Lift Trucks Market Research Study Tracks Latest Developments and Future Outlook
Global Lift Trucks market is set to be influenced by a bevy of factors, including COVID-19 impact and broader public-private push toward inducing momentum. In a new comprehensive study, Fact.MR offers in-depth analysis and insights on how Lift Trucks sales will grow/decline during the forecast period (2018-2027).
In addition to offering quantitative analysis on Lift Trucks demand, the study also offers readers analysis on key factors that are likely to drive the market. From macroeconomic factors to subtle microeconomic factors, the study analyzes the minutest of details that have the potential to impact Lift Trucks industry during the assessment period.
The study also offers readers in-depth insights on the key challenges for Lift Trucks companies during the assessment period. The key challenges faced by OEMs as we as suppliers is also discussed in detail in the study.
What Big will be the Lift Trucks Market in 2024?
The study recalibrates the impact of COVID-19 on Lift Trucks sales, offering an analysis on short-term and long-term forecast. The impact of broader trends in the automotive industry have also been analyzed in the study.
Globally, automotive industry is looking at a period of recovery in 2024, as success with vaccine inoculation has raised the hopes of controlling the pandemic. Many automotive companies are also focusing on increasing exports to countries where the pandemic is less severe.
China, the largest automobile market in the world, is going through a period of ascendancy. The government in China is focusing on boosting infrastructure, whereas consumer sentiment is upbeat after a challenging 2024.
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In US and Europe, consumer sentiment is moving toward cautious optimism, however, it will be a long road to recovery in these countries. Still, there is growing consensus that 2024 will be a far better year for automotive sales in Europe and US.
A key area of concern for global automakers is the devastating second wave in India, one of the largest automobile markets globally. Things were looking up in India in first quarter of 2024, however, the resurgence of a virulent strain has led to lockdown and economic devastation. How all these developments impact automotive market in general and Lift Trucks sales in particular remains to be seen.
More than 6 million Lift Trucks Likely to Sold over Next Five Years
As one of the important industrial vehicles, lift trucks are widely used material handling equipment. Use case based products, variety of attachments and customization according to application, make the lift trucks highly preferred material handling equipment. The global lift truck market on the backdrop of stronger manufacturing sector performance is projected to register a year on year growth of over 5% till 2026, surpassing US$ 75 Bn in size.
According to the Occupational Safety and Health Association (OSHA), powered industrial lift trucks are classified into seven classes that include lift trucks with power supply from electric motors or internal combustion engines. Further, each class includes different types of lift trucks such as counterbalance trucks, reach trucks, order pickers, narrow aisle trucks, pallet trucks, loader trucks are some of the most preferred ones.
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Competitive Landscape
The Fact.MR study profiles the business, product and other key strategies of the leading Lift Trucks companies in detail. The competitive landscape section of the study tracks market leaders, incumbents, and aspirants, laying out a layered information model that readers can use.
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Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
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