Stratview Research announces the launch of a new research report on the Forklift Truck Market is Segmented by Fuel Type (Diesel, Battery-Electric, and Gasoline LPG/CNG), by Tonnage Type (Below 5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, and More Than 36 Ton), by Class Type (Class I, Class II, Class III, Class IV, and Class V), by Application Type (Manufacturing, Wholesale Retail Distribution, Freight Logistics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

Report Features

The report delivers a detailed view of the industry based on global Forklift Truck Market size, market growth, and opportunities. The report also analyses market key aspects such as-

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Covid-19 Impact analysis.
• Market environment analysis: Growth drivers and constraints, and SWOT analysis.
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players

Highlights from the Report

The forklift truck market was estimated at USD 53.7 billion in 2021 and is likely to grow at a CAGR of 11.24% during 2022-2028 to reach USD 115.02 billion in 2028.

What is a forklift truck?

A forklift, also known as a forklift truck, is a vehicle with a power-operated forked platform attached to the front that is used to lift and move various materials over short distances. Some forklifts allow drivers to sit while driving and operating the machine, while others require them to stand. They are widely used in the transportation of materials and goods throughout the industry.

COVID-19 Impact

Forklift trucks, a sizeable market, also was unable to escape the pandemic and witnessed a decline in sales in 2020 amid the pandemic. The lockdowns and restrictions resulted in the shutting down of industries and warehouses and hence completely removing the need for material handling and inventory management. This directly impacted the forklift truck market.

Market Dynamics

The growth of the forklift truck market is primarily driven by-

• The growing construction industry, accompanied by rapid industrialization,
• Highly cost-effective, user-friendly, powerful, and simple to maintain,
• A growing number of warehouse establishments in emerging economies.

Regional Analysis:

Asia-Pacific accounted for the largest market share of more than 43% in 2021 and is projected to grow at a steady CAGR during the forecast period. The growth of the region’s market is owing to industrialization in China, Japan, and India. Furthermore, the region's robust manufacturing sector and demand for modern material handling equipment across industries are expected to fuel the market growth during the forecast period. In addition, companies are focusing on establishing manufacturing facilities in India, which will drive the forklift truck market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

According to the report, the key players in the market are –

• General Electric Company
• Hella KGaA Hueck Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Koninklijke Philips N.V.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Samsung Electronics
• Valeo
• Varroc.

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