Press release
Forklift Market Regional Projections 2020-2026 By Top Players Konecranes, Jungheinrich AG, Crown Equipment Corporation, Combilift, KION Group, CLARK Material Handling Company
Forklift Market
The global forklift market is estimated to record substantial rate of growth over the forthcoming timeframe. Forklifts are small vehicles that possess a forked platform that is power operated and is attached at the front. This platform could be raised and lowered for insertion beneath a cargo either to move it or lift it. These vehicles serve the needs of numerous industries, which also includes warehouses and other large facilities of storage.
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Forklifts are generally powered by combustion engines or by electric batteries. Some of them allow the operators to sit while operating or driving the machine, whereas others require the operator to stand. Forklifts are being widely used across the industry for transporting goods as well as materials within the facilities.
Based on the product spectrum, the market is segmented into warehouse and counterbalance. Among these the market share of counterbalance forklift is estimated to be about 60% owing to high demand in industrial applications such as durable manufacturing.
Market Growth Drivers -
o Rising expansion of e-commerce and logistics industries globally
o Stringent emission norms are driving the demand for electric forklifts
o Need for automation for enhancing productivity
o Improving industrial sector in South America
o Demand for forklifts from aviation industry in MEA
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Some of the important manufacturers include Toyota, Crown, and Mitsubishi.
With respect to fuel type, the market is classified into diesel, battery electric and gasoline & LPG/CNG. Growing environmental concerns and rising fuel cost will result in high demand for electric forklift market.
Based on class, the market is divided into class V, class IV, class III, class II, and class I. Among these, there is a growing demand for class II owing to its space optimization ability which helps it to move inventory in narrow space zones. Furthermore, this allows them to expand the use of storage space. These vehicles also have distinctive features which are designed to enhance the speed and efficiency as well as to minimize the space occupied by the truck.
Based on end-use, the market is segmented into chemical, industrial, logistic, food & beverage, retail & E-commerce, and others. It is observed that growing adoption of forklifts by 3PL (third-party logistics) market players for efficient supply chain operations has led to the market demand.
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Prominent industry participants in the Forklift Market includes Anhui Heli Co., Ltd., Clark Material Handling Company, Crown Equipment Corporation, Combilift Ltd., Doosan Industrial Vehicle America Corp., Godrej and Boyce Group, Hangcha Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Hubtex Maschinenbau GmbH & Co. KG, Hyundai Heavy Industries Co., Ltd., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Konecranes, Lonking Forklift Co., Ltd., Manitou Group, Mitsubishi Nichiyu Forklift Co., Ltd., Paletrans Equipment, Toyota Industries Corporation
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