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The Global Forklift Truck Market will Garner $21.019 Billion by 2027

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The Global Forklift Truck Market will Garner $21.019 Billion by 2027

March 18
13:02 2020
The Global Forklift Truck Market will Garner $21.019 Billion by 2027
As per a Triton Market Research report, the global forklift truck market, which generated $17.631 billion in 2018, is set to register a 2.00% CAGR by the year 2027.

A recent study by Triton Market Research titled ‘Global Forklift Truck Market,’ covers the Global Analysis and Forecast for 2019-2027 by Product Type (Warehouse Forklift, Counterbalance Forklift), Power Source (International Combustion Engine, Electric Motor), Class (Class 1, Class 2, Class 3, Class 4, Class 5), End-User (Retail & Wholesale, Logistics, Automotive, Food Industry, Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Forklift trucks (also known as fork trucks or lifting trucks) are used in warehouses & distribution centers to lift and move goods & raw materials. Several companies in this industry are introducing a new, wide range of innovative products. These forklifts come with features such as enhanced lifting capacity, powerful engine, comfort, and fuel-efficiency.

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As per the report on the global forklift truck market, the industry is expected to surge at 2.00% CAGR during the forecast period 2019-2027, generating a revenue of $21.019 billion by 2027. The growth of this market is attributable to the growing applications of forklift trucks in the manufacturing industry, rise in the e-commerce business, and the expansion of warehouse facilities belonging to several large manufacturers. The limited number of raw material suppliers in this industry, however, creates a hurdle in the growth of this market.

On the basis of product type, the industry is sub-segmented into warehouse forklift and counterbalance forklift. The power source segment is further categorized into international combustion engine, and electric motor. According to class, the market is classified into class 1, class 2, class 3, class 4, and class 5; whereas, the end-user segment is divided into retail & wholesale, logistics, automotive, food industry, and others.

The Asia-Pacific accounts for the largest share of the global forklift truck market presently, and is expected to maintain its leading position through 2027. Besides, it is also expected to showcase the fastest growth rate in the forecasting years. The high rate of economic growth in this region is primarily driving the market growth. This growth is being supplemented by the increasing investments for the development of the construction sector and the rise of the e-commerce industry. Moreover, the manufacturing sector in the APAC is receiving a huge boost owing to supportive initiatives by the government, such as Make in India, Made in China 2025, and Australian Venture Capital Limited Partnership Program. This factor is significantly propelling the APAC forklift truck market.

Doosan Corporation Industrial Vehicle, Komatsu Ltd, Mitsubishi Logisnext Co Ltd, Lonking Holdings Limited, and HANGCHA Group Co Ltd, Crown Equipment Corporation, Godrej & Boyce Manufacturing Company Limited, Jungheinrich AG, EP Equipment Co Ltd, KION Group AG, CLARK Material Handling Company, Anhui Heli Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, and Toyota Industries Corporation are the main contenders in the forklift truck market.

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Question & Answer: Forklift Truck Market

Question 1: What factors are aiding the forklift truck market growth?

Answer: The growth of this market is attributable to the growing applications of forklift trucks in the manufacturing industry, rise in the e-commerce business, and the expansion of warehouse facilities belonging to several large manufacturers.

Question 2: What factors are hindering the growth of the forklift truck market?

Answer: The limited number of raw material suppliers in this industry is creating a hurdle in the growth of this market.

Question 3: How is the Asia-Pacific region influencing the forklift truck market outlook?

Answer: The Asia-Pacific accounts for the largest share of the global forklift truck market presently, and is expected to maintain its leading position through 2027. Besides, it is also expected to showcase the fastest growth rate in the forecasting years. The high rate of economic growth in this region is primarily driving the market growth. This growth is being supplemented by the increasing investments for the development of the construction sector and the rise of the e-commerce industry. Moreover, the manufacturing sector in the APAC is receiving a huge boost owing to supportive initiatives by the government, such as Make in India, Made in China 2025, and Australian Venture Capital Limited Partnership Program. This factor is significantly propelling the APAC forklift truck market.

Question 4: Which companies are a part of the competitive landscape of the forklift truck market?

Answer: Doosan Corporation Industrial Vehicle, Komatsu Ltd, Mitsubishi Logisnext Co Ltd, Lonking Holdings Limited, and HANGCHA Group Co Ltd, Crown Equipment Corporation, Godrej & Boyce Manufacturing Company Limited, Jungheinrich AG, EP Equipment Co Ltd, KION Group AG, CLARK Material Handling Company, Anhui Heli Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, and Toyota Industries Corporation are the main contenders in the forklift truck market.

 

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