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Forklift Trucks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 100 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4557809
The Forklift trucks market was valued at USD 2262.47 million in 2021, and it is expected to reach USD 2889.4 million by 2027, registering a CAGR of over 4.16% during the Forecasts period.

The COVID-19 pandemic negatively impacted the forklift trucks market. With the industries and warehouses shutting down, the need for material handling and inventory management was completely removed. Major companies suspended their operations in different locations due to the lockdown. This directly impacted the requirement of material handling equipment. However, the post-pandemic prospects look hopeful for the industry, owing to the projected increase in urbanization, global trade, and rapid development in warehouse management tools, which can ease material handling and warehouse management.

Over the longterm market is expected to witness growth during Forecasts period, as companies within the manufacturing sector are adopting automation for enhancing their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. Moreover, the developments in te e-commerce business drive the growth of the global forklift trucks market.

Asia-Pacific region likely to dominate the forklift truck market because of the huge need for forklift trucks from advancing nations. The increase in industrialization is one of the factors that are expected to aid the growth of the forklift trucks market. This growth is also a result of the rising demand in developing economies, such as China and India.

Key Market Trends

Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations

With the rapid advancement in technology, there is a lot of potential for electric-powered forklift trucks due to their growing applications and popularity. Such types of electrically-powered forklift trucks are ideal for use in indoor spaces, and they can load and unload heavy goods from the ground level or from the docks.

A major advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive the companies toward adopting electric material handling vehicles that can be easily operated and maintained inside warehouses.

The use of electrically powered forklift trucks is gaining huge ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry and strict norms for emissions and concerns for sustainability. However, in emerging economies, there is still a preference for IC-engine forklift trucks. Many manufacturers are active in the field of electric forklifts and are continuously introducing new models to stay abreast of their competition. For instance,
  • In October 2019, Toyota introduced the Traigo 80 heavy-duty electric forklift. In April 2020 again, the company launched two new models to its lineup of sit-down counterbalance, four-wheel electric lift trucks. The new 3,000 pound and 3,500-pound models are expected to see up to 27% faster travel, lift, and lower speeds, as well as increased run-time by 12%, compared to the outgoing models.​
  • In December 2020, Wolter Group LLC announced A D Lift Truck's acquisition, a family-owned material handling & forklift company. The acquisition expands the company’s line of gas and electric forklifts.
With several other advantages, like zero emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain higher market share, and it is expected to be the fastest growing forklift type over the Forecasts period.

North America to Account for a Significant Portion in the Forklift Truck Market

North America is expected to witness the highest growth in sales in the region during the Forecasts period. This anticipated growth is because of the presence of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional fork trucks.

Forklift trucks that are powered on alternative sources of energy, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions are supporting the growth of the forklift trucks market through various incentives and policies.
  • The Chicago government regulations are pushing materials handling companies to innovate. Hyster Yale introduced two new products of its research and development initiatives, showcasing the company’s first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.
As this aligns with the interests of the current US government to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the Forecasts period, making North America one of the fastest-growing regions for the forklift trucks market. For instance,
  • In 2019, Toyota Material Handling North America (TMHNA) selected four research proposals to provide the industry with solutions that are smarter and more efficient in terms of new technology and innovative approaches, which can help the industry with material handling, warehouse, supply chain, and logistics. This growth is attributed to the presence of prominent market players such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and CLARK.
  • In June 2019, Electro Vaya Inc. announced that it has launched more than 25 different lithium-ion ceramic battery models for the electric forklift market. The Electro Vaya's lithium-ion ceramic batteries are currently operating in 23 locations, including 20 in the United States, two in Canada and one in Mexico.

Competitive Landscape

Some of the key players of forklift trucks market are Komastu Ltd (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co. Ltd (China), and Kalmar Global (Finland).
  • In February 2022, The KION Group has just launched the European research project IMOCO. The objective of the project is to enable intelligent trucks to navigate autonomously in a factory or warehouse.
  • In January 2021, Doosan has launched the NX Plus Series - an enhanced low-cost range of four-wheel Diesel and LPG powered counterbalance forklift trucks - the successor to Doosan’s popular entry-level GX Series. Designed to offer occasional users and small-to-medium size enterprises (SMEs) a reliable low-cost ‘buy new’ alternative to purchasing a second-hand or reconditioned forklift truck, the all-new NX Plus offers simple, powerful performance with lower maintenance costs than the GX Series.
The market for forklifts witnessed various growth strategies, such as acquisitions, mergers, and collaborations, which are being adopted by market players over the past few years. The market players are focusing on expanding their product portfolio to augment their revenue share.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4 MARKET DYNAMICS (Market Size in Value - USD million)
4.1 Market Driver
4.2 Market Restraint
4.3 Porter's Five Force Analysis - Industry Attractiveness
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 Power-train Type
5.1.1 Internal Combustion Engine
5.1.2 Electric Motor
5.2 Vehicle Class
5.2.1 Class I
5.2.2 Class II
5.2.3 Class III
5.2.4 Class IV
5.3 End-user Vertical
5.3.1 Industrial
5.3.2 Construction
5.3.3 Manufacturing
5.4 Geography
5.4.1 North America United states Canada Rest of North america
5.4.2 Europe Germany United Kingdom France Spain Rest of Europe
5.4.3 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.4.4 Rest of the World South America Middle-East and Africa
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Toyota Industries Corporation
6.2.2 KION Group
6.2.3 Jungheinrich AG
6.2.4 Crown Equipment Corp.
6.2.5 Hyster-Yale Materials Handling Inc.
6.2.6 Hangcha Group Co.
6.2.7 Mitsubishi Forklift Trucks
6.2.8 Doosan Industrial Vehicles Co. Ltd
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling Company Inc.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Toyota Industries Corporation
  • KION Group
  • Jungheinrich AG
  • Crown Equipment Corp.
  • Hyster-Yale Materials Handling Inc.
  • Hangcha Group Co.
  • Mitsubishi Forklift Trucks
  • Doosan Industrial Vehicles Co. Ltd
  • Caterpillar Inc.
  • Anhui Heli
  • Komatsu Ltd
  • Clark Material Handling Company Inc.