by A forklift truck, also called lift truck, is a powered industrial truck used to lift and move materials over short distances. It is an industrial vehicle and a motorized piece of equipment that is powered by electricity or liquid fuel. Forklifts are commonly used in manufacturing plants or warehouses. Long-term government projects aimed at infrastructure development and increasing construction activities are expected to drive demand for forklifts in various end-use industries like construction, logistics and warehousing.
The global forklift truck Market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Governments across regions are focusing on long-term infrastructure projects related to roads, rail, ports, airports etc. to drive economic growth. Forklift trucks play a critical role in material handling at construction sites. They are used to lift and transport construction materials like bricks, steel, wood, cement etc. within the premises. Growing demand for better transportation and logistics infrastructure globally will augment demand for forklift trucks from the construction sector during the forecast period.
The global forklift truck market is fragmented in nature owing to the presence of large number of players. Some of the key players operating in the global forklift truck market include DuPont Teijin Films, PARC (Xerox Corporation), General Electric Company, Lockheed Martin Corporation, American Semiconductor Inc., Flex Ltd., Brewer Science Inc., Integrity Industrial Inkjet Integration, and SI2 Technologies Inc.
SWOT Analysis
Strength: Forklift trucks are widely used in industries like manufacturing, construction, logistics and warehousing. They help increase productivity and efficiency as they enable quick movement of goods over short distances. They are also easy to operate and maintain. Forklift trucks reduce manual labor and risks of injuries to workers transporting heavy loads.
Weakness: Forklift trucks require a skilled operator to drive and maneuver them safely. Untrained operators can cause accidents. Forklift trucks also have high maintenance and fuel costs over their lifespan. They emit harmful gases like carbon dioxide and contribute to air pollution.
Opportunity: Growth of e-commerce and construction industries in developing nations is driving demand for forklift trucks. Adoption of electric forklifts is an opportunity as they are more environment-friendly. Integration of IoT and telematics can help track forklift assets and monitor operator behavior to increase safety.
Threats: Rising prices of fossil fuels increase operational costs of diesel forklifts. Strict emission norms threaten expansion of IC-engine based trucks. Electric trucks have limited battery capacities and need frequent recharging. Trade wars and geopolitical tensions impact supply chains of forklift manufacturers.
Key Takeaways
The Global Forklift Truck Market Size is expected to witness high growth. The market size for 2024 is US$ 44.71 Bn and forecast period is from 2023 to 2030.
Regional analysis comprises the Asia Pacific region dominates with a 45% market share due to strong manufacturing activity in China, India, Japan and other developing nations.
Key players related content comprises Key players operating in the forklift truck market are DuPont Teijin Films, PARC (Xerox Corporation), General Electric Company, Lockheed Martin Corporation, American Semiconductor Inc., Flex Ltd., Brewer Science Inc., Integrity Industrial Inkjet Integration, and SI2 Technologies Inc.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
