Fork lift truck or fork truck is an industrial truck which is powered to lift and transport materials in warehouses, shipping depots, manufacturing and many others. After the World War II, the use and development of forklift truck has increased globally. A forklift can only load a specified maximum weight and cannot exceed the specifications, which are also mentioned on a nameplate provided by the manufacture. Overweight of loads or speed may cause disastrous tip-over accidents. These trucks are addressed in specific standards for the construction, general industry, marine terminals and longshoring, For instance, standards provided by the Occupational Safety and Health Administration (OSHA), an agency of the United States Department of Labour, compliance information that applied to specific activities, involving loading and unloading, working with hazardous materials and vehicle maintenance. Forklift trucks are available in many variations and load capacities, with large machines have capacity of loading up to 50 tons.
Need for removing loads from storage and loading and unloading the goods in yards or at a dock with ease is the principal reason for the growth of the market. Moreover, growing e-commerce business and expansion of warehouse space and increased are also expected to drive the market. Lower speed and limited lift capabilities along with need for battery charging stations and spare batteries to avoid downtime may hinder the growth of the market. Technological advancements and untapped markets provide excellent opportunity for the growth of market in upcoming years.
The market is segmented on the basis of product type, technology and regions. Based on the type of product, the market is segmented into industrial reach forklift trucks, industrial counterbalance forklifts, rough terrain forklifts, industrial side loader forklifts, telescopic handler forklifts, and pedestrian operated pallet trucks. Furthermore, based on technology, the market has been bifurcated into electric powered fork lift truck, internal combustion engine powered forklift truck. Based on regions, market has been segmented into North America, Europe, Asia Pacific and RoW.
Major companies operating in this market are Toyota Industries Corp., Kion Group AG, NACCO Material Handling Group, Godrej & Boyce Mfg. Co. Ltd., Crown Equipment Corp., Hytsu Group, Nippon Yusoki Co. Ltd., Combilift Ltd., UniCarriers Corp., and Mitsubishi Caterpillar Forklift America Inc.
The key takeaways from the report
- The report will provide detailed analysis of forklift truck market with respect to major segments such as product type and technology of the market.
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024.
- Comprehensive analysis of market dynamics including factors and opportunities.
- An exhaustive regional analysis of forklift truck market.
- Profile of key players of the forklift truck market, which include key financials, product & services and new developments.
Scope of Forklift Truck Market
Product Type Segments
- Industrial Reach Forklift Trucks
- Industrial Counterbalance Forklifts
- Rough Terrain Forklifts
- Industrial Side Loader Forklifts
- Telescopic Handler Forklifts
- Pedestrian Operated Pallet Trucks
- Electric Powered Fork Lift Truck
- Internal Combustion Engine Powered Forklift Truck
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East