Forklift Truck Market by Trends, Top Manufactures, Industry Growth Analysis and Forecast 2030

At an estimated value of over USD 44.09 billion in 2019, the global forklift truck market is predicted to thrive at a CAGR of 5.8% to be valued at USD 91.98 billion.

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Competitive Landscape

Lucrative growth opportunities make the forklift truck market extremely competitive. Some of the major players in the market include Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others. Strategic alliances, and innovative product launches are key strategies adopted by market players to maintain their market dominance. For instance, in April 2019, JBT Corporation, has announced the launch of a new dual-mode AGV to the market in collaboration with Hyster-Yale Materials Handling.

Market Dynamics and Trends

Rising investments by the market players is expected to drive the market growth. Recent developments in the e-commerce business has created a need for bulk warehousing, which in turn has influenced the growth of forklift truck market. Advantages offered by forklift trucks such as time saving and increased efficiency are also expected to boost their adoption in various industries. Other benefits such as reduced chances of accidents and injuries related to forklifts on work site and rising demand for easy movement and organization of goods are expected to add additional revenue to the forklift truck market. Moreover, technological advancements coupled with the development of infrastructure are expected to further influence market growth. However, high cost of forklift trucks is anticipated to hamper the market growth within the forecast period.

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Market Segmentations and Scope of the Study:

The global forklift truck market is segmented on the basis of power source, class, end use and geography. On the basis of power, source the market is segmented into IC engine powered and electric powered. On the basis of class, the market is segmented into class 1, class 2, class 3, class 4, class 5 and others. On the basis of end use, the market is segmented into retail & wholesale, logistics, automotive, food industry and other end use. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America is anticipated to hold the lion share of the market due to improved infrastructure and increased industrialization in this region. Also, rapid adoption of forklifts into numerous industries is expected to add revenue to the forklift truck market. Asia Pacific region is predicted to show rapid and consistent growth in terms of market share within the forecast period due to increase in demand for automation in developing countries. Also, factors such as improving economy as well as rise in urbanization are anticipated to further drive market growth in this region.

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