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Forklift Market 2020 Growth Projection by Leading Players: Kion Group, Crown Equipment Corporation, Hyster-Yale Group, Konecranes, Jungheinrich

04-14-2020 06:21 PM CET | Industry, Real Estate & Construction

Press release from: DEC Research

Forklift Market

Forklift Market

The size of Forklift Market was registered at USD 50 billion in the year 2019 and is anticipated to cross USD 100 billion by 2026. The Forklift Market is expected to register a CAGR of 10.5% during the period 2020-2026

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.

From a regional frame of reference, the Asia-Pacific forklift market share is increasing due to rapid growth of the manufacturing sector across the region.

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.

Forklift Market Growth Drivers:
1. Rising expansion of e-commerce and logistics industries globally
2. Stringent emission norms are driving the demand for electric forklifts
3. Need for automation for enhancing productivity
4. Improving industrial sector in South America
5. Demand for forklifts from aviation industry in MEA

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Know about forklift market growth in new research and its Top growing factors by Key Companies like: -
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

Forklift Market Overview by End-Use: -
1. Chemical
2. Food & beverage
3. Industrial
4. Logistics
5. Retail & E-commerce
6. Others

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 Forklift Market demand.

Counterbalance forklift trucks are the common type of forklift truck. A counterbalance forklift is the best choice for uneven surface or outside work due to greater ground clearance. These machines are available as diesel, gas, or electric powered. Most of them have a mast tilt facility, side shifts, and driver cabs as well.

Furthermore, electric based counterbalance machines can function with a smaller counterweight as a source of power and as the battery serves as stabilizer. Counterbalance trucks use a counterbalance weight design, with a weight at the end of the truck off-setting the load to be lifted at the front.

There are different types of counterbalance forklifts as well. The 3-wheel electric variant is suitable for situations where there is a need for the operator to turn and maneuver in circles. The stand-up counterbalance forklift permits operators to hop on and off between loads.

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