Global Forklift Trucks Market Insights and Forecasts, 2019-2023 and 2024-2029: Growing Manufacturing, Automotive, Logistics, and E-commerce Sectors Drive Forklift Demand

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Jan 16, 2024, 06:00 ET

DUBLIN, Jan. 16, 2024 /PRNewswire/ -- The "Global Forklift Trucks Market: Analysis By Value and Volume, Power Source, By Class, By End User Industry, By Region, By Country: Market Insights and Forecast" report has been added to ResearchAndMarkets.com's offering.

The Global Forklift Trucks market showcased growth at a CAGR of 3.29% during 2019-2022. The market was valued at USD 50.72 Billion in 2022 which is expected to reach USD 100.04 Billion in 2029. The Global Forklift Trucks Market is expected to grow in the forecast period and register a market value of USD 100.04 Billion in 2029 at a CAGR of 10.24% during the forecast period.

The boom in e-commerce has driven the demand for forklift trucks, especially in fulfilment centres and warehouses. Forklifts play a crucial role in the quick and accurate movement of goods.

Forklift trucks are utilized in a wide range of industries, including manufacturing, logistics, construction, retail, agriculture, and more. The versatility of forklifts makes them indispensable for material handling in different operational settings. Forklifts contribute to the overall operational optimization of businesses by improving material handling efficiency, reducing downtime, and enhancing the speed of various processes.

The expansion of industrial sectors, such as manufacturing, logistics, e-commerce, and construction, has led to increased demand for forklift trucks. These industries require efficient material handling and movement of goods, driving the need for forklifts. The rapid growth of online shopping and e-commerce has significantly increased the demand for efficient warehousing and distribution centres. Forklift trucks play a vital role in managing inventory, loading/unloading trucks, and organizing storage spaces.

Additionally, due expansion of e-commerce and global supply chains has led to an increased demand for warehousing and logistics services. Forklift trucks play a pivotal role in these operations by facilitating the movement of goods, loading and unloading trucks, and optimizing warehouse space. Furthermore, Forklifts are widely used in manufacturing processes to transport raw materials, components, and finished products. Their versatility makes them valuable for various tasks, including loading and unloading production lines, moving materials between workstations, and handling heavy loads.

The automotive manufacturing industry generated approximately 2.52 trillion U.S. dollars in revenue in 2022. Forklift trucks are extensively used in automotive manufacturing plants for material handling tasks. They play a crucial role in moving raw materials, components, and finished goods within the manufacturing facility, contributing to the efficiency of production processes. Forklift trucks are utilized in automotive warehouses and distribution centres for the efficient handling of spare parts, components, and finished vehicles. The high demand for automotive products necessitates robust logistics and warehouse operations, driving the need for forklifts.

The high demand for automotive industry has had a significant impact on the forklift trucks market. This is due to the fact that many automotive manufacturers require forklifts to transport and handle heavy components and materials in their production processes. As a result, there has been an increase in the demand for forklifts, which has led to an increase in prices. Additionally, the high demand has also led to a shortage of forklifts in some areas, making it difficult for manufacturers to meet customer demand.

However, this shortage has also led to an increase in the development of new forklift models and technologies, such as electric and hybrid forklifts, which are more environmentally friendly and offer better performance. Overall, the high demand for automotive industry has had a positive impact on the forklift trucks market, leading to increased innovation and investment in the industry

Scope of the Report

The report analyses the Forklift Trucks Market by Value (USD Billion) and By Volume (Million Units).
The report presents the analysis of Forklift Trucks Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
The report analyses the Forklift Trucks Market By Power Source (IC Engine and Electric)
The report analyses the Forklift Trucks Market By Class (Class 1, Class 2, Class 3, Class 4 and Other Class)
The report analyses the Forklift Trucks Market By End User Industry (Retail, Logistics, Automotive, Food Industry and Other End User Industries)
The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Power Sources, by mode of operation & by end users.
Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
The report tracks competitive developments, strategies, mergers and acquisitions and new product development.

Competitive Positioning

Companies' Product Positioning
Market Position Matrix
Market Share Analysis of Forklift Trucks Market

Company Profiles

Toyota Industries Corporation
Kion Group AG
Jungheinrich AG
Mitsubishi Logisnext Co Ltd
Hyster-yale Materials Handling Inc.
Manitou Group SA
Cargotec
Anhui Heli Co Ltd
Crown Equipment Corp.
Hangcha Group Co Ltd

For more information about this report visit https://www.researchandmarkets.com/r/6im8v8

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