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 Share & Forecast 2023 – Brochure from TechSci Research

“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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