Pune, India, May 21, 2021 (GLOBE NEWSWIRE) -- The global forklift trucks market is expected to reach 1,908.6 thousand units by 2028, exhibiting a CAGR of 4.3% during the forecast period. The market is expected to observe high growth due to the demand for material handling equipment across various regions. According to a report published by Fortune Business Insights, titled “Forklift Truck Market, 2021-2028,” the market was 1,384.3 thousand units in 2020.
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COVID-19 Impact:
Disrupted Steel Industry to Thwart Growth amid Pandemic
The severe impact on the steel industry has dramatically reduced the growth of the market. As per the U.S. Steel Industry, the U.S. steel production fell 12.7% year over year at the ending of March 2020. The steel imports have also fallen explicitly in January and February 2020. This factor will adversely impact manufacturing facilities, thus impacting the market. The declined automotive, precision instruments, and machinery has further affected the global market. Moreover, industries such as machinery, automotive, office machinery, communication equipment have faced unprecedented loss, which, in turn, can disturb the forklift trucks industry.
What Does the Report Include?
The report provides a comprehensive overview of the global market. Fortune Business Insights provides a detailed analysis of the global market and highlights key aspects such as leading product types, leading segment, and the region with the highest growth potential. Additionally, the report enlists several leading companies that have generated substantial forklift truck market revenue in recent years and forecasts the companies that are likely to emerge leading in the coming years.
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Driving Factor:
Increasing Mining Activities to Aid Progress
The increasing investment in the research and development of large capacity forklift trucks has paved the way for growth for the companies operating in the global market. Increased adoption of e-commerce services and mining activities will fuel the demand for these trucks across the world. The report provides segmentation based on factors such as product types, applications, and regional demographics. Among all end-use applications, Fortune Business Insights has predicted that the manufacturing industry is likely to witness the highest growth during the forecast period owing to the high demand for the product across the world.
Regional Insights:
Heavy Demand from Construction industry to Aid Growth in Asia Pacific
The market in Asia Pacific is likely to witness the highest growth in the coming years. The huge demand for these trucks for material handling equipment across several industries such as construction, mining, and food & beverage will favor the growth of the market in the Asia Pacific. Additionally, the adoption of technologically advanced forklift trucks will enable an increase in the market size in the coming years. Fortune Business Insights states that the market in Asia Pacific was 623.7 thousand units in 2019 and is likely to emerge dominant during the forecast period. However, North America is likely to witness the highest growth in the coming years due to the presence of several big-name players in this region.
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Competitive Landscape:
Toyota Material Handling Holds Highest Share
Among all companies, Toyota Material Handling currently holds the highest portion of the forklift truck market share. This is attributable to a strong market brand, a wide customer base, and an impeccable research and development (R&D) unit. In addition to increasing its business expansion, the company is also indulged in factors such as consumer safety and reduced product costs. Hyster-Yale Materials is another such company that has made a huge contribution to an increase in the global market. The company excels in connected device technology across the industry.
Key Development:
July 2019: FLIR Systems launched Brickstream 3D Gen 2 people counting sensors. Brickstream 3D Gen 2 technology is integrated with retailer’s analytics software to improve data accuracy and take intelligent business decisions.
The Report Lists the Leading Companies Operating in the Global market:
- Toyota Industries Corporation (Japan)
- Crown Equipment Corporation (United States)
- Kion Group AG (Germany)
- Hyster-Yale Materials Handling Inc. (United States)
- Hyundai Heavy Industries (South Korea)
- Mitsubishi Nichiyu Forklift Co., Ltd (Japan)
- Jungheinrich AG (Germany)
- Anhui Forklift Truck (China)
- Doosan Industrial Vehicle (United States)
- Hangcha Group (China)
- Komatsu Ltd. (Japan)
- Godrej & Boyce Manufacturing (India)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Government Rules & Regulations
- Global Forklift Truck Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Volume)
- Class I
- Class II
- Class III
- Class IV
- Class V
- By Type (Volume)
- Global Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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