Forklift truck is a motorized industrial truck that is mainly used for independent movement, lifting and placement of discrete loads throughout a facility over short distances. Counterbalance forklift trucks are the most relevant type of forklift trucks used by industries.
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The global forklift trucks market was USD 36.15 billion in 2018 and is estimated to reach USD 56.29 billion by 2025 at a CAGR of 6.53% during the forecast period
Growth by Region
North America accounted for the largest market share owing to the rising industrialization coupled with the rising growth of the e-commerce sector in the region. However, Asia-Pacific region, on the other hand, is expected to exhibit the highest CAGR during the forecasted period owing to the increasing urbanization and industrialization in the region. Countries such as China, India and Japan are the major contributors in the Asia-Pacific region. Europe is also one of the lucrative markets for forklift trucks owing to the rising application of forklift trucks in wholesale and retail industries.
Drivers vs Constraints
The global forklift trucks market is mainly driven by the growth in manufacturing industries, e-commerce business and increasing demand for forklift trucks in the construction industry. Also, rapid industrialization globally is also driving the growth of the forklift market. However, the market is hindered by lack of skilled labor along with the advent of automated guided vehicles
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Industry Trends and Updates
Toyota Advanced Logistics North America (TALNA) had completed its acquisition of Peach State Integrated Technologies, which is a strategic supply chain consulting, engineering and material handling firm mainly to support Toyota’s expansion strategy thus offering clients a wide variety of services.
CLARK Material Handling Company, a US-based manufacturer of forklift trucks had launched a new forklift product featuring PSI’s 2.4L propane engine which is made by Power Solutions International, Inc., a global leader in the design, engineering and manufacturing of emission-certified alternate fuel power systems.