Forklift trucks are industrial trucks that are mainly used in warehouses, distribution centers and manufacturing facilities for lifting and transporting materials over short distances. They are commonly powered by electric motors or internal combustion engines and are able to carry heavy loads at variable heights. Key applications where forklift trucks are used include moving pallets of goods inside warehouses, loading and unloading delivery trucks, moving inventory between locations, as well as stacking and destacking loads. Some common types of forklifts include reach trucks, counterbalance trucks, side loaders and pallet trucks. The global forklift truck market is estimated to be valued at US$ 37.71 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid Growth of E-Commerce Industry: The exponential growth of the e-commerce industry has resulted in increasing demand for efficient material handling equipment in warehouses and distribution centers. Forklift trucks play a major role in automating intra-logistics operations and ensuring faster fulfillment of delivery orders. They allow rapid loading and unloading of goods from trucks as well as their movement within facility premises. Furthermore, growing volumes of online shopping are prompting e-retailers to expand their distribution networks and set up larger fulfillment centers, thereby driving investments in forklifts.
Segment Analysis
The forklift truck market is segmented based on product type, class, fuel type, and end-use industry. Based on product type, the market is dominated by the counterbalance forklift segment owing to its ability to carry heavier loads comfortably and efficiently as compared to other product types. This segment occupied over 75% of the total market share in 2022.
PEST Analysis
Political: Governments across major countries are focusing on encouraging the adoption of electric forklifts to reduce pollution and dependence on fossil fuels. Subsidies and incentives are being offered for using electric forklifts.
Economic: With rapid growth of the e-commerce and construction industries, demand for efficient material handling equipment is rising. This is driving the sales of forklifts across markets.
Social: Forklifts help improve productivity and efficiency of operations in various industries. They also reduce manual labor requirements. This positively impacts their acceptance rate.
Technological: Introduction of autonomous and connected forklifts leveraging technologies like IoT and AI are transforming material handling. This is enhancing safety, productivity, and efficiency.
Key Takeaways
The Global Forklift Truck Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to cross US$ 80 Bn by 2030.
Regional analysis: Asia Pacific currently dominates the global market with over 40% share owing to rapid industrialization and construction activities. China shows fastest growth among all countries due to low-cost manufacturing and presence of key players in the region.
Key players: Key players operating in the forklift truck market are DuPont Teijin Films, PARC (Xerox Corporation), General Electric Company, Lockheed Martin Corporation, American Semiconductor Inc., Flex Ltd. These players are focusing on new product launches and partnerships to gain market share.
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