Forklift Trucks Market

Global Forklift Trucks Market:

The global forklift trucks market size reached US$ 65.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 96.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032. The rising adoption of fuel-efficient vehicles, the increasing number of warehouse establishments, and the burgeoning e-commerce sector represent some of the key factors driving the market.

Forklift Trucks Market Analysis:

• Major Market Drivers: The increasing utilization of forklift trucks in the construction industry, along with the escalating number of residential and commercial projects, is primarily driving the growth of the market.
• Key Market Trends: The shifting preferences from IC engine forklift trucks to electric-powered forklift trucks on account of the rising sustainability concerns is one of the significant key trends bolstering the growth of the market. Moreover, the growing adoption of electric forklift trucks in the expanding e-commerce sector is also contributing to the market growth.
• Geographical Landscape: According to the report, Asia Pacific was the largest market for forklift trucks. Rising demand for forklift trucks due to the low manufacturing costs, the rapid expansion of the supply chain network, favorable government initiatives for the adoption of forklift trucks, and the replacement of traditional forklift trucks are some of the key factors driving the growth of the market in the region.
• Competitive Landscape: Some of the leading forklift trucks market companies are Clark Material Handling Company, Crown Equipment Corporation, Godrej & Boyce, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd, Jungheinrich, KION Group, Mitsubishi Forklift Trucks, and Toyota Industries Corporation, among many others.
• Challenges and Opportunities: Challenges in the forklift trucks market include increasing competition, rising fuel costs, and the need for improved safety standards.  However, opportunities lie in the growing demand for electric forklifts, advancements in autonomous technology, and the expansion of e-commerce driving warehouse automation.
   

Forklift Trucks Market Trends:

Expanding Construction Sector

The growing number of residential and commercial construction projects is primarily driving the growth of the market. Forklift trucks are widely used in the construction sector to unload pallets of bricks, construction materials, and steel joists from the delivery truck and transport them to the job site. Moreover, the government authorities of various nations are increasingly investing in upgrading the infrastructure and developing new ports, which is also augmenting the demand for forklift trucks in the construction sector. For instance, in India, more than 610 projects with a total cost of US$ 10.5 Million are anticipated to be carried out between 2015 and 2035. These projects will focus on modernizing and building new ports, improving port connectivity, boosting port-linked industrialization, and building up coastal communities. In addition to this, urbanization is rising at an exponential rate. According to World Bank data, about 55% of the world's population live in cities, and the trend is expected to continue over the coming years. By 2050, the urban population worldwide is expected to double, with nearly seven out of 10 people living in cities. With such a massive rise in the urban population, the need for residential establishments is growing, which in turn is bolstering the forklift trucks market revenue. 

Introduction of Electric-Powered Forklift Trucks

The increasing preference for electric forklift trucks, especially in the e-commerce sector for material movement, transportation, and lifting applications, is one of the significant factors driving the growth of the market. Approximately 2.1 million forklifts were sold across the world in the year 2021. In the same year, battery electric vehicles (BEVs) accounted for more than half of all forklifts sold across the globe. Forklift sales are expected to reach about 2.4 million units in 2030, with BEVs accounting for around 1.5 million of those units. Moreover, in China itself, the total production of forklifts in China is forecasted to reach over 80 thousand units by 2030. Furthermore, the shifting preference from IC engine forklift trucks to electric forklift trucks, since there is no need to store the fuel for them at their place of operation is positively impacting the forklift trucks market outlook.  In addition to this, various key market players are launching new models to cater to sustainability concerns. For instance, in June 2022, Mitsubishi Logisnext launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.

Increasing Product Offerings

Various key manufacturers are increasingly investing in research and development activities along with forming partnerships and collaboration to expand and offer forklift trucks with improved productivity and safety to various industries. For instance, in May 2022, Mitsubishi Logisnext expanded its dealership network across the United States. The company appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida. Besides this, as per the forklift trucks market statistics by IMARC, various concerned regulatory authorities are also taking initiatives to ensure the safety of forklift operators, which is positively influencing the market growth. For example, the Industrial Truck Association (ITA), in association with its organizations across Asia Pacific and Europe, is promoting the development of safer products by organizing engineering and statistical programs. Furthermore, the association also contributes to training the forklift operators as per the regulations imposed by the Occupational Safety and Health Administration (OSHA) to reduce accidents.

Global Forklift Trucks Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global forklift trucks market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type, technology, class and application.

Product Type Insights:

• Counterbalanced Forklift Trucks
• Warehouse Forklift Trucks
   

Counterbalanced forklift trucks represented the largest segment

The report has provided a detailed breakup and analysis of the forklift trucks market based on the product type. This includes counterbalanced forklift trucks and warehouse forklift trucks. According to the forklift trucks market report, counterbalanced forklift trucks represented the largest segment.

Counterbalanced forklifts have a counterweight design to distribute the weight of the load evenly. In addition to this, they are considered as a multi-purpose utility truck and aid in reducing carbon emissions. As a result, various manufacturers are also increasingly investing in the development of counterbalanced forklift trucks. For instance, in January 2023, Crown Equipment Corporation announced the launch of an electric counterbalance forklift. The C-B series features electric forklifts equipped with 80-volt motors. The forklifts have application-oriented ergonomics such as a full suspension adjustable seat, intuitive control system, compact mast, and overhead guard. These features provide enhanced safety and productivity and reduce operator strain and fatigue.

Technology Insights:

• Electricity Powered
• Internal Combustion Engine Powered
   

Internal combustion engine powered accounted for the largest market share

A detailed breakup and analysis of the forklift trucks market based on the technology has also been provided in the report. This includes electricity powered and internal combustion engine powered. According to the report, internal combustion engine powered accounted for the largest market share.

Internal combustion engines powered forklift trucks have lower upfront cost compared to electric forklift trucks. In addition to this, they have a higher load capacity, which makes them capable of working in various environments. Moreover, innovations in IC engine forklift trucks are also augmenting the forklift trucks market growth in this segment. For instance, in September 2023, Mitsubishi Logisnext Americas announced the launch of the new cutting-edge SCX N2 Series of Electric Stand-up Counterbalanced Lift Trucks.  With simultaneous multi-function controls and user-friendly ON-OFF machine functionality, the SCX N2 Series ensures a seamless multitasking experience.

Class Insights:

• Class I
• Class II
• Class III
• Class IV
• Class V
   

Class V accounted for the largest market share

A detailed breakup and analysis of the forklift trucks market based on the class has also been provided in the report. This includes class I, class II, class III, class IV, and class V. According to the report, class V accounted for the largest market share as they are internal combustion engine pneumatic tire trucks that are designed particularly for outdoor use and for puncture prone areas. Moreover, as per the forklift trucks market overview they are highly durable and suitable for lumberyards and construction sites.

Application Insights:

• Non-Industrial
  • Warehouses and Distribution Centers
  • Construction Sites
  • Dockyards
  • Snow Plows
• Industrial
  • Manufacturing
  • Recycling Operations
     

Non-industrial accounted for the largest share in the global forklift trucks market share

A detailed breakup and analysis of the forklift trucks market based on the application has also been provided in the report. This includes non-industrial (warehouses and distribution centers, construction sites, dockyards, snow plows) and industrial (manufacturing and recycling operations). According to the report, non-industrial (warehouses and distribution centers, construction sites, dockyards, snow plows) accounted for the largest market share.

Forklift trucks are widely utilized in economic activities, such as warehouses and distribution centers, construction sites, dockyards, and snow plowing. Moreover, the rising demand for forklift trucks due to the thriving e-commerce industry is bolstering the market growth. Various blue-chip retailers are increasingly adopting forklift trucks for material movement, transportation, and lifting applications. For example, in January 2024, mega-retailer Amazon completed the installation of its first electrolyzer system, enabling a sustainable supply of hydrogen fuel for low-emissions forklift trucks at its logistics facility in Aurora, Colorado.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific was the largest market for forklift trucks

The forklift trucks market forecast report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for forklift trucks.

Rising demand for forklift trucks due to the low manufacturing costs, the rapid expansion of the supply chain network, favorable government initiatives for the adoption of forklift trucks, and the replacement of traditional forklift trucks are some of the key factors driving the growth of the market in the region. In China, the total production of forklifts is forecasted to reach over 80 thousand units by 2030. Moreover, the escalating number of construction and infrastructure development projects in the Asia Pacific region is also contributing to the market growth. For instance, in the next four to five years, the Airports Authority of India (AAI) plans to create new airports as well as expand and upgrade many existing airports at a cost of US$ 338 Million. Such plans for expansion are anticipated to propel the forklift trucks market demand.  

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global forklift trucks market. Some of the companies covered in the report include:

• Clark Material Handling Company
• Crown Equipment Corporation
• Godrej & Boyce
• Hyster-Yale Materials Handling Inc.
• Hyundai Heavy Industries Co. Ltd.
• Jungheinrich
• KION Group
• Mitsubishi Forklift Trucks
• Toyota Industries Corporation 
   

(Please note that this only represents a partial list of companies, and the complete list has been provided in the report.)

Forklift Trucks Market Recent Developments:

• February 2024: Kion, North America, launched a new electric forklift range for the North American market, the Linde Series 1293. The range includes the E20BHP and E25BHP electric counterbalance forklifts with 4,000 lb. to 5,000 lb. (1.8 T to 2.3 T) capacity, both powered by Linde Li-ION batteries.
• January 2024: Hangcha’s American subsidiary launched a new XE Series electric lithium-ion pneumatic forklift with a capacity of 4,000 lb. (1.8 T) to 7,600 lb. (3.4 T).  The new models have maintenance-free battery packs, three battery options, up to 11 hours of runtime, easy access charge ports and heating elements in the battery pack to ensure optimal performance in cold weather applications.
• October 2023: HD Hyundai Construction Equipment India, announced the launch of multiple products to cater to the infrastructure, mining, and material handling industries. It includes four excavator models, a couple of forklift models, and wheel loaders, the company said in a statement.

Forklift Trucks Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the forklift trucks market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global forklift trucks market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the forklift trucks industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.