Global Forklift Trucks Market: Overview
Forklifts refer to a variety of industrial trucks that find extensive usage in a number of industries for handling heavy loads and a variety of materials. The construction industry is one of the leading consumers of forklift trucks, using them for carrying construction material such as lumber, steel, bricks, and other heavy items to add pace to construction projects. Forklift trucks are also employed for unloading heavy equipment from trucks and transferring them to storage facilities.
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Global Forklift Trucks Market: Trends and Opportunities
One of the key factors working in favor of the global forklift truck market is the steady expansion of the global construction industry, which can be attributed significantly to the recovery of economies of several developed countries and a steady rise in infrastructure development and new building projects in developing economies. In addition to their use for applications such as lifting construction materials on site, forklift trucks are also in high demand for the transportation of materials for a variety of construction projects. Analysts estimate the construction industry in emerging economies will continue to expand at a steady pace in the next few years, which will, in turn, drive the demand for forklift trucks.
One of the key trends witnessed in the market in the past years is the increased focus on the development of smart forklift trucks. The area has benefitted from vast developments observed on the technology front and in the field of automation in the recent years. With increased demand for automated technologies across a number of industries, intelligent or connected forklift trucks will also see a promising rise in demand over the next few years.
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Global Forklift Trucks Market: Segmentation
The report segments the global forklift truck market on the basis of criteria such as type, technology, and geography. Based on type, the market has been segmented into warehouse forklift truck and counterbalance forklift truck. Based on technology, the global forklift truck market is segmented into electric-powered and internal combustion engine powered. Presently, the segment of counterbalance forklifts accounts for the dominant share in the overall market, thanks to their ability to maneuver easily and availability of different variants of engines powering these machines.
Geographically, the market for forklift trucks has been examined for regions such as North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. The market in Asia Pacific is presently the leading contributor of revenue to the global market, thanks chiefly to the expansive and steadily growing building construction and infrastructure development industry in the region. The region is estimated to remain at the helm of most promising opportunities for the market in the future years and is expected to also advance as a key manufacturer of these machines.
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Global Forklift Trucks Market: Competitive Dynamics
It has been noted that the global forklift truck market features a largely competitive vendor landscape owing to the presence of only a handful of large vendors and several small-scale companies. Companies compete on the basis of product features, product costing, and their capability of reaching emerging economies, which are currently the most promising consumers for the market. To outperform peers, companies are more focused on the development of technologically more advanced and automated machineries.
Some of the leading companies in the market are HYTSU Group, Anhui Forklift Group Co., Hyster-Yale Material Handling, Jungheinrich group, Doosan Industrial Vehicles, Godrej & Boyce, HUBTEX Maschinenbau, Hyundai Heavy Industries, CLARK, Mitsubishi Caterpillar Forklift America, Toyota Industries, Komatsu, Combilift, Hangcha Group, Tailift Group, and UniCarriers.