Forklift Trucks Market 2021 Industry at a CAGR of 5.9%, Reach USD 41.73 billion by 2023 | Key Players Komastu, Toyota Industries, KION Group AG, Hyster-Yale Material handling Inc., Jungheinrich Group
Research Reports
Jan 07, 2021
The Global Forklift Trucks Market 2021 Industry are vehicles for transporting materials over short distances. The loading and unloading of components from manufacturing area to assembly line can induce the demand for the trucks. The global forklift trucks market report by Market Research Future (MRFR) analyzes the latest trends and opportunities for the industry for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its implications are covered in the report coupled with counter measures.
Market Scope
The global forklift trucks market is projected to reach USD 41.73 billion by 2023 at a CAGR of 5.9% over the forecast period. Emergence of various warehouses, goods movement at dockyards, and loading and unloading of goods are major drivers of the market. Developments in ecommerce firms and transportation of heavy and light goods can drive the demand for forklift trucks. Autonomous forklift trucks and hydrogen-fueled trucks can pave the way for brand new opportunities in the market.
The electric version of forklift trucks is being used in large warehouses for moving large consignment of goods. Festival sales and Black Friday discounts lead to heavy demand for gifts from consumer leading to the deployment of trucks for moving at high speeds within the warehouse for meeting deadlines. Recently, Konecranes has launched an electric forklift truck with a low energy consumption rate compared to diesel counterparts. Less expenditure on maintenance and focus on worker safety can lead to heavy demand in the market.
However, safety issues can hamper its demand in the coming years.
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Segmentation
Based on component, the market has been classified into hardware (cameras, sensors, laser scanners, and others), software and services (professional and managed). The hardware segment is expected to dominate the mobile mapping market during the forecast period.
By solution, it is segmented into indoor mapping, location-based, asset management, 3D mapping, others.
By application, it is segmented into bridge planning, land surveys, aerial surveys, and others.
By end user, it is segmented into energy & power, real estate & construction, aviation & aerospace, mining, manufacturing, IT & telecom, agriculture, healthcare, marine transport, media & entertainment, others.
Regional Analysis
Asia Pacific dominates the global forklift trucks market followed by Europe. Growth in industrialization in this region is the primary factor that increases the demand of forklift trucks market. This region is expected to grow at the fastest pace during the forecast period. The high pace of manufacturing and ease of business index of countries in Vietnam, India, China, and others can drive the market demand significantly. Optimization of warehouse space, reducing costs, and demand of customers can bode well for the market.
Europe is another important market and is expected to contribute significantly during the forecast period. Shift to digitization and industry 4.0 can lead to deployment of network-driven forklift trucks and lower worker safety issues. The use of cloud for storing application data of forklift trucks and pushing for driver performance with the help of gamification can bode well for the market in the coming years.
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Competitive Outlook
The Raymond Corporation, Jungheinrich Group, Anhui HELI Co., Ltd, Hyster-Yale Material handling Inc., Mitsubishi Nichiyu Forklift Corporation, KION Group AG, Crown Equipment Corporation, Komastu Ltd., Kalmar Global, and Toyota Industries Corporation are key players of the global forklift trucks market.
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