The forklift is a small industrial vehicle, having a power-operated forked platform attached at the front that can be raised and lowered for insertion under a cargo to lift or move it. Forklifts serve the needs of various industries including warehouses and other large storage facilities. The global Forklift Truck market is projected to witness significant growth in the forecast period. Rising demand for forklifts truck from e-Commerce companies across the world is one of the important factors which boost the growth of the global Forklift Truck market. Demand for forklifts trucks is increasing due to the expansion of the warehousing and logistic industries, as forklifts trucks are required to perform numerous activities in warehouses.
Additionally, the increasing need for the safety of workers who perform critical tasks of lifting and carrying heavy loads in many industries is projected to drive the global Forklift Truck market. Also, the rising demand for advanced material handling systems to transport and load products is the key fact which further boosting the growth of the global Forklift Truck market. In addition to this, governments of many countries have passed stringent regulations and rules for emission control from diesel and gasoline forklifts truck, which in turn is driving the demand for electric forklifts truck.
However, electric forklifts are expensive owing to the high cost of lithium-ion batteries, which is projected to hamper the Forklift Truck market. Moreover, the high cost of fuel cell operated forklifts and maintenance cost of fuel cell forklifts are projected to hamper the growth of the Forklift Truck market. Besides this, innovations and advancements in the forklift by changing the propulsion system and introduction of autonomous forklifts with new technology are projected to offer significant opportunities to the global Forklift Truck market during the forecast period
Covid-19 Impact on Forklift Truck Market
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Forklift Truck Market Segment Overview
Based on type, the Rough Terrain segment dominated the global Forklift Truck market owing to the rising market volume, high lifting capabilities, and high reliability. Additionally, based on class, the Class-1 segment is anticipated to hold a maximum share of the global Forklift Truck market. Increasing demand for electric forklift trucks in warehouses and the logistic industry due to several fuel emission norms and suitable for short distances. Based on application, the Industrial and Construction segment has a maximum share in the global Forklift Truck market. An increase in construction and infrastructure development across the globe is expected to fuel the demand for forklifts truck. Several governments are trying to develop infrastructure for economic development, which would require the forklift truck to lift and transport heavy loads at construction sites. This prime fact is anticipated to fuel the growth of the global Forklift Truck market steadily.
Forklift Truck Market, By Type
· Counterbalanced
· Rough Terrain
· Side Loaders
· Telescopic Handler
· Powered Pallets
· Others
Forklift Truck Market, By Application
· Industrial
· Construction
· Logistics
· Others
Forklift Truck Market, By Propulsion
· Diesel
· Gasoline
· Electric
· Hybrid Electric
Forklift Truck Market, By Class
· Class-1
· Class-2
· Class-3
· Class-4
· Class-5 & Above
Forklift Truck Market, By Operation
· Autonomous
· Manual
Forklift Truck Regional Overview
In terms of region, the Asia Pacific and Europe are anticipated to be the most significant markets during the forecast period. This is mainly due to the increase in automation of manufacturing activities across the Asia Pacific and Europe. The market in Spain is projected to expand at a high growth rate, during the forecast period.
Forklift Truck Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Forklift Truck Market, Key Players
· Hyster-Yale Material Handling Inc.
· Komatsu Ltd.
· Hyundai Heavy Industries Ltd
· Mitsubishi Forklift Corporation
· KION Group AG
· Toyota Industries Corporation
· Crown Equipment Corporation
· Anhui Heli Co. Ltd
· Clark Material Handling Company
· Comblift Limited
· Doosan Industrial Vehicle America Corporation.
· Hangcha Group Co. Ltd
· Konecranes
· Manitou Group
· Godgej & Boyce Group
· Lonking Forklift Co.
· Hubtex Maschinenbau GmbH & Co. KG
· Unicarriers Americas
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Forklift Truck Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Counterbalanced
- 5.2.2. Rough Terrain
- 5.2.3. Side Loaders
- 5.2.4. Telescopic Handler
- 5.2.5. Powered Pallets
- 5.2.6. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Industrial
- 5.3.2. Construction
- 5.3.3. Logistics
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Propulsion
- 5.4.1. Diesel
- 5.4.2. Gasoline
- 5.4.3. Electric
- 5.4.4. Hybrid Electric
- 5.5. Market Analysis, Insights and Forecast – By Class
- 5.5.1. Class-1
- 5.5.2. Class-2
- 5.5.3. Class-3
- 5.5.4. Class-4
- 5.5.5. Class-5 & Above
- 5.6. Market Analysis, Insights and Forecast – By Operation
- 5.6.1. Autonomous
- 5.6.2. Manual
- 5.7. Market Analysis, Insights and Forecast – By Region
- 5.7.1. North America
- 5.7.2. Europe
- 5.7.3. Asia Pacific
- 5.7.4. Latin America, Middle East and Africa
6. North America Forklift Truck Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Counterbalanced
- 6.2.2. Rough Terrain
- 6.2.3. Side Loaders
- 6.2.4. Telescopic Handler
- 6.2.5. Powered Pallets
- 6.2.6. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Industrial
- 6.3.2. Construction
- 6.3.3. Logistics
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Propulsion
- 6.4.1. Diesel
- 6.4.2. Gasoline
- 6.4.3. Electric
- 6.4.4. Hybrid Electric
- 6.5. Market Analysis, Insights and Forecast – By Class
- 6.5.1. Class-1
- 6.5.2. Class-2
- 6.5.3. Class-3
- 6.5.4. Class-4
- 6.5.5. Class-5 & Above
- 6.6. Market Analysis, Insights and Forecast – By Operation
- 6.6.1. Autonomous
- 6.6.2. Manual
- 6.7. Market Analysis, Insights and Forecast – By Country
- 6.7.1. U.S.
- 6.7.2. Canada
7. Europe Forklift Truck Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Counterbalanced
- 7.2.2. Rough Terrain
- 7.2.3. Side Loaders
- 7.2.4. Telescopic Handler
- 7.2.5. Powered Pallets
- 7.2.6. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Industrial
- 7.3.2. Construction
- 7.3.3. Logistics
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Propulsion
- 7.4.1. Diesel
- 7.4.2. Gasoline
- 7.4.3. Electric
- 7.4.4. Hybrid Electric
- 7.5. Market Analysis, Insights and Forecast – By Class
- 7.5.1. Class-1
- 7.5.2. Class-2
- 7.5.3. Class-3
- 7.5.4. Class-4
- 7.5.5. Class-5 & Above
- 7.6. Market Analysis, Insights and Forecast – By Operation
- 7.6.1. Autonomous
- 7.6.2. Manual
- 7.7. Market Analysis, Insights and Forecast – By Country
- 7.7.1. UK
- 7.7.2. Germany
- 7.7.3. France
- 7.7.4. Italy
- 7.7.5. Spain
- 7.7.6. Russia
- 7.7.7. Rest of Europe
8. Asia Pacific Forklift Truck Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Counterbalanced
- 8.2.2. Rough Terrain
- 8.2.3. Side Loaders
- 8.2.4. Telescopic Handler
- 8.2.5. Powered Pallets
- 8.2.6. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Industrial
- 8.3.2. Construction
- 8.3.3. Logistics
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Propulsion
- 8.4.1. Diesel
- 8.4.2. Gasoline
- 8.4.3. Electric
- 8.4.4. Hybrid Electric
- 8.5. Market Analysis, Insights and Forecast – By Class
- 8.5.1. Class-1
- 8.5.2. Class-2
- 8.5.3. Class-3
- 8.5.4. Class-4
- 8.5.5. Class-5 & Above
- 8.6. Market Analysis, Insights and Forecast – By Operation
- 8.6.1. Autonomous
- 8.6.2. Manual
- 8.7. Market Analysis, Insights and Forecast – By Country
- 8.7.1. China
- 8.7.2. India
- 8.7.3. Japan
- 8.7.4. Australia
- 8.7.5. South East Asia
- 8.7.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Forklift Truck Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Counterbalanced
- 9.2.2. Rough Terrain
- 9.2.3. Side Loaders
- 9.2.4. Telescopic Handler
- 9.2.5. Powered Pallets
- 9.2.6. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Industrial
- 9.3.2. Construction
- 9.3.3. Logistics
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Propulsion
- 9.4.1. Diesel
- 9.4.2. Gasoline
- 9.4.3. Electric
- 9.4.4. Hybrid Electric
- 9.5. Market Analysis, Insights and Forecast – By Class
- 9.5.1. Class-1
- 9.5.2. Class-2
- 9.5.3. Class-3
- 9.5.4. Class-4
- 9.5.5. Class-5 & Above
- 9.6. Market Analysis, Insights and Forecast – By Operation
- 9.6.1. Autonomous
- 9.6.2. Manual
- 9.7. Market Analysis, Insights and Forecast – By Country
- 9.7.1. Brazil
- 9.7.2. Saudi Arabia
- 9.7.3. UAE
- 9.7.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Hyster-Yale Material Handling Inc.
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Komatsu Ltd.
- 10.6. Hyundai Heavy Industries Ltd
- 10.7. Mitsubishi Forklift Corporation
- 10.8. KION Group AG
- 10.9. Toyota Industries Corporation
- 10.10. Crown Equipment Corporation
- 10.11. Anhui Heli Co. Ltd
- 10.12. Clark Material Handling Company
- 10.13. Comblift Limited
- 10.14. Doosan Industrial Vehicle America Corporation.
- 10.15. Hangcha Group Co. Ltd
- 10.16. Konecranes
- 10.17. Manitou Group
- 10.18. Godgej & Boyce Group
- 10.19. Lonking Forklift Co.
- 10.20. Hubtex Maschinenbau GmbH & Co. KG
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
