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The global forklift trucks market reached a value of US$ 54.7 Billion in 2020. Looking forward, the market is expected to reach a value of US$ 72.9 Billion by 2026, growing at a CAGR of 4.51% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A forklift truck is an industrial machine that consists of two horizontal prongs for loading, unloading and transporting goods and materials over short distances. It is usually operated by a trained machinist and is either powered by electric batteries or combustion engines. Forklift trucks consist of various components, such as truck frame, counterweight, forklift, carriage and hydraulic cylinders that aid in performing multiple industrial tasks efficiently. Owing to these benefits, they find extensive applications in warehouses, factories and dockyards across various industries, including automotive, aerospace, transportation, retail, manufacturing and construction.
The growing construction industry, along with rapid industrialization, is one of the key factors driving the growth of the market. Forklift trucks are highly economical, user-friendly, powerful and easy to maintain. As a result, they are widely used for performing various industrial tasks and handling heavy construction materials, such as wood, steel and mortar. Furthermore, an increasing number of warehouse establishments across the emerging economies is also providing a boost to the forklift trucks market growth. These trucks are utilized in the distribution centers and warehouses for laying and retrieving loads from storage racks, delivering components to assembly lines and positioning materials for further effective handling. Various product innovations, including the development of fuel cell-powered forklift trucks that can operate on hydrogen, are also creating a positive outlook for the market growth. These variants aid in reducing the carbon footprint significantly and enhancing the overall operational efficiency. Other factors, including technological advancements aimed at improving productivity and extensive research and development (R&D) activities, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global forklift trucks market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on product type, technology, class, application and region.
Breakup by Product Type:
Breakup by Technology:
Breakup by Class:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being 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, etc.
The global forklift trucks market size was valued at US$ 54.7 Billion in 2020.
According to the estimates by IMARC Group, the global forklift trucks market is expected to witness a CAGR of 4.51% during 2021 to 2026.
The expanding construction industry, along with the increasing number of warehouse establishments, represent some of the key drivers for the global forklift trucks market.
Various product innovations, including the development of fuel cell-powered forklift trucks that can operate on hydrogen, represent one of the key trends in the global forklift trucks market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting temporary halt of numerous construction activities, thereby limiting the demand for forklift trucks.
On the basis of the product type, the market has been bifurcated into counterbalanced forklift trucks and warehouse forklift trucks. Currently, counterbalanced forklift trucks hold the majority of the total market share.
On the basis of the technology, the market has been segregated into electricity-powered and internal combustion engine-powered. At present, internal combustion engine-powered technology exhibits a clear dominance in the global market.
On the basis of the class, the market has been segmented into class I, class II, class III, class IV and class V. Among these, class V accounts for the majority of the market share.
On the basis of the application, the market has been divided into non-industrial and industrial. At present, non-industrial represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global forklift trucks market 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, Toyota Industries Corporation, etc.
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