Forklift Truck Market Overview

The global forklift truck market size is estimated to reach USD 94 billion in 2030 with a CAGR of 7.1% during the forecast period of 2022-2030 and it was USD 52 billion in 2022.

The increasing construction industry, associated with swift industrialization, is one of the main elements promoting the growth of the forklift truck market. Forklift trucks are especially economical, user-friendly, powerful and easy to hold. In inclusion, they have broadly utilized foto assistance in several industrial tasks and heavy construction materials, for example, wood, steel, and mortar. Moreover, the growing number of warehouse expansions in the advancing nations is also offering to push the growth of the forklift truck market. The growing demand from the manufacturing industry is the major propelling aspect for the growth of the forklift trucks market.

What is Forklift Truck?

Forklift trucks are tools for material processing. They’re the most prevailing industrial lift trucks on the market. They are the workhorses of material handling due to their versatility, which contains (i) indoor/outdoor operation on a capacity of surfaces, (ii) load capabilities, and (iii) attachments. A forklift truck is a type of motorized industrial truck. It desires to move, transport, push, pull, and pull a material load and then stack it or store it in a warehouse rack as other industrial trucks do. Forklift trucks are obtainable in a variety of sizes and capacities. They can run on batteries or internal combustion engines on diesel or gaseous fuel.

Growth Drivers

Adoption of Electric Lift Truck is pushing the Lift Truck Market

Electric vehicles are acquiring momentum in production and revenue sales due to the development of technological improvements and considering the rising costs of diesel and other fuels. Electric forklift trucks deliver higher efficiency than the other trucks, and also, the elements of this machine offer optimal productivity to all its applications. Compared to the internal combustion systems, the implementation of the AC truck in parameters such as load-lift ability, power to negotiate a ramp, acceleration, speed control on-ramps, and braking are acquiring the industries’ attraction.

Opportunities

The market of Connected Forklift Truck to Uplift the Industry

Adopting artificial intelligence, robotics, interconnected things, etc., is ushering in the new age of automation as machines outperform or match the human interpretation range of work activities, including ones demanding cognitive abilities. Considering the materials handling industry’s recent development in automation, real-time responsiveness, and end-to-end efficiency has created contact between the managing of forklifts and operators. Therefore, the connected lift trucks’ development will gain traction due to the communication improvements over the forecast period.

Restraints

Misuse of Forklifts to Hinder Forklift Truck Market Growth

Growing demand from the end-users has resulted in advanced manufacturing, raising the employees’ load. Employees are needed to put in overtime after long working hours, resulting in exhaustion and less awareness and concentration. For forklift truck drivers, this has increased accidents, hindered productivity, and increased cost to the company. Some of the common accidents while using the forklifts are Forklift tripping over, Fluctuation while riding at a downslope with loads, carrying unevenly balanced loads, And moving across uneven grounds such as potholes, etc.

Pre Covid-19 Impact on Global Forklift Truck Market

Before the covid-19 period, the increasing demand from the manufacturing industry is the major propelling factor for the growth of the forklift trucks market. An increase in productivity, decreased injuries and disasters associated with operator comfort are a few of the main reasons that positively affect the growth of the forklift truck market in the forecast period. There is still a tendency for IC-engine forklift trucks in developing countries. Forklift trucks powered on substitute sources of energy, for example, hydrogen, are also growing attraction for the growth of the forklift truck market during the forecast period.

Covid-19 Impact on Global Forklift Truck Market

During the covid-19 period, the surprising spread of the pandemic resulted in lockdown in different activities, including disturbance in the supply chain and logistics industry. The effect of covid-19 on the manufacturing industry has an expansive effect, as an extension of the virus has impacted other main industrial countries beyond China, India, and Germany. However, there could be a pause in sourcing the critical parts where the manufacturing plants have been set up. Consumers involved in manufacturing and logistics industries contributing approximately 10% of global revenue are expected to defer deal closure in an extended shutdown. The extended shutdown blocks the manufacturing and assembly units in the industry, causing less lift truck supply to companies that require tailored solutions. Hence, decreasing the expected growth of global revenue.

Post Covid-19 Impact on Global Forklift Truck Market

After the covid-19 period, due to the Adoption of developed technologies and Industry 4.0 endeavors by the governments are producing growth opportunities for forklifts in the different region’s markets. Further, a booming e-commerce market and surging demand for battery-operated forklift vehicles will spur growth. Low penetration of forklifts, growing manufacturing, wholesale and distribution, freight and logistics sectors; rapidly growing automotive and construction industries; and flourishing e-commerce businesses force a demand inflow in the Asia-Pacific region.

By Type Segmental Analysis

Based on type, the global forklift truck market is segmented into Class 1, Class 2, Class 3, Class 4, Class 5 and others. Class 3 is anticipated to hold a significant share, owing to the electric trucks. Class 3 has the walk-behind truck, walkie-rider truck, and walk-behind stackers that let the transport of loads with a walk-behind operator and lift loads to heights up to approx. 15 feet. Robotic technology is calculated to be used across Class 3over the forecast period.

By Application Segmental Analysis

Based on application, the global forklift truck market is segmented into Mining Logistics, Construction, Food & Beverage, Natural Resources, Manufacturing and others. The Forklifted trucks have a significant and higher share across the food and beverage industry. The use of these trucks is growing at a higher growth rate due to the growth of the commercial food and beverage industry. Several food processing establishments and warehouses require superior material handling equipment owing to their frequent fast turnaround, wash-downs, corrosive fluids, and cold storage.

By Power Source Segmental Analysis

Based on the power source, the global forklift truck market is segmented into IC Engine Powered, and Electric Powered. Electrically powered forklift trucks are gaining huge ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry and stringent norms for emissions and concerns for sustainability. However, there is still a preference for IC-engine forklift trucks in emerging economies.

By Regional Segmental Analysis

Based on region, the global forklift truck market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Asia Pacific region is expected to emerge dominant in this market during the forecast period. The region’s development is due to the demand for modern material handling equipment across the industries such as construction, mining, food, beverage, etc. Also, the usage of technologically well-versed vehicles in this region is achieving maximum traction and augmenting the growth of the truck industry. Additionally, the existence of the companies across China is the major reason for the Asia Pacific to monopolize the lift truck’s revenue and volume. China has the most increased number of local registered and unrecorded participants, with a decent presence.

Competitors Analysis

The companies include Crown Equipment Corporation, EP Equipment, HANGCHA, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co. Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation and other prominent players in the global forklift market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Forklift Truck and manufacturing Firms
• Local Governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Developments

• In August 2023, Jungheinrich AG acquired Magazino, an automated solution provider. The acquisition helped the former company to strengthen position in autonomous mobile robots and related software.
• In September 2023, Hangcha Forklift launched a high-voltage Lithium Battery based electric rough terrain forklift. The forklift ranges from 2.5-3.5 ton and features as reduced noise, zero-emission, and fast charging time.
• December 2021 – Wolter Group LLC declared A D Lift Truck’s purchase, a family-owned material handling & forklift company. The purchase develops the company’s line of gas and electric forklifts.
• February 2019 – Toyota Industries North America has obtained Chicago-based Hoist Lift truck manufacturing to create a brand image and develop quality products.
• June 2020- Hyster-Yale Group Inc. established a counterbalanced, sit-down, Class V forklift for customers aiming for a cost-effective, practical solution. The vehicle employs a stable overhead guard with profiled steel to offer visibility and protection. The mast is engineered to minimize blind spots. Growing competition amongst companies will encourage them to launch new solutions.

Scope of the Report

Market Modelling

By Type

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5
• Others

By Application

• Mining
• Logistics
• Construction
• Food & Beverage
• Natural Resources
• Manufacturing
• Others

By Power Source

• IC Engine Powered
• Electric Powered

By Region

• North America
• Europe
• Asia Pacific
• South America
• The Middle East & Africa

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Report Content

1.     Research Strategic Development

1.1.   Market Modelling

1.2.   Product Analysis

1.3.   Market Trend and Economic Factors Analysis

1.4.   Market Segmental Analysis

1.5.   Geographical Mapping

1.6.   Country Wise Segregation

2.     Research Methodology

2.1.   Identification of Target Market

2.2.   Data Acquisition

2.3.   Refining of Data/ Data Transformations

2.4.   Data Validation through Primary Techniques

2.5.   Exploratory Data Analysis

2.6.   Graphical Techniques/Analysis

2.7.   Quantitative Techniques/Analysis

2.8.   Visual Result/Presentation

3.     Executive Summary
4.     Market Insights

4.1.  Supply Chain Analysis

4.2.  Economic Factor Analysis

4.2.1.            Drivers

4.2.2.            Trends

4.2.3.            Opportunities

4.2.4.            Challenges

4.3.  Technological Landscape

4.4.  Competitors & Product Analysis

4.5.   Regulatory Framework

4.6.   Company market share analysis, 2022

4.7.  Porter’s Five forces analysis

4.8.  Price point analysis

4.9.  New Investment Analysis

4.10.PESTEL Analysis

4.11.Pre Covid-19 Impact

4.12.Covid-19 Impact

4.13.Post Covid-19 Impact

5. Global Forklift Truck Market, 2017-2030

5.1.  Market size & Forecast, 2017-2030

5.1.1.            Demand

5.1.1.1.            By Value (USD Billion)

5.2.  Market Share & Forecast, 2017-2030

5.2.1.            By Type

5.2.1.1.            Class 1

5.2.1.2.            Class 2

5.2.1.3.            Class 3

5.2.1.4.            Class 4

5.2.1.5.            Class 5

5.2.1.6.            Others

5.2.2.            By Application  

5.2.2.1.            Mining

5.2.2.2.            Logistics

5.2.2.3.            Construction

5.2.2.4.            Food & Beverage

5.2.2.5.            Natural Resources

5.2.2.6.            Manufacturing

5.2.2.7.            Others

5.2.3.             By Power Source  

5.2.3.1.            IC Engine Powered

5.2.3.2.            Electric Powered

5.2.4.            By Region

5.2.4.1.            North America

5.2.4.2.            Europe

5.2.4.3.            Asia Pacific

5.2.4.4.            The Middle East & Africa

5.2.4.5.            South America

6. North America Forklift Truck Market, 2017-2030

6.1.  North America Forklift Truck Market size & Forecast, 2017-2030

6.1.1.            Demand

6.1.1.1.            By Value (USD Billion)

6.2.  North America Forklift Truck Market Share & Forecast, 2017-2030

6.2.1.            By Type

6.2.1.1.            Class 1

6.2.1.2.            Class 2

6.2.1.3.            Class 3

6.2.1.4.            Class 4

6.2.1.5.            Class 5

6.2.1.6.            Others

6.2.2.            By Application  

6.2.2.1.            Mining

6.2.2.2.            Logistics

6.2.2.3.            Construction

6.2.2.4.            Food & Beverage

6.2.2.5.            Natural Resources

6.2.2.6.            Manufacturing

6.2.2.7.            Others

6.2.3.             By Power Source  

6.2.3.1.            IC Engine Powered

6.2.3.2.            Electric Powered

6.2.4.            By Country

6.2.4.1.            US

6.2.4.2.            Canada

6.2.4.3.            Mexico

7. Europe Forklift Truck Market, 2017-2030

7.1.  Europe Forklift Truck Market size & Forecast, 2017-2030

7.1.1.            Demand

7.1.1.1.            By Value (USD Billion)

7.2.  Europe Forklift Truck Market Share & Forecast, 2017-2030

7.2.1.            By Type

7.2.1.1.            Class 1

7.2.1.2.            Class 2

7.2.1.3.            Class 3

7.2.1.4.            Class 4

7.2.1.5.            Class 5

7.2.1.6.            Others

7.2.2.            By Application  

7.2.2.1.            Mining

7.2.2.2.            Logistics

7.2.2.3.            Construction

7.2.2.4.            Food & Beverage

7.2.2.5.            Natural Resources

7.2.2.6.            Manufacturing

7.2.2.7.            Others

7.2.3.             By Power Source  

7.2.3.1.            IC Engine Powered

7.2.3.2.            Electric Powered

7.2.4.            By Country

7.2.4.1.            Germany

7.2.4.2.            UK

7.2.4.3.            France

7.2.4.4.            Italy

7.2.4.5.            Rest of Europe

8. Asia Pacific Forklift Truck Market, 2017-2030

8.1.  Asia Pacific Forklift Truck Market size & Forecast, 2017-2030

8.1.1.            Demand

8.1.1.1.            By Value (USD Billion)

8.2.  Asia Pacific Forklift Truck Market Share & Forecast, 2017-2030

8.2.1.            By Type

8.2.1.1.            Class 1

8.2.1.2.            Class 2

8.2.1.3.            Class 3

8.2.1.4.            Class 4

8.2.1.5.            Class 5

8.2.1.6.            Others

8.2.2.            By Application  

8.2.2.1.            Mining

8.2.2.2.            Logistics

8.2.2.3.            Construction

8.2.2.4.            Food & Beverage

8.2.2.5.            Natural Resources

8.2.2.6.            Manufacturing

8.2.2.7.            Others

8.2.3.             By Power Source  

8.2.3.1.            IC Engine Powered

8.2.3.2.            Electric Powered

8.2.4.            By Country

8.2.4.1.            China

8.2.4.2.            India

8.2.4.3.            Japan

8.2.4.4.            Australia

8.2.4.5.            Rest of Asia pacific

9. The Middle East & Africa Forklift Truck Market, 2017-2030

9.1.  The Middle East & Africa Forklift Truck Market size & Forecast, 2017-2030

9.1.1.            Demand

9.1.1.1.            By Value (USD Billion)

9.2.  The Middle East & Africa Forklift Truck Market Share & Forecast, 2017-2030

9.2.1.            By Type

9.2.1.1.            Class 1

9.2.1.2.            Class 2

9.2.1.3.            Class 3

9.2.1.4.            Class 4

9.2.1.5.            Class 5

9.2.1.6.            Others

9.2.2.            By Application  

9.2.2.1.            Mining

9.2.2.2.            Logistics

9.2.2.3.            Construction

9.2.2.4.            Food & Beverage

9.2.2.5.            Natural Resources

9.2.2.6.            Manufacturing

9.2.2.7.            Others

9.2.3.             By Power Source  

9.2.3.1.            IC Engine Powered

9.2.3.2.            Electric Powered

9.2.4.            By Country

9.2.4.1.            Saudi Arabia

9.2.4.2.            UAE

9.2.4.3.            South Africa

9.2.4.4.            Rest of The Middle East & Africa

10. South America Forklift Truck Market, 2017-2030

10.1.                    South America Forklift Truck Market size & Forecast, 2017-2030

10.1.1.        Demand

10.1.1.1.        By Value (USD Billion)

10.2.                    South America Forklift Truck Market Share & Forecast, 2017-2030

10.2.1.        By Type

10.2.1.1.        Class 1

10.2.1.2.        Class 2

10.2.1.3.        Class 3

10.2.1.4.        Class 4

10.2.1.5.        Class 5

10.2.1.6.        Others

10.2.2.        By Application  

10.2.2.1.        Mining

10.2.2.2.        Logistics

10.2.2.3.        Construction

10.2.2.4.        Food & Beverage

10.2.2.5.        Natural Resources

10.2.2.6.        Manufacturing

10.2.2.7.        Others

10.2.3.         By Power Source  

10.2.3.1.        IC Engine Powered

10.2.3.2.        Electric Powered

10.2.4.        By Country

10.2.4.1.        Brazil

10.2.4.2.        Argentina

10.2.4.3.        Rest of South America

11. Competitor Analysis

11.1. Company Description

11.2. Financial Analysis

11.3. Key Products

11.4. Key Management Personnel

11.5. Contact Address

11.6. SWOT Analysis

11.7. Company profile

11.7.1.        Crown Equipment Corporation

11.7.2.        EP Equipment

11.7.3.        HANGCHA

11.7.4.        Hyster-Yale Materials Handling, Inc.,

11.7.5.        Jungheinrich AG

11.7.6.        Kion Group AG

11.7.7.        Komatsu Ltd.

11.7.8.        Lonking Machinery Co. Ltd.

11.7.9.        Mitsubishi Logisnext Co. Ltd.

11.7.10. Toyota Industries Corporation

11.7.11. Other Prominent Players