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Global Forklift Truck Market SWOT Analysis, Growth, latest industry trends, technological innovations and Industry Forecast - 2025
Forklift is a power industrial truck used for handling different materials utilized to transfer goods over a short distance. The forklift market is projected to witness notable growth in future owing to high efficiency, eco-friendly nature, and low operation cost. Expansion of logistics industry and economic growth driven by emerging economies have led to increase in logistics volume and therefore, strengthening the growth of forklift market. Moreover, rising e-commerce businesses have necessitated the larger logistic sites and more proficient logistic operations.
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Retail segment is projected to be the Leading segment in the Global forklift truck market during the forecast period.
The Retail segment dominates the overall forklift truck market and anticipated to lead the market over the forecast period 2018-2025. Owing to growth in e-commerce business, expansion of warehouse space globally and rising manufacturing industries. With the technological advancement and economic level, the forklift truck is likely to grow over the forecast period. Forklift trucks provide higher flexibility and operational speed for repeated material handling tasks which makes it suitable for numerous construction activities. Moreover, stringent government regulations related to carbon emissions in numerous countries and rise in adoption of electric forklift truck are expected to fuel the forklift truck market growth in the future.
Asia-Pacific accounts for the largest share of the global forklift truck market during the forecast period.
China exhibits the fastest growing region over the forecast period due to the various factors like favorable economic environment and a need for technological advancement in in-house logistics in the country. Asia-Pacific and Europe are the major demand generating regions in the global forklift market. Owing to surging demand for new commercial hubs, airports, seaports, and road construction in the regions, government scheme such as Make in India. Factors such as favorable economic environment and technological advancements will fuel the demand for forklift truck globally. Moreover, increasing penetration of e-commerce companies in countries like India & China is further bolstering the growth of the forklift market in the region.
Global Forklift Truck Market Competitive Landscape
Companies such as Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Company Ltd., Crown Equipment Corp., Hyster-Yale Materials Handling, Inc., Anhui Forklift Truck Group Co. Ltd., Hangcha Group Co. Ltd., Doosan Industrial Vehicle, and Clark Material Handling International, Inc. are the key players of forklift truck market globally.
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