Global Forklift Market Overview
Global forklift market is anticipated to grow at a CAGR of over 9% and reach 2.2 million units by 2023 on account of application of forklift in various industries such as freight and logistics, manufacturing and construction, among others. Forklift are motorized vehicles which are used for lifting and placement of discrete loads in a specific facility. Forklifts consist of forks for precise pallet-based unit loading and can be utilized with various platforms including grippers, platforms and clamps. Technological advancements aimed towards increasing productivity is driving the global forklift market. Moreover, other factors such as growing population, increasing demand for supply chain of different products across the globe and rising globalization are anticipated to further propel demand for forklifts globally, over the coming years.
Global Forklift Market Segments
Forklifts are classified into class1, class2, class3 & class4/5. Class 3 forklift is becoming the preferred choice among buyers and the segment is poised to grow at a swift pace during forecast period as the segment includes electric warehouse pedestrian trucks which follow environmental protection policies and are thus environment friendly. On the basis of fuel type, the market for forklift is segmented into Internal Combustion (IC) engine powered, motorized hand and electric powered. Motorized hand and electric powered forklifts run on battery. Motorized hand forklift market is estimated to grow at the CAGR of over 11% during 2018-2023. With increasing focus on fuel efficiency and emission norms, majority of forklift manufacturers are focusing on battery-operated forklifts so as to offer enhanced efficiency with lesser emissions. Forklifts are used across different applications such as wholesale & retail distribution, manufacturing, freight & logistics and others. Of all, freight & logistics is anticipated to witness the fastest growth during forecast period owing to booming e-commerce sector which caters to various product segments such as apparels, cosmetics, etc., thereby resulting in rising need for distribution centers and warehouses.
Global Forklift Market Regional Insights
Global forklift market is gaining traction and is expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. Asia-Pacific and Europe are the major demand generating regions in the global forklift market owing to surging demand for new airports, seaports, and road construction in the regions. Moreover, increasing penetration of e-commerce companies in countries like India & China is further bolstering the growth of forklift market in the region.
Global Forklift Market Competitive Landscape
Major players operating in global forklift market include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corp., Hyster-Yale Materials Handling, Inc., Anhui Forklift Truck Group Co., Ltd., Hangcha Group Co., Ltd., Doosan Industrial Vehicle, and Clark Material Handling International, Inc. Major companies are developing advanced technologies and launching new products in order to remain competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2016, Kion Group acquired Dematic, a best-in-class automation provider and specialist in supply chain optimization.
Years considered for this report:
Historical Years: 2013-2016
Base Year: 2017
Estimated Year: 2018
Forecast Period: 2019–2023
Objective of the Study:
- To analyze and forecast the market size of global forklift market.
- To classify and forecast global forklift market based on fuel type, class type, application, company and regional distribution.
- To identify drivers and challenges for global forklift market.
- To identify and analyze the profile of leading players operating in global forklift market.
Some of the leading players in global forklift market are Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corp., Hyster-Yale Materials Handling, Inc., Anhui Forklift Truck Group Co., Ltd., Hangcha Group Co., Ltd., Doosan Industrial Vehicle, Clark Material Handling International, Inc., etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated the market size of global forklift market using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- Forklift manufacturers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to forklift market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturer and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global forklift market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
o Class 2
o Class 3
Market, By Fuel Type:
o IC Engine Powered
o Motorized Hand
o Electric Powered
o Wholesale & Retail Distribution
o Freight & Logistics
? Rest of Asia-Pacific
? United Kingdom
? Rest of Europe
o North America
? United States
o Middle East & Africa
? South Africa
? Saudi Arabia
? Rest of Middle East & Africa
o South America
? South Africa
? Rest of South America
Company Profiles: Detailed analysis of the major companies present in global forklift market.
With the given market data, TechSci Research offers customizations according the company’s specific needs. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to five).