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The global forklift truck market is predicted to reach US$ 25.04 Billion by 2027, growing at a CAGR of 4.02% from 2019 to 2027. Forklift trucks are used as industrial lifting trucks. These forklift trucks are utilized for relocation of goods from one place to another. Forklift trucks are mostly used in manufacturing and warehouse industries, due to the need to move heavy products in easier way to several locations in a very short time, in order to increase the production process.

Increase in number of acquisitions and partnerships

Increasing application and rising demand for forklift trucks from end-use industries are some of the major factors driving growth of the forklift truck market, which in turn is expected to create growth opportunities for manufacturers operating in this market.

As a result of rising demand for forklift trucks, manufacturers are focusing on various strategies such as partnerships and acquisitions in order to expand their customer base in the market and strengthen their foothold in the global forklift truck market.

For instance, in March 2017, Toyota Industries Corporation, a Japanese machine maker, acquired Vanderlande Corporation, a manufacturer of automated material handling solutions for US$ 1.07 billion.

Moreover, in December 2016, Hyster-Yale Materials Handling, Inc. entered into a definitive agreement to buy a majority stake in China-based Zhejiang Maximal Forklift Co. Ltd. for US$ 90 million.

However, lower speed coupled with limited weight lift capabilities is expected to hinder growth of the global forklift truck market

Figure 1. Global Forklift Truck Market Value Share (%), by Lifting Capacity, (2018)

Source: Coherent Market Insights Analysis, 2018

Based on lifting capacity, < 5 ton capacity segment holds the highest share in the global forklift truck market

By lifting capacity, < 5 ton capacity segment is expected to hold major market share, and grow at a higher CAGR over the forecast period. The < 5 ton capacity forklift trucks mainly include battery-electric forklifts. The use of electrically powered forklift trucks is increasing rapidly due to their environmentally friendly nature. Moreover, electric forklift trucks are easy to operate, and have less operational & maintenance costs than IC engine powered forklift trucks.

The 5 Ton – 10 Ton lifting capacity forklift truck segment holds the second largest market share owing to increasing launches of forklift trucks with lifting capacity between 5 Ton and 10 Ton by companies such as Jungheinrich AG. For instance, in February 2019, Jungheinrich AG, a material handling company, unveiled EFG Series 6 heavy-duty electric forklift, the EKS 412s vertical order picker and the ERC 216zi pallet handler in Hamburg, Germany.

Figure 2. Global Forklift Truck Market Value Share (%), by Region, (2018)

Source: Coherent Market Insights Analysis, 2018

Asia Pacific is expected to account for the highest market share over the forecast period

On the basis of region, the global forklift truck market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA). Among all these regions, the Asia Pacific market is projected to hold the largest market share, owing to high demand for forklift trucks from emerging economies such as China, Japan, and India.

According to the World Industrial Truck Statistics (WITS) in August 2019, Shipments of forklift trucks in the Asia Pacific region increased from 0.55 million in 2017 to 0.63 million in 2018 with an increase of 13.43%.

Furthermore, the Europe region holds the second highest market share in the global forklift truck market, followed by North America in terms of orders and shipments. According to the World Industrial Truck Statistics (WITS) in August 2019, shipments & orders of forklift trucks in the European region increased from 0.46 million & 0.47 million in 2017 to 0.50 million & 0.52 million in 2018 with a surge of 10.38% & 11.42%.

Prominent players in the global forklift market are Toyota Industries Corporation, 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, Doosan Industrial Vehicle, Hangcha Group Co., Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co. Ltd., and Linde Material Handling.