WILMINGTON, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report titled, “North American forklift market By power source (electrically powered IC motor), by category (Class 1, Class 2, Class 3, Class 4, Class 5 and others), and by end user (retail and wholesale, logistics, automotive, food industry and others): Analysis Opportunities and Industry Outlook, 2022-2032.” According to the report, the North American forklift market was valued at $12.15 million in 2022 and is expected to reach $27.81 billion by 2032, registering a CAGR of 8.9% from 2023 to 2032.
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Key determinants of growth
Factors such as growth in the e-commerce industry, increasing investments in infrastructure development, and increasing adoption of electric forklifts are expected to boost the market growth. However, increasing safety issues related to forklifts and high cost associated with forklift maintenance are expected to hamper the market growth. Moreover, the development of hydrogen fuel cell powered forklifts and the development of autonomous forklift trucks are expected to provide lucrative opportunities for key players to expand the market.
Report coverage and details:
|Market size in 2022||$12.15 billion|
|Market size in 2032||$27.81 billion|
|Compound annual growth rate||8.9%|
|Number of pages in the report||190|
|Covered sectors||Power source, category, end user.|
|Drivers|| Growth in the e-commerce industry
High investments in infrastructure development
High adoption of electric forklifts
|Opportunities|| Development of forklifts powered by hydrogen fuel cells
Development of self-driving forklifts
|Restrictions|| Increase in safety issues related to forklifts
The high cost associated with forklift maintenance
Impact of the COVID-19 pandemic
- With the outbreak of the Coronavirus (COVID-19) in December 2019, the disease spread to more than 200 countries around the world, prompting the World Health Organization to declare it a public health emergency.
- The global impacts of the coronavirus disease (COVID-19) have significantly impacted the automotive industry, resulting in reduced production and sales.
- There are fears that an extension of the lockdown period may lead to further disruption of production activity in all sectors including the automobile industry. These factors have affected the forklift truck market.
The electric power sector will maintain its leading position throughout the forecast period
Based on power source, the electric power segment accounted for the highest market share in 2022, accounting for more than three-fifths of the North American forklift market revenue and is expected to maintain its leadership position throughout the forecast period. This is due to the fact that the top players operating in the North American forklift truck market are co-developing electric-powered versions of forklifts. Furthermore, manufacturers in the region are focusing on developing forklifts with advanced battery technology to improve energy efficiency and increase safety.
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Category 4 sector to maintain its leadership position throughout the forecast period
Based on category, the Class 4 segment accounted for the highest market share in 2022, accounting for nearly one-third of the North American forklift market revenue and is expected to maintain its leadership position throughout the forecast period. This is due to the fact that the growth of this sector is driven by benefits such as reduced likelihood of product/equipment damage, productivity efficiency, reduction in workplace accidents, and warehouse traffic management. These forklifts are designed for outdoor use on rough, uneven surfaces, making them ideal for material handling tasks on construction sites, lumber yards, and other outdoor industrial settings.
The retail and wholesale sector will maintain its leading position during the forecast period
Based on end use, the retail and wholesale segment accounted for the largest share in 2022, contributing nearly two-fifths of the North American forklift market revenue, and is expected to maintain its leadership position throughout the forecast period. This growth is due to the USDA’s announcement in December 2021 that the retail and wholesale industry has changed significantly over the past two decades (2000-2020), with warehouse club stores, drug stores, and other non-traditional food stores increasing their shares of food sales. . In addition, market players have also adopted different strategies to expand across the globe.
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The most prominent competitors in the market: –
- Crown Equipment Company
- Hester Yale Materials Processing Company
- Keon Group AG
- Komatsu Limited.
- Mitsubishi LogiNext Co., Ltd
- Toyota Industries Corporation
- Caterpillar company
- Taylor Group of Companies.
The report provides a detailed analysis of these key players in the North American Forklift Market. These players have adopted various strategies such as partnership, acquisition, expansion, etc. to increase their market share and maintain their dominant shares in different regions. The report is useful in highlighting the business performance, operating segments, product range and strategic moves of market players to showcase the competitive scenario.
We have similar reports for the forklift industry:
Global forklift market Research Report 2023-2032
Autonomous forklift market Research Report 2023-2032
Forklift market in the United States Research Report 2023-2032
Forklift market in Asia Pacific Research Report 2023-2032
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