Wilmington, Delaware, United States, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the global forklift trucks market registered value of US$ 6.2 Bn. The global market is projected to rise at a CAGR of 2.66% during the forecast period, from 2022 to 2031. The global forklift trucks market is anticipated to attain value of US$ 8.1 Bn by 2031. This study by TMR helps in understanding different forklift types and their applications. The e-commerce industry is expanding quickly, which is likely to fuel demand for forklift trucks worldwide. The COVID-19 pandemic has raised the demand for online sales of various items. This has increased the need for forklift trucks by causing a global increase in the number of warehouses and logistical hubs. The global market is anticipated to be driven by rising expenditures in infrastructural development and rising usage of electric forklift trucks during the forecast timeline.
Automated forklift trucks are becoming more and more popular amongst businesses as a way to improve warehouse management. However, it is projected that the industry would be hampered by the growth in safety concerns around forklift trucks as well as the exorbitant cost of their upkeep. Forklift trucks fueled by hydrogen fuel cells are being developed by forklift truck manufacturers & suppliers to boost their revenue. Such innovations are expected to benefit multi direction forklift truck manufacturer as well.
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Key Findings of Market Report
- For the delivery of materials and commodities, forklift trucks are frequently utilized. The improvement of workflow and operational efficiency of manufacturing processes, which is anticipated to boost the demand for forklift, is achieved by streamlining supply chain distribution operations.
- Compared to diesel-powered forklift trucks, operational expenses for electric forklift trucks are estimated to be 15% to 20% lesser. For various light-duty applications, they are better suited. As a result, diesel vehicles are quickly being replaced by electric forklift trucks in light- to medium-duty activities all over the world.
- Based on class, the category of class 4 internal combustion engine trucks (solid/cushion tires) retained a significant part of the global market in 2021, accounting for 45.27% of it. Solid or cushioned tires and an internal-combustion engine utilizing diesel or LP gas are features of the Class 4 forklift that is intended for interior usage.
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Global Forklift Market: Growth Drivers
- In terms of capacity, the 31 tonnes to 45 tonnes sector maintained a significant share of the global market in 2021, accounting for 61.14%. According to estimates, the market sector will continue to hold its existing dominant position during the forecast period. The e-commerce industry's explosive growth can be attributed to the segment's rise. The requirement for more warehouse space to keep goods before delivering them to retail outlets through pallet loads has grown due to rising demand for various online consumer product.
- In 2021, the manual category accounted for a significant 78.04% of the global market for forklift trucks. Since they are less expensive and need a less experienced staff to operate, manually driven forklift trucks are favoured over semi-automated and automated forklift trucks.
Global Forklift Market: Key Players
Some of the key market players are
- MACOM Technology Solutions Holdings, Inc.
- KYOCERA AVX Components Corporation
- Massachusetts Bay Technologies
- Vishay Intertechnology, Inc.
- Murata Manufacturing Co., Ltd
- ELOHIM Inc.
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Global Forklift Market: Segmentation
Class
- Class 1: Electric Motor Rider Trucks
- Class 2: Electric Motor Narrow Aisle Trucks
- Class 3: Electric Motor Hand Trucks or Hand/Rider Trucks
- Class 4: Internal Combustion Engine Trucks (Solid/Cushion Tires)
- Class 5: Internal Combustion Engine Trucks (Pneumatic Tires)
- Class 6: Electric/IC Engine Tow Tractors
- Class 7: Rough Terrain Forklifts
Application
- Retail/ Wholesale
- Food/ Pharma
- Transport/ Logistics
- Manufacturing
- Automotive
- Ports/ Terminals
- Mining & Construction
- Chemical/ Energy
- Forestry/ Wood
- Others
Capacity
- 31 Tons to 45 Tons
- 46 Tons to 60 Tons
- 61 Tons to 90 Tons
- 91 Tons to 125 Tons
- Above 125 Tons
Automation
- Fully-automated
- Semi-automated
- Manual
Propulsion
- Diesel
- Gasoline
- Battery Electric
- Hybrid Electric
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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