May 18, 2024

Forklift Truck Market Growth Accelerated by Automotive Material Technology Innovations

The forklift truck, also known as a lift truck, is a motorized vehicle for transporting goods over short distances and lifting them to variable heights. Forklift trucks are widely used in manufacturing, warehousing and distribution centers as they help transport raw and finished goods efficiently across different levels. Advantages of forklift trucks include improving productivity as well as workforce efficiency due to their portability and load-carrying capacity.

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 key trends:
Composite materials allow designing lighter and stronger trucks that improve fuel efficiency as well as enable higher payload capacities. Composites backed by nano-reinforcements also enhance durability and reduce maintenance costs of forklift trucks over conventional metal structures. The use of composites in forklift trucks is a major trend that is gaining traction and expected to drive significant growth in the global forklift truck market during the forecast period.

Segment Analysis
The forklift truck market is segmented based on product, class, fuel type, and end-use industry. The class V segment dominates the market as these trucks are suitable for heavy cargo loads and are popular among manufacturing and logistics industries. These trucks have a load capacity of over 12,000 pounds and are suited for heavy-duty applications in warehouses and factories.

Key Takeaways
The Global Forklift Truck Market Size  is expected to witness high growth during the forecast period of 2023-2030.

Regional analysis of the forklift market reveals that Asia Pacific region currently dominates the global market with over 40% share. China is the fastest growing and largest forklift truck market in Asia Pacific. The growth can be attributed to flourishing manufacturing and logistics industries in China.

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. North America is another major regional market for forklift trucks. Stringent regulations regarding environment and workers’ safety are driving demand for electric forklifts in the region. Europe is also witnessing steady growth in forklift truck sales led by Germany, U.K., and France.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it