Forklift Trucks Market is calculated to grow at 6.5% CAGR during 2022-2029, reaching USD 87.9 billion | Size, Growth & Forecast

Forklift Trucks Market

Forklift Trucks Market was valued at USD 53.1 billion in 2021 and is estimated to hit USD 87.9 billion in 2029, growing at a CAGR of 6.5% during the forecast period.

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/forklifts-trucks-market-analysis-industry-research/

The factors driving the growth of Forklift Trucks Market includes rapid growth in the construction industry, growing popularity of electric forklift trucks, rise in the production of hydrogen fuel cell forklifts and increase in the number of warehouses and distribution centers around the world. According to the report published by Statista, the market size of Global Construction Industry was calculated around USD 6.4 trillion in 2020 and is expected to reach USD 14.4 trillion by the end of 2030, which will accelerate the Forklift Trucks Market share in the approaching years. Moreover, expansion of the e-commerce industry, Government regulations promoting the use of forklift trucks, rise in the launch of innovative products and growing adoption of advanced technologies by manufacturers, are some of the additional factors supplementing the Forklift Trucks Market size. In addition, the increasing investments by leading players on research and development, growing concerns related to safety of forklift trucks, rapid urbanization, and rising population growth rates, are further contributing towards the market growth.

However, growth of the Forklift Trucks Market is hindered attributed to high cost of battery-operated trucks.

The prominent players operating in the market are Jungheinrich AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Crown Equipment Corporation, Clearpath Robotics, Inc., TOYOTA INDUSTRIES CORPORATION, KION GROUP AG, Hyster-Yale Materials Handling, CLARK, Anhui Heli Co., Ltd., Komatsu Ltd. and JBT among others.  

Based on Class, the Class 3 segment is predicted to grow at a significant CAGR during the forecast period

Increasing use of class 3 forklift in the warehouses owing to its high unloading capabilities, is the major factor pushing the growth of the segment.

Based on Power Source, the Electric segment is projected to capture the largest market share over the forecast period

Strict regulations imposed by governing bodies to reduce carbon emissions, is propelling the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Increasing Foreign Direct Investments (FDI) inflows in the manufacturing sector, growing popularity of electric forklifts, expansion on the construction industry, rising disposable incomes, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, JBT in partnership with Hyster-Yale Materials Handling, officially launched a new dual-mode AGV to the market in cooperation with. This partnership will help JBT to demonstrate its automated guided vehicle and its commitment to deliver automation to customers in the international markets.
In 2017, TOYOTA INDUSTRIES CORPORATION announced the acquisition of Vanderlande Corporation's, this acquisition helped the company in generating revenue from the trucks and increased its presence in the Internal markets.

Market Segmentation

Segmentation by Class

Class 1
Class 2
Class 3
Class 4/5

Segmentation by Power Source

Internal Combustion Engine
Electric

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.