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Forklift Truck Global Market Report 2022

Forklift Truck Global Market Report 2022

  • October 2022
  • 175 pages
  • ID: 6351337
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the forklift truck market are Anhui HELI Co.Ltd, Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, and UniCarriers Americas Corporation.

The global forklift truck market is expected to grow from $50.99 billion in 2021 to $56.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The forklift truck market is expected to grow to $78.25 billion in 2026 at a CAGR of 8.6%.

The forklift truck market consists of sales of forklift trucks by entities (organizations, sole proprietors, and partnerships) that are used to lift and move objects over short distances.A forklift truck refers to a powered industrial truck that consists of a small truck frame with a front-facing assembly for lifting and carrying the load.

Forklifts are available in different specifications as per their weight carrying capacity and the requirements of the place of use, and may or may not require a driver for them to be operated.

The main product types in the forklift truck market are counterbalance, warehouse. The counterbalance forklifts are used to lift a wide range of weights, ranging from 1.8 t to 48 t. It refers to a forklift that has a heavy counterweight to offset the load that is being carried in the front. The different technologies include electric power and IC engines, and they are available in various classes such as class I, class II, class III, class IV, and class V. It is employed in retail and wholesale, logistics, automotive, the food industry, and other end users.

Asia Pacific was the largest region in the forklift truck market in 2021. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The forklift truck market research report is one of a series of new reports that provides forklift truck market statistics, including forklift truck industry global market size, regional shares, competitors with a forklift truck market share, detailed forklift truck market segments, market trends and opportunities, and any further data you may need to thrive in the forklift truck industry. This forklift truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growing construction industry is expected to propel the growth of the forklift truck market going forward.Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction.

These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the growing construction industry is driving the growth of the forklift truck market.

New product innovations have emerged as the key trend gaining popularity in the forklift truck market.Major companies operating in the forklift truck sector are focused on developing new technological advancements to increase their market share.

For instance, in April 2020, Toyota Material Handling, a subsidiary of Toyota Industries, a Japan-based manufacturer of automobiles, launched electric forklifts that are designed by using unique alternating current (AC) motors that help to control overall energy and operational costs for superior operability.They have a capacity of 3,000 and 3,500 pounds each to increase productivity.

In comparison to earlier models, this electric forklift truck can travel and lift objects at speeds that are up to 27% faster and has a runtime that is up to 12% longer.

For instance, in April 2019, Toyota Industries Inc., a Japan-based company that manufactures automobiles and industrial trucks, acquired Hoist Material Handling, Inc. for an undisclosed amount. With this acquisition, Toyota would manufacture large-capacity forklifts under the Toyota Heavy Duty (THD) brand and also expand its market share in the US. Hoist Material Handling, Inc. is a US-based company that manufactures heavy-duty cushion tires and forklift trucks.

The countries covered in the forklift truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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