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Growing Forklift Truck Market: Exponential Rise with $119.73 billion Valuation by 2029, Driven by Advances in Technology and Expanding E-Commerce
Forklift Truck Market
What Is The Projected Market Size Of The Global Forklift Truck Market And Its Growth Rate?
o In 2024, the global forklift truck market size was valued at $68.53 billion and is predicted to reach $75.17 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.7%.
o Drivers such as expansion in manufacturing and construction industries, warehousing and logistics operations, integration of advanced forklift technologies including electric and fuel-efficient models, propelled the market growth during this period.
o Looking ahead, the market is projected to reach a staggering $119.73 billion by 2029, implying a CAGR of 12.3% from 2024-2029.
o This rapid projected growth can be attributed to increased demand for electric forklift trucks due to sustainability concerns, IoT and telematics integration for improved fleet management, growing e-commerce industry, and uptake of cleaner energy options like hydrogen fuel cells.
What Is Driving The Growth In The Forklift Truck Market?
The leaps and bounds in the construction industry are primarily propelling the growth of the forklift truck market. In the construction industry, forklift trucks are indispensable for tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials. Furthermore, it aids in hauling these items from the delivery truck to the construction site. For instance, in February 2024, the average annual building production in the EU and the euro region increased by 0.1% and 0.2%, respectively, according to Eurostat data. This buoyancy in the construction industry is consequently driving the growth of the forklift truck market.
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Who Are the Key Players Driving Forklift Truck Market Growth?
The forklift truck market has been driven by key players such as:
o Anhui HELI Co. Ltd.
o Crown Equipment Corporation
o Godrej & Boyce Mfg. Co. Ltd.
o Hangcha Group Co. Ltd.
o Hyster-Yale Materials Handling Inc.
o Jungheinrich AG
o Kion Group AG
o Komatsu Ltd.
o Mitsubishi Logisnext Co. Ltd.
o Toyota Industries Corporation
o And many more.
What Are The Key Trends In The Forklift Truck Market?
Noteworthy trends shaping the forklift truck market include:
o Development of autonomous and robotic forklifts.
o Emphasis on ergonomic designs.
o Use of lithium-ion batteries for electric forklifts.
o Customization of forklifts for specific industry applications and tasks.
o Integration of predictive maintenance technologies.
What Are The Segments Of The Global Forklift Truck Market?
o Product Type: Counterbalance, Warehouse
o Technology: Electric Power, Internal Combustion Engine
o Class: Class I, Class II, Class III, Class IV, Class V
o End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Others
Which Region Leads The Forklift Truck Market?
Asia-Pacific held the dominant position in the forklift truck market in 2024. The regions covered in the forklift truck market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Forklift Truck Market Global Market Report?
- Market Size Analysis: Analyze the Forklift Truck Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Forklift Truck Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Forklift Truck Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Forklift Truck Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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