Forklift Truck Market: Growth Prospects for 2023-2030
Triton’s report estimates the global forklift truck market reached $68,393.39 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.08% by 2030.
A recent study by Triton Market Research titled Global Forklift Truck Market includes segments by Type (Class 1, Class 2, Class 3, Class 4 & 5), Power Source (IC EnginePowered, Electric-Powered), End-user (Retail and E-commerce, Construction, Manufacturing, Other End-user), and Regional Outlook (Asia-Pacific, North America, Middle East and Africa, Latin America, Europe).
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A forklift truck is a vital piece of equipment in industries such as warehousing and manufacturing, offering a reliable solution for lifting, moving, and stacking heavy loads with precision and ease. With its sturdy design and diverse range of attachments, the forklift truck enhances productivity and streamlines operations, making it an indispensable asset for modern industries.
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According to Triton’s report analysis, the global forklift truck market is anticipated to witness revenue and volume growth at a CAGR of 8.08% and 6.09%, respectively, over the forecast period 2023 to 2030.
The exponential growth of the e-commerce sector has become a significant market driver, with consumers increasingly relying on online shopping for their everyday needs. This surge in demand has led to a booming logistics and warehousing solutions market, driving the need for efficient material handling equipment like forklifts to support the smooth flow of goods.
However, one of the key challenges the forklift truck market faces is the need for stringent training requirements for operators to ensure their competency and safety in handling these machines. Hence, the growing emphasis on environmental sustainability has led to the implementation of strict emissions regulations, pushing manufacturers to develop ecofriendly forklift models.
On the other hand, with increasing concerns about carbon emissions and a shift towards greener technologies, there is a significant opportunity for the growth of electric forklifts. The increasing demand for electric forklifts is driven by their lower environmental impact, longterm cost savings in operation, and favorable government incentives to promote electric vehicle adoption across various industries.
The market for forklift trucks is divided into three main categories: type, end users, and power source. Classes 1 through 5 are included in the type section, along with classes 2 and 3. Both electric and IC engine-powered power sources are covered in this section. It is divided into segments according to end-user, including manufacturing, retail and ecommerce, construction, and other end-users.
The world market for forklift trucks is dominated by the Asia-Pacific area. The dominance of the region is partly attributed to the existence of major firms such as Toyota Industries Corporation in Japan. These companies are well-known in the industry and provide forklift trucks of a calibre that is in high demand all around the world. In addition, the area has reduced labour costs, which makes it a desirable centre for logistics and manufacturing. Because of this financial benefit, businesses can purchase forklift trucks and other materialhandling
Prominent players in the forklift truck market include Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co Ltd, Hyster-Yale Materials Handling Inc, Hangcha Group Co Ltd, Doosan Corporation, Komatsu Ltd, Crown Equipment Corporation, Clark Material Handling Company, and Toyota Industries Corporation.
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Question & Answer: Global Forklift Truck Market
Question 1: What trends drive the forklift truck market on a growth path?
Answer: The exponential growth of the e-commerce sector has become a significant market driver, with consumers increasingly relying on online shopping for their everyday needs. This
surge in demand has led to a booming logistics and warehousing solutions market, driving the need for efficient material handling equipment like forklifts to support the smooth flow of goods.
Question 2: What factors restrict the development of the forklift truck market?
Answer: Stringent training requirements for operators, ensuring their competency and safety in handling these powerful machines, restrict the overall development of the forklift truck market.
Question 3: Which region dictates the forklift truck market globally?
Answer: The Asia-Pacific region dominates the global forklift truck market. The presence of key players like Toyota Industries Corporation in Japan contributes significantly to the region’s dominance. These players have a strong market presence and offer high-quality forklift trucks that are sought after worldwide. Moreover, the region benefits from lower labor costs, making it an attractive hub for manufacturing and logistics operations. This cost advantage allows companies to invest in forklift trucks and other material-handling solutions, further boosting the market. Additionally, favorable government policies and initiatives supporting industrial growth and infrastructure development in the Asia-Pacific region have played a vital role in expanding the forklift truck market.
Question 4: Which are the notable companies in the forklift truck market?
Answer: Prominent players in the forklift truck market include Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co Ltd, Hyster-Yale Materials Handling Inc, Hangcha Group Co Ltd, Doosan Corporation, Komatsu Ltd, Crown Equipment Corporation, Clark Material Handling Company, and Toyota Industries Corporation.
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