Market Overview:
A forklift is defined as a powerful tool that is used to lift and move materials over short distances. It is used in various applications such as factories, warehouses, stations, ports, airports, distribution centers and others. It is available in various types such as counterbalance forklift trucks, walkie trucks, reach trucks, off-road forklifts, truck, mounted forklifts, articulated trucks and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (United States), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (United Kingdom), The Raymond Corporation (United States), Anhui HELI Co., Ltd (China) and Kalmar Global (Finland) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Vendors of Forklift Truck Market Study:
Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (United States), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (United Kingdom), The Raymond Corporation (United States), Anhui HELI Co., Ltd (China) and Kalmar Global (Finland)
Forklift Truck Market Segment Analysis
Scope | Sub-Segments |
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Application / End User | Factories, Warehouses, Stations, Ports, Airports, Distribution Centers and Others |
Type | Counterbalance Forklift Trucks, Walkie Trucks, Reach Trucks, Off-Road Forklifts, Truck-Mounted Forklifts, Articulated Trucks and Others |
Horsepower Capacity | <150HP,150-250HP,251-350HP,351-450HP,>450HP |
Engine Capacity | <4L,4-6L,6-8L,>8L |
Power | Diesel Engine,LP Gas Engine |
Influencing Trend:
Technology Advancement in Electric Forklift
Market Growth Drivers:
In the last few years, there is a significant demand for a forklift truck. For instance, in 2019, as per an article published by World Integrated Trade Solution, shipments of forklift trucks in the APAC region rise from 0.55 million to 0.63 million with an increase of around 13.4%. Therefore, it will drive the market growth.
Challenges:
Issue related to High Cost of Battery Operated and Fuel Cell Forklift
Restraints:
Some of the major incidents such as worker on foot are struck by the forklift, the person falls from a forklift and others are some of the major factors which act as restrain for market growth.
Opportunities:
Increasing Demand for Battery-Operated Forklifts
. The Global Forklift Truck market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Latest Industry Highlights:
In June 2022, Mitsubishi Logisnext Americas group launched of the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities. These battery-powered forklifts are available to all UniCarriers brand dealers across North and South America, as well as the Caribbean.
In September 2023, PALFINGER truck-mounted forklifts, Steyr Automotive is handling the assembly work. This partnership secures production for the growing North American market, strengthens Austria as an industrial location in Europe and gives innovative Upper Austrian manufacturing a fresh uplift.
According to the Occupational Safety and Health Administration, “Protecting Young Workers: Prohibition Against Young Workers Operating Forklifts. OSHA Safety and Health Information Bulletin (SHIB), (September 30, 2003). Informs employers that youth employment regulations”. Hence, it may act as a hamper for market growth.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Forklift Truck market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Forklift Truck market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Forklift Truck Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.