Forklift Trucks Market Expected to Grow At a CAGR of 4.7% During the Forecast Period

Forklift Trucks Market Expected to Grow At a CAGR of 4.7% During the Forecast Period

The latest market report published by Credence Research, Inc. “Forklift Trucks MarketGrowth, Future Prospects, and Competitive Analysis, 2019 – 2027” the forklift trucks market was valued at US$ 33.81 Bn in 2018 and expected to grow at a CAGR of 4.7% during the forecast period from 2019 to 2027.

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Market Insights: 

Increased e-commerce industry worldwide will boost revenue growth during the forecast period 

The global forklift trucks market is rising efficiently from 2019 to 2027 owing to the growth in the e-commerce industry and rising the construction & mining industry worldwide. In 2018, Europe contributed to the largest revenue share. On the contrary, Asia Pacific led the market in terms of volume in 2018.

The growing need for forklift trucks in warehouses and rising adoption of forklift trucks in the emerging markets such as India, China, Indonesia and others will boost the demand for the market. Worldwide, in 2018, around 1.4 Mn units of forklifts were sold. Growing demand for electric forklifts will also boost the market growth. Growing infrastructural development worldwide and rising manufacturing industry will increase the market growth in years to come.

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Top manufacturers are mainly focusing on new product launches and mergers & acquisitions. New technological innovations in the forklifts such as multifunction touch and others will be the major trend in the industry.

Industrial Developments:

– In April 2018, Toyota Industries Corporation introduced new heavy-duty forklift trucks. The new heavy-duty trucks can lift weight up to 80000 pounds and have features like adjustable wheelbase, can navigate tight spaces to increase efficiency, productivity and convenience.

– In February 2019, Toyota Industries Corporation acquired Hoist Liftruck Mfg., LLC. This acquisition will help the companies to expand their business in new areas.

Key Market Movements: 

– Globally, the forklift trucks market is rising at a CAGR of 4.7% for the estimated period from 2019 to 2027

– Europe dominated the global market in 2018 on account of the presence of major automotive manufacturers and the growing logistics industry in the region. Adoption of forklift trucks in the manufacturing industry (such as by machine tool builders, machinery companies and others) is another factor for the dominance of the region.

– The Asia Pacific is projected to register the maximum growth rate during the forecast period due to the growing manufacturing and logistics industry in the region. The wide adoption of forklift trucks in various industries such as e-commerce, mining, construction and others will also boost the market demand in the region.

– An increasing number of mergers & acquisitions, new product expansion, and increased investments for development in the emerging nations will drive the overall demand

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List of Companies Covered:

– Toyota Industries Corporation

– Hyundai Heavy Industries

– Mitsubishi Nichiyu Forklift Co., Ltd

– Crown Equipment Corporation

– Hyster-Yale Materials Handling Inc.

– Hangcha Group Co., Ltd.

– Clark Material Handling International, Inc.

– Kion Group AG

– Jungheinrich AG

– Hyster-Yale Materials Handling

– Anhui Forklift Truck

– Doosan Industrial Vehicle

– Komatsu Ltd.

– Godrej & Boyce Manufacturing

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