Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), ANHUI HELI CO., LTD (China), and Kalmar Global (Finland) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Forklift Truck Market.
Global Forklift Truck Market – Overview
Forklift trucks are used to lift and move materials within short distances. Forklift trucks are used across various industries such as automotive, food and beverages, construction, consumer goods, e-commerce, and retail. The Global Forklift Truck Market is growing with the rapid pace; mainly due to growing demand from manufacturing industry.
According to a recent study report published by the Market Research Future, The global market of Forklift Truck is booming and expected to gain prominence over the forecast period. The global Forklift Truck market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 5.9% during the estimated period (2017 – 2023).
Currently, growing e-commerce sector across the globe is ultimately increases the demand of forklift trucks market. Increasing use of forklift trucks in the construction industry for the applications such as lifting steel, wood, and crates of mortar is also have the positive influence on the growth of the market. Additionally, the factors such as increase in productivity, reduced injuries & accidents along with operator comfort are major factors also support to the growth of the market.
However, stringent safety and emission regulations as well as high cost of battery operated forklift trucks may hinder the market growth of the market. Global forklift trucks market is projected to reach USD 41.73 billion by 2023, at a CAGR of 5.9% from 2017 to 2023.
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In August 2017, Briggs Equipment, Cannock-based asset management company has announced the acquisition of Irish Lift Trucks (ILT) part of the OHM Group in the Republic of Ireland. This acquisition allows ILT to grow and expand its offering more quickly than on a standalone basis, providing customers with a broader solution underpinned by Briggs Equipment’s market-leading service levels.
In April 2017, CLARK Material Handling Company launched a new forklift product featuring PSI’s 2.4-liter propane engine at the ProMat 2017 Expo. The new forklift is powered by PSI’s certified 2.4-liter LPG engine. According to PSI, the 4-cylinder, premium engine incorporates design features and enhancements that provide power, eﬃciency, durability, and noise and vibration advantages over its competition.
In April 2017, Toyota Industrial Equipment Manufacturing plans to spend USD 17.5 million to expand facilities at its North American headquarters in Columbus. The company added 150,000 square feet to its complex, bringing the total to 1.3 million square feet.
In February 2016, Sellick Equipment Ltd, forklifts manufacturing company was building new multi-million dollar plant in Harrow. The new facility would be built on a 13-acre portion of a new 44-acre industrial park being developed west of Roseborough Avenue, a stone’s throw away from the current plant.
Manufacturing dominates the application segment of the global forklift trucks market
On the basis of applications, the global forklift trucks market is segmented as manufacturing, logistic, retail & wholesale and others. Manufacturing dominates the application segment of the global forklift trucks market mainly due to the increasing number of warehouses being set up across the regions. Wholesale & retail distribution is projected to grow at the highest CAGR during the forecast period mainly due to increased stocking of goods in warehouses, which are further distributed through the wholesalers and distributors.
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Market Research Analysis
On the basis of regions, the global forklift trucks market is segmented as North America, Europe, Asia-Pacific and RoW. Asia-Pacific region dominates the forklift trucks market. The demand of forklift trucks market in Asia-Pacific region is driven by the factors such as growth in industrialization, and construction & infrastructure activities. In Asia-Pacific region, China, India, Malaysia, and Indonesia are major markets for forklift trucks. This region is expected to grow at the fastest pace during the forecast period
Europe is the second largest market for the forklift trucks. The demand for electric powered forklift trucks is increasing in this region mainly due to the stringent emission norms. North America is expected to contribute significantly to the global forklift trucks market during the forecast period.
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