Motorized Hand Segment to Witness Fastest Growth in Global Forklift Market through 2023
Rapidly growing e-commerce
sector, technological advancements and rising globalization to aid growth of
global forklift market through 2023.
According
to TechSci Research report, “Global
Forklift Market By Class Type, By Fuel Type, By Application Type, By
Region, Competition, Forecast & Opportunities, 2023”, global forklift market is projected to reach 2.2 million
units by 2023, on account of growing employment of forklifts in warehouses and
distribution centers for placement and removal of loads from storage racks; for
stacking and emptying of trailers; for delivering components to the assembly
line and appropriate positioning of the loads at the dock; for safe delivery of
various manufacturing components to the assembly line and for positioning of
loads for further handling. Moreover, growing population and increasing demand
for supply chain of different products globally, is anticipated to further fuel
growth in global forklift market during forecast period.
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Motorized hand forklift segment
is projected to grow at the fastest CAGR during forecast period on account of
booming freight and logistics industry, expanding e-commerce industry and
rising environmental concerns. On the
basis of application, wholesale and retail distribution dominated global
forklift market as major forklift fleet operating companies use forklifts for
wholesale & retail distribution. Major players operating in global forklift market include Toyota
Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corp and
Mitsubishi Logisnext Co., Ltd. among others. In 2016, Jungheinrich
AG launched the first lithium-ion battery powered vehicle with the battery
capacity of 360 and 480 ampere hours. In 2018, Kion acquired stake in EP equipment to focus on joint
product development.
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“Asia-Pacific and Europe are the major demand generating regions for
forklifts on account of high population density and presence of fast growing
economies. Moreover, there is rising demand for new
airports, sea ports, road infrastructure in various countries, which is further
anticipated to push demand for forklifts across these regions. Factors like booming e-commerce industry and technological
advancements such as shift towards battery driven forklifts for better
efficiency, are further contributing to the growth of global forklift
market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Forklift
Market By Class Type, By Fuel Type, By Application Type, By Region,
Competition, Forecast & Opportunities, 2023” has evaluated the future growth potential of global forklift
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decision. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global forklift market.
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