indispensable solutions in ensuring efficient operations and a seamless flow of goods throughout the supply chain.
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Increasing Demand from E-Commerce Sector Propels Market Growth
The rise of e-commerce can be attributed to factors such as increased disposable income, widespread internet usage, and the convenience of online shopping. The growing demand for warehouses to support the expanding e-commerce industry puts additional pressure on supply chain management. In this scenario, the utilization of lift
trucks in warehouses becomes indispensable for effective supply chain management and the enhancement of operational efficiency.
Class 4 & 5 to be the Dominating Type by 2032
The Class 4 category encompasses internal combustion engine trucks that feature solid or cushion tires and have lower ground clearance. On the other hand, the Class 5 category comprises both electric and internal combustion engine tractors that have higher ground clearance and are equipped with pneumatic tires.
Asia-Pacific to be the Fastest-Growing & Leading Region
The surging presence of manufacturing activities in the region is anticipated to propel the growth of the Asia-Pacific forklift truck market.
Moreover, the global forklift truck market is highly competitive owing to the presence of leading manufacturers. Accordingly, some of the key companies in the global market include Hyster-Yale Materials Handling Inc, KION AG, Mitsubishi Logisnext Co Ltd, etc.
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Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.
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