Forklift Truck Market Continues To Grow Owing To the Rising Demand from Various Construction Sectors, Rapid Acquisitions, and Partnership between Key Players Backed By Favorable Government Policies

 


A forklift truck is a modern-day powered industrial truck that is used to lift, transport, and move goods over short to medium distances. The first forklift truck was developed by different industries, such as Clark, that created rear transmissions, while other companies, such as Yale & Towne Manufacturing Company, created front transmissions. Front engines are more fuel-efficient than rear engines since the former doesn't need to idle for the back to change gear. Forklifts, however, can also be classified according to their engine type. If any company uses the forklift for heavy lifting operations regularly, then they need an eight-stroke forklift engine. The eight-stroke engine is capable of sustaining greater horsepower and torque, allowing the forklift truck to pull heavy loads with ease. There are different types of forklift trucks, such as counterbalance forklift trucks, boom trucks, bucket trucks, pallet trucks, and dollies. Each of these different types of forklift trucks has different uses in the industry.

Market Dynamics                                  

The main factor influencing the growth of the forklift trucks market is the rapidly growing acquisitions and partnerships. For instance, in 2019, Toyota Material Handling North America (TMHNA) assorted four unique research proposals for providing the industry with various solutions, which are more efficient and smarter in terms of advanced technologies and unique approaches that can aid the industry for supply chain logistics, material handling, and warehouse activities. Moreover, manufacturers who are operating in the forklift truck market are expanding their product lines by launching more efficient and sturdy trucks.

However, the low speed of the trucks along with limited weight lifting capacities are the main restraining factors hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Africa, and the Middle East, and Latin America. Among these, Asia Pacific is estimated to hold a bigger share of the forklift truck market owing to the increasing demand for forklift trucks from developing nations such as India, Japan, and China. For instance, according to World Industrial Truck Statistics (WITS) in 2019 August, forklift truck shipments in the Asia Pacific region increased by 0.63 million. The forklift truck market in Europe is estimated to witness significant growth owing to the presence of key players in the region.

Competitive Analysis

Prominent players in the global forklift truck market are Linde Material Handling, Godrej & Boyce Mfg. Co. Ltd., Combilift Ltd, JBT Corporation, Hangcha Group Co., Ltd., Doosan Industrial Vehicle, Clark Material Handling Company, Komatsu Ltd., Anhui Heli Company Limited, UniCarriers Americas Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Kion Group AG, and Toyota Industries Corporation.

 

In April 2020, OTTO Motors, a Clearpath Robotics division announced the introduction of OTTO 750, which is the first auto-driving vehicle with an efficiency of handling materials with a total payload of 750 kg. Likewise, in April 2019, JBT Corporation along with the cooperation of Hyster-Yale Materials Handling announced a new dual-mode AGV to be launched in the market.

 


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