According to a new report published by UnivDatos Markets Insights, the Global Forklift Market was valued at USD 57 billion in 2022 & is expected to grow at a CAGR of 8% from 2022-2030. The analysis has been segmented into Class (Class 1, Class 2, Class 3, and Class 4/5); Load Capacity (Below 5 Tons, 5-10 Tons, 11-36 Tons, and Above 36 Tons); Power Source (ICE and Electric); Application (Construction, Industrial, Logistics, and others); Region/Country.
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The global forklift market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the forklift market. The global forklift market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the forklift market at the global and regional levels.
Key Market Opportunity
A forklift is an industrial vehicle equipped with a pronged device that may be lowered or raised to be inserted under a load and moved or lifted. It is utilized in industrial buildings, warehouses, distribution centers, and outdoor areas for hauling and hoisting big goods. Depending on whether the vehicle is light-duty or heavy-duty, several fuel types are used to power it.
The growing construction industry throughout the world will increase demand for rugged forklifts that can work in tough outdoor conditions. Several government agencies are working to improve current infrastructure to increase overall economic development. Currently, the construction industry represents 13% of the world’s GDP. Over the past 3 decades, the construction sector has delivered high performance characterized by robust growth but flat profits. It is further predicted that the construction ecosystem would witness dramatic shifts which would redistribute roughly 40% to 45% of the industry’s value across different players, including contractors and machinery suppliers. This increased construction activity across the globe is expected to boost the forklift market over the forecast period.
COVID-19 Impact
In 2020, the coronavirus (COVID-19) pandemic slowed the growth of the forklift market. The temporary shutdown of industrial facilities because of government-imposed lockdown measures has resulted in a decrease in demand for forklifts. The COVID-19 pandemic affected the global economy to an unprecedented extent in the first half of 2020. Even the intralogistics sector could not come out of this global event unscathed.
· Based on Class, the market is segmented into Class 1, Class 2, Class 3, and Class 4/5. The class 2 segment dominated the market with the largest market share in 2022.
· Based on Load Capacity, the market is segmented into Below 5 Tons, 5-10 Tons, 11-36 Tons, and Above 36 Tons. The 5-10 ton segment accounted for the largest market share in 2022.
· Based on power source, the market is segmented into ICE and electric. Electric forklifts are predicted to grow at the highest CAGR during the forecasted period.
· Based on Application, the market is segmented into Construction, Industrial, Logistics, and Others. The logistics segment held the largest market share in 2022.
Forklift Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is expected to lead the forklift market during the forecasted period. Due to the increasing inclination of manufacturers toward plant automation. Moreover, the increasing R&D investment for developing new automotive types, the favorable economic environment, and the need for technological advancements in in-house logistics are also helping to boost the market growth in this region. Growth in the area is also driven by the demand for state-of-the-art material processing equipment in industries such as construction, mining, food, and beverages. In addition, the deployment of technology-savvy vehicles in the region has gained maximum traction and is complementing the growth of the truck industry. For instance, In June 2022, Mitsubishi Logisnext launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Forklift Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Recent Developments:
· In December 2021, Wolter Group LLC announced A D Lift Truck's acquisition, a family-owned material handling and forklift Company. The acquisition expands the company’s line of gas and electric forklifts.
· In February 2019, Toyota Industries North America acquired Chicago-based Hoist Lift truck manufacturing to build a brand image and develop quality products.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the forklift market?
• Which factors are influencing the forklift market over the forecast period?
• What are the global challenges, threats, and risks in the forklift market?
• Which factors are propelling and restraining the forklift market?
• What are the demanding global regions of the forklift market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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· Manufacturer/Potential Investor
· Trader
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