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Forklift Truck Global Market 2023 - Key Drivers, Growth Factors, Technological Development And Forecast To 2032
Forklift Truck Market
The Business Research Company's Forklift Truck Global Market Report 2023 identifies growing construction industry as the major driver for the Forklift Truck market's growth in the forecast period. Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction. These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site.
The global forklift truck market size will grow from $56.56 billion in 2022 to $62.16 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of forklift truck market is expected to grow to $89.74 billion in 2027 at a CAGR of 9.6%.
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Major competitors in the Forklift Truck market are Anhui HELI Co.Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc.
A key trend in the Forklift Truck market includes new product innovations. Major companies operating in the forklift truck sector are focused on developing new technological advancements to increase their market share. For instance, in April 2020, Toyota Material Handling, a subsidiary of Toyota Industries, a Japan-based manufacturer of automobiles, launched electric forklifts that are designed by using unique alternating current (AC) motors that help to control overall energy and operational costs for superior operability. They have a capacity of 3,000 and 3,500 pounds each to increase productivity. In comparison to earlier models, this electric forklift truck can travel and lift objects at speeds that are up to 27% faster and has a runtime that is up to 12% longer.
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The Forklift Truck market is segmented -
• By Product Type: Counterbalance, Warehouse
• By Technology: Electric Power, Internal Combustion Engine
• By Class: Class I, Class II, Class III, Class IV, Class V
• By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Forklift Truck market.
The Business Research Company's "Global Forklift Truck Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Forklift Truck Market Include:
1. Executive Summary
2. Forklift Truck Market Characteristics
3. Forklift Truck Market Trends And Strategies
4. Forklift Truck Market - Macro Economic Scenario
5. Forklift Truck Market Size And Growth
………………………………
26. Africa Forklift Truck Market
27. Forklift Truck Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Forklift Truck Market
29. Forklift Truck Market Future Outlook and Potential Analysis
30. Appendix
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