Growing population, technological advancements that have led to more efficient products, increasing demand for robust supply chain on the back of the exploding e-commerce industry, and growing global trade is expected to propel the forklift market in the coming years, as per the findings of a new business intelligence report from IndustryARC. As per the evaluations of the report, the global forklift market value touched $16.89 billion as of 2018, and the opportunities will grow at a compound annual growth rate (CAGR) of 2.28% during the forecast period of 2019 to 2025.
The report is titled “
Forklift Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 – 2025).” The report also documents that going fully automatic is very appealing to the operators in terms of wage reduction, slashed heating, and lighting bills. Also, forklift market products aids to the automation that reduces the number of accidents and injuries.
Global Forklift Market: Demand Analysis and Growth Forecast
Forklift, also called a lift truck or fork truck, is used as a powered industrial truck for lifting and moving the goods and materials over short distances. Forklifts have a variety of components that are required to handle the task effectively and efficiently. Additionally, forklifts hydraulics are controlled with levers directly manipulating the hydraulic valves. They are available in different load capacities and variations. Furthermore, in the U.S. workplace forklift training is governed by the Occupational Safety and Health Administration OSHA.
Global Forklifts Market: Leading Segments
The growth of APAC in the global forklift market is attributable to the contribution from APAC countries such as China, India, and Australia. These countries have the most potential market for fork trucks due to numerous manufacturing assemblies and plants. Moreover, the increasing penetration of the e-commerce sector in these countries will further bolster the growth of the forklift market. The region held the market share of 31.67% in 2018.
Furthermore, the key application segment in the forklift market is the manufacturing and freight logistics sector. Out of all the sectors, these two applications are anticipated to witness steady increment at a CAGR of 1.26% during the aforementioned forecast period.
Global Forklifts Market: Disruptive Trends
Hydrogen Powered Trucks
There is an increasing trend of hydrogen-powered trucks global due to its eco-friendly and cost-effective nature. Additionally, Nikola Motor will display Europe’s first zero-emission commercial trucks in April 2019 aiming the European customers.
· Fuel-Celled Forklifts
The forklift market is continuously revolutionizing. Toyota in 2018 had launched its own new 1.8 tonne fuel-cell forklifts, using cells developed by Toyota Motors. In such fuel cell trucks, compressed hydrogen reacts with oxygen from the atmosphere driving electric current for electric motors.
Artificial Intelligence Detecting Human Behavior
In this digital helm, the robot forklifts are well equipped with advanced computer version and AI to detect track human behavior. The forklifts are now autonomous and self-optimizing that operates safely and efficiently.
With the latest technological advancement happening in the material handling industry, there are forklifts that are high-capacity forklifts that are fully based on electric power. Most of the companies prefer electric-based forklifts as they are ergonomic.
Some of the key companies ahead of the curve in the global forklift market are Toyota Industries Corporation, Komatsu Ltd., Kion Group AG, Jungheinrich AG, Crown Equipment Corporation, Clark Material Handling Company, KION Group AG , Hyundai Heavy Industries, Mitsubishi Nichiyu Forklift Corporation, and Hyster-Yale Material handling Inc.
Talk to one of our sales representative about the full report by providing your details in the link below:
A. Forklift Truck Market
B. Container Handling Equipment Market
C. OTR Tires Market
What can you expect from the report?
The forklift market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country or application based reports in forklift market segment?
Answer: Yes, we do have separate reports as mentioned below:
1. Thailand Forklift Market
2. India Forklift Market
Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
1. Increase the level of data in application or end user industry.
2. Increase the number of countries in geography chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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