Forklifts Market to Experience Substantial Growth of USD 58,685.6 million in 2022 | Size, Share, Demand, Opportunities, Growth Rate and Competitive Landscape

The global forklift market size was valued at USD 58,685.6 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 13.2% from 2023 to 2030. The burgeoning global e-commerce sector and changes in warehouse management over the past few years have increased demand for forklifts to handle heavy loads and maneuver through tight spaces. These are the prominent factors contributing to the market's expansion. The demand for forklifts that can operate in challenging terrain and transport heavy construction supplies over long distances is also increasing as a result of the expansion of building projects around the world.

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The report examines innovative concepts of top key players, current industry status, and SWOT analysis, which will assist the reader in identifying Strengths, Weaknesses, Opportunities, and Threats relating to business competition. Additionally, the report presents a detailed research analysis of key segments, including market development history, new product offerings, and the latest market news.

Top Keyplayers
Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co. Ltd. (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US)

Global Forklifts Market Segmentation

By Tonnage Capacity
• Below 5 Tons
• 5-10 Tons
• 11-36 Tons
• Above 36 Tons

By Application
• Indoor
• Outdoor
• Indoor And Outdoor

By Class
• Class 1
• Class 2
• Class 3
• Class 4/5

By Industry
• 3PL
• Food And Beverage
• Automotive
• Paper And Pulp
• Metals And Heavy Machinery
• E-Commerce
• Aviation
• Semiconductors And Electronics
• Chemical
• Healthcare
• Others

By Propulsion
• Electric
• ICE

By Operation
• Manual
• Autonomous

By Product Type
• Warehouse
• Counterbalance

Electric Forklift by Battery Type
• Lithium-Ion
• Lead-Acid

By Tire Type
• Cushion
• Pneumatic

By Region
• Asia Pacific
• Europe
• North America
• Rest Of the World

Recent Developments
• In August 2022, Hyster Company announced the launch of an integrated lithium-ion battery-powered lift truck, J40XNL. This forklift is claimed to be designed to meet the demands of the fast-paced trucking industry. The J40XNL supports various applications, including trucking terminals, like loading and unloading trailers. The forklift is designed to prioritize operator comfort and reduce the truck weight, thereby improving acceleration and reducing energy consumption.
• In August 2022, Kalmar received its sixth order from the Port of Virginia, demonstrating the confidence of its customer. The company is supposed to deliver 11 Kalmar Hybrid Shuttle Carriers to the Port of Virginia by Q3 2023.
• In July 2022, Toyota Material Handling acquired PennWest Toyota Lift, a Pennsylvania-based forklift dealership located in Mount Pleasant, Pittsburgh, and Erie in the US. The company will continue to be known as PennWest, with no change in management or staffing. The acquisition is a part of Toyota's expansion strategy.
• In December 2021, Cat Lift Trucks announced the launch of its new 2.5 to 3.5 tonne 80V counterbalance range, Cat EP25-35AN. The equipment features the Responsive Drive System (RDS), a lithium-ion battery, and is claimed to provide low maintenance, higher productivity, and a lower total cost of operation (TCO).
• In December 2021, Dematic held a forklift plant opening ceremony in Jinan-Shandong Province of China. The new manufacturing hub will be built with an area of 150,000 m2 and is expecting about USD 47.4 million in investment.
• In October 2021, KION Group AG acquired a 20% stake in Ifesca GmbH, a specialist in software for the energy industry. The acquisition is aimed at the intuitive integration of business processes.

Report Methodology:
The information enclosed in this report is based upon both primary and secondary research methodologies. Primary research methodology includes the interaction with service providers, suppliers, and industry professionals. Secondary research methodology includes a meticulous search of pertinent publications like company annual reports, financial reports, and exclusive databases.
The most important factors, such as the driving factors, restraints and opportunities are given to show the accurate path to the key players and achieve desired outcomes. Researcher studies the global Forklifts market to address the issues in existing businesses. The study throws light on the recent trends, technologies, methodologies, and tools, which can boost the performance of companies. For further market investment, it gives the depth knowledge of different market segments, which helps to tackle the issues in businesses.
This report comes with an in-depth analysis of different regions, such as North America, Latin America, Japan, korea, German, China, and India. Forklifts Market with research in terms of cost, revenue, scope. It also gives detailed insights into the framework of various industries, policies, working methodologies, profiles of the companies, specifications of the products etc. This report focuses on the straightforward model of SWOT analysis, which helps in auditing the Forklifts Market industries and gives the current status of the companies.

Key questions answered in this report:
1. What will the market size be in 2030 and what will the growth rate be?
2. What are the key market trends?
3. What is driving this market?
4. What are the challenges to market growth?
5. Who are the key vendors in this market space?
6. What are the market opportunities and threats faced by the key vendors?
7. What are the strengths and weaknesses of the key vendors?

Table of Content (TOC):
Chapter 1 Introduction and Overview
Chapter 2 Industry Cost Structure and Economic Impact
Chapter 3 Rising Trends and New Technologies with Major key players
Chapter 4 Global Forklifts Market Analysis, Trends, Growth Factor
Chapter 5 Forklifts Market Application and Business with Potential Analysis
Chapter 6 Global Forklifts Market Segment, Type, Application
Chapter 7 Global Forklifts Market Analysis (by Application, Type, End User)
Chapter 8 Major Key Vendors Analysis of Forklifts Market
Chapter 9 Development Trend of Analysis
Chapter 10 Conclusion

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