The Report “Forklift Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2024”, published by IndustryARC, estimates the global forklift market to reach $19.62 billion by 2025.
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According to a recent study by IndustryARC, the Forklift market is forecast to reach $19.62 billion by 2025, growing at a CAGR of 2.2%. The growth of the Forklift market can be attributed to the growing adoption of forklifts in the manufacturing, freight, and logistics industry.
The market for forklifts is expected to thrive owing to the expansion of the warehouse spaces globally. The growth of e-commerce logistics contributes significantly to increasing warehouses around the globe. There are large number of investments being made towards procurement of low-cost forklifts in the emerging markets of the APAC region. Battery electric forklifts is one of the segments that is expected to gain traction during the forecast period.
Asia-Pacific is the largest market for Forklifts globally, holding a market share of approximately 35% in 2018. The demand for forklifts in the region is spurred by the favorable economic conditions and the need for the advances in in-house logistics in markets such as China and India. Government initiatives, such as ‘Make in India’, are fuelling the growth of the manufacturing sector and increasing the need for infrastructural development in the logistics sector. The market for forklifts in Europe is also expected to grow prominently owing to the favorable conditions for trade.
The major players in this market include
- Clark Material Handling Company
- Crown Equipment Corporation
- Jungheinrich AG
- Kion Group AG
- Komatsu Ltd.
- Toyota Industries Corporation
Forklifts manufacturers have laid their focus on mergers and acquisitions as well as product launches to augment entry into related markets and enhance their core competencies and product portfolio as well as gain a foothold in the emerging markets.
The various application segments covered in the Report include
- Wholesale and Retail Distribution
- Freight and Logistics
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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1) Cargo Handling Equipment
2) Material Handling Equipment
3) Automated Material Handling Equipment
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