"Global Forklift Truck Market – Industry Trends and Forecast to 2030
Global Forklift Truck Market, By Product Type (Warehouse and Counterbalance), Class (Class I: Electric Motor Rider Trucks, Class II: Electric Motor Narrow Aisle Trucks, Class III: Electric Motor Pedestrian Trucks, Class IV: Internal Combustion Engine Trucks; Class V: Internal Combustion Engine Trucks, Class VI: Electric And Internal Combustion Engine Tractors, and Class VII: Rough Terrain Forklift Trucks), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), End-Use Industry (Retail and Wholesale, Transportation and Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries) – Industry Trends and Forecast to 2030.
Data Bridge Market Research analyses that the global forklift truck market which was USD 67.75 million in 2022, would rocket up to USD 172.62 million by 2030, and is expected to undergo a CAGR of 12.35% during the forecast period. This indicates that the market value.
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A forklift truck refers to an industrial machine that incorporates two horizontal prongs for loading and transporting goods and materials. The machine is usually operated by a trained machinist. This truck is powered by electric batteries or combustion engines.
**Segments**
- Based on type, the forklift truck market can be segmented into electric forklifts, internal combustion (IC) forklifts, and others. Electric forklifts are gaining popularity due to their environmental friendliness and low operational costs. IC forklifts, on the other hand, are known for their high power and efficiency in heavy-duty applications. The other segment includes specialized forklifts used in industries like construction, agriculture, and logistics.
- By class, the market can be categorized into Class 1, Class 2, Class 3, Class 4, Class 5, and others. Each class represents a specific type of forklift designed for particular tasks. Class 1 includes electric motor rider trucks, Class 2 covers electric motor narrow aisle trucks, Class 3 comprises electric hand rider trucks, while Class 4 and 5 are IC engine forklifts for indoor and outdoor use, respectively.
- On the basis of application, the forklift truck market can be divided into manufacturing, logistics, wholesale & retail distribution, and others. Manufacturing sectors utilize forklifts for material handling within factories, while logistics companies rely on these machines for warehousing and distribution operations. Wholesale and retail distribution centers also heavily depend on forklift trucks for efficient storage and movement of goods.
**Market Players**
- Toyota Industries Corporation
- KION Group
- Jungheinrich AG
- Hyster-Yale Materials Handling, Inc.
- Mitsubishi Logisnext Co., Ltd.
- Crown Equipment Corporation
- Anhui Heli Co., Ltd.
- Hangcha Group Co., Ltd.
- Clark Material Handling Company
- Doosan Corporation
The forklift truck market is witnessing significant growth due to the increasing demand for efficient material handling equipment across various industries. Manufacturers are focusing on introducing advanced technologies in their forklift trucks to enhance performance, safety, and operational efficiency. The rise ofThe forklift truck market is experiencing robust growth driven by a surge in demand for highly efficient material handling solutions across diverse industries. With the increasing emphasis on sustainability and operational cost reduction, electric forklifts have emerged as a popular choice among end-users. These vehicles offer environmental friendliness and lower operational costs compared to internal combustion (IC) forklifts. The shift towards electric forklifts is further fueled by stringent emissions regulations and a growing focus on eco-friendly practices in the industrial sector.
Internal combustion (IC) forklifts, while known for their high power and efficiency in heavy-duty applications, are facing challenges related to emissions and operational costs, driving some end-users to transition towards electric models. The other segment in the forklift truck market encompasses specialized forklifts tailored for specific industries such as construction, agriculture, and logistics. These specialized forklifts are designed to meet the unique requirements of these sectors, emphasizing factors such as maneuverability, load capacity, and durability in demanding operational environments.
In terms of class segmentation, the market offers a range of options tailored to specific tasks and operating conditions. Electric motor rider trucks, narrow aisle trucks, and hand rider trucks cater to different operational requirements within manufacturing, logistics, and distribution settings. The classification of IC engine forklifts for indoor and outdoor use further highlights the versatility of these machines in handling various material handling tasks across different environments.
The application segmentation of the forklift truck market highlights the diverse industries that heavily rely on these vehicles for their material handling needs. Manufacturing sectors leverage forklifts for seamless material movement within production facilities, enhancing overall operational efficiency. Logistics companies utilize forklift trucks for efficient warehousing and distribution activities, streamlining supply chain operations and maximizing throughput. Wholesale and retail distribution centers depend on forklifts for the smooth movement and storage of goods, facilitating timely deliveries and inventory management.
Key players in the forklift truck market, including Toyota Industries Corporation, K**Global Forklift Truck Market, By Product Type (Warehouse and Counterbalance), Class (Class I: Electric Motor Rider Trucks, Class II: Electric Motor Narrow Aisle Trucks, Class III: Electric Motor Pedestrian Trucks, Class IV: Internal Combustion Engine Trucks; Class V: Internal Combustion Engine Trucks, Class VI: Electric And Internal Combustion Engine Tractors, and Class VII: Rough Terrain Forklift Trucks), Fuel Type (Diesel, Gasoline, and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), End-Use Industry (Retail and Wholesale, Transportation and Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries) – Industry Trends and Forecast to 2030.**
The forklift truck market is evolving with innovations focused on enhancing efficiency, productivity, and sustainability. The segmentation based on product type reflects the varying needs of different industries, with warehouse forklifts catering to indoor material handling and counterbalance forklifts designed for outdoor applications. This segmentation aligns with the industry's growing emphasis on specialized equipment to meet diverse operational requirements effectively.
The class segmentation in the forklift market underscores the importance of tailored solutions for specific tasks. Electric motor rider trucks, narrow aisle trucks, and pedestrian trucks cater
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global Forklift Truck Market
Chapter 3: Regional analysis of the Global Forklift Truck Market industry
Chapter 4: Forklift Truck Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Key takeaways from the Forklift Truck Market report:
- Detailed considerate of Forklift Truck Market-particular drivers, Trends, constraints, Restraints, Opportunities and major micro markets.
- Comprehensive valuation of all prospects and threat in the
- In depth study of industry strategies for growth of the Forklift Truck Market-leading players.
- Forklift Truck Market latest innovations and major procedures.
- Favorable dip inside Vigorous high-tech and market latest trends remarkable the Market.
- Conclusive study about the growth conspiracy of Forklift Truck Market for forthcoming years.
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