Forklift Market : Product Type, Market Segmentation with Major Key Players By 2025

A forklift, also known as forklift truck, or a fork truck or lift truck is an industrial vehicle used to lift and move materials from one place to another for short and medium distances in manufacturing and warehouse operations.

Class 1 forklifts are electric motor rider trucks. They are equipped with cushion or pneumatic tires and are used mainly in indoor or smooth floors. They are powered by batteries and use transistor motor controllers. Class 2 forklifts are known as electric motor narrow isle trucks. These forklifts are used in narrow isle and help organizations using them to maximize their storage space. Class 3 forklifts are known as electric hand-rider or motor hand trucks. These forklifts are operated manually. Class 4 & 5 are internal combustion engine trucks with cushion & pneumatic tires.

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By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a major forklift market. The U.S is the largest market in this region which a market share of approx. seventy percent in whole of America in 2013. Canada and Mexico are other major markets in this region. Europe is the second largest forklift market in the world. Germany is the largest market in this region. The U.K., France, Italy, Spain, Belgium, Sweden and Netherlands are other major markets in this region. Europe had the highest y-o-y growth in shipment and order of forklifts compared to North America and Latin America in 2015. Asia Pacific is the largest forklift market in the world. China is the largest market in the region. Japan, India, South Korea, Australia are other major markets in this region.

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As per Industrial Truck Association the top forklift manufacturing firms are Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (the U.S), Hyster-Yale Materials Handling, Inc. (the U.S.), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), UniCarriers Americas (the U.S), Anhui HELI Co. Ltd Limited (China), Komatsu Ltd. (Japan), Clark Material Handling Company (the U.S), Doosan Industrial Vehicle America Corp. (the U.S), Hangcha Group Co., Ltd. (China), Hyundai Heavy Industries (South Korea), Combilift (Ireland) and Lonking Holdings Limited (China) among others.

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This release was published on openPR.