Forklift Market share by applications and regions for 2019- 2026

Growing infrastructure development initiatives in emerging economies is increasing the demand for forklifts to lift and transport heavy goods. Government administrations are increasingly investing in improving the public infrastructure to support economic growth. Growing investments toward the replacement of diesel power source with sustainable and green solutions will propel the forklift market for electric powered lift trucks.

Global Market Insights, Inc. has recently added a new report on forklift truck market which estimates the global market valuation for forklift will cross US$ 100 billion by 2026. The growing demand for forklifts in the construction industry will drive market growth over the forecast timespan.

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Some major findings of the forklift market report include:

1.Rising expansion of e-commerce and logistics industries globally.

2.Stringent emission norms are driving the demand for electric forklifts.

3.Need for automation for enhancing productivity.

4.Improving industrial sector in South America.

5.Demand for forklifts from aviation industry in MEA.

According to GMI report, Europe forklift market share accounted for around 34% in 2018 and is anticipated to witness significant growth in the coming years. The growth is driven by the increasing demand for battery-operated trucks and development of the warehouse segment across the region. The highest utilization of electric vehicles in wholesale & retail distribution is expected to increase the forklift truck market share in the region. Moreover, the adoption of advanced technologies, such as Industry 4.0 and big data, in the manufacturing sector will further spur forklift market growth.

Class V forklifts are being majorly used in warehouses and distribution centers. These trucks can be used for indoor and outdoor applications owing to their large capacity range. It can handle small single pallet loads to 40-foot containers load. Availability of different fuel source options including internal combustion engines, LPG, gasoline, diesel, and compressed natural gas, makes them highly durable and ideal for construction sites and other outdoor applications.

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In the food retail industry, forklifts are used to move, handle, and store food items. The players in the market are offering retailers flexible, convenient, and reliable solutions for multichannel fulfillment and direct-to-consumer fulfillment. In addition, these vehicles allow to speed up the manufacturing processes by helping in moving more pallets per shift, reducing the product damage with careful handling.

Counterbalance forklift trucks are majorly preferred for use in applications where space is limited due to their effective maneuverability. These are also ideally suitable for inside and outside applications and can be driven up to the exact location of the load or racking without outrigging legs or arms. The combination of counterbalance under-clearance and tight maneuverability ensures maximum productivity.

Major forklift market players in the forklift truck market include Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., KION Group, Jungheinrich AG, Crown Equipment Corp., UniCarriers Americas Corporation, Anhui Forklift Truck Group Corp., Hangcha Group Co., Ltd., Komatsu Ltd., Clark Material Handling International, Inc., Doosan Industrial Vehicle, Hyundai Heavy Industries, Lonking Forklift Co., Ltd., and Combilift Ltd.

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These players are focusing on expanding product portfolios, acquisitions, and collaborations to enhance their offerings and target a wider customer base. For instance, ZF Friedrichshafen AG, a commercial vehicle manufacturer based in Germany has designed smart forklift that combines electrification, data management, connectivity, data analytics, and automation technologies.

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