The global forklift truck market is projected to grow substantially in the coming years, potentially reaching a value of USD 82.92 billion by 2026, making for a compound annual growth rate (CAGR) of 7.69 percent. This is according to a new study conducted by Data Bridge Market Research.
Key players in the global forklift truck market include Kion Group, Clark, EP Equipment, Toyota Industries Corporation, Jungheinrich, Crown Equipment Corporation, Doosan Industrial Vehicle America Corp, Hangcha, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries, Komatsu, Mitsubishi Logisnext and Anhui Heli Industrial Vehicle.
Per the report: “Global forklift truck market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.”
The forklift truck market is divided by product type, technology type, class, end-user and geography.
Contributing to the projected growth of the market are an increase in e-commerce shopping (thus creating more activity in warehouses and storage facilities where forklift trucks are principally employed) and a proliferation of said warehouses and storage facilities.
The report lists among major market developments Hyster-Yale Materials Handling’s acquisition of a 75 percent share of Zhejiang Maximal Forklift in June 2018. The company is now called Hyster-Yale Maximal Forklift (Zhejiang). Also the partial integration of UniCarriers Corporation with Mitsubishi Nichiyu Forklift, its parent company. The restructured company will be known as Logisnext UniCarriers going forward.
See the full report here.