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Global Forklift Market to reach USD 123.68 million by 2027.

Global Forklift Market Size study, by Class (Class 1, Class 2, Class 3 and Class 4/5), by Source (Internal Combustion Engine and Electric), and Regional Forecasts 2021-2027

Product Code: ALTAM-34980011
Publish Date: 19-10-2021
Page: 200

Global Forklift Market is valued approximately at USD 55.6 Million in 2020 and is anticipated to grow with a healthy growth rate of more than 12.1% over the forecast period 2021-2027. Forklift trucks are powerful, heavy-duty electric lift trucks, that are widely used to lift and transfer heavy materials, such as crates, container goods, and other such components, over a short distance, such as in warehouses. Developments in e-commerce industry, such as growing sales, opening of fulfilment centers and others are fueling demand for forklift. In July 2020, Amazon India announced the establishment of 10 new fulfilment centers in the country along with expansion of its seven buildings. After this expansion, Amazon India will have over 60 fulfilment centres in 15 Indian states. Growth in manufacturing sector is leading towards adoption of automated machines and decreasing labor work, to reach better productivity. According to Statista, gross value added of the United Kingdom’s manufacturing sector was USD 235079 million in 2020, which is expected to reach USD 246967 million in 2021. Additionally, new product launches with better features are also growing the demand. In June 2020, Hyster-Yale Group Inc. launched a counterbalanced, sit-down, Class V forklift for customers seeking a practical and affordable solution. Furthermore, rapidly growing construction industry and technological advancements are expected to inject growth in the coming years. However, high maintenance cost and lack of trained operators may hinder the growth during forecast period.

Asia Pacific is leading the global market in terms of revenue among Asia Pacific, North America, Europe, Latin America, and Rest of the World, and is also expected to witness significant growth during forecast period. Rapidly growing manufacturing and construction industry coupled with growing demand on e-commerce platforms are pushing market further towards growth in Asia Pacific.
Major market player included in this report are:

Anhui Forklift Truck Group Co., Ltd.
Crown Equipment Corporation
Doosan Corporation
Hyster-Yale Materials Handling, Inc.
Jungheinrich AG
Komatsu Ltd.
Mitsubishi Logisnext Co., Ltd.
Toyota Industries Corporation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product Type:
Class 1
Class 2
Class 3
Class 4/5
By Origin:
Internal Combustion Engine

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.

Target Audience of the Global Forklift Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Forklift Market, by region, 2019-2027 (USD Billion)
1.2.2. Forklift Market, by Class, 2019-2027 (USD Billion)
1.2.3. Forklift Market, by Source, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Forklift Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Forklift Market Dynamics
3.1. Forklift Market Impact Analysis (2019-2027)
3.1.1. Market Drivers Developments in e-commerce industry Growing manufacturing sector
3.1.2. Market Restraint Lack of trained operators High maintenance cost
3.1.3. Market Opportunities Technological advancements Rising construction industry
Chapter 4. Global Forklift Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Forklift Market, by Class
5.1. Market Snapshot
5.2. Global Forklift Market by Class, Performance – Potential Analysis
5.3. Global Forklift Market Estimates & Forecasts by Class 2018-2027 (USD Billion)
5.4. Forklift Market, Sub Segment Analysis
5.4.1. Class 1
5.4.2. Class 2
5.4.3. Class 3
5.4.4. Class 4/5
Chapter 6. Global Forklift Market, by Source
a. Market Snapshot
6.1. Global Forklift Market by Source, Performance – Potential Analysis
6.2. Global Forklift Market Estimates & Forecasts by Source 2018-2027 (USD Billion)
6.3. Forklift Market, Sub Segment Analysis
6.3.1. Internal Combustion Engine
6.3.2. Electric
Chapter 7. Global Forklift Market, Regional Analysis
7.1. Forklift Market, Regional Market Snapshot
7.2. North America Forklift Market
7.2.1. U.S. Forklift Market Class breakdown estimates & forecasts, 2018-2027 Source breakdown estimates & forecasts, 2018-2027
7.2.2. Canada Forklift Market
7.3. Europe Forklift Market Snapshot
7.3.1. U.K. Forklift Market
7.3.2. Germany Forklift Market
7.3.3. France Forklift Market
7.3.4. Spain Forklift Market
7.3.5. Italy Forklift Market
7.3.6. Rest of Europe Forklift Market
7.4. Asia-Pacific Forklift Market Snapshot
7.4.1. China Forklift Market
7.4.2. India Forklift Market
7.4.3. Japan Forklift Market
7.4.4. Australia Forklift Market
7.4.5. South Korea Forklift Market
7.4.6. Rest of Asia Pacific Forklift Market
7.5. Latin America Forklift Market Snapshot
7.5.1. Brazil Forklift Market
7.5.2. Mexico Forklift Market
7.6. Rest of The World Forklift Market
Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Anhui Forklift Truck Group Co., Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. Crown Equipment Corporation
8.2.3. Doosan Corporation
8.2.4. Hangcha
8.2.5. Hyster-Yale Materials Handling, Inc.
8.2.6. Jungheinrich AG
8.2.7. KION Group AG
8.2.8. Komatsu Ltd.
8.2.9. Mitsubishi Logisnext Co., Ltd.
8.2.10. Toyota Industries Corporation

Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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