Global Forklift Truck Market Expected to Reach $56.8 Billion by 2024, With a CAGR of 5.7% For The Forecast Period 2016-2024

Technological advancement and advanced forklift truck designs will set a new trade for the global forklift truck market growth

Global forklift truck market is expected to expand at a compound annual growth rate (CAGR) of 5.7% over the forecast period i.e. 2016-2024. Also, global forklift truck market reached 37.90 billion in 2016.

Market Landscape

The most noteworthy observation from the sales data in 2016 is the growth of electric forklift trucks and the decline of internal combustion (IC) models. Electric models in Class 1, 2 and 3 combined grew by 6% between 2015-16, whereas IC models in Class 4 and 5 declined globally by 8% n 2016 compared to 2015. Globally forklift truck volumes grew by 2.4 times in 2006-16, boosted by the Chinese market, which expanded six fold in that period. The European market, on the other hand, is characterized by replacements demand, growing at 2.7% CAGR 2006-16. Moreover, With the increase in cargo traffic and overall space crunch, efficiency has become a major factor in determining business growth and profitability.

Rental market has also witnessed significant growth in past few years with rapid technological advancement in forklift truck models, which allows the end user industries to shift to new technologies without any hassle.Earlier the rental market was mostly dominated by small players; who used their fleets to meet peak loads in various capacities. But the scenario is changing quickly, majority of the OEMs have now entered in this market and are now providing rental services along with a bunch of value added services; including operators, maintenance and fleet management. Automated guided vehicles are the future of electric forklift truck industry which will provide growth opportunities within the warehousing segment. They currently account for less than 3% of forklift sales in the United States, but these advanced vehicles will capture a significant market share in coming years.

Global Forklift Truck Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in forklift truck industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, forklift truck manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall forklift truck industry.

Global Forklift Truck Market Segmentation can be classified on the basis of:-

  • By Product Type
    • Class I (Electric Motor Rider Trucks)
    • Class II (Electric Motor Narrow Aisle Trucks) 
    • Class III (Hand Rider Trucks) 
    • Class IV (IC Engine Trucks, solid/Cushion Tires)
    • Class V (IC Engine Trucks, Pneumatic Tires)
    • Class VI (Electric and IC Engine Tractors)
    • Class VII (Rough Terrain Forklift Trucks)
  • By Fuel Type
    • Diesel
    • Gasoline
    • Electric
  • By Geography
    • North America Forklift Truck (US, Canada) {Market Share (%), Market Size (USD Billion}
    • Europe Forklift Truck (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
    • Middle East and Africa Forklift Truck (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
    • Latin America Forklift Truck (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
    • Asia Pacific Forklift Truck (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Sales (Million Units)}

Market Trends, Drivers and Challenges

Manufacturers of forklift truck are continuously spending on advancement of electric forklift trucks and future technologies in order to make them more efficient and low running cost. The trend of continuous improvements in technologies to improve the performance and price competitiveness gap between green fuel powered and conventional forklift trucks will continue over the next five to six years. Moreover, Major forklift truck market players have introduced automated forklifts which will be implemented in rising number of warehouses across the globe for automated logistic operations. With the augmented e-commerce business the demand for automated forklifts will increase significantly in coming years.Automated driving technology is expected to impact the global forklift market by 45% by the end of the forecast period i.e. 2016-2024.Asia experienced the biggest jump, with a 152% increase in shipments. The region went from a 23% decline in 2009 shipping 207,207 units to shipping 529,145 units in 2015.

Global Forklift Truck Industry Report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global forklift truck market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

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