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| Global Forklift Truck Market |
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 11% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Forklift trucks are industrial trucks used to lift and move materials short distances
within warehouses and factories. They utilize battery power, hydraulic power
transmission or internal combustion engines. Forklifts are essential for
warehouses and manufacturing facilities as they help in the transportation and
movement of goods over short distances efficiently. They play a vital role in
reducing manual labor and enhancing productivity in warehouses, factories and
distribution centers through their lifting and moving capabilities.
Market key trends:
One of the key trends in the forklift truck market is the growing adoption of
augmented reality (AR) systems. Major forklift manufacturers are integrating AR
capabilities that overlay virtual objects and information on real-world
environments to enhance operator vision and safety. AR helps operators easily
identify or locate materials through digital assistance by projecting
instructions and 3D layouts directly onto the forklift view. It reduces chances
of accidents by alerting operators in case of obstacles. AR also aids in
training new operators faster by virtually simulating different operational
scenarios. This improves efficiency while lowering costs associated with
accidents and downtime for retraining. The integration of AR is expected to
make forklifts smarter and further optimize warehouse operations.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as the capital requirement is
moderate and technology is easily available. However, established players have
strong brand identity and distribution network.
Bargaining power of buyers: High as the forklift truck market is fragmented
with large number of regional and global players. Buyers can negotiate on price
and demand value-added services.
Bargaining power of suppliers: Moderate as suppliers have availability of components
from different sources. However, suppliers may have bargaining power due to
high dependence of OEMs on them.
Threat of new substitutes: Low threat as forklift trucks are highly specialized
equipment and there are limited substitutes available for heavy-duty material
handling applications.
Competitive rivalry: Intense competition among regional and global players on
the basis of product quality, pricing, technology, brand, and services.
Key Takeaways
The Global
Forklift Truck Market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period,
due to increasing investments in warehousing and e-commerce sectors.
Regional analysis:
Asia Pacific dominated the market in 2022, accounting for over 40% share, due
to rapid industrialization and growth of manufacturing and logistics sectors in
China and India. North America and Europe are also major markets driven by
strong demand from food and automotive industries.
Key players:
Key players operating in the forklift truck market are Toyota Industries
Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials
Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co.,
Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu
Ltd., Clark Material Handling Company.
Read More: https://www.trendingwebwire.com/forklift-truck-market-demand/