Forklift Truck Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Forklift Truck Market size accounted for USD 67.75 million in 2022, growing at a CAGR of 12.40% from 2023 to 2033.The forklift truck market involves the manufacturing, sale, and rental of industrial vehicles used for lifting, moving, and transporting heavy materials and goods within warehouses, manufacturing facilities, and distribution centers. It includes various types such as electric, diesel, and LPG forklifts, serving diverse industries like logistics, construction, and manufacturing. Market growth is driven by the need for efficient material handling solutions, technological advancements like automation and electrification, and the expansion of e-commerce and logistics sectors globally.
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The forklift truck market is primarily propelled by the continual demand for efficient material handling solutions across industries like logistics, manufacturing, and construction. Technological advancements such as automation, electrification, and telematics are driving market growth by enhancing forklift efficiency, safety, and environmental sustainability. The expansion of e-commerce and global supply chains further fuels the need for these versatile handling vehicles.
Key Players
Some of the major Forklift Truck Market players holding high market shares include Crown Equipment Corporation, Toyota Industries Corporation, Komatsu Ltd, Mitsubishi Logisnext Co Ltd and Software Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Kion Group AG, Hyster Yale Material Handling Inc, EP Equipment, Jungheinrich AG, Lonking Holdings Limited and Hangcha Group Co Ltd
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Segmental Analysis
Based on Type, the Forklift Truck market is segmented into Class I, Class II, Class III, Class IV, and Class V.Class III is expected to have a substantial share in 2020 because of the need for electric trucks. Walk-behind trucks, walkie-rider trucks, and walk-behind stackers-which enable the transportation of cargo with a walk-behind operator while also raising loads to heights of around 15 feet-are all included in Class III. Over the course of the forecast period, robotic technology is expected to be deployed throughout Class III.
Based on Application, the Forklift Truck market is segmented into mining, logistics, construction industry, food & beverage, natural resource, manufacturing, others that include agriculture, etc.The mining, transportation, building, food and beverage, natural resource, manufacturing, and other industries that encompass agriculture are among those covered by this scope. In the food and beverage industry, these trucks are more common and have a larger proportion.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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