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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Forklift Market Size
The global forklift market reached a value of about 1842.75 thousand units in 2023. The market is further expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032.
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Increased Implementation of Counterbalance Forklifts in Transport and Logistics Operations to Boost the Industry Growth
Based on type, the counterbalance segment leads the global market for forklift, accounting for a significant share in the industry. This can be attributed to the benefits offered by counterbalance trucks, which include features like high performance, improved efficiency, and effective maneuverability. Further, LPG counterbalance equipment are witnessing increased adoption in transport and logistics industries as they do not require the need to be refuelled or recharged while operating both in indoor and outdoor facilities.
The Asia Pacific to Provide Enhanced Growth Opportunities to the Forklift Industry
The Asia Pacific is expected to witness the robust growth over the forecast period owing to the expanding e-commerce sector and the increasing shift towards automation in logistics and material handling industries in the region. The rising demand from emerging nations like India and China are significantly contributing to the industry growth. Further, the increasing demand for advanced technologies like IoT and big data analytics in logistics to enhance the efficiency will further aid the market growth.
Forklift Industry Segmentation
Forklift refers to a powered industrial truck which is particularly designed to lift materials and move them over short distances. It is also referred to as lift truck or forklift truck. It is commonly used to load and unload goods in various industries including warehouses and other large storage facilities. They enhance operator safety and productivity while providing comfort during material handling.
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Based on class, the market is divided into:
- Class 1
- Class 2
- Class 3
- Class 4 and 5
By type, the industry can be bifurcated into:
- Counterbalance Type
- Warehouse Type
On the basis of technology, the industry is broadly categorised into:
- IC Engine
- Electric
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing E-Commerce Industry to Bolster the Growth of the Global Market for Forklift
The growth of the e-commerce sector and the growing focus on enhancing the safety and security of workers in logistics industry are the main factors driving the growth of the market. The e-commerce giants are making significant investments in setting up new warehouses and distribution centres in developing regions, which is significantly contributing to the industry growth. Further, the deployment of forklifts in warehouse provides improved safety and ensures fast delivery of products to customers, thus, resulting in its increased demand. Further, the rapid urbanisation and the increasing construction activities across the globe will enhance the market for forklift trucks, thus, aiding the growth of the overall industry.
Over the forecast period, the market for electric forklift is expected to witness significant growth due to the implementation of stringent emission norms for diesel vehicles. Further, the rising investments by the manufacturers in R&D activities to develop advanced forklifts and enhance their productivity is expected to have a positive effect on the expansion of the market.
Key Industry Players in the Global Forklift Market
The report gives a detailed analysis of the following key players in the global forklift market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
-
Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Class |
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Forklift Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a volume of approximately 1842.75 thousand units.
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The major drivers of the market include the growing e-commerce sector, rising focus on achieving improved safety and security while transporting heavy loads, and growing technological advancements.
The key trends guiding the growth of the market include the increasing construction activities and the growing research and development activities to launch advanced forklifts with improved efficiency.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various classes of forklift are class 1, class 2, class 3, and class 4 and 5.
The leading forklift types in the market are counterbalance type and warehouse type.
The significant forklift technologies in the market are IC engine and electric.
The key players in the global forklift market are Toyota Material Handling, Inc., Crown Equipment Corporation, Jungheinrich AG, Komatsu Ltd., Anhui Heli Co., Ltd., and Doosan Industrial Vehicle America Corp., among others.
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