What is the global market size of Forklift Trucks Market?

Forklift Trucks Market size was valued at USD 73680.75 million in 2021 and is poised to grow from USD 83416.09 million in 2022 to USD 100000 million by 2030, growing at a CAGR of 13.2% in the forecast period (2023-2030).

Forklift Trucks Market Size, Share, Growth Analysis, By Application(Mining, Logistics, Building Sector, Food), By Class(Class 1, Class 2, Class 3, Class 4), By Region - Industry Forecast 2024-2031

Report ID: SQSG20G2002 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 71 | Figures: 75

Forklift Trucks Market News

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.

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Forklift Trucks Market size was valued at USD 73680.75 million in 2019 and is poised to grow from USD 83416.09 million in 2023 to USD 100000 million by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

There are numerous manufacturers competing for market share in the competitive forklift truck market on a 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. 'Toyota Industries Corporation', 'Kion Group AG', 'Hyster-Yale Materials Handling, Inc.', 'Jungheinrich AG', 'Crown Equipment Corporation', 'Mitsubishi Nichiyu Forklift Co., Ltd.', 'Komatsu Ltd.', 'Anhui Forklift Group Co., Ltd.', 'Hangcha Group Co., Ltd.', 'Clark Material Handling Company', 'Hyundai Heavy Industries Co., Ltd.', 'EP Equipment Co., Ltd.', 'Lonking Holdings Limited', 'Doosan Industrial Vehicle Co., Ltd.', 'Manitou Group', 'UniCarriers Corporation', 'Hubtex Maschinenbau GmbH & Co. KG', 'Linde Material Handling GmbH', 'Tailift Co., Ltd.', 'Godrej & Boyce Mfg. Co. Ltd.'

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.

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.

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.

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Forklift Trucks Market Size, Share, Growth Analysis, By Application(Mining, Logistics, Building Sector, Food), By Class(Class 1, Class 2, Class 3, Class 4), By Region - Industry Forecast 2024-2031

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