March 29, 2020

Forklift Trucks Market Was Valued At US$ 33.81 Bn In 2018

The latest market report published by Credence Research, Inc. “Forklift Trucks MarketGrowth, Future Prospects, and Competitive Analysis, 2019 – 2027” the forklift trucks market was valued at US$ 33.81 Bn in 2018 and expected to grow at a CAGR of 4.7% during the forecast period from 2019 to 2027. 

Market Insights :

Increased e-commerce industry worldwide will boost revenue growth during the forecast period 

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Forklift Trucks Market

The global market for for forklift trucks is rising efficiently from 2019 to 2027 due to the growth of the e-commerce industry and the growth of the construction and mining industry worldwide. In 2018, Europe contributed to the largest share of revenue. On the contrary, Asia Pacific was the market leader in terms of volume in 2018.

The growing need for forklift trucks in warehouses and the increasing adoption of forklift trucks in emerging markets such as India, China, Indonesia and others will boost market demand. Approximately 1.4 Mn of forklift units were sold worldwide in 2018. Growing demand for electric forklifts will also boost the growth of the market. Growing infrastructural development worldwide and rising manufacturing sectors will increase market growth in the coming years.

Top manufacturers focus mainly on new product launches and mergers and acquisitions. New technological innovations in forklifts, such as multi-function touch and others, will be a major trend in the industry.

Industrial Developments • In April 2018, Toyota Industries Corporation introduced new heavy duty forklift trucks. The new heavy-duty trucks can lift a weight of up to 80,000 pounds and have features such as adjustable wheelbase, can navigate tight spaces to increase efficiency, productivity and convenience.

• In February 2019, Toyota Industries Corporation acquired Hoist Liftruck Mfg., LLC. This acquisition will help companies expand their business in new areas.

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Key Market Movements: • Globally, the market for forklift trucks is growing at a CAGR of 4.7% for the estimated period from 2019 to 2027• Europe dominated the global market in 2018 due to the presence of major automotive manufacturers and the growing logistics industry in the region. The adoption of forklift trucks in the manufacturing sector (such as machine tool manufacturers, machinery companies and others) is another factor in the region’s dominance.

• The Asia Pacific is projected to have a maximum growth rate during the forecast period due to the growing manufacturing and logistics industry in the region. The widespread adoption of forklift trucks in various industries, such as e-commerce, mining, construction and other industries, will also boost market demand in the region.

• The increasing number of mergers and acquisitions, new product expansion and increased development investment in emerging nations will drive overall demand.

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List of Companies Covered:

• Toyota Industries Corporation

• Hyundai Heavy Industries

• Mitsubishi Nichiyu Forklift Co., Ltd

• Crown Equipment Corporation

• Hyster-Yale Materials Handling Inc.

• Hangcha Group Co., Ltd.

• Clark Material Handling International, Inc.

• Kion Group AG

• Jungheinrich AG

• Hyster-Yale Materials Handling

• Anhui Forklift Truck

• Doosan Industrial Vehicle

• Komatsu Ltd.

• Godrej & Boyce Manufacturing

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