May 27, 2020
As per the report titled ‘Forklift Market Size By Product, By Fuel Type, By Class, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global forklift market is expected to record a substantial growth rate over 2020-2026.
Growing concerns regarding worker safety in tandem with rising demand for efficient lifting and transportation of heavy loads, along with increasing number of warehouses and logistics operations owing to amplifying e-commerce sector are the major growth drivers of global forklift market.
Forklifts are small vehicles that have forked platform and are powered by combustion engines or electric batteries. The platform is attached at the front and can be raised or lowered for loading a cargo either to move it or lift it. These machines are widely used across an array of industries for transporting goods and materials within the facilities.
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Based on the product type, counterbalance forklift segment held 60% market share in the recent past and is expected to show modest gains during the forecast period. Extensive product use for industrial applications such as durable manufacturing is fueling the segment growth. Counterbalance forklift are the ideal choice for uneven surface as well as outdoor work due to their greater ground clearance. Most of these machines feature side shifts, mast tilt facility, and driver cabs as well.
Moreover, electric counterbalance forklifts can function with a smaller counterweight as the power source and the battery as the stabilizer. These factors will continue to stimulate the product demand in the ensuing years. While the three-wheel variant is used to enable operator to take frequent turns and maneuver in circles.
With respect to fuel type, battery-electric segment is expected to grow rapidly in the coming years. Upsurge in demand for electric forklifts can be attributed to rising environmental concerns and increasing fuel costs.
Elaborating on the class, class II segment is experiencing a high demand owing to the space optimization feature of these forklifts which aid in efficiently moving inventory in narrow space zones, allowing operators to maximize the storage space. Class II forklifts possess distinctive features designed to enhance speed and efficiency while minimizing the space occupied.
Speaking of the end-use spectrum, logistic segment is poised to see a sizeable growth over the forecast timeline, owing to increasing adoption of forklifts by 3PL (third-party logistics) market players as a response to the growing need for efficient supply chain operations.
Considering the geographical landscape, forklift market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Asia-Pacific forklift market is anticipated to record tremendous growth over the forecast duration, pertaining to rapid growth of manufacturing sector in the region demanding efficient transportation solutions.
Key players operating in global forklift market are Clark Material Handling Company, Anhui Heli Co., Ltd., Crown Equipment Corporation, Doosan Industrial Vehicle America Corp., Combilift Ltd., Godrej and Boyce Group, Hyster-Yale Materials Handling, Inc., Hangcha Group Co., Ltd., HUBTEX Maschinenbau GmbH & Co. KG, and KION Group AG among others.