NEW YORK, July 19, 2022 (GLOBE NEWSWIRE) — According to the report published by Next Move Strategy Consulting, the global forklift market generated $2.06 billion in 2021 and is projected to generate $4.65 billion by 2030, at a CAGR of 9.5% from 2022 to 2030. The report provides a detailed analysis of the current market size and estimates, driving forces and opportunities, and the competitive landscape. Furthermore, key segments and sub-segments are analyzed along with regions and their respective countries.
With all information, data and statistics on 300 pages, supported by 169 tables and 139 figures, the report is a helpful guide for leading market participants, investors and start-ups who want to strengthen their position in the forklift industry. The study also highlights the impact of Covid-19 on the market size and the strategy of market players to deal with the pandemic.
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|Market size in 2021||$2.06 billion|
|Market size in 2030||$4.65 billion|
|number of pages||300|
|segments covered||Power Source, Class, End Use, and Geography.|
|driver||Increase in investments in infrastructure development|
|The expansion of the e-commerce industry|
|occasions||Increasing demand for easy movement and organization of goods|
|The emergence and use of hydrogen fuel cell forklifts|
The report provides a detailed analysis of changing market dynamics and opportunities of the global Forklift Trucks market. It highlights driving forces and restraints to help market participants strategize. Increasing investment in infrastructure development, the benefits such as saving time and increasing efficiency, as well as the expansion of e-commerce industry are the factors leading to the growth of global forklift truck market share. However, the high cost of these trucks is restraining the market growth.
Outlining the opportunities playing a crucial role in increasing the market size of forklift trucks, the lead analyst for the Automotive & Transportation category at Next Move Strategy Consulting stated, “The increasing demand for easy movement and organization of goods presents opportunities in the future Years. In addition, the advent and deployment of hydrogen fuel cell forklifts will improve the efficiency of operations in manufacturing facilities, which in turn will provide more opportunities.”
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The report provides detailed segmentation of the global forklift truck market based on energy source, class, end-use and geography. With the help of tables and figures, the report analyzes each segment and sub-segment to provide a better understanding of the market. Based on performance, the report classifies the source segment into Internal Combustion Engines and Electric Powertrains. Based on class, the report further segments the market into class 1, class 2, class 3, class 4, class 5 and others. By end-use, the report segments the market into retail and wholesale, automotive, logistics, food industry, and others.
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Based on geography, the study further subdivides the market into North America, Europe, Asia Pacific and RoW. According to the report, North America held the lion’s share in 2021 and will maintain its dominant position throughout the forecast period. This is due to the increasing adoption of forklifts in various end-user industries. On the other hand, the Asia-Pacific region would grow steadily in the coming years due to the increasing demand for automation in the developing countries. The study analyzes each segment and sub-segment based on regions and countries to help market players determine strategies and geographies for expansion.
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The study provides a detailed analysis of leading market players operating in the global forklift truck market. This analysis highlights the competitive scenario and the strategies employed by leading players to gain a competitive edge. Leading players profiled and analyzed in the study include Crown Equipment Corporation, Hangcha, EP Equipment, Jungheinrich AG, Hyster-Yale Material Handling, Inc., Komatsu Ltd., Kion Group AG, Mitsubishi Logisnext Co., Ltd ., Lonking Machinery Co., Ltd., Toyota Industries Corporation and others. They are also analyzed based on product portfolio and sales value for different segments.
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