Global Forklift Trucks Market to Reach US$ 96.3 Billion by 2032, Fuelled by Considerable Expansion of E-Commerce Industry

February 14, 2023 | Heavy Industry

According to the latest report by IMARC Group, titled “­­Forklift Trucks Market Report by Product Type (Counterbalanced Forklift Trucks, Warehouse Forklift Trucks), Technology (Electricity Powered, Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V), Application (Non-Industrial, Industrial), and Region 2024-2032,” the global forklift trucks market size reached US$ 65.3 Billion in 2023. Forklift trucks are robust, heavy-duty industrial machines equipped with two horizontal power-operated prongs, which help load, unload, and move crates, container goods, and other commodities on pallets within the premises. They are usually powered by electric batteries or internal combustion (IC) engines and are controlled by a skilled machinist. These trucks are lightweight, cost-effective, durable, user-friendly, and easy to maintain, and they generate minimal vibration and noise. Apart from this, forklift trucks offer maneuverability and capacity, help streamline supply chain distribution activities, and improve the operational efficiency of various manufacturing processes. On account of these properties, forklift trucks are vastly used across dockyards, warehousing, and recycling operations to manage, transport, and carry several heavy building materials, such as wood, steel, and cement.

Global Forklift Trucks Market Trends:

The rapid expansion in the e-commerce sector, the growing establishment of automated warehouses, and the rising need for effective material handling solutions are primarily driving the market growth. In line with this, the heightened emphasis on enhancing transparency, lowering operational costs, and increasing productivity within the warehouse and distribution centers is acting as another growth-inducing factor. Furthermore, the implementation of stringent automotive emission norms by governments has motivated industrial workers to employ electric forklifts due to their multiple benefits, which is propelling the market growth. Such solutions are eco-friendly, reduce product damage, and ensure minimal noise emissions at reduced operating costs. Moreover, the recent research and development (R&D) initiatives being undertaken by manufacturers to improve load lifting capacity, acceleration, and speed control on-ramps are contributing to the market growth. Additionally, the advent of hydrogen fuel cell forklift trucks featuring minimal carbon footprint and superior overall operating effectiveness is impelling the market growth. Besides this, the extensive integration of artificial intelligence (AI), robotics, and other advanced technological solutions with forklift trucks to increase real-time responsiveness and end-to-end efficiency of the product is favoring the market growth. Apart from this, the continuous construction of airports, rail networks, and power plants on account of rapid industrialization is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 96.3 Billion by 2032, expanding at a CAGR of 4.3% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been bifurcated into counterbalanced and warehouse forklift trucks.
  • On the basis of technology, the market has been divided into electricity and internal combustion engine powered.
  • Based on the class, the market is categorized into class I, II, III, IV, and V.
  • On the basis of the application, the market is segregated into non-industrial (warehouses and distribution centers, construction sites, dockyards, and snow plows) and industrial (manufacturing and recycling operations).
  • On a regional basis, the market has been segmented into 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 Middle East and Africa.
  • The competitive landscape of the market 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Technology, Class, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
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Global Forklift Trucks Market to Reach US$ 96.3 Billion by 2032, Fuelled by Considerable Expansion of E-Commerce Industry
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