What is Forklift Trucks - Global Market?
The Forklift Trucks - Global Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Forklift trucks, also known as lift trucks or forklifts, are powered industrial trucks used to lift and move materials over short distances. They are an essential part of warehousing and manufacturing operations, contributing significantly to the smooth functioning of these sectors. The global market for forklift trucks was valued at a substantial US$ 22980 million in 2022. It is projected to escalate to US$ 29320 million by 2029, growing at a steady Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period from 2023 to 2029. This growth can be attributed to the increasing demand for these trucks in various industries, including construction, logistics, and retail, among others.
Class 1, Class 2, Class 3, Class 4 and 5 in the Forklift Trucks - Global Market:
The Forklift Trucks - Global Market is segmented into five classes - Class 1, Class 2, Class 3, Class 4, and Class 5. Class 1 forklifts are electric motor trucks with either cushion or pneumatic tires. They are typically used in indoor applications. Class 2 forklifts are electric motor narrow aisle trucks, designed for use in tight spaces in warehouses. Class 3 forklifts are electric hand trucks or hand/rider trucks, which are manually controlled by the operator. Class 4 forklifts are internal combustion engine trucks with cushion tires, ideal for indoor use where floor conditions are good. Class 5 forklifts are internal combustion engine trucks with pneumatic tires, suitable for outdoor use on rough surfaces. Each class serves a specific purpose and is designed to operate in different environments, contributing to the versatility of the global forklift trucks market.
Warehouses, Factories, Distribution Centers, Others in the Forklift Trucks - Global Market:
Forklift trucks are extensively used in various areas such as warehouses, factories, distribution centers, and others. In warehouses, they are used for stacking goods, loading and unloading trucks, and moving goods from one place to another. In factories, forklift trucks play a crucial role in transporting raw materials and finished products. They are also used in distribution centers for loading and unloading goods, and in other areas for various purposes such as construction, agriculture, and more. The wide range of applications of forklift trucks in different sectors is a testament to their versatility and efficiency, making them an indispensable part of many industries.
Forklift Trucks - Global Market Outlook:
The global Forklift Trucks market, which was valued at US$ 22980 million in 2022, is expected to reach a value of US$ 29320 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period from 2023 to 2029. The key manufacturers in the global Forklift Truck market include Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown Equipment, Hyster-Yale, Anhui Heli, and Hangcha. These top nine players collectively hold a market share of over 80 percent, indicating their dominance in the global market.
| Report Metric | Details |
| Report Name | Forklift Trucks - Market |
| Forecasted market size in 2029 | US$ 39380 million |
| CAGR | 4.2% |
| Forecasted years | 2023 - 2029 |
| Global Forklift Trucks market, by region: |
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| Global Forklift Trucks market, Segment by Type: |
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| Global Forklift Trucks market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
