International trade has changed drastically over the past few years and this has driven demand for warehousing and material handling as well. This is anticipated to drive demand for lift trucks and other material handling equipment as they are crucial to warehousing operations.
Expansion of the e-Commerce industry has crucially contributed to the heightened demand for warehousing equipment, which is expected to follow a similar trend throughout the forecast period.
Technological advancements and integration of automation in material handling equipment are also anticipated to favor lift trucks market potential. Increasing construction activity, rising penetration of automation, and rapid industrialization across the world are other factors that influence the lift trucks market growth over the years to come.
The rising focus on sustainability is expected to bolster demand for battery-powered lift trucks and electric forklifts throughout the forecast period. Sales of lift trucks are anticipated to increase at a CAGR of 6.9% through 2032.
For more insights into the Market, Request a Sample of this Report –https://www.factmr.com/connectus/sample?flag=S&rep_id=700
What’s Augmenting Lift Trucks Market Growth?
“Rising Demand for Warehousing Facilities across the World”
The e-Commerce and online shopping trend has experienced a major boom over the past few years and this has substantially increased the demand for warehousing and warehousing equipment.
Emerging SMEs have also contributed to increasing demand for warehousing and this has also led to an increased warehouse construction activity across the world.
Loading and unloading activities are high in construction and warehouse industries and hence increase in them is projected to propel lift truck shipments across the world over the coming years.
“Rising Need for Automation to Push Lift Truck Manufacturers towards Innovations”
Automation has been a popular trend across the world in recent times and is expected to gain further prominence across the forecast period. The rising popularity of the Industry 4.0 trend has also given rise to different types of automated forklifts.
Electric pallet stackers, hydraulic lift trucks, side loader forklifts, and pallet scissor lifts are some industrial equipment that are expected to see major changes owing to the increasing penetration of the automation trend.
Lift truck vendors are expected to focus on the development and launch of new industrial and material handling equipment with automated capabilities to advance their revenue generation capacity and meet the increasing demand.
Which Regions are Opportune Markets for Lift Truck Suppliers?
“Europe & Asia Pacific to Provide Highly Rewarding Business Opportunities”
The market for lift trucks in Europe accounts for a revenue total of US$ 17.66 billion in 2022 and holds a significant market share of 36.4% in the global landscape.
Increasing establishment of warehouses and the flourishing e-Commerce industry in this region are expected to be prominent factors driving demand for lift trucks over the coming years. Increasing industrial activity is also expected to favour lift trucks market growth.
Rising construction activities, supportive government initiatives to promote the manufacturing sector, and rising demand for warehousing are significant prospects that are projected to drive lift truck shipments in the Asia Pacific region over the coming years.
China is expected to be a highly lucrative market for lift truck manufacturers in this region owing to high industrial and manufacturing activity in the country. Currently, the lift trucks market in China holds a major market share of 18.9% and stands at a valuation of US$ 9.17 billion.
Fact.MR, a market research and competitive intelligence provider, has provided an in-depth assessment of regional and segmental market trends, in this latest lift trucks industry survey.
Speak To Research Analyst For Detailed Insights: https://www.factmr.com/connectus/sample?flag=AE&rep_id=700
Competitive Landscape
Lift truck manufacturers are expected to focus on diversifying their product portfolio through various strategies. Lift truck companies are also projected to eye mergers, acquisitions, and collaborations to increase their market presence.
- In November 2021, Wolter Group LLC, an industrial equipment and solutions provider, announced the acquisition of A D Lift Truck. This acquisition extends Wolter’s line of gas and electric forklifts as A D Lift Truck is a family-owned material handling and forklift company.
- In January 2020, the merger of two forklift divisions of Toyota Material Handling was completed. This merger combined Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM) to create a more unified and better customer experience for its clients.
Key Segments Covered in Lift Trucks Industry Research
by Type :
- Counterbalance
- Reach
by Class :
- Electric Motor Rider Trucks
- Electric Motor Narrow Aisle Trucks
- Electric Motor Pedestrian Trucks
- Internal Combustion Engine Trucks with Cushion Tyres
- Internal Combustion Engine Trucks with Pneumatic Tyres
- Electric And Internal Combustion Engine Tractors
- Rough Terrain Forklift Trucks
by Propulsion :
- IC Engine Vehicles
- Petrol
- Diesel
- Others
- Electric Vehicles
End-use Industry :
- Mining
- Logistics
- Construction
- Manufacturing
- Agriculture
- Others
by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
For in-depth competitive analysis, Buy Now –https://www.factmr.com/checkout/700
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Email: sales@factmr.com
Visit Our Website: https://www.factmr.com