Forklift Trucks Market & Industry Report, 2020-2027
Forklift Truck Market
The Forklift Truck Market is projected to witness a substantial boom over the forecast period. The augmentation in the construction industry will surge the demand for forklifts to be used in harsh environments. Various government organizations are emphasising on improving the existing infrastructure for overall development.
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Forklift Truck Market Dynamics
Forklifts is a substitute for liquid-filled lift trucks and is comparatively cheaper to operate. Several industrial companies have switched towards electric forklifts as they are environment-friendly, cost-effective, and produce less carbon emission. Furthermore, the government bodies across the nation have undertaken strategic initiatives to encourage the growth of forklift trucks. For instance, the Chicago government has implemented various norms to encourage the material loading companies innovate novel technology. Hyster Hale introduced two of its products from the research and development initiative, exhibiting the counterbalanced electric forklift truck with advantages like lower carbon discharge and less environmental pollution.
The corrugated board packaging has increased huge prominence in the e-commerce industry to cater the demand of packaged delivery. Thus, this has augmented the demand for forklift trucks in warehouses to lift the cartons. According to the India Brand Equity Foundation, the Indian e-commerce industry is projected to touch US$ 999 billion by 2024. Thus, the rapid expansion in e-commerce industry across the globe has bolstered the forklift truck market share.
However, the battery-operated trucks and fuel cell forklifts are expensive, which is a major factor hindering the global forklift truck market’s growth. For instance, electric forklift truck values more than USD 25,000- USD 50,000 and up with USD 2,500-USD 5,000 for a battery and charger which is higher than the normal diesel trucks.
Market Segmentation
Forklift Truck Market by Class
· Class 1
· Class 2
· Class 3
· Class 4/5
Forklift truck Market by Power Source
· Internal Combustion Engine
· Electric
Forklift truck Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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