Forklift Market Size 2021 | Global future estimation, overview and comprehensive strategic analysis 2021-2030
Forklift Market: Global Market Size, Trends, Competitive Analysis, History and Forecast, 2020-2030 – The rapidly growing e-commerce industry along with increasing industrialization have contributed to the growth of the forklift market.
the Global Forklift Market was valued at $ 44.09 billion in 2019 and is expected to reach $ 91.98 billion by 2030 with a CAGR of 5.8% during the forecast period.
Forklifts are motorized vehicles used to move or transport heavy objects over a short distance. Forklifts are widely used in warehouses, shipyards, recycling plants and many other applications. Key factors such as the modernization of conventional work processes combined with the growing need for automation are driving the forklift market. Moreover, the increase in industrialization coupled with the growing emphasis on safety and efficiency at work are among the other major factors that are expected to drive the growth of the market. On the contrary, the high cost of forklifts is expected to hamper the growth of the market during the forecast period.
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The major players in the forklift truck market are Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others.
The forklift market is segmented on the basis of power source, class, end use, and geography. On the basis of the power source, the market is segmented into IC motor trucks and electric trucks. On the basis of the class, the market is segmented into Class 1, Class 2, Class 3, Class 4, Class 5 and others. On the basis of end use, the market is segmented into retail and wholesale, logistics, automotive, food industry, and others. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Recent analyzes indicate that North America leads the global forklift truck market due to developed infrastructure and increasing industrialization. However, the Asia-Pacific region is expected to grow rapidly in terms of market size during the forecast period due to the increasing need for automation in developing countries. Strategic collaborations and innovations between major market players are commonly adopted strategies to maintain market dominance. For example, in April 2019, JBT Corporation announced the launch of a new dual-mode AGV to the market in conjunction with Hyster-Yale Materials Handling.
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Key questions addressed in the report
- What is the total market value of the Forklifts Market report?
- What would be the forecast period in the market report?
- What is the market value of the forklifts market in 2021?
- What is the opinion of the key industry leader for the forklift truck?
- What is the calculated base year in the Forklifts Market report?
- What are the key trends in the Forklifts Market report?
- What are the market values /% growth of emerging countries?
- Which market holds the maximum market share of Forklift Truck market?
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