Forklift Truck Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020–2030 - The rapidly growing e-commerce industry as well as increasing industrialization have contributed to the growth of the forklift truck market.
The Global Forklift Truck Market was valued at USD 44.09 Billion in 2019 and is predicted to reach USD 91.98 Billion by 2030 with a CAGR of 5.8% during the forecast period.
Forklift trucks are powered vehicles used to move or carry heavy objects over a short distance. Forklift trucks are widely used in warehouses, dockyards, recycling factories and many other applications. Key factors such as modernization of conventional work processes combined with the growing need for automation are driving the forklift truck market. Moreover, the rise in industrialization coupled with growing emphasis on safety and work efficiency are among other major factors expected to drive further market growth. On the contrary, high cost of forklift trucks is anticipated to hinder market growth during the forecast period.
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The major market players of the forklift truck market are Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others.
The forklift truck market is segmented based on power source, class, end use and geography. On the basis of power source, the market is segmented into IC engine powered trucks and electric powered trucks. On the basis of class, the market is segmented into class 1, class 2, class 3, class 4, class 5 and others. On the basis of end use, the market is segmented into retail & wholesale, logistics, automotive, food industry and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific and RoW.
Recent analysis indicate that North America is leading in the global forklift truck market due to developed infrastructure and increasing industrialization. However, Asia Pacific region is expected to grow rapidly in terms of market size during the forecast period due to growing need for automation in developing countries. Strategic collaborations and innovations among big market players are commonly adopted strategies used to maintain the market dominance. For instance, in April 2019, JBT Corporation, has announced the launch of a new dual-mode AGV to the market in collaboration with Hyster-Yale Materials Handling.
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