The Global Forklift Truck Market Is Driven By Rapid Industrialization
Forklift trucks utilize powered lifting mechanisms along with tines or forks to move materials from one location to another on the same level or vertically to different rack levels. They aid industrial operations in performing functions like stacking, lifting and tiering of heavy materials efficiently and safely. Forklift trucks improve workflow by automating material handling activities, reducing workload and chances of injuries. Their versatile design enables warehouses and manufacturing plants to perform inventory management, loading and unloading operations smoothly within limited space.
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:
Electric forklifts are gaining ground over internal combustion variants owing to their sustainability benefits and lower operating costs. Major players are focusing on developing lithium-ion powered electric forklifts with advanced features to reduce charging times and increase productivity. Rapid growth of e-commerce has boosted demand for specialized forklifts designed for picking, sorting and packing applications in distribution centers and warehouses. Industry 4.0 technologies such as telematics, fleet management software and autonomous operation are being incorporated by manufacturers to optimize forklift utilization through predictive maintenance, remote monitoring and automated navigation within facilities.
Porter’s Analysis
Threat of new entrants: Low cost of operation due to availability of cheap labor and tax subsidies in emerging markets may attract new players in the market. However, presence of established manufacturers with strong brand recognition and distribution networks act as a barrier.
Bargaining power of buyers: Presence of many small- and medium-sized rental companies increases buyer's bargaining power and negotiations on rental rates and services. However, differentiated product offerings by major OEMs reduce impact of bargaining power.
Bargaining power of suppliers: Major component suppliers enjoy bargaining power due to their global presence and capabilities. However, forklift truck manufacturers can source from multiple component suppliers to reduce dependency on any single supplier.
Threat of new substitutes: Emerging technologies focusing on automation and robotics pose a potential threat. However, forklifts offer flexibility, mobility and accessibility which cannot be easily replicated by substitutes in the near future.
Competitive rivalry: Global players compete intensely on product innovation, pricing and service offerings. Regional and local players compete on price parameters to gain market share.
Key Takeaways
The Global Forklift Truck Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region dominates the market currently due to flourishing industrial sector in countries like India and China. Europe is expected to grow at a significant rate during forecast period.
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. Forklift Truck are increasingly adopted across industries like manufacturing, logistics, construction etc.
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