Forklift Market to Reach US$ 27.89 Bn by 2027

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Precedence Research’s latest report on the global forklift market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.

The global forklift market size is estimated to reach US$ 27.89 Billion by 2027, rising at a market growth (CAGR) of 3.02% during the forecast period.

Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for forklift market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.

The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.

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Why Forklift?

A forklift is a small vehicle equipped with power-operated forked platform that helps in moving vehicle from one place to another. Forklifts use mainly two types of energy source that are electricity or combustion engine. They are generally used in warehouses and distribution centers for lifting & transporting goods. They are among the prime equipment for industrial automation. Presently, electric-driven forklifts are given more emphasis as they are environment-friendly and have zero-gas emission.

Growth Factors

Increasing safety concern of workers in the manufacturing and construction sites drives the market growth significantly. Demand for innovative material handling system for loading and transportation of products boost the market growth. Third party logistics (3PL) companies are rapidly installing forklifts in distribution centers and warehouses for fast delivery of products to the customers. Furthermore, adoption of robotic forklift is providing prominent opportunities to the seller and dealers of forklifts market. These robotic or autonomous forklifts have inbuilt sensors that can self-locate or track their route. They need not to be programmed for a specific track.

However, high cost of electric-powered forklift due to implementation of lithium-ion batteries estimated to hamper the market growth. Meanwhile, government regulation for gas emission also forced manufacturers to shift their trend towards electric powered vehicle. This encourages the forklift market players to develop cost-effective solution in the coming years.

Report Highlights

  • Asia Pacific held prominent market position in terms of revenue share and expected to flourish with the highest growth rate during the forecast period. The prime factor supporting the regional growth are rising trend for industrial automation and rising e-commerce business in the region. Europe is the other important region that seeks lucrative growth opportunities in the coming years.
  • Rough terrain type segment dominated the global forklift market in 2019 with significant revenue share. Their advanced feature and high load carrying capacity has made them a preferred choice in industry. They have vertical towers that can lift loads directly upward. In addition, they are designed with pneumatic tire that make them fit to work on any type of surface.
  • Electric forklift offers the highest growth aspect among other types of propulsion in the global forklift market owing to stringent government norms for harmful gas emission. Furthermore, battery-driven vehicle are more vulnerable for automation compared to diesel and internal combustion engine powered vehicles.
  • By application, industrial segment held the largest market revenue in 2019 due to significant adoption of industrial automation tools and equipment. However, logistics segment exhibits the fastest growth rate in the near future attributed to accelerating trend for online shopping and e-commerce business. Presently, in busy lifestyle common public prefer online shopping for saving their time and efforts.
  • Autonomous forklifts are the preferred choices in the industrial and construction sector to reduce workforce and therefore reducing the overall labor cost. However, many industries are still using manual forklifts for their internal operations.

Regional Snapshots

The Asia Pacific and Europe are the most promising regions in the global forklift market. Rising initiatives for industrial automation in the region along with prominent growth in the manufacturing sector drives the market growth in the regions. Furthermore, significant growth of e-commerce platform in the regions offer new market opportunities during the forecast period. As per United Nation Economic and Social Commission for Asia and the Pacific (UNESCAP), e-commerce platform exhibits a growth rate of 28% during the forecast period in the Asia Pacific region. Several industry players are also implementing autonomous forklift for reducing the workforce size and thus reducing the labor cost.

Key Players of the global forklift market are:

  • Komatsu Ltd.
  • Hyster-Yale Material Handling Inc.
  • Mitsubishi Forklift Corporation
  • Hyundai Heavy Industries Ltd
  • Toyota Industries Corporation
  • KION Group AG
  • Anhui Heli Co. Ltd
  • Crown Equipment Corporation
  • Comblift Limited
  • Hubtex Maschinenbau GmbH & Co. KG
  • Clark Material Handling Company
  • Hangcha Group Co. Ltd
  • Doosan Industrial Vehicle America Corporation.
  • Manitou Group
  • Konecranes
  • Lonking Forklift Co.
  • Godgej & Boyce Group
  • Unicarriers Americas

Segments Covered in the Report:

Market Segment

By Type

  • Counterbalanced
  • Side Loaders
  • Rough Terrain
  • Powered Pallets
  • Telescopic Handler
  • Others

By Propulsion

  • Gasoline
  • Diesel
  • Hybrid Electric
  • Electric

By Operation

  • Manual
  • Autonomous

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4
  • Class-5 & Above

By Application

  • Industrial
  • Logistics
  • Construction
  • Others

Regional Segment

  • North America (United States, Canada)
  • Europe (Germany, France, UK,  Italy, Russia, and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
  • Latin America (Brazil and the Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)

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