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Forklift Trucks Market by Class Type, Type and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 176
  • SKU: IRTNTR40505
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The forklift trucks market is estimated to grow at a CAGR of 4.32% between 2022 and 2027. The size of the market is forecast to increase by 357 thousand units. The growth of the market depends on serval factors, including the rapid growth in the construction sector, the rapid growth in e-commerce retail, and the high growth potential in emerging markets.

This report extensively covers market segmentation by class type (class iii, class v, class i, class ii, and class iv), type (electric and internal combustion engine), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Forklift Trucks Market During the Forecast Period?

Forklift trucks Market Size

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Parent Market Analysis

Technavio categorizes the global forklift trucks market as a part of the global construction machinery and heavy trucks market within the global capital goods market. The parent market covers a variety of product categories, including heavy-duty trucks, heavy earthmoving equipment, compact earthmoving equipment, road construction, and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and other related equipment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Forklift Trucks Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rapid growth in the construction sector is notably driving the market growth, although factors such as the shortage of skilled operators may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Forklift Trucks Market Driver

The rapid growth in the construction sector is one of the key factors driving the growth of the global forklift truck market. The growth in global construction activity has fostered the growth of the global forklift trucks market over the last few years. Developed markets such as the US and Western Europe witnessed rapid growth in building construction and renovation in 2019. Owing to the implementation of the Energy Efficiency Directive (EED) formulated by the EC in 2012, Western Europe witnessed the renovation of public buildings, with the goal to achieve zero building emissions by 2020.

Moreover, the government initiatives such as India’s Make in India and China’s BRI will continue to boost the growth of commercial construction and infrastructural development. The flexibility and operational speed offered by forklift trucks for applications in the construction sector, especially for repeated material handling tasks, will foster growth in the adoption of forklifts in the construction sector, thereby driving the growth of the global forklift trucks market during the forecast period.

Key Forklift Trucks Market Trend

Fuel cell-powered forklift trucks are the primary trend in the global forklift trucks market. With manufacturers of forklift trucks increasingly emphasizing R&D, the introduction of forklifts powered by hydrogen fuel cells is a significant development in forklift truck technology. Moreover, several vendors, such as Toyota Industries and KION GROUP, are coming up with fuel-cell-powered forklift truck models. Apart from significantly reducing the carbon footprint of forklift trucks, fuel cell-powered forklifts increase operational efficiency due to the less downtime involved. Hydrogen fuel cells need to be replaced only once in ten years, as opposed to lead batteries that need replacement every 3-4 years. The time taken to completely fuel hydrogen-powered forklifts is 80%-85% less than that for battery-operated ones.

Also, fuel cell-powered forklift truck offers consistent performance throughout a charge cycle, unlike battery-powered forklift trucks that experience a drop in their performance toward the end of the charge cycle. Hydrogen is derived from natural gas that is priced much lower than crude oil, making hydrogen fuel cheaper than diesel and LPG. Owing to factors such as improved performance, less need for maintenance, and environmental benefits, fuel cell-powered forklift trucks are expected to find increased demand during the forecast period.

Key Forklift Trucks Market Challenge

The shortage of skilled operators is a major challenge for the global forklift truck market growth. The challenging nature of the material handling and logistics operations in various end-user industries makes it necessary to have trained personnel with skilled technical expertise for handling the operations of forklift trucks. In the US, OSHA issued a rule with effect from November 2017, making it mandatory for every forklift operator in a workplace to be trained and certified to operate forklift trucks.

However, employees are finding it increasingly difficult to find skilled operators to cater to the rising demand in end-user industries. The lack of skilled operators is primarily due to the over-dependence on the existing certified forklift operators, leading to higher wages and overuse of these operators. Also, the lack of skilled operators contributes to the delay and loss in the profitability of projects. The shortage of skilled operators for forklift trucks will continue to pose a challenge to the growth of the global forklift trucks market during the forecast period.

Key Forklift Trucks Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Forklift trucks Market Share by Geography

Global Forklift trucks Market Customer Landscape

Who are the Major Forklift trucks Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

cargotec.com - The company offers a wide range of forklift trucks such as light electric forklift trucks, medium electric forklift trucks, light forklift trucks, and others.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • Anhui Heli Co. Ltd.
  • BYD Electronic Co. Ltd.
  • Caterpillar Inc.
  • CLARK Material Handling Co.
  • Crown Equipment Corp.
  • CVS FERRARI Spa
  • Dana Inc.
  • EP Equipment Co. Ltd.
  • Hoist Material Handling Inc.
  • Hyster Yale Materials Handling Inc.
  • Jungheinrich AG
  • KION GROUP AG
  • Komatsu Mining Corp.
  • Konecranes
  • Manitou BF SA

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Forklift Trucks Market?

The market share growth by the class III segment will be significant during the forecast period. The class III segment of the global forklift trucks market comprises electric hand rider trucks and pallet jacks. These forklift trucks lift the material to only a few inches above the ground and are used for the quick unloading of deliveries from tractors and trailers. The class III type forklift trucks are hand controlled through a steering tiller and are available as either counterbalanced or straddle-type walk-behind stackers. The load capacity of these forklift trucks is about 5 tons.

Forklift trucks Market Size

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The Class III segment was valued at 515.04 thousand units in 2017 and continue to grow by 2021Ideally suited for short distances and small warehouses, the class III forklift trucks may be powered by lithium-ion batteries or fuel cell engines. These forklifts find increased application in warehouses and production plants that require intermediate logistics options between the unloading and storage operations. Their compatibility with other heavy material handling equipment, such as hoists and cranes, makes them a viable option for small-scale construction applications. As class III forklift trucks do not use non-renewable fuel sources, their adoption is expected to increase rapidly during the forecast period. 

Which are the Key Regions for the Forklift Trucks Market?

Forklift trucks Market Share by Geography

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APAC is projected to contribute 52% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The forklift trucks market in APAC is primarily driven by the rapid growth of key industries such as the construction and e-commerce industries in emerging economies. Japan has been a traditionally strong market for forklift trucks, and emerging markets such as India and China are witnessing steady growth in construction activity. Forklift trucks are finding increased application in the construction market.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. In APAC, the construction industry witnessed growth despite COVID-19. Though COVID-19 had a major impact on the first quarter of 2020, the construction industry bounced back in 2021 due to the stimulus packages put in place by the Chinese government. In the next decade, China is expected to have the largest construction industry in the world. Such high-speed train projects are also going to be implemented in India. All these factors will contribute to an increase in the demand for material-handling equipment such as forklift trucks. Due to these factors, APAC is expected to continue its dominance in the global forklift trucks market, which will grow at a faster pace compared with other regions during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Class Type (Class III, Class V, Class I, Class II, and Class IV), Type (Electric and Internal combustion engine), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).

  • Class Type Outlook (Thousand Units, 2017 - 2027)
    • Class III 
    • Class V 
    • Class I 
    • Class II
    • Class IV
  • Type Outlook (Thousand Units, 2017 - 2027)
    • Electric
    • Internal combustion engine
  • Region Outlook (Thousand nits, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Argentina
      • Brazil
      • Chile
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Forklift Trucks Market Scope

Report Coverage

Details

Page number

176

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.32%

Market growth 2023-2027

357 thousand units

Market structure

Fragmented

YoY growth (%)

3.5

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 52%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Anhui Heli Co. Ltd., BYD Electronic Co. Ltd., Cargotec Corp., Caterpillar Inc., CLARK Material Handling Co., Crown Equipment Corp., CVS FERRARI Spa, Dana Inc., EP Equipment Co. Ltd., Hoist Material Handling Inc., Hyster Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Komatsu Mining Corp., Konecranes, Manitou BF SA, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, Toyota Industries Corp., and SANY Group

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

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What are the Key Data Covered in this Forklift Trucks Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the forklift trucks market between 2023 and 2027
  • Precise estimation of the size of the forklift trucks market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across APAC, Europe, North America, Middle East and Africa, and South America
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of forklift trucks market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Class Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global forklift trucks market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global forklift trucks market 2017 - 2021 (thousand units)
    • 4.2 Class Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Class Type Segment 2017 - 2021 (thousand units)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 (thousand units)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Class Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Class Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Class Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Class Type
      • Exhibit 32: Chart on Comparison by Class Type
      • Exhibit 33: Data Table on Comparison by Class Type
    • 6.3 Class III - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Class III - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 35: Data Table on Class III - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 36: Chart on Class III - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Class III - Year-over-year growth 2022-2027 (%)
    • 6.4 Class V - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Class V - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 39: Data Table on Class V - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 40: Chart on Class V - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Class V - Year-over-year growth 2022-2027 (%)
    • 6.5 Class I - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Class I - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 43: Data Table on Class I - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 44: Chart on Class I - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Class I - Year-over-year growth 2022-2027 (%)
    • 6.6 Class II - Market size and forecast 2022-2027
      • Exhibit 46: Chart on Class II - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 47: Data Table on Class II - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 48: Chart on Class II - Year-over-year growth 2022-2027 (%)
      • Exhibit 49: Data Table on Class II - Year-over-year growth 2022-2027 (%)
    • 6.7 Class IV - Market size and forecast 2022-2027
      • Exhibit 50: Chart on Class IV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 51: Data Table on Class IV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 52: Chart on Class IV - Year-over-year growth 2022-2027 (%)
      • Exhibit 53: Data Table on Class IV - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by Class Type
      • Exhibit 54: Market opportunity by Class Type (thousand units)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 55: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 56: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 57: Chart on Comparison by Type
      • Exhibit 58: Data Table on Comparison by Type
    • 7.3 Electric - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Electric - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 60: Data Table on Electric - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 61: Chart on Electric - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Electric - Year-over-year growth 2022-2027 (%)
    • 7.4 Internal combustion engine - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Internal combustion engine - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 64: Data Table on Internal combustion engine - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 65: Chart on Internal combustion engine - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Internal combustion engine - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 67: Market opportunity by Type (thousand units)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 69: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 71: Chart on Geographic comparison
      • Exhibit 72: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 89: Chart on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 93: Chart on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 94: Data Table on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 97: Chart on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 98: Data Table on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 UK - Market size and forecast 2022-2027
      • Exhibit 109: Chart on UK - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 113: Market opportunity by geography (thousand units)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 114: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 116: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 117: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 118: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 119: Matrix on vendor position and classification
            • 12.3 Anhui Heli Co. Ltd.
              • Exhibit 120: Anhui Heli Co. Ltd. - Overview
              • Exhibit 121: Anhui Heli Co. Ltd. - Key offerings
            • 12.4 BYD Electronic Co. Ltd.
              • Exhibit 122: BYD Electronic Co. Ltd. - Overview
              • Exhibit 123: BYD Electronic Co. Ltd. - Business segments
              • Exhibit 124: BYD Electronic Co. Ltd. - Key news
              • Exhibit 125: BYD Electronic Co. Ltd. - Key offerings
              • Exhibit 126: BYD Electronic Co. Ltd. - Segment focus
            • 12.5 Cargotec Corp.
              • Exhibit 127: Cargotec Corp. - Overview
              • Exhibit 128: Cargotec Corp. - Business segments
              • Exhibit 129: Cargotec Corp. - Key news
              • Exhibit 130: Cargotec Corp. - Key offerings
              • Exhibit 131: Cargotec Corp. - Segment focus
            • 12.6 Caterpillar Inc.
              • Exhibit 132: Caterpillar Inc. - Overview
              • Exhibit 133: Caterpillar Inc. - Business segments
              • Exhibit 134: Caterpillar Inc. - Key offerings
              • Exhibit 135: Caterpillar Inc. - Segment focus
            • 12.7 Crown Equipment Corp.
              • Exhibit 136: Crown Equipment Corp. - Overview
              • Exhibit 137: Crown Equipment Corp. - Product / Service
              • Exhibit 138: Crown Equipment Corp. - Key offerings
            • 12.8 CVS FERRARI Spa
              • Exhibit 139: CVS FERRARI Spa - Overview
              • Exhibit 140: CVS FERRARI Spa - Product / Service
              • Exhibit 141: CVS FERRARI Spa - Key offerings
            • 12.9 Hyster Yale Materials Handling Inc.
              • Exhibit 142: Hyster Yale Materials Handling Inc. - Overview
              • Exhibit 143: Hyster Yale Materials Handling Inc. - Business segments
              • Exhibit 144: Hyster Yale Materials Handling Inc. - Key offerings
              • Exhibit 145: Hyster Yale Materials Handling Inc. - Segment focus
            • 12.10 Jungheinrich AG
              • Exhibit 146: Jungheinrich AG - Overview
              • Exhibit 147: Jungheinrich AG - Business segments
              • Exhibit 148: Jungheinrich AG - Key offerings
              • Exhibit 149: Jungheinrich AG - Segment focus
            • 12.11 KION GROUP AG
              • Exhibit 150: KION GROUP AG - Overview
              • Exhibit 151: KION GROUP AG - Business segments
              • Exhibit 152: KION GROUP AG - Key news
              • Exhibit 153: KION GROUP AG - Key offerings
              • Exhibit 154: KION GROUP AG - Segment focus
            • 12.12 Komatsu Mining Corp.
              • Exhibit 155: Komatsu Mining Corp. - Overview
              • Exhibit 156: Komatsu Mining Corp. - Business segments
              • Exhibit 157: Komatsu Mining Corp. - Key offerings
              • Exhibit 158: Komatsu Mining Corp. - Segment focus
            • 12.13 Konecranes
              • Exhibit 159: Konecranes - Overview
              • Exhibit 160: Konecranes - Business segments
              • Exhibit 161: Konecranes - Key offerings
              • Exhibit 162: Konecranes - Segment focus
            • 12.14 Mitsubishi Heavy Industries Ltd.
              • Exhibit 163: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 164: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 165: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 166: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 167: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 12.15 Royal Terberg Group BV
              • Exhibit 168: Royal Terberg Group BV - Overview
              • Exhibit 169: Royal Terberg Group BV - Product / Service
              • Exhibit 170: Royal Terberg Group BV - Key offerings
            • 12.16 SANY Group
              • Exhibit 171: SANY Group - Overview
              • Exhibit 172: SANY Group - Product / Service
              • Exhibit 173: SANY Group - Key offerings
            • 12.17 Toyota Industries Corp.
              • Exhibit 174: Toyota Industries Corp. - Overview
              • Exhibit 175: Toyota Industries Corp. - Business segments
              • Exhibit 176: Toyota Industries Corp. - Key news
              • Exhibit 177: Toyota Industries Corp. - Key offerings
              • Exhibit 178: Toyota Industries Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 179: Inclusions checklist
                • Exhibit 180: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 181: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 182: Research methodology
                • Exhibit 183: Validation techniques employed for market sizing
                • Exhibit 184: Information sources
              • 13.5 List of abbreviations
                • Exhibit 185: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

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              Forklift trucks market growth will increase by $357 thousand units during 2023-2027.
              The forklift trucks market is expected to grow at a CAGR of 4.32% during 2023-2027.
              Technavio has segmented the forklift trucks market by class type (Class III, Class V, Class I, Class II, and Class IV) ,type (Electric, Internal combustion engine, North America, South America, and Class IV) , and geography (APAC, Europe, North America, Middle East and Africa, and South America).
              Anhui Heli Co. Ltd., BYD Electronic Co. Ltd., Cargotec Corp., Caterpillar Inc., CLARK Material Handling Co., Crown Equipment Corp., CVS FERRARI Spa, Dana Inc., EP Equipment Co. Ltd., Hoist Material Handling Inc., Hyster Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Komatsu Mining Corp., Konecranes, Manitou BF SA, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, Toyota Industries Corp., SANY Group are a few of the key vendors in the forklift trucks market.
              APAC will register the highest growth rate of 51.87% among the other regions. Therefore, the forklift trucks market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the forklift trucks market growth are:
              • Rapid growth in construction sector
              • Fuel cell-powered forklift trucks
              The forklift trucks market vendors should focus on grabbing business opportunities from the class iii segment as it accounted for the largest market share in the base year.
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