According to IMARC Group’s latest report, titled “Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global forklift trucks market size reached a value of US$ 58.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 82.9 Billion by 2027, exhibiting at a CAGR of 6.2% during 2022-2027.
Forklift trucks are industrial machines used to transport materials and goods over short distances. They are also utilized for performing different industrial tasks and handling heavy construction materials. They are operated by trained machinists and comprise two horizontal prongs for loading and unloading. As they are economical, powerful, user-friendly, and easy to maintain, their demand is escalating across the globe.
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.
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Market Trends and Drivers:
The burgeoning construction industry represents one of the primary factors catalyzing the demand for forklift trucks worldwide. These trucks are employed in warehouses and distribution centers for delivering components to assembly lines and positioning materials for effective handling. As a result, the increasing number of warehouse establishments is contributing to the overall forklift trucks market growth. Moreover, as they perform multiple industrial tasks, forklift trucks find extensive application in dockyards, factories, and warehouses across the transportation, retail, aerospace, and manufacturing industries. Other factors, such as technological advancements and growing research and development (R&D) activities to improve productivity, are anticipated to drive the market further.
Forklift Trucks Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Clark Material Handling Company
- Godrej & Boyce
- Hyundai Heavy Industries Co. Ltd
- Crown Equipment Corporation
- Mitsubishi Forklift Trucks
- KION Group
- Toyota Industries Corporation
- Hyster-Yale Materials Handling Inc.
Key Market Segmentation:
The report has segmented the global forklift trucks market on the basis of region, product type, technology, class and application.
Breakup by Product Type:
- Counterbalanced Forklift Trucks
- Warehouse Forklift Trucks
Breakup by Technology:
- Electricity Powered
- Internal Combustion Engine Powered
Breakup by Class:
- Class I
- Class II
- Class III
- Class IV
- Class V
Breakup by Application:
- Warehouses and Distribution Centers
- Construction Sites
- Snow Plows
- Recycling Operations
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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