Global Forklift Market: Brief Overview
The demand for forklift or forklift truck, also known as lift truck or folk truck is increasing on account of its extensive use for lifting and moving materials from one place to another in warehouse and manufacturing operations. The use of a forklift for material handling for short and medium distance is the main factor behind its accelerated demand from the auto industry, retail, brick or stone distribution, manufacturing, heavy-duty warehousing, paper ruling, and shipping and freight industries.
There are different classes of forklifts. Class 1 forklifts are used on smooth floors and mainly for indoor operations. Class 2 forklift are used in narrow isle and in maximizing storage space in organizations. Class 3 forklift are manually operated. Class 4 and 5 forklifts are used for transporting palletized loads from loading dock to storage area.
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Global Forklift Market: Trends And Opportunities
There is an increasing trend of hydrogen powered trucks as they are eco-friendly and cost effective. Forklifts powered by such fuel cell technologies have several benefits such as smooth operation in freezing weather and reduced need for battery replacement, and this will fuel their demand.
On the basis of application, the global forklift market is segmented into warehousing, manufacturing, freight and logistics, distribution, and others. On the basis of tonnage capacity, this market is segmented into 11 to 36 tons and greater than 36 tons, 5 to 10 tons, and less than 5 tons. On the basis of fuel type, this market is segmented into diesel, gasoline, compressed natural gas or CNG, electric battery, and LPG or liquid propane gas. The report discusses the leading, the declining, and the fastest growing segments and sub-segments.
Global Forklift Market: Geographical Analysis
On the basis of geography, this Market is segmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Of these, Asia Pacific is the largest market for forklift in the world, with China being the largest regional market within Asia Pacific. Other key markets for forklift in Asia are, India, Japan, Australia, and South Korea. The presence of large number of production facilities, high economy growth, heavy logistics activities, and rising adoption of technology are behind the growth of the forklift market in Asia Pacific. This will lead to significant growth of regional sector.
North America is one of the most lucrative regional market for forklifts. Europe is the second largest regional market for forklift with Germany in the Forefront and the UK, Italy, France, Spain, Sweden, Netherlands, and Belgium as other attractive markets for forklift. The Middle Eastern Africa will also be a significant contributor to the revenue of the forklift Market, with turkey, Saudi Arabia, Iran, and South Africa as major markets within this region. Brazil and Argentina are lucrative markets for forklift within the Latin America region.
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The report studies key players in the market such as Toyota Industries Corporation (Japan), Jungheinrich AG (Germany), KION Group AG (Germany), Crown Equipment Corporation (the U.S), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Hyster-Yale Materials Handling, Inc. (the U.S.), UniCarriers Americas (the U.S), Komatsu Ltd. (Japan), Anhui HELI Co. Ltd Limited (China), Lonking Holdings Limited (China), Clark Material Handling Company (the U.S), Hangcha Group Co., Ltd. (China), Hyundai Heavy Industries (South Korea), Doosan Industrial Vehicle America Corp. (the U.S), and Combilift (Ireland).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.