U.S. forklift market size and forecast and trend analysis to 2025
The U.S. Forklift market size to reach USD 11.94 billion by 2025, owing to the rise in the construction, building and infrastructural activities in the country. The U.S. forklift market is expanding owing to the swift infrastructural development and industrialization, mainly in the industrial, commercial, and housing industry and is expected to grow significantly over the forecast period. The Forklift industry in the U.S. is undergoing constant innovations and technological advancements owing to the rapid advancement of fabrication techniques and high end use of forklifts in the construction industry, which is expected to fuel the forklift market growth over the forecast period.
The electric type forklift trucks segments held the largest share in the market and is expected to grow at a significant rate over the forecast period. The electric type forklift trucks are gaining popularity owing to the employment of several cutting-edge technologies and the ease of use in various end-use applications throughout industries such as construction industry, manufacturing industry, freight handling end-uses which is anticipated to fuel the growth of the forklift industry over the forecast period.
The electric forklift trucks are used for most of the warehouse and indoor applications. They also come in compact sizes and can move standard loads while sustaining the capacity to completely function in small spaces around 11 feet wide. More and more number of industries and companies are nowadays replacing, purchasing and upgrading to electric forklifts as they are more energy-efficient and environmentally friendly. Electric forklifts are a genuine substitute to lift trucks which are fueled by liquid and are more cost-effective and economical to run, equally potent and powerful, safe, easy to maintain, cleaner and quieter.
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The electric forklift trucks are cheaper and easy to maintain and operate as compared to IC forklifts. Electric forklifts needs very low maintenance due to the presence of few moving parts, requires few fluids replacement such as engine oil, filters, and coolant. Furthermore, they also have significantly less hours lost due to maintenance interruption and failure or breakdown and just need an AC power source to charge or a spare battery which is expected to drive the demand for electric forklifts over the forecast period.
Forklifts trucks and industrial trucks mainly offer the competence of lifting, engaging, repositioning, depositing, and carrying several types of loads which is further anticipated to complement the industry growth in the coming years. The ever-increasing demand for forklift trucks in logistics storage and warehousing is estimated to boost the growth of the market over the forecast period. The demand for forklift trucks is growing on account of the rising trend of electric forklift being used by the warehouses and material handling divisions as these electric forklift are energy efficient and environment friendly as compared to internal combustion engine (ICE) forklift which is anticipated to fuel the product penetration of forklifts over the forecast period in the country over the forecast period.
The U.S. forklift market is a highly fragmented in nature with a large number of existing and emerging new players. Major players in the forklift industry comprise of companies such as Hyster-Yale Material handling Inc., Crown Equipment Corporation, Cat Lift Trucks, Clark Material Handling, Toyota Material Handling U.S.A. and several others. Competitors are taking strategic initiatives and gaining confidence of their consumers to occupy a good market share and boost the competition in the market over the forecast period.
The author has segmented the U.S. forklift market report based on type and end-use:
Segmentation by type, 2015-2025
– Internal combustion forklift
– Electric forklift
– Automated guided forklift
Segmentation by end-use, 2015-2025
– Construction industry
– Manufacturing industry
– Freight handling applications
Key players analyzed:
– Hyster-Yale Material handling Inc.
– Crown Equipment Corporation
– Cat Lift Trucks
– Clark Material Handling
– Toyota Material Handling U.S.A.
