According to the Forklift Truck Market research report, the competitive landscape comprises top businesses implementing plans to launch new goods, declare alliances, and work together to support market expansion. Also, the study provides detailed information on a number of customer journeys pertaining to this business, as well as relevant geographies and segments. In order to assist businesses of all sizes in making wise decisions, the Forklift Truck Market research report provides precise data and creative corporate analysis.
Market Forklift Truck Market Overview
The forklift trucks market was valued at USD 43 billion in 2020, and it is expected to reach a CAGR of over 4.9% during the forecast period 2021-2028.
Forklift trucks are equipment for material processing. They’re the most prevalent industrial lift trucks on the market. They are the workhorses of material handling due of their versatility, which includes (i) indoor/outdoor operation on a range of surfaces, (ii) load capabilities, and (iii) attachments. A forklift truck is a type of motorized industrial truck. It aims to move and transport, push, pull and pull a material load and then stack it or store it in a warehouse rack, like other industrial trucks do. Forklift trucks are available in a variety of sizes and capacities. They can run on batteries or internal combustion engines that run on diesel or gaseous fuel.
The expansion of the construction sector, combined with rapid industrialization is the major factor that has supported long-term expansion for Forklift Truck Market.
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The COVID-19 outbreak has had a negative influence on the forklift truck business. As a result of the closure of factories and warehouses, material handling and inventory management were no longer necessary. Major companies suspended operations in numerous locations due to lockdowns and social distancing practices. This has a direct influence on material handling forklift demand, as well as a huge proportion of the market’s business.
Forklift Truck Market Regional Analysis
Asia-Pacific dominates the forklift truck market because of the huge need for forklift trucks from advancing nations. The increase in industrialization is one of the factors that are expected to aid the growth of the forklift trucks market.
Forklift Truck Market Competitive Landscape
Key Players
- Toyota Industries Corporation
- Crown Equipment Corporation
- Kion Group AG
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries
- Jungheinrich AG
- Anhui Forklift Truck
- Doosan Industrial Vehicle
- Godrej & Boyce Manufacturing
- Hangcha Group.
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Forklift Truck Market Recent Developments
- In July 2021, Hangcha has launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. these trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.
- In July 2021, KION Group AG has set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.
Reasons to Acquire in the Forklift Truck Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Forklift Truck Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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