Global forklift truck market is estimated to grow at a CAGR of 3.4% during forecast period (2022-2030). Global forklift truck market is primarily driven by increasing e-commerce business and growing warehouse space. Companies in e-commerce industry are investing huge capital to expand their business and improve their operations, due to significant raise in sale during the pandemic.
Global forklift truck market has been segmented on the basis of class, product type, power source, and end-users. Electric powered engine in power source segment is expected to grow at highest rate in terms of revenue, with CAGR of around 3.8% during the forecast period. Adoption of electric powered forklift truck is increasing due to its cost-effective trait over the year and low carbon emission. Electric powered forklift truck majorly has application in e-commerce and warehouses to lift material from one place to another. Growing e-commerce industry is expected to increase the adoption of electric powered forklift truck across the globe.
Retail and wholesale in the end-user segment lead the global forklift truck market by capturing market share of over 29.81% in 2020. Retail and wholesale market is anticipated to rise at a CAGR of 3.6% during forecast period. Forklift trucks have application in retail and wholesale for picking, relocating, and arranging the retail goods at appropriate places in the factory or store.
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Counterbalance forklift in the product type segment lead the global forklift truck market by capturing market share of over 59.54% in 2020. Counterbalance forklift truck market is anticipated to rise at a CAGR of 3.3% during the forecast period. Counterbalance forklift are primarily used in construction and manufacturing industries as a crucial part to lift, transport and handle materials. The growth in construction and manufacturing sector, especially in emerging economies, act as primarily driver for the growth in counterbalance forklifts.
E-commerce industry is growing at an unprecedented rate owing to rising disposable income across the globe which led to adoption of workflow, fulfilment and logistics solutions that can increase the productivity and reduce operational cost at same time. E-commerce organizations are increasingly establishing diversified range of warehouses for storage & logistics and forklift trucks act as an integral part to ensure efficient logistics operations which is further paving the way for the adoption & utility of forklift truck in e-commerce industry. Further, as consumer preferences towards online shopping is observed to be rising across the globe, e-commerce companies are increasing number of warehouses to meet the demand of consumers. This places massive demand on e-commerce warehouse to pick, pack and ship the product in quick manner thereby raising the demand for material handling equipment. Therefore, Warehouse forklift is expected to rise at the highest CAGR of 3.6% in the forecast period.
Asia Pacific leads the global forklift truck market by capturing market share of over 36.37% in 2020. Asia Pacific forklift truck market is also anticipated to rise at highest CAGR of 3.7% during the forecast period. High economic growth in Asia Pacific, increasing investments in the construction sector, coupled with growing e-commerce sector are the primary reasons for the dominance and high growth of market over the forecast period. Government support to boost manufacturing sector in the region through various programs is expected to create lucrative growth opportunities in this region during the forecast period.
Product launch is the primary strategy adopted by companies in global forklift truck system market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in global forklift truck market. Strategic partnership allows the companies to share their resources to serve their respective self-interest. Though M&A are also noticeable in the forklift trucks market. The top companies include Toyota Industry Corp, Kion group, Mitsubishi Logisnext Co. Ltd, Crown Equipment Corporation and Jungheinrich Group.
KEY MARKET MOVEMENTS
- Global forklift truck market is estimated to grow at a CAGR of 3.4% during forecast period (2022-2030).
- Electric powered engine in power source segment is expected to grow at highest rate in terms of revenue, with CAGR of around 3.8% during the forecast period.
- Retail and wholesale in the end-user segment lead the global forklift truck market by capturing market share of over 29.81% in 2020.
- Retail and wholesale market is anticipated to rise at a CAGR of 3.6% during forecast period.
- Counterbalance forklift in the product type segment lead the global forklift truck market by capturing market share of over 59.54% in 2020.
- Counterbalance forklift truck market is anticipated to rise at a CAGR of 3.3% during the forecast period.
- Warehouse forklift is expected to rise at the highest CAGR of 3.6% in the forecast period.
- Asia Pacific leads the global forklift truck market by capturing market share of over 36.37% in 2020.
- Asia Pacific forklift truck market is also anticipated to rise at highest CAGR of 3.7% during the forecast period.
- Product launch is the primary strategy adopted by companies in global forklift truck system market.
- The top companies include Toyota Industry Corp, Kion group, Mitsubishi Logisnext Co. Ltd, Crown Equipment Corporation and Jungheinrich Group.
