The global Forklift Truck Market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forklift trucks are powered industrial trucks used to lift and transport materials over short distances. They are extensively used in manufacturing facilities, warehouses and distribution centers due to their ability to improve material handling productivity and efficiency.
Market key trends:
Growing e-commerce sector is one of the key trends fueling the growth of forklift truck market. There is significant growth in the e-commerce industry worldwide owing to rising internet penetration and increase in online shopping. E-commerce companies extensively use forklift trucks for loading and unloading of goods, their storage and transportation within the warehouses. Moreover, growing focus on warehouse automation technologies by e-commerce companies to enhance operational efficiency will further propel the demand for automated forklift trucks over the forecast period.
Market Key Trends:
The Global Forklift Truck Market is witnessing increasing adoption of fuel cell forklift trucks owing to their clean energy source and high efficiency. Fuel cell forklifts have zero emissions and offer longer run times as compared to combustion engines. Leading players like Toyota, Hyster-Yale, and Hangcha are heavily investing in developing and commercializing fuel cell forklifts. In addition, growth in e-commerce and warehousing activities is driving up the demand for forklifts across industries. The need for efficient logistics and material handling solutions in warehouses and distribution centers is fueling market growth.
SWOT Analysis:
Strength: Fuel cell and electric forklifts provide zero emissions and lower operational costs compared to diesel/gasoline counterparts.
Weakness: High upfront costs of fuel cell and electric forklifts limit widespread adoption.
Opportunity: Growth of e-commerce and expansion of warehouses/distribution centers present major market opportunities.
Threats: Volatility in raw material prices and trade wars pose challenges to market players. Stringent emission regulations on diesel forklifts also threaten existing market models.
Key Takeaways
The global forklift truck market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing investments in automating warehousing and logistics operations.
The Asia Pacific region dominates the global forklift truck market, with China being the largest producer and consumer. China accounts for over 40% of the global forklift population owing to large manufacturing and construction sectors in the country. North America and Europe are other major markets driven by large e-commerce and automotive industries.
Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling. Strategic partnerships and development of fuel cell and electric models are key focus areas for major players in the industry.
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