What is the global market size of Forklift Market?

Forklift Market was valued at USD 54.79 billion in 2021, and is expected to rise from USD 58.9 billion in 2022 to reach a value of USD 105.05 billion by 2030, at a CAGR of 7.50% during the forecast period 2023-2030.

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 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.

Forklift Market Report Snapshots

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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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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

Forklift Market Dynamics

Forklift Market Report Snapshots

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