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Forklift Truck Market to Surpass US$ 128,303.7 Million, Expanding at a 7.5% CAGR by 2034: Fact.MR Analysis
Forklift Truck Market
Forklifts, heavy electric lift trucks, are a key component in many workplaces by moving and lifting heavy items over short distances with maximum efficiency. They are most useful in warehouses and dockyards, where they aid in activities such as loading and unloading quickly freight from vehicles and easily transporting packed material in storage facilities.
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Which Factor are increasing Global Demand for Forklift Truck?
Rising Demand in End-Use Industries
The international forklift truck industry is projected to grow with major growth drivers linked to end-user industries. Electric motor-driven forklift truck and IC engine-driven forklift trucks present distinct benefits and limitations. One major benefit of electric forklift truck is that they do not require on-site fuel storage, making operations easy. Enterprises are increasingly adopting electric material-handling equipment in warehouses because they have lower pollution emissions, ease maintenance, and operation.
In industrialized markets such as North America, Europe, and Asia, where well-established e-commerce markets and high emission norms are dominant, electric forklifts are increasingly attracting major momentum as a result of increasing environmental concerns. Yet in developing economies, IC-engine forklift trucks remain more popular in spite of such developments with electric models.
Country-wise Insights
The North America forklift truck market is forecasted to experience phenomenal growth with a CAGR of 7.9% between 2024 and 2034. The United States leads the forklift truck industry in 2024 with a projected 79.3% market share.
On the other hand, the East Asia forklift truck market is expected to demonstrate remarkable growth at an 8.5% CAGR until 2034. In East Asia, China is the leading forklift truck market player with an overwhelming share of 59.4% in 2024.
Category-wise Insights
On the basis of product type, the counterbalance forklift truck segment is projected to maintain a 72.1% of the global forklift truck market share in 2024. At the same time, the warehouse forklift truck segment is expected to have a 27.9% share, driving the market growth significantly.
On the basis of propulsion, the electric motor fork lift truck segment is its stronghold in the forklift truck market, holding a 47.8% share in 2024.
By product type, counterbalance forklift truck segment is anticipated to retain 70.6% of the forklift truck market share by 2034. Counterbalanced forklift trucks are usually used and in high demand over warehouse forklift trucks because of their added convenience and versatility. Particularly made for heavy-load handling, these trucks provide practicality and efficiency.
Competitive Landscape
In the international forklift truck market, stiff competition exists among many manufacturers competing to lead the market. Key players in the industry have made significant expansions, seeking to gain greater market shares.
In recent years, various growth strategies, including acquisitions, mergers, and partnerships, have been common among market players. These firms are diversifying their product portfolios strategically, strengthening their offerings strategically to complement their revenue streams in the industry.
Anhui Heli Co. Ltd. has concentrated on increasing its product line, adding electric forklifts, and prioritizing R&D to increase technological developments in their forklifts with the goal of more efficient and environmentally friendly models.
CLARK has been investing in product development, prioritizing safety features and technological innovation, including the integration of IoT capabilities for predictive maintenance and improving ergonomics in their forklift designs.
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Forklift Truck Market -Key Segments
By Product Type :
Counterbalance
Warehouse
By Propulsion :
Electric Motor
IC Engine
By Region :
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
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