Forklift Truck Market Report

Constant technological advancements have simplified the ability of material handling with the introduction of Forklift Trucks. These industrial vehicles help in meeting the growing requirements of business operations speedily. Forklift trucks are gaining prominence in warehouses and other large storage facilities so as to improve the overall productivity.

Surge in the Need for Operational Efficiency to Impel Market Growth

Growing need for operational efficiency in the industrial sector is likely to induce demand for Forklift Trucks. Robust growth of the retail, e-commerce, manufacturing, warehousing, and logistics sectors could be a primary reason behind the growth of the Forklift Truck market. Also, benefits such as increased warehouse space, safety, productivity, low labor cost, manoeuvrability, and high load capacity associated with Forklift Trucks are increasing their adoption among the end-use sectors. Electric Forklift Trucks are increasingly gaining momentum in the market, thus positively impacting the growth.

Market Players to Expand their Production Facilities as a Key Business Strategy

The report has assessed the strategic tactics deployed by the key manufacturers of global Forklift Truck market including Toyota Industries Corporation, Hyundai Heavy Industries Co. Ltd, KION Group AG, Hyster-Yale Materials Handling Inc., and Godrej and Boyce Manufacturing Co. Ltd.

Market participants are focusing on expanding their manufacturing facilities so as to strengthen their geographical presence. For instance, later in 2019, KION GROUP AG launched its new plant in India, which is India’s largest production facility, for the manufacturing of intralogistics equipment, diesel and electric forklifts, battery-powered lift trucks, and reach trucks. Additionally, manufacturers are developing new service-friendly and efficient products, considering the operator’s comfort, safety, and productivity.

Market Segmentation

By Power Source

●  Internal Combustion Engine

●  Electric Motor

By Class

●  Class I

●  Class II

●  Class III

●  Class IV

●  Class V

By End-user Vertical

●  Transportation and Logistics

●  Retail Industry

●  General Manufacturing

●  Construction

●   Food and Beverage Industry

●  Other End-user Verticals

Electric motors are gaining traction in the Forklift Truck market as they are much quieter and produce little noise during operations as compared to the other type. Also, their low energy consumption cost is a key benefit associated with them. Class I forklifts create no emissions, which make them a suitable choice for the indoor applications. Application of the Forklift Truck is expected to increase in the transportation and logistics sector in the approaching years, analysts say.

By Region

The APAC region is likely to prove rewarding for the manufacturers of Forklift Trucks on the back of surge in the manufacturing activities and growing warehousing sector. China, India, and Japan are the key contributors to the regional market growth. According to the market researchers, heavy investment in the adoption of modern forklift trucks could benefit the growth in North America.

The machinery and equipment sector is always undergoing changes with evolution in technology. Machinery and equipment include a wide range of products for various applications. Players are constantly striving to bring in innovation for efficiency and to remain relevant in the cutthroat competition. QYR Consulting brings to its readers reports ranging from heavy trucks to automated teller machines. These reports have been written after a careful analysis of the growth of the market over decades and by taking into account its trajectory.

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