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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Report Attribute | Details |
---|---|
Revenue in 2021 | USD 45 billion |
The revenue forecast in 2028 | USD 74 billion |
Growth Rate | CAGR of 7.1 % from 2022 to 2028. |
Historical data | 2017 – 2020 |
Base Year | 2021 |
Forecast period | 2022 – 2028 |
Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Key companies Profiled | The companies 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. and Toyota Industries Corporation, are the key players. |
By Type
By Application
By Power Source
By Region
Copper Plating Equipment Market
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
2.1. 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
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
5.1. 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
6.1. 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
7.1. 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
8.1. 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
9.1. 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
10.1. 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
11.1. 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
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 companies 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. and Toyota Industries Corporation, are the key players in the global forklift truck market.
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. These are the growth drivers in the global forklift truck market.
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 are the opportunities in the global forklift truck market.
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.
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