The global Forklift Attachments market is expected to witness a market value of US$ 66.9 Billion in 2023 and is expected to accumulate a market value of US$ 248.0 Billion by registering a CAGR of 14.0% in the forecast period 2023 to 2033. The market for Forklift Attachments market registered a CAGR of 6.7% in the historical period 2018 to 2022. The increase in the demand for industrial vehicle components globally is one of the major factors that is expected to augment the market growth.
As per Future Market Insights – market research and competitive intelligence provider, the global market value for Forklift Attachments has been propelled, owing to the factors such as the increase in demand from end-use industries including material handling, construction, among others.
The global eCommerce market continues to flourish at a significant rate. Various distribution strategies as well as warehouse technologies are adopted to distribute the products to the location without any damage. The forklift attachments, in order to reduce time and space, are used in the warehouses to place and arrange materials or goods in a proper manner. Hence, the rapid growth in eCommerce industry to foster the growth of the forklift attachments during the forecast period.
Additionally, the market is also expected to grow, owing to the factors such as adoption of technologies such as Internet of Things (IoT), robotics, and artificial intelligence. These technologies have been ushering in the new age of automation, as the machines outperform or match the human performance range of work activities, including ones requiring cognitive capabilities. All the aforementioned factors are anticipated to fuel the market growth in the near future.
Furthermore, the advent of the electric vehicles is another major factor that is likely to propel the market growth in the coming time. The electric forklift attachments have been gaining a significant traction, due to the increasing costs of diesel and other fuels. Electric forklift attachments offer higher efficiency than conventional trucks. In addition, the components of this machine offer optimal productivity to all its applications, which in turn is likely to fuel the market growth.
On the regional end, the Asia Pacific Forklift Attachments market is expected to account for the highest share over the analysis period, owing to the factors such as the increasing inclination of manufacturers toward plant automation, large number of production facilities across the region, high economy growth, numerous logistics activities, and increasing technological advancements.
Moreover, the presence of the highest number of local registered as well as unregistered companies in China, and variety of sales option offered by them are other factors driving the regional market growth.
On the other hand, the Forklift Attachments market in Europe is expected to hold a significant share, owing to factors such as rapid urbanization and rising demand from chemical and food manufacturers. In addition, rising construction activities in countries such as the United Kingdom, Germany, and France are expected to increase the use of forklifts across various operations including unloading pallets, steel joists, and construction materials. This in turn is anticipated to fuel the growth of the regional market in the forthcoming years.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Forklift Attachments are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Hyundai Construction Equipment Company, in August 2021, announced a plan to develop small sized forklift trucks in cooperation with S-Fuelcell Co, and these forklift trucks run by hydrogen fuel cells.
Subsequently, in 2019, Toyota Material Handling, one of the leading forklift truck manufacturers introduced new 3-wheeled hydrogen powered forklift trucks, which offers various environmental as well as performance benefits.
Various start-ups are entering the market and contributing to the fostering growth of the market. One such start-up is Klarx, founded in 2015, which is a price-comparison and renting marketplace for various construction equipment including trailer lifts, forklift attachments, forklift truck, articulated boom lift, truck booms, among others.
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A powered truck used to lift and move materials is known as a fork lift. Fork lifts are used over short distances. To increase the versatility of the truck as well as to improve capacity, stability and visibility fork lifts attachments are used.
Fork lift attachments add flexibility to the operations and are designed accordingly. However, certain fork lift attachments are designed to suit many jobs making it safer and faster. Sideshifters, fork positioners and paper roll clamps are some of the common fork lift attachments. For the transport of heavy building materials over fairly long distances through rough terrains, industrial fork lifts attachments are used.
The use of a fork lift attachments for short and medium distances for handling materials is the significant factor that has accelerated its demand from various end use industries such as manufacturing, paper ruling, shipping and freight industries, brick or stone distribution and automotive industry among others.
Owing to above mentioned factors, the demand for fork lift attachments is anticipated to witness significant growth thus contributing to the global fork lift attachments market during the forecast period.
Fork lift attachments provide numerous benefits to the end use industries such as reduction of load moving times, lesser risk of goods damage, improved fuel consumption as well as decreased operator hours. These factors play crucial role in the increased demand for fork lift attachments from end use industries such as construction, material handling etc. in the global space.
Fork lift attachments have certain drawbacks such as the weight of attachment considerably reduces the lifting capacity. Also, it requires highly trained operators to operate the fork lift attachments as they directly impact the performance of fork lifts. These factors may collectively impede the growth of global fork lift attachment market.
The advent of automated guided vehicles (AGV) equipment to automate operations minimizing manual labor interference, has encouraged the designing of smart attachments with inbuilt intelligence to provide information related to damage and safety. Leading manufacturers operating in the global fork lift attachment market are focused on providing smart technology solutions.
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Asia Pacific is a prominent market for fork lift attachments in the world, with China leading the demand in Asia Pacific. In Asia Pacific other key markets include India, South Korea and Australia. The demand growth can be attributed to high economy growth, large number of production facilities, rising adoption of technology as well as heavy logistics activities in the region.
In addition, North America remains one of the most lucrative market for fork lift attachments. With Germany at the forefront Europe is anticipated to witness high demand in the coming decade. Italy, Spain and France are other attractive markets. Brazil and Argentina are estimated to lead the fork lift attachments market growth in Latin America. Whereas Middle East & Africa is projected to witness steady growth in the coming decade.
Some of the market participants in the global fork lift attachments market, identified across the value chain include:
The research report on the Fork Lift Attachments market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Fork Lift Attachments market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, aircraft type, and sales channel.
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The global Fork Lift Attachments market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global fork lift attachments market can be segmented on the basis of attachment type, end use and fork lift trucks.
Basis of Attachment Type:
Basis of End Use
Basis of Fork Lift Trucks
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Fork Lift Attachments Market
