The research study involved extensive use of secondary sources such as company annual reports/presentations, industry association publications, industrial vehicle magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases to identify and collect information on the forklift Market. Primary sources—experts from related industries, including forklift OEMs, battery, and other component suppliers —were interviewed to obtain and verify critical information and assess the growth prospects and market estimations.
Secondary Research
Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements), trade, business, professional associations, white papers, certified publications, articles by recognized authors, directories, and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.
Primary Research
Primary interviews have been conducted with market experts from both the demand (OEM) and supply-side players across four major regions: North America, Europe, Asia Pacific, and the Rest of the World. Approximately 20% of interviews have been conducted from the demand side, while 80% of primary interviews have been conducted from the supply side. The primary data has been collected through questionnaires, e-mails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales and operations, have been covered to provide a holistic viewpoint in this report.
After interacting with industry experts, brief sessions with highly experienced independent consultants have been conducted to reinforce the findings from primary interviews. This, along with the opinions of the in-house subject matter experts, has led to the findings described in the remainder of this report.
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Market Size Estimation
BOTTOM-UP APPROACH: FORKLIFT MARKET
The bottom-up approach has been used to estimate and validate the size of the forklift market. In this approach, the country-level sales of forklifts (in units) have been derived from secondary sources and various databases and validated through primary interviews. Further, the country-level penetration of forklifts by class (Class 1, Class 2, Class 3, and Class 4/5) has been derived. The country-level sales of forklifts (in units) have been further multiplied with the penetration of each forklift class type. The forecast has been analyzed based on micro and macro-economic factors such as countries' economic growth and GDP forecast trends, e-commerce industry growth, emission regulations, supply chain and logistics trends, and technological advancements. Through this, the forklift market volume, by class, has been derived for each country. The summation of country-level markets provided the regional-level markets. The further summation of regional-level markets provided the global forklift market in terms of volume (units) by region and class.
BOTTOM-UP APPROACH: BY CLASS
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TOP-DOWN APPROACH: FORKLIFT MARKET
The top-down approach has been followed to determine the market size by application, end-use industry, tire type, propulsion, and tonnage capacity in terms of volume and value for forklifts. The region-wise forklift market volume and value (Asia Pacific, North America, Europe, and the Rest of the World) have been derived from the global forklift market. The percentage share of forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity has been derived from secondary sources and validated through primaries. It has been further multiplied by the region-wise forklift market volume and value. The forecast has been analyzed based on micro and macro-economic factors such as countries economic growth and GDPs forecast trends, e-commerce industry growth, emission regulations, supply chain and logistics trends, and technological advancements. The market volume and value for forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity have been derived through this. The summation of all region-wise markets has been carried out to obtain the total market for forklifts by application, end-use industry, tire type, operation, propulsion, and tonnage capacity in terms of volume (units) and value (USD million).
TOP-DOWN APPROACH
Data Triangulation
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.
Market Definition
A forklift is an industrial vehicle with an attached, power-operated forked platform that can be raised and lowered to fit underneath cargo to lift or transfer it. Forklifts are used in many industries, including big storage facilities like warehouses. Combustion engines and electric battery-powered forklifts are available in the market. This equipment is widely utilized throughout various sectors for transporting materials and goods.
Key Stakeholders
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Forklift System Manufacturers and Suppliers
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Forklift Fleet Owners
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Forklift Dealers and Distributors
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Autonomous Forklift Solution Providers
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Material Handling Associations
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Government Agencies and Policymakers
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Global Industrial Vehicle and Container Handler Associations
Report Objectives
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To define, describe, and forecast the forklift market in terms of value and volume based on the following segments:
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By tonnage capacity (below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons)
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By application (indoor, outdoor, and indoor and outdoor)
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By class (Class 1, Class 2, Class 3, and Class 4/5)
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By end-use industry (Third-party logistics (3PL), food & beverage, automotive, pulp & paper, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, chemicals, healthcare, and others)
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By propulsion (electric and ICE)
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By operation (manual and autonomous)
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By type (warehouse and counterbalance)
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Electric forklift, by battery type (lithium-ion and lead-acid)
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By tire type (cushion and pneumatic)
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Electric Forklift by Lifting Capacity (Below 2 tons, 2–5 tons and Above 5 tons)
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By region (Asia Pacific, Europe, North America, and the Rest of the World)
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To provide detailed information about the major factors influencing market growth (drivers, challenges, restraints, and opportunities)
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To strategically analyze the market concerning individual growth trends, prospects, and contributions to the total market
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To strategically analyze the competitive landscape, prepare a company evaluation matrix for the players operating in the global market, evaluate the share/ rankings based on product footprints of leading market players, and position them on the 2x2 quadrant. Also, analyze the competitive landscape of start-ups/ SMEs of forklift manufacturers and evaluate them based on product footprint and position them on the 2x2 quadrant.
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To strategically analyze the market in terms of value chain, case study analysis, patent analysis, revenue analysis, OEM analysis, total cost of ownership, ecosystem analysis, trends/ disruptions impacting buyers, pricing analysis, technology analysis, and regulatory analysis in the forklift market
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To track and analyze competitive developments, such as product launches, deals, and other activities by key industry participants
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To examine the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
FORKLIFT MARKET BY TONNAGE CAPACITY AND COUNTRY
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Asia Pacific
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China
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Japan
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South Korea
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India
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Russia
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North America
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Rest of the World
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Africa
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Australia and Oceania
FORKLIFT MARKET BY CLASS (CLASS 31, CLASS 32)
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Asia Pacific
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China
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Japan
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South Korea
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India
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Russia
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North America
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Rest of the World
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Africa
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Australia and Oceania
Amey
Nov, 2019
Hello - can you please tell me the extent of the historical data available in this report? Thank you..
Amey
Nov, 2019
I performed a market survey for 38 FLT fleet customers and would like to summarize the gathered data in SWOT presentation. I appreciate if can send me a PowerPoint sample presentation to my personal e.mail .
User
Jul, 2019
Hi. I am interested to understand if you have United States forklift historical data by class for each state and also at each county level. Thank you. .
Atul
Jun, 2019
I would llike to have market information regarding forklift and machinery in general for Central America, The Caribbean, Colombia and Latin America in general. .
Akshit
Jun, 2019
We are Forklift Truck Arm Manufacturer. We have a factory in USA. We want to find the size of the AFTER Market for Forklift Truck in USA..
Atul
Jun, 2019
We are beginning a large-scale marketing effort with a new entrant into the market. This seems like an invaluable source of information, but having not used your services in the past, a sample would be greatly appreciated..