According to the latest report by IMARC Group, titled "Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global forklift trucks market size reached a value of US$ 54.7 Billion in 2020. Forklift trucks are industrial trucks that are widely utilized for lifting and moving materials within short distances. They are powered industrial machines that consist of two power-operated horizontal prongs which can be raised or lowered for loading, unloading and transporting goods and raw materials. Commonly operated by a trained driver, these machines enable easy movement of heavy goods horizontally and vertically, thereby facilitating them to perform versatile industrial tasks in an efficient manner. Their usage further aids in improving the overall productivity of the process and minimizing the chances of injuries and accidents. As a result, they are extensively employed across the logistics, transportation, retail, manufacturing and construction sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Forklift Trucks Market Trends:
The global market is majorly driven by the considerable growth of the construction sector. Supported by rapid urbanization, inflating disposable income levels and the shifting lifestyle preferences of the masses, this has resulted in the expansion of the residential segment across the globe, wherein forklift trucks are increasingly being used for handling heavy construction materials, such as bricks, wood, steel and mortar, in a convenient manner. The market is also driven by the increasing utilization of these trucks across the e-commerce sector. They are commonly used for delivering components to assembly lines, retrieving loads from storage racks, and positioning materials in their respective spots for effective handling in the industry. Escalating preference for online shopping on account of the enhanced convenience associated with these portals is expected to provide an impetus to the market growth. Moreover, there has been a rising demand for electric forklift trucks across numerous industries for performing numerous industrial tasks. These variants offer enhanced efficiency and optimal productivity when compared to their conventional counterparts, which, in turn, has contributed to their widespread popularity among end users. Some of the other factors contributing to the market growth include extensive research and development (R&D) for the development of energy-efficient variants and the launch of sustainable hydrogen-operated forklift trucks in the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 72.9 Billion by 2026, exhibiting a CAGR of 4.51% during 2021-2026.
- On the basis of the product type, the market has been bifurcated into counterbalanced and warehouse forklift trucks.
- Based on the technology, the market has been divided into electricity-powered and internal combustion engine-powered.
- On the basis of the class, the market has been segmented into classes I, II, III, IV and V.
- Based on the application, the market has been categorized into non-industrial (warehouses and distribution centers, construction sites, dockyards, and snow plows) and industrial (manufacturing and recycling operations).
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Clark Material Handling Company, Crown Equipment Corporation, Godrej & Boyce, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd, Jungheinrich, KION Group, Mitsubishi Forklift Trucks, and Toyota Industries Corporation.
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