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Forklift Market

Delivered March 27, 2020. Contributor: Alexandra Y.

Goals

The goal is to determine the US forklift market size, the common industries that use forklifts, the top forklift manufacturers, and the different kinds of forklifts and their uses.

Early Findings

  • The US forklift market size is expected to reach $11.94 billion by 2025.
  • Industries that are experiencing increasing demand in forklift use include retail, transportation, manufacturing, and construction.
  • The top two forklift manufacturers in the US, by 2018 revenue, are Crown Equipment and Hyster-Yale Materials.
  • Most of the top forklift manufacturers are outside of the US. Some examples include Toyota, KION, Mitsubishi, and Longking Forklift.
  • There are ten most common types of forklifts: warehouse, side loader, counterbalance, telehandler, industrial, rough terrain, pallet jack, walkie stacker, order picker, and reach fork truck.
  •  Warehouse forklifts are the most commonly used type as they can be used for many uses including lifting pallets and unloading retail trucks.
  •  Sideloaders move sideways, allowing them to work in tight warehouse spaces without having to turn around to move up and down an aisle.
  •  Pallet Jacks are commonly used in retail settings due to their small size and ease of use, though they cannot lift heavier loads.
  •  Order Pickers are used in warehouses where people need to pick up individual items from a shelf instead of a full pallet. They offer a space for a person to stand and be moved up and down to reach shelves.

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