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Forklift Trucks Market by Class Type and Geography - Forecast and Analysis 2020-2024

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR40505
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The forklift trucks market share is expected to increase by 498.49 thousand units from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 5.69%.

This global forklift trucks market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the global forklift trucks market segmentation by type (class V, class III, class I, class II, and class IV) and geography (APAC, Europe, North America, and South America). The global forklift trucks market report also offers information on several market vendors, including Cargotec Corp., Crown Equipment Corp., CVS Ferrari Spa, Hyster-Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, SANY Group Co. Ltd., and Toyota Industries Corp. among others.

What will the Forklift Trucks Market Size be During the Forecast Period?

Forklift Trucks Market Size

Download the Free Report Sample to Unlock the Global forklift trucks market Size for the Forecast Period and Other Important Statistics

 

Forklift Trucks Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rapid growth in the construction sector is notably driving the global forklift trucks market growth, although factors such as shortage of skilled operators may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the global forklift trucks market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

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 the 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 a 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

The fuel cell-powered forklift trucks will fuel 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 trucks 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.

This global forklift trucks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global forklift trucks market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the global forklift trucks market during the forecast period.

Who are the Major Forklift Trucks Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Cargotec Corp.
  • Crown Equipment Corp.
  • CVS Ferrari Spa
  • Hyster-Yale Materials Handling Inc.
  • Jungheinrich AG
  • KION GROUP AG
  • Mitsubishi Heavy Industries Ltd.
  • Royal Terberg Group BV
  • SANY Group Co. Ltd.
  • Toyota Industries Corp.

 

This statistical study of the global forklift trucks market encompasses successful business strategies deployed by the key vendors. The global forklift trucks market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Cargotec Corp. - The company offer a wide range of forklift trucks such as light electric forklift truck, medium electric forklift truck, light forklift truck, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The global forklift trucks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Forklift Trucks Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the global forklift trucks market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global construction machinery and heavy trucks market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Forklift Trucks Market?

Forklift Trucks Market Market segmentation by region

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47% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for global forklift trucks market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The rapid growth in the construction sector will facilitate the global forklift trucks market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

India aims to establish itself as a global manufacturing hub and competes with China for the same. To counter the effects of COVID-19 on the economy, the Government of India announced a stimulus package of $265 billion in 2020. Through the package, the government aims to help companies by providing loans at a lower rate of interest. Through the Make in India initiative launched in 2015, the government is making large investments for the development of the manufacturing industry. The growth of manufacturing industries and warehouses will contribute to an increase in demand for forklift trucks during the forecast period.

What are the Revenue-generating Type Segments in the Forklift Trucks Market?

Forklift Trucks Market Segmentation

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The global forklift trucks market share growth by the class 1 segment will be significant during the forecast period. The class I type forklift trucks are finding increased application in small warehouses in emerging economies such as countries in South East Asia. With the rapid growth of the e-commerce retail industry in South-East Asia, several vendors engaged in e-commerce retail, such as Amazon and Alibaba Group Holding, are expanding their presence across countries such as Singapore and Indonesia. This has led to an increase in the number of storage warehouses operating in the region.

This report provides an accurate prediction of the contribution of all the segments to the growth of the global forklift trucks market size and actionable market insights on post COVID-19 impact on each segment.

 

Forklift Trucks Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 5.69%

Market growth 2020-2024

$ 498.49 th units

Market structure

Concentrated

YoY growth (%)

5.00

Regional analysis

APAC, Europe, North America, South America, APAC, Europe, North America, and South America

Performing market contribution

APAC at 47%

Key consumer countries

China, US, Germany, Japan, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Cargotec Corp., Crown Equipment Corp., CVS Ferrari Spa, Hyster-Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, SANY Group Co. Ltd., and Toyota Industries Corp.

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 Global Forklift Trucks Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive global forklift trucks market growth during the next five years
  • Precise estimation of the global forklift trucks market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the global forklift trucks industry across APAC, Europe, North America, South America, APAC, Europe, North America, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of global forklift trucks market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Class type

    • Market segments
    • Comparison by Class type
    • Class III - Market size and forecast 2020-2025
    • Class V - Market size and forecast 2020-2025
    • Class I - Market size and forecast 2020-2025
    • Class II - Market size and forecast 2020-2025
    • Class IV - Market size and forecast 2020-2025
    • Market opportunity by Class type

    Customer landscape

    • Customer landscape

    Geographic Landscape

    • Geographic segmentation
    • Geographic comparison
    • APAC - Market size and forecast 2020-2025
    • Europe - Market size and forecast 2020-2025
    • North America - Market size and forecast 2020-2025
    • MEA - Market size and forecast 2020-2025
    • South America - Market size and forecast 2020-2025
    • Key leading countries
    • Market opportunity by geography
    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Overview
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Cargotec Corp.
    • Crown Equipment Corp.
    • CVS FERRARI Spa
    • Hyster-Yale Materials Handling Inc.
    • Jungheinrich AG
    • KION GROUP AG
    • Mitsubishi Heavy Industries Ltd.
    • Royal Terberg Group BV
    • SANY Group
    • Toyota Industries Corp.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • 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
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    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
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    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
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    Forklift trucks market market growth will increase by $498.49 th units during 2020-2024.
    The forklift trucks market market is expected to grow at a CAGR of 5.69% during 2020-2024.
    Technavio has segmented the forklift trucks market market by type (class V, class III, class I, class II, and class IV) ,geography (APAC, Europe, North America, South America, and Class IV) , and geographic (APAC, Europe, North America, South America, and APAC).
    Cargotec Corp., Crown Equipment Corp., CVS Ferrari Spa, Hyster-Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, SANY Group Co. Ltd., Toyota Industries Corp. are a few of the key vendors in the forklift trucks market market.
    APAC will register the highest growth rate of 47% among the other regions. Therefore, the forklift trucks market 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 market growth are:
    • rapid growth in construction sector
    • Fuel cell-powered forklift trucks
    The forklift trucks market market vendors should focus on grabbing business opportunities from the class v segment as it accounted for the largest market share in the base year.
    • What are the key global market and the regional market share?
    • What are the revenue-generating key market segments?
    • What are the key factors driving and challenging this market’s growth?
    • Who are the key market vendors and their growth strategies?
    • What are the latest trends influencing the growth of this market?
    • What are the variables influencing the market growth in the primary regions?
    • What are the factors influencing the growth of the parent market?
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    • Details on the market shares of various regions
    • Five-force market analysis

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