According to the latest report, titled “ForkLift Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The Fork Lift Truck Market is projected to grow from 1,418.9 thousand units in 2021 to 1,908.6 thousand units in 2028 at a CAGR of 4.3% during the 2021-2028 period.
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global ForkLift Truck Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the ForkLift Truck Market.
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A few top players in the industry are–
- Toyota Industries Corporation (Japan)
- Crown Equipment Corporation (United States)
- Kion Group AG (Germany)
- Hyster-Yale Materials Handling Inc. (United States)
- Hyundai Heavy Industries (South Korea)
- Mitsubishi Nichiyu Forklift Co., Ltd (Japan)
- Jungheinrich AG (Germany)
- Anhui Forklift Truck (China)
- Doosan Industrial Vehicle (United States)
- Hangcha Group (China)
- Komatsu Ltd. (Japan)
- Godrej & Boyce Manufacturing (India)
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global ForkLift Truck Market and the market concentration is described in the report.
On the basis of Geography, the Global ForkLift Truck Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global ForkLift Truck Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of ForkLift Truck Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Increasing Mining Activities to Aid Progress
The increasing investment in the research and development of large capacity forklift trucks has paved the way for growth for the companies operating in the global market. Increased adoption of e-commerce services and mining activities will fuel the demand for these trucks across the world. The report provides segmentation based on factors such as product types, applications, and regional demographics. Among all end-use applications, Fortune Business Insights has predicted that the manufacturing industry is likely to witness the highest growth during the forecast period owing to the high demand for the product across the world.
Heavy Demand from Construction industry to Aid Growth in Asia Pacific
The market in Asia Pacific is likely to witness the highest growth in the coming years. The huge demand for these trucks for material handling equipment across several industries such as construction, mining, and food & beverage will favor the growth of the market in the Asia Pacific. Additionally, the adoption of technologically advanced forklift trucks will enable an increase in the market size in the coming years. Fortune Business Insights states that the market in Asia Pacific was 623.7 thousand units in 2019 and is likely to emerge dominant during the forecast period. However, North America is likely to witness the highest growth in the coming years due to the presence of several big-name players in this region.
An overview of the ForkLift Truck Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Toyota Material Handling Holds Highest Share
Among all companies, Toyota Material Handling currently holds the highest portion of the forklift truck market share. This is attributable to a strong market brand, a wide customer base, and an impeccable research and development (R&D) unit. In addition to increasing its business expansion, the company is also indulged in factors such as consumer safety and reduced product costs. Hyster-Yale Materials is another such company that has made a huge contribution to an increase in the global market. The company excels in connected device technology across the industry.
- What is the driving factor for the growth of the ForkLift Truck Market?
- How will the COVID-19 pandemic impact the demand and consumption of the ForkLift Truck Market?
- What is the major application area of the ForkLift Truck Market?
- Who are the ForkLift Truck Market manufacturers across the globe?
- Which geographical location is dominant in the ForkLift Truck Market?
- Which are the top industry players in the ForkLift Truck Market?
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