Forklift trucks are industrial trucks that are widely used to transport materials such as pallets and metal plates in warehouses, manufacturing facilities and distribution centers. Key advantages include fast movements of goods over short distances, enhanced productivity and reduced costs. With rising demand for shipping smaller and frequent packages owing to surging e-commerce activities, the usage of efficient forklift trucks has become crucial.
The global Forklift Truck Market is estimated to be valued at US$ 44.71 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid growth in the e-commerce industry has propelled the adoption of forklift trucks globally. The proliferation of online shopping has compelled retailers and logistics providers to efficiently manage growing volumes of packages in their warehouses and distribution centers. Forklifts support faster order fulfillment by allowing quick movement of merchandise within facilities. Their maneuverability helps navigate densely packed inventory areas and load/unload trucks. This has significantly boosted forklift truck sales as more companies automate warehouse operations to meet consumer demand for speedy deliveries.
SWOT Analysis
Strength: Forklift trucks have high versatility and can handle a variety of tasks like lifting, moving and transporting heavy materials within warehouses, distribution centers and production facilities. This versatility makes them useful for different industries.
Weakness: Forklift trucks that rely on internal combustion engines can produce local air pollution from their exhaust emissions. Transitioning to electric forklifts can help reduce this weakness.
Opportunity: Growing e-commerce sector is driving increased demand for warehouse automation and material handling equipment like forklift trucks. This provides an opportunity for forklift manufacturers to tap into the growth.
Threats: Introduction of autonomous mobile robots and driverless vehicles provide a threat as they can replace certain tasks currently done by human-operated forklift trucks. This threat needs to be addressed through technology upgrades.
Key Takeaways
The global forklift truck market is expected to witness high growth. The global Forklift Truck Market is estimated to be valued at US$ 44.71 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Regional analysis related content comprises the Asia Pacific region currently dominates the forklift truck market and is expected to continue its dominance throughout the forecast period. China, India and Japan are major markets in the region due to growing manufacturing and warehousing sectors in these countries.
Key players related content comprises Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., and Mitsubishi Logisnext Co. Ltd. Toyota Industries Corporation is a major player providing electric forklifts along with automation solutions to enhance material handling operations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
