Forklift Truck Market to Grow at 7.2% CAGR by 2030
The rising e-commerce businesses coupled with the growing demand for automation are key driving factors of the forklift truck market.
The Forklift Truck market is expected to grow at a CAGR of 7.2% from 2023-2030, according to a new research report by Next Move Strategy Consulting.
Forklift trucks are vehicles used to move or carry heavy objects over a short distance. Forklift trucks are widely used in dockyard, warehouse, recycling of goods and many more applications. The growing need for automation as well as the need to reduce work related accidental risks has been driving the growth of forklift truck market. Additionally, growth in numerous end user industries is also expected to contribute to the market growth. However, high cost of forklift trucks is expected to hamper the market growth during the forecast period.
On the basis of power source, the market is segmented into IC engine powered trucks and electric powered trucks. On the basis of class, the market is segmented into class 1, class 2, class 3, class 4, class 5 and others. On the basis of end use, the market is segmented into retail & wholesale, logistics, automotive, food industry and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific and RoW.
North America possesses the highest market share in the global forklift truck market due to wide adoption of forklift trucks into numerous industries. Other factors such as developed infrastructure combined with increasing industrialization in this region are expected to further contribute to the forklift truck market growth. The Asia Pacific region is predicted to grow with the highest CAGR during the forecast period. Such exponential growth of the Asia Pacific region is attributed to factors like increase in demand of automation in this region. Other factors contributing to the market growth in this region are increase in urbanisation and emerging economies in this region.
Browse through the full report “Forklift Truck Market by Power Source (IC Engine Powered and Electric Powered), by Class (Class I, Class II, Class III, Class IV, and Class V), by End User (Retail & Wholesale, Logistics, Automotive, Food Industry, and Others) - Global Opportunity Analysis and Industry Forecast, 2023 – 2030”.
According to the report, some the key players in the market include Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others.
Key Insights from the Forklift Truck Market Report:
- Current and emerging trends along with opportunities are extensively analysed in forklift truck market report.
- The forecast of the forklift truck market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report forklift truck Market – is segmented by power source, class, end use and geography.
About Next Move Strategy Consulting
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