Global Forklift Market

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 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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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).

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. '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)'

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.

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.

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.

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Global Forklift Market

Report ID: SQMIG20G2021

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