Forklifts Market To Show 4.3% CAGR By 2028;

Pune, India, May 21, 2021 (GLOBE NEWSWIRE) – The world forklift market should reach 1, 908.6 thousand units by 2028, presenting a 4.3% CAGR during the forecast period. The market is expected to experience strong growth owing to the demand for material handling equipment in various regions. According to a report published by Fortune Business Insights, titled “Forklift Truck Market, 2021-2028”, the market was 1,384,300 units in 2020.

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Impact of COVID-19:

Steel industry disrupted to thwart growth amid pandemic

The severe impact on the steel industry has significantly reduced the growth of the market. According to the US steel industry, US steel production fell 12.7% year-over-year at the end of March 2020. Steel imports also fell explicitly in January and February 2020. This factor will have a negative impact on manufacturing facilities, thus impacting the market. The decline of automobiles, precision instruments and machinery has further affected the global market. In addition, industries such as machinery, automobile, office machinery, communication equipment have suffered unprecedented losses, which in turn can disrupt the forklift industry.

What does the report include?

The report provides a comprehensive overview of the global market. Fortune Business Insights provides a detailed analysis of the global market and highlights key aspects such as major product types, leading segment, and region with the highest growth potential. Further, the report appeals to several top companies that have generated substantial revenue in the forklift market in recent years and predicts the companies that are likely to become leaders in the years to come.

To learn more about the short and long term impact of COVID19 on this market,

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Driving factor:

Increase mining activities to help progress

The growing investment in research and development of high capacity forklifts has paved the way for the growth of companies operating in the global market. The increased adoption of e-commerce services and mining activities will fuel the demand for these trucks across the world. The report provides segmentation based on factors such as product types, applications, and regional demographics. Of all the end-use applications, Fortune Business Insights predicted that the manufacturing industry would likely experience the strongest growth during the forecast period due to strong demand for the product around the world.

Regional perspectives:

Strong demand from the construction industry to drive growth in Asia-Pacific

The Asia-Pacific region market is expected to experience the strongest growth in the coming years. The huge demand for these material handling equipment trucks in several industries such as construction, mining, and food and beverage will drive the market growth in Asia-Pacific. In addition, the adoption of state-of-the-art forklifts will increase the size of the market in the years to come. Fortune Business Insights reports that the Asia-Pacific market was 623,700 units in 2019 and is expected to become dominant during the forecast period. However, North America will likely experience the strongest growth in the coming years due to the presence of several well-known players in this region.

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Competitive landscape:

Toyota Material Handling holds the highest share

Among all the companies, Toyota Material Handling currently holds the highest share in the forklift market. This is due to a strong market brand, a large customer base and an impeccable research and development (R&D) unit. In addition to increasing the expansion of its business, the company also indulges in factors such as consumer safety and reducing product costs. Hyster-Yale Materials is another such company which has made a significant contribution to the increase in the global market. The company excels in connected device technology across the industry.

Key development:

July 2019: FLIR Systems has released Brickstream 3D Gen 2 people counting sensors. Brickstream 3D Gen 2 technology is integrated into the retailer’s analysis software to improve data accuracy and make intelligent business decisions.

The report lists the Main companies operating in the global market:

• Toyota Industries Corporation (Japan)
• Crown Equipment Corporation (United States)
• Kion Group AG (Germany)
• Hyster-Yale Materials Handling Inc. (United States)
• Hyundai Heavy Industries (South Korea)
• Mitsubishi Nichiyu Forklift Co., Ltd (Japan)
• Jungheinrich AG (Germany)
• Forklift Anhui (China)
• Doosan industrial vehicle (United States)
• Hangcha Group (China)
• Komatsu Ltd. (Japan)
• Godrej & Boyce Manufacturing (India)

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Main Table of Contents:

• introduction
  • Definition, by segment
  • Research approach
  • Sources
• summary
• Market dynamics
  • Macro and micro economic indicators
  • Drivers, constraints, opportunities and trends
  • Impact of COVID-19
    • Short term impact
    • Long term impact
• Competition landscape
  • Business strategies adopted by the main players
  • Consolidated SWOT analysis of the main players
  • Porter’s Five Forces Analysis
  • Government rules and regulations
  • Global Forklift Truck Market Share Analysis and Matrix, 2020
• Key market information and strategic recommendations
• Profiles of the main actors (Would be provided for 10 players only)
  • Overview
    • Key management
    • Headquarters etc.
  • Offers / business segments
  • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
    • Employee size
    • Key financial data
      • Past and current income
      • Geographic share
      • Share of business segment
  • Recent developments
• Answers to primary interviews
• Annex / Appendix
  • Global Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
    • By type (volume)
      • Class I
      • Class II
      • Class III
      • Class IV
      • Class V

TOC Continued…!

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