Forklift Trucks Market Research Report
Growth opportunities in the Forklift
Trucks market look promising over the next six years. This is attributed to
the emerging trend of the e-commerce sector for corrugated board packaging in
the warehouse in developing countries, along with the increasing number of
governmental bodies' strategic initiatives for supporting the growth of
forklift trucks.
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Forklift
Trucks Industry Dynamics (including market size, share, trends, forecast,
growth, forecast, and industry analysis)
Key
Drivers
Various leading industrial companies are moving towards
electric forklifts as it is environment-friendly, high cost-effective, and
emits no carbon footprint. Forklifts is considered as a substitute for
liquid-filled lift trucks and are economical to operate, therefore boosting the
market growth. Moreover, the growing number of governmental bodies' strategic
initiatives to encourage the adoption of forklift trucks is further surging the
market growth. For example, the Chicago government regulations are supporting
material loading companies to focus on novel technology. This Hyster Hale
officially introduced two of its products from the R&D initiative, thus
illustrating the counterbalanced electric forklift truck with several
advantages such as reduces carbon emissions, no noise pollution, etc.
The emerging trends in the e-commerce industry for
corrugated board packaging in the warehouse to cater to the demand of the
package delivery has increased the demand for forklift trucks across the globe
for lifting the cartons. As per (IBEF), India Brand Equity Foundation, the
Indian e-commerce sector is expected to touch USD 999 billion by 2024. Hence,
the rising adoption of e-commerce across the globe has further contributed to
market growth.
On the other hand, the high cost of battery-operated trucks
and fuel cell forklifts are hampering the market growth. For example, an
electric forklift truck costs approx. USD 25,000- USD 50,000 and up with an
increase of USD 2,500-USD 5,000 for a battery and charger, which is costlier as
compared to the normal diesel trucks, which cost about USD 15,000- USD 30,000.
Power
Source Segment Drivers
Based on the power source, the electric segment is projected
to lead the global forklift trucks market during the forecast period. This is
mainly to the increasing demand for electric forklift trucks owing to the
stringent regulations. In 2019, European Union introduced Euro-Stage V emission
standards for LPG and diesel drove nonroad vehicles. This norm decreased around
40% use of diesel and LPG vehicles, thus boosting the market growth.
Forklift
Trucks Market’s leading Manufacturers:
·
TOYOTA INDUSTRIES CORPORATION
·
KION GROUP AG
·
Hyster-Yale Materials Handling, Inc.
·
Jungheinrich AG
·
MITSUBISHI HEAVY INDUSTRIES, LTD.
·
Crown Equipment Corporation
·
CLARK
·
Anhui Heli Co., Ltd.
·
Komatsu Ltd.
·
JBT
·
Clearpath Robotics, Inc.
Forklift Trucks Market Segmentation:
Segmentation by Class:
·
Class 1
·
Class 2
·
Class 3
·
Class 4/5
Segmentation by Power Source:
·
Internal Combustion Engine
·
Electric
Segmentation by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
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