USD 56.2 billion
Forklift Trucks Market Size, Share, Growth Analysis, By Type (Class I, Class II), By Power Source, By End User, By Region - Industry Forecast 2024-2031
Report ID:
SQSG20G2002 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
71
|Figures:
75
Forklift Trucks Market Insights
Global Forklift Trucks Market size was valued at USD 56.2 billion in 2022 and is poised to grow from USD 61.71 billion in 2023 to USD 130.36 billion by 2031, growing at a CAGR of 9.8% during the forecast period (2024-2031).
A forklift truck is an industrial device with two horizontal prongs used for loading, unloading, and short-distance transportation of commodities and goods. It is often run by a skilled machinist and is either powered by combustion engines or electric batteries. Forklift trucks are made up of a number of parts, including the truck frame, counterweight, forklift, carriage, and hydraulic cylinders, which make it easier to complete a variety of industrial jobs quickly. They are widely used in warehouses, factories, and dockyards throughout many different industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, as a result of these advantages.
The e-Commerce industry is growing steadily. The requirement for warehouse space to store goods before they are sent in bulk to retail outlets via pallet loads and cases has increased due to the rise in consumer product demand. Various distribution strategies and warehouse technologies are employed to deliver goods to the correct location without causing any damage. To efficiently organise products or objects in warehouses and conserve time and space, forklift trucks are utilised. As a result, developments in the e-Commerce sector are fueling the growth of the forklift truck market globally.
US Forklift Trucks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Class 2
Fastest Growth
Class 2
Growth Rate
9.8% CAGR
Global Forklift Trucks Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Forklift Trucks Market Segmental Analysis
Global Forklift Trucks Market is segmented by type, power source, end user and region. Based on type, the market is segmented into class i, class ii, class iii, class iv and class v. Based on power source, the market is segmented into internal combustion engine (gasoline, diesel, propane) and electric (battery-powered). Based on end user, the market is segmented into manufacturing, retail & wholesale, logistics, construction, automotive, food & beverages, natural resources, mining and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Forklift Trucks Market Analysis by Application
During the forecast period, manufacturing is expected to have a significant CAGR. In the food and beverage sector, these trucks account for a significant and greater part. Because of the expansion of the commercial food and beverage sector, these trucks are being used more frequently. Due to their frequent quick turnaround, wash-downs, caustic chemicals, and cold storage, a number of food processing facilities and warehouses require sophisticated material handling equipment. Machines that are subpar or unreliable might result in ruined goods, decreased output, and expensive maintenance. Such vehicles are crucial in these situations for the food and beverage industry.
Forklift Trucks Market Analysis by Class
Global Forklift trucks market has been segmented on the basis of Class as Class 1, Class 2, Class 3, Class 4, Class 5, and others. Forklift sales were dominated by the class 3 segment, which had a revenue share of more than 39.0 % in 2021. Over the course of the projected period, the segment is anticipated to continue to dominate. Pallet jacks and electric warehouse pedestrian trucks are examples of class 3 forklifts. Their demand has grown in warehouses and distribution centers because they are less expensive to buy and maintain than forklifts. Also, Class 4 and Class 5 forklifts are in the most demand. Class 4 forklifts are propelled by internal combustion engines that burn LPG gas, gasoline, diesel, or compressed natural gas. Their robust, pneumatic, cushioned tyres provide a comfortable ride on indoor floors and are puncture-proof because they are not air-filled. These forklifts are highly durable.
Global Forklift Trucks Market By Class , 2021(%)
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Forklift Trucks Market Regional Insights
North America held the largest share of the Forklift Trucks Market. due to the region's better infrastructure and growing industry. Additionally, the market for forklift trucks is anticipated to grow in value due to the quick uptake of forklifts across several industries. Due to the rising need for automation in emerging nations, it is anticipated that the Asia Pacific region would have significant and steady growth in terms of market share throughout the projection period. Further driving market expansion in this region is projected to be factors like an improved economy and rising urbanisation. About 83% of the market in North America is controlled by the United States. The U.S. is anticipated to see good sales growth during the course of the projected period. The existence of significant players in the U.S. is what causes this anticipated rise. Players in this market are making significant investments in cutting-edge forklift trucks rather than traditional forklift trucks.
Global Forklift Trucks Market By Geography, 2021 - 2028
- Largest
- Fastest
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Forklift Trucks Market Dynamics
Forklift Trucks Market Drivers
- Forklift trucks are in significantly greater demand from a variety of manufacturing businesses in all sectors of the economy. In the post-pandemic world, many manufacturing companies are automating their processes. The market for forklift trucks is growing as a result of other factors. These include increased productivity, the fact that more individuals are comfortable operating forklift trucks, and the fact that forklift trucks have significantly improved workplace safety in the manufacturing industry.
- Globally expanding construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction materials across long distances.
- The fact that electrically powered forklift trucks don't need fuel storage at the site where they are used is one of their biggest benefits. Companies are also embracing electric material handling vehicles because they are less expensive to operate and maintain in warehouses, and they emit a fraction of the pollution that forklift trucks generate.
Forklift Trucks Market Restraints
- The rise of third-party logistics (3PL) services and the high price of battery- and fuel-cell-operated forklifts are anticipated to restrain market expansion. Additionally, the market for forklift trucks is expected to face challenges from strict safety and emission standards.
- Forklift mishandling is hindering the growth of the forklift truck market: Advanced manufacturing has emerged as a consequence of rising end-user demand, which has increased labour workload. After long workdays, employees are expected to put in overtime, which causes exhaustion and a decline in awareness and attention. This has led to more accidents involving forklift truck drivers, less productivity, and higher costs for the business. The following are a few examples of frequent incidents with forklifts: Forklift accidents, Instability when riding with loads on the downhill, while transporting unbalanced weights, while driving through uneven ground, including potholes, etc.
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Forklift Trucks Market Competitive Landscape
There are numerous manufacturers competing for market share in the competitive forklift truck market on a global scale. Major businesses are growing in order to capture a larger share of the market. Over the past few years, industry players have employed a variety of growth tactics for the forklift market, including as acquisitions, mergers, and collaborations. To increase their revenue share, market participants are concentrating on diversifying their product offerings.
Forklift Trucks Market Top Player's Company Profiles
- Toyota Industries Corporation
- KION Group AG
- Jungheinrich AG
- Mitsubishi Heavy Industries Group
- Crown Equipment Corporation
- Hyster-Yale Materials Handling Inc.
- Hangcha Group Co.
- Doosan Industrial Vehicle Co., Ltd.
- Anhui Heli Co., Ltd.
- Komatsu Ltd.
- Clark Material Handling Company
- Hyundai Heavy Industries
- Lonking Holdings Limited
- Manitou Group
- NACCO Industries, Inc.
- Godrej & Boyce Manufacturing Co. Ltd.
- Tailift Group
- EP Equipment
- UniCarriers Corporation
- Kalmar Global
Forklift Trucks Market Recent Developments
- In February 2022, The European research project IMOCO has just been introduced by the KION Group. The project's goal is to make it possible for intelligent trucks to move about a factory or warehouse on their own.
- In June 2022, Chinese forklift maker Heli has delivered a significant order of equipment to a leading South American customer. The equipment was handed over at a ceremony where hundreds of lithium-ion forklift trucks were deployed.
Forklift Trucks Key Market Trends
- In developed countries, electric forklift trucks are becoming more common. Due to their expanding applications and popularity, electric-powered forklift trucks have a lot of potential given the quick improvement in technology. Such electrically-powered forklift trucks can load and unload large items from the ground level or from docks, making them perfect for usage in indoor settings.
- The fact that there is no need to store fuel for electrically driven forklift trucks at their place of business is a significant benefit. Due to the significant pollution emissions from traditional forklift trucks, businesses are increasingly switching to electric material handling vehicles that are simple to use and maintain inside of warehouses.
- In the developed nations of North America, Europe, and Asia, where there is a well-established e-commerce industry, strong pollution regulations, and sustainability concerns, the use of electrically driven forklift trucks is growing significantly. Forklift trucks with IC engines continue to be preferred in emerging markets. In order to stay competitive, many firms involved in the electric forklift industry frequently release new models.
Forklift Trucks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Forklift Trucks Market Analysis, in terms of application, the manufacturing segment held the largest. Among Class, Forklift sales were led by the class 3 segment, which had a revenue share of more than 39.0 % in 2021. Over the course of the projected period, the segment is anticipated to continue to dominate. Electric forklift trucks are becoming more common in developed countries. Given the rapid advancement of technology, electric-powered forklift trucks have a lot of potential due to their expanding applications and popularity. These electrically powered forklift trucks can load and unload large items from the ground level or docks, making them ideal for indoor use.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 56.2 billion |
| Market size value in 2031 | USD 130.36 billion |
| Growth Rate | 9.8% |
| 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 Trucks 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 Trucks 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 Trucks 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 Trucks 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 Trucks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Forklift Trucks 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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