USD 54.79 billion
Forklift Market Size, Share, Growth Analysis, By Propulsion (Electric, and Internal Combustion Engine (ICE)), By Tonnage Capacity, By Class, By Operation, By Battery Type, By Lifting Capacity, By Tire Type, By Type, By Application, By End User Industry, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2021 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
71
Forklift Market Insights
Global Forklift Market size was valued at USD 74.84 billion in 2022 and is poised to grow from USD 79.85 billion in 2023 to USD 134.15 billion by 2031, growing at a CAGR of 6.7% during the forecast period (2024-2031).
Increased warehouse usage and a requirement for effective supply chain management in those facilities are both results of the booming e-commerce sector. Additionally, warehouse owners put a lot of effort into boosting productivity both within the warehouse and in the operational plants as well as raising transparency and reducing operating costs. These factors are predicted to enhance demand for forklifts like stand-up riders and narrow-aisle forklifts, which provide high operating precision and better navigation in narrow aisles, levels, and mezzanines. This market is projected to witness notable expansion owing to the rise in popularity of electric forklifts and their rising ubiquity among chemical producers and operators of recycling facilities. Additionally, the expanding e-commerce market on a global scale, and the changes in warehouse operations over the past several years, have raised the demand for forklifts to handle big loads and manoeuvres in small, constrained locations. Globally increasing construction projects are also boosting the demand for forklifts that can handle difficult terrain and vast distances of hauling big building materials.
US Forklift Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
class 3
Fastest Growth
class 1
Growth Rate
7.50% CAGR
Global Forklift Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Forklift Market Segmental Analysis
Global Forklift Market is segmented by propulsion, tonnage capacity, class, operation, battery type, lifting capacity, tire type, type, application, end-use industry and region. Based on propulsion, the market is segmented into electric, and internal combustion engine (ICE). Based on tonnage capacity, the market is segmented into below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons. Based on class, the market is segmented into class 1, class 2, class 3, class 4/5, and class 6/7. Based on operation, the market is segmented into manual, autonomous. Based on battery type, the market is segmented into lithium-ion, lead-acid, fuel cell. Based on lifting capacity, the market is segmented into below 2 tons, 2–5 tons, above 5 tons. Based on tire type, the market is segmented into cushion, pneumatic. Based on type, the market is segmented into warehouse, counterbalance. Based on application, the market is segmented into indoor, outdoor, indoor & outdoor. Based on end user industry, the market is segmented into third-party logistics (3PL), food & beverage, automotive, e-commerce, aviation, pulp & paper, chemicals, healthcare, semiconductors & electronics, metals & heavy machinery, others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Forklift Market Analysis by class
The forklift market witnessed largest sales were led by the class 3 segment, which had a revenue share of more than 39.0% in 2021. The class 3 segment is anticipated to continue dominating the market. Pallet jacks and electric warehouse pedestrian trucks are examples of class 3 forklifts. Over the forecast period, the class 1 category is anticipated to experience notable expansion. This is owing to the significant demand for electric rider trucks across end-use industries such as factories, foodservice, retail, and manufacturing. Additionally, the desire for electric rider trucks is being fuelled by their ability to fit in small locations and provide fast operating speeds.
Forklift Market Analysis by Power
In 2021, the electric category held the highest share at about 66.2%. Electricity is a more environmentally friendly forklift power source than gasoline and diesel. In addition, when compared to vehicles built around international combustion engines, electric vehicles require less maintenance. Due to strict environmental restrictions in developed countries, the internal combustion category is predicted to experience moderate development during the projection period. The governments of developed and developing nations are enacting a variety of restrictions to lessen the environmental impact of carbon emissions, which is motivating OEMs and factory owners to switch to gas or electric-powered vehicles.
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Forklift Market Regional Insights
Geographically, the global forklift market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). In 2021, Asia Pacific held a dominating share of 45.0%. The growth of this regional market is attributed to the rise in connections between manufacturers and their rise in investments on factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. With the recently released products hydrostatic drive technology, the forklift can shuttle constantly, increasing uptime and lowering maintenance costs.
On the other side, a substantial portion of the global market's share is anticipated to come from the Europe region because of the continent's fast urbanization and the growing demand from chemical and food producers. The demand for forklifts is also being driven by growing construction activities in nations such as the U.K., Germany, and France for usage in tasks like unloading pallets, steel joints, and building supplies.
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Forklift Market Dynamics
Forklift Market Driver
Rise in E-commerce Industry to Bolster Demand
- The expansion of the global forklift industry can be linked to the booming global e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places.
- Rise in the number of construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction goods across long distances, thereby promoting market growth.
Forklift Market Restraints
After-effects of COVID19 Pandemic on Manufacturing Activities to Hamper Growth
- The market may face challenges in terms of the implementation of strict emission standards imposed on manufacturing facilities.
- Construction, manufacturing, and warehouse operations were all badly impacted by the COVID-19 outbreak. Manufacturing activity unexpectedly declined as a result of the quick spread of COVID-19 infections and the imposition of stringent lockdown restrictions worldwide.
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Forklift Market Competitive Landscape
The development of new products and strategic partnerships such as merger and acquisition, collaboration, and joint venture agreements among market competitors to improve their services, are the main drivers of the worldwide forklift market. Hyster-Yale Materials Handling was able to grow its regional footprint in the utilities & standards industry, particularly in China, thanks to the acquisition.
Forklift Market Top Player's Company Profiles
- Toyota Industries Corporation (Japan)
- KION Group AG (Germany)
- Jungheinrich AG (Germany)
- Mitsubishi Logisnext Co., Ltd. (Japan)
- Crown Equipment Corporation (US)
- Hyster-Yale Materials Handling (US)
- Clark (US)
- Hyundai Construction Equipment (South Korea)
- Komatsu Ltd. (Japan)
- CAT Lift Trucks (US)
- Kalmar (Finland)
- Anhui Heli Co., Ltd. (China)
- BYD Company Ltd. (China)
- Bobcat Company (US)
- Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.) (India)
- EP Equipment (China)
- Lonking (China)
- Hangcha Forklift (China)
- Konecranes (Finland)
- Combilift (Ireland)
Forklift Key Market Trends
- Warehouse owners prioritise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to witness an increase in demand.
- The booming e-commerce sector is driving up the demand for warehouse space and the need for effective supply chain management.
Forklift Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research
According to our global forklift market analysis, the demand for forklifts is driven by growing security and safety concerns for personnel who transport and lift big products. Additionally, the growth of e-commerce shopping platforms increased the size of the inventories held by market participants, which fuelled the market's expansion. The expansion of e-commerce companies' distribution centres and warehouses has increased the demand for cutting-edge equipment for loading and transporting bulky goods, which has increased market income. Forklifts are being extensively used by e-commerce and third-party logistics (3PL) companies in their warehouses and distribution centres to facilitate simple product handling and quick client delivery.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 74.84 billion |
| Market size value in 2031 | USD 134.15 billion |
| Growth Rate | 6.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Forklift Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Forklift Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Forklift Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Forklift Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Forklift Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Forklift Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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