Market Research Report
Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source (Internal Combustion Engine, Electric), By Region (North America, Europe, APAC, Latin America, MEA), & Segment Forecasts, 2020-2027
|Published by||Grand View Research, Inc.||Product code||948087|
|Published||Content info||158 Pages
Delivery time: 2-3 business days
|Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source (Internal Combustion Engine, Electric), By Region (North America, Europe, APAC, Latin America, MEA), & Segment Forecasts, 2020-2027|
|Published: June 24, 2020||Content info: 158 Pages||
Forklift Market Growth & Trends
The global forklift market size is expected to reach USD 120.8 Billion by 2027, expanding at CAGR of 12.1% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Forklifts also called lift trucks or powered industrial trucks, are small truck-like vehicles used to move various types of materials over short distances. They are widely used by retailers in warehouses to manage their storage space efficiently. With online shopping increasing owing to the COVID-19 outbreak, the demand for lift trucks in retail sector is bound to increase. Amid the spread of COVID-19, emergency measures are taken by governments across the world to protect people and ensure their well-being. Strict lockdown measures are implemented in various countries that have paved the way for online shopping. This has increased in the storage of products and led to the demand for material handling equipment such as lift trucks.
Lift trucks play a vital role in the manufacturing sector. They do not directly contribute to the manufacturing of products but are crucial for inventory management and transportation of goods in an efficient manner. They enhance the manufacturing process by ensuring a smooth and organized transfer of raw materials and products over the production line. Lack of skilled labor is expected to impede market growth from 2020 to 2027. However, market players are taking initiatives and are conducting training programs for employees. For instance, Toyota's forklift dealers offer one on one forklift training at their local dealership centers. Furthermore, the Occupational Safety and Health Administration (OSHA) has various training sessions for forklifts, ensuring a safe work environment. Moreover, the advent of autonomous vehicles for warehouses and manufacturing facilities is anticipated to overcome this challenge and open new avenues for market growth over the next seven years.
The market is moderately fragmented and is characterized by a high degree of competition among major players. These companies are focusing on adopting various growth strategies such as acquisitions and mergers, regional expansions, and launching technologically advanced lift trucks to gain a competitive advantage. For instance, in June 2018, Hyster-Yale Materials Handling, Inc. announced the acquisition of Zhejiang Maximal Forklift Co., Ltd. for USD 90.0 million. Through this acquisition, the company aims to strengthen its low-cost manufacturing capabilities and enhance its product offering and expand its business in China.
Forklift Market Report Highlights
The electric type segment is projected to witness a CAGR of over 13.0% in terms of revenue from 2020 to 2027. This is attributable to the stringent emission norms associated with IC engine forklifts
The class 3 segment held a market share of 37.8% in terms of revenue in 2019. This is due to their ability to quickly unload materials from delivery trucks and are highly preferred for small warehouses
Asia Pacific is anticipated to witness a CAGR exceeding 13.0% in terms of revenue over the forecast period. This upsurge is attributed to the rising demand for material handling equipment in developing countries such as China and India.