According to IMARC Group’s latest report, titled “Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global forklift trucks market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
Forklift trucks are industrial machines used to transport materials and goods over short distances. They are also utilized for performing different industrial tasks and handling heavy construction materials. They are operated by trained machinists and comprise two horizontal prongs for loading and unloading. As they are economical, powerful, user-friendly, and easy to maintain, their demand is escalating across the globe.
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Market Trends and Drivers:
The burgeoning construction industry represents one of the primary factors catalyzing the demand for forklift trucks worldwide. These trucks are employed in warehouses and distribution centers for delivering components to assembly lines and positioning materials for effective handling. As a result, the increasing number of warehouse establishments is contributing to the overall forklift trucks market growth. Moreover, as they perform multiple industrial tasks, forklift trucks find extensive application in dockyards, factories, and warehouses across the transportation, retail, aerospace, and manufacturing industries. Other factors, such as technological advancements and growing research and development (R&D) activities to improve productivity, are anticipated to drive the market further.
Forklift Trucks Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Clark Material Handling Company
- Crown Equipment Corporation
- Godrej & Boyce
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries Co. Ltd
- Jungheinrich
- KION Group
- Mitsubishi Forklift Trucks
- Toyota Industries Corporation
Key Market Segmentation:
The report has segmented the global forklift trucks market based on product type, technology, class, application and region.
Breakup by Product Type:
- Counterbalanced Forklift Trucks
- Warehouse Forklift Trucks
Breakup by Technology:
- Electricity Powered
- Internal Combustion Engine Powered
Breakup by Class:
- Class I
- Class II
- Class III
- Class IV
- Class V
Breakup by Application:
- Non-Industrial
- Warehouses and Distribution Centers
- Construction Sites
- Dockyards
- Snow Plows
- Industrial
- Manufacturing
- Recycling Operations
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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