Global Forklift Market Size, Insights, Drivers, Opportunities, By Product (Class I, Class II, Class III, Class IV, Class V), By Application (Retail & Wholesale, Logistics, Food Industry, Automotive, Others), By Region, Growth, Trends and Forecast from 2019 to 2027
Global Forklift Market Size, Insights, Drivers, Opportunities, By Product (Class I, Class II, Class III, Class IV, Class V), By Application (Retail & Wholesale, Logistics, Food Industry, Automotive, Others), By Region, Growth, Trends and Forecast from 2019 to 2027
Historic years: 2015 to 2017 Base Year: 2018 Forecast Years: 2019 to 2027
Number of pages: 100 Category: Automotive Report Id: MISAU5001
Market Insights
The global forklift market was valued at USD 39.17 billion in 2018 and is estimated to reach a value of USD 74.17 billion in 2027. The market is analyzed to rise at a CAGR of 7.35% over the forecast period of 2019 to 2027. The rise in the trends analyzed in the warehouse and the e-commerce sectors drives the growth of the market. The technological advancements found in the industry to increase the productivity for the consumers has also been estimated to maintain the growth in the industry.Global forklift market size by region, 2018 (USD Billion)
Primary and secondary researchers have identified Toyota Industrial Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material Handling Inc. (U.S.) and Mitsubishi Nichiyu Forklift Co., Ltd. (Japan) as the top players in the global forklift market. However, considering about the analysis of this segment, factors like company revenue, consumer trends towards selecting a particular brand and penetration of the forklift companies are being considered.
The electric forklifts have continued to provide a growth for the products in the market. Moreover, the demand is anticipated by the cheaper products in the segment and the technological advancements fueled growth in the industry. The electric forklifts also provide cost efficiency, fuel efficiency and the initial lower investments as compared to other types of products in the market.
Product Insights
Class V product type is estimated to be the largest segment holding a share of about 51.63% share in the market. In 2018, the Class V product market was estimated to be USD 20.22 billion and expected to reach USD 38.09 billion in 2027 with a CAGR of 7.29% over the period of 2019 to 2027. Class V type products provide high efficiency for the outdoor applications and the indoor applications with larger workspace. Moreover, the cost efficiency along with the electric motor provided in the Class III product type makes it the fastest segment with a CAGR of 9.61% over the forecast period.Application Insights
Retail & Wholesale application is the largest segment and is expected to grow at a CAGR of 7.02% over the forecasted period of 2019 to 2027. The larger number of loading and the unloading practices observed in the application sector makes it to provide a higher demand in the market. The heavier work practices observed in the automotive industry anticipates being a fastest segment with a CAGR of 9.80% over the forecast period.Global forklift market value share by product, 2027 (%)
Regional Insights
As of 2018, Asia Pacific accounts for the largest share in the forklift market, with a share of over 37.80% of the global market. The larger inclination of the industrial works in the developing countries such as China and India provides the product, a reasonable demand from the global market. The impressive sales recorded through the material handling and logistics sector from the larger economies such as U.S. and Canada provides a reasonable The report is a thorough market study which includes top companies, their annual presentations, industry publications, press releases and their drivers, opportunities, trends and the product understanding through different modes (Product, Application, and Regional analysis) with growth factors and future expectancies in the forklift industry.Research Methodology
The following report consists of market analysis including both primary and secondary research. Primary research comprises the interaction between manufacturers, industry experts and channel partners, while the secondary research presents an analytical interpretation of relevant publications which contains details like proprietary databases, purchased database, company annual reports, and financial reports. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.Segments covered in the report
Product Outlook- Class I
- Class II
- Class III
- Class IV
- Class V
- Retail & Wholesale
- Logistics
- Food Industry
- Automotive
- Others
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Middle East & Africa
- All market drifts, drivers and opportunities
- Understanding the dynamics of the parent market
- Prime fluctuations of the business dynamics
- Historical, current, and projected size of the market with respect to production and sales
- Segmentation and comprehensive analysis in the second or third level
- Reporting and evaluation of recent industry developments
- Detailed profiling of leading companies
- Opportunities to newer trends in global, regional and country markets
- Analyzing the trajectory line of the business
- Measures to consider for automotive electronics products in the industry