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Forklifts - Global Market Trajectory & Analytics

  • ID: 4804873
  • Report
  • February 2022
  • Region: Global
  • 434 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Anhui Heli Co., Ltd.
  • Combilift Ltd.
  • Godrej Material Handling
  • HANGCHA GROUP CO., LTD
  • Jungheinrich AG
  • KION Group AG

Global Forklifts Market to Reach US$50.5 Billion by the Year 2026


Forklift also known as forklift trucks, fork trucks or lift trucks started to play a pivotal role in lifting and moving heavy loads over a short distance. Extensively employed in manufacturing industries, warehouses and distribution centers, forklifts` ability to easily maneuver heavy goods to various locations forms the prime factor driving the market growth. Increase in productivity, decrease in downtime, operator comfort, and reduced number of accidents and injuries are the other key factors fueling growth in the forklifts market. Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts. Advancements in technology are paving way for greater adoption of forklifts. Advent of intelligence forklifts, robotic lift trucks, forklifts with ultra-capacitors, fast charging battery-based forklifts, fuel cell powered forklift trucks, and cost-effective and eco-friendly hydrogen power trucks are drastically influencing the growth opportunities in the forklifts market. The forklift truck market is receiving a major growth impetus from increasing acceptance of electric vehicles as a result of ongoing technological advancements coupled with rising cost of traditional fuels.

Amid the COVID-19 crisis, the global market for Forklifts estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$50.5 Billion by 2026, growing at a CAGR of 5% over the analysis period. Internal Combustion Engine (ICE), one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$35.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 5.6% CAGR for the next 7-year period. Internal Combustion Engine (ICE) forklifts dominate the market as heavy duty forklifts that find use in outdoor activity are typically driven by diesel. However, owing to the stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts are making way for electric forklifts that are powered by electricity. Rise in adoption of electric forklifts due to its benefits over internal combustion (IC) engines powered forklifts and increase in investments targeted at advancements in battery technology are poised to fuel growth of electric forklifts in the near future.



The U.S. Market is Estimated at $10.8 Billion in 2021, While China is Forecast to Reach $8.9 Billion by 2026


The Forklifts market in the U.S. is estimated at US$10.8 Billion in the year 2021. The country currently accounts for a 27.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$8.9 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR over the analysis period. The US and Europe represent the largest regional markets for forklifts. The encouraging scenario on the wholesale & retail distribution front coupled with anticipated robust demand for replacement of forklift trucks is expected to spiral demand for forklifts. Adoption of advanced technologies and Industry 4.0 initiative by the governments will create growth opportunities for forklifts market. Further, thriving e-commerce market and surging demand for battery operated forklift vehicles are expected to spur growth in the European market.

Retail & Wholesale (End-Use) Segment to Reach $18.5 Billion by 2026


Rapidly rising e-commerce and retail business, and reducing trade barriers between various regions across the world are significantly increasing number of warehouses, which require forklifts to properly arrange the products. The surging demand from warehouses is propelling growth in the forklifts market. In the global Retail & Wholesale (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 3.82% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.1 Billion in the year 2020 will reach a projected size of US$14.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period.

Select Competitors (Total 81 Featured) -

  • Anhui Heli Co., Ltd.
  • CLARK Material Handling Company (CMHC)
  • Combilift Ltd.
  • Crown Equipment Corporation
  • Godrej Material Handling
  • HANGCHA GROUP CO., LTD
  • Hyster-Yale Materials Handling, Inc.
  • Jungheinrich AG
  • KION Group AG
  • Komatsu Ltd.
  • Lonking Holdings Limited
  • Mitsubishi Logisnext Co., Ltd.
  • Toyota Industries Corporation
Frequently Asked Questions about the Global Market for Forklifts

What is the estimated value of the Global Market for Forklifts?

The Global Market for Forklifts was estimated to be valued at $37.9 Billion in 2020.

What is the growth rate of the Global Market for Forklifts?

The growth rate of the Global Market for Forklifts is 4.9%, with an estimated value of $50.5 Billion by 2026.

What is the forecasted size of the Global Market for Forklifts?

The Global Market for Forklifts is estimated to be worth $50.5 Billion by 2026.

Who are the key companies in the Global Market for Forklifts?

Key companies in the Global Market for Forklifts include Anhui Heli Co., Ltd., CLARK Material Handling Company (CMHC), Combilift Ltd., Crown Equipment Corporation, Godrej Material Handling, HANGCHA GROUP CO., LTD, Hyster, Yale Materials Handling, Inc. and KION Group AG.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Anhui Heli Co., Ltd.
  • Combilift Ltd.
  • Godrej Material Handling
  • HANGCHA GROUP CO., LTD
  • Jungheinrich AG
  • KION Group AG

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Proliferation of E-Commerce Solutions amidst COVID-19
  • Knock-On Effect of the Pandemic on Forklift Market
  • Global Forklifts Market Struggles with Supply Side Shocks
  • Flip Side of Material Handling Industry Explosion & Steep Demand for Forklifts
  • Material Handling Equipment (MHE): An Introduction
  • Forklift: Integral Part of MHE
  • Types of Forklifts
  • Counterbalanced Forklift
  • Warehousing Forklifts
  • Forklift by Fuel Types
  • Internal Combustion Engine (ICE)
  • Electric
  • Forklift by Tonnage Capacity
  • Less than 5 Ton
  • 5 Ton to 10 Ton
  • 11 Ton to 36 Ton
  • Classification by Forklift Classes
  • Key Strategies to Ensure Safe Use of Forklifts in Work Environments
  • Born Out of Necessity, Forklifts Surge Ahead on the e-Commerce Boom
  • Prominent Factors to Turbocharge Global Forklifts Market
  • Forklift Arena Keeps Buzzing with Latest Technological Trends
  • Developed Markets: Traditional Revenue Contributors
  • World Forklifts Market (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
  • Developing Countries Turbo Charge Future Market Growth
  • World Forklifts Market - Geographic Regions Ranked by Value CAGR for 2020-2027: China, Asia-Pacific, Latin America, Middle East, Africa, USA, Europe, Canada, and Japan
  • Internal Combustion Engine Forklifts Making Way for Electric Forklifts
  • World Forklifts Market by Power Source (2021 & 2027): Percentage Breakdown of Sales for Internal Combustion Engine (ICE), and Electric
  • Retail & Wholesale End-Use Segment to Maintain its Dominance
  • World Forklifts Market by End-Use (2021 & 2027): Percentage Breakdown of Sales for Retail & Wholesale, Logistics, Food & Beverage, Automotive, and Other End-Uses
  • Competitive Scenario
  • Recent Market Activity
  • Select Innovations
  • Forklifts – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Increasing Popularity of Fuel Cell-powered Forklifts to Drive Global Forklift Market
  • Myriad Benefits to Broaden Battery-operated Forklifts Application
  • Automated Forklifts Rise in Prominence
  • Electric Forklifts Gain Traction
  • Emphasis on Green Warehousing Steers Demand for Electric Forklifts
  • Electric Forklifts Experience Impressive Makeover with Sophisticated Technology
  • COVID-19 Glitches Hustle Forklift Users to Embrace Electric Versions
  • Forklift Tires Market: Characterized by Growing Demand for Solid and Non-Marking Tires
  • Lift Truck Become a Part of the Connected Enterprise Ecosystem
  • World Warehouse Management Systems (WMS) Market Revenues in US$ Million for Years 2015, 2017, 2019 and 2021
  • Forklifts Emerge as an Important Material Handling System for the Logistics and Shipping Industry
  • Global Logistics Market Revenues in US$ Billion for the Years 2019, 2021, 2023 and 2025
  • Third Party Logistics (3PL): Expanding in Industrial Manufacturing, Retail and Wholesale Sectors
  • Global 3PL Market Revenue Share by End-Use Sector (2021)
  • Expanding Retail Industry Generates Significant Opportunities
  • Global Retail Sector Revenue Share by Product Category (2021)
  • Transition of Material Handling Operations in Automobile Industry Augurs Well for Forklifts Market
  • How Automotive Industry Continues to be Impacted by the Pandemic & What’s the New Normal?
  • Global Automotive Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Global Production Capacity of the Automobile Industry (In Million Units) by Region for the Years 2017 and 2022
  • With Global E-Commerce Sales Skyrocketing, Growth in E-Commerce Warehouses Spurs Need for Forklifts
  • Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
  • Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
  • Leading Retail E-Commerce Countries Worldwide: Ranked by Sales in $ Billion for 2019E
  • Online Shopping Trend and Need to Improve Warehouse Efficiencies Drive Investments into Forklifts
  • Great Technological Strides for Lift Trucks Used in Cold Storage Warehouses
  • Safety Strategies for Operators to Minimize Forklift Accidents’ Risk in Warehouses
  • Anticipated Growth of Construction Sector to Present Favorable Outlook for Forklifts
  • Global Construction Equipment Market: Revenues in US$ Billion for the Years 2019, 2021, 2023 and 2025
  • Technological Advancements Accelerate Market Expansion
  • Technological Developments also Aim at Increasing Productivity
  • Key Challenges
  • Manufactures Face Challenges Producing Rough-Terrain Forklifts
  • Introduction of Robotic based Humanless Warehouse: A Threat to the Market
  • Rising Concerns over Forklift-related Safety Issues Restrain Market Growth
  • Regulatory Framework in the Forklift Sector
  • Percentage Breakdown of Number of Fatalities Attributed to Forklifts by Type of Accident in the US

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • An Overview of Material Handling Equipment Market
  • United States Material Handling Equipment Market Share Breakdown by Segment: 2021
  • North American Market Bears Severe Blow of COVID-19
  • Developing E-Commerce Industry Drives Growth in Automated Systems
  • E-Commerce Retail Sales in the US as % of Total Retail Sales (2015-2022)
  • Focus Heightens on Sustainable Solutions
  • Demand on Rise for Electric Forklifts
  • Competitive Landscape

CANADA

  • Market Overview
  • Material Handling Equipment Market in Canada: Percentage Share Breakdown of Sales by Segment for 2021

JAPAN

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Chinese Material Handling Equipment Market by Segment: Percentage Breakdown of Sales for 2021
  • Chinese Forklift Manufacturers Aim for Overseas Markets

EUROPE

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • European Material Handling Equipment Market Share Breakdown by Segment: 2021

FRANCE

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Market Overview
  • German Material Handling Equipment Market Share Breakdown by Segment: 2021

ITALY

  • Brief Market Overview
  • Italian Material Handling Equipment Market by Segment: Percentage Breakdown of Sales for 2021

UNITED KINGDOM

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Market Overview & Outlook
  • Asia-Pacific Material Handling Equipment Market Share Analysis by Segment: 2021
  • Competitive Scenario

AUSTRALIA

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Market Overview
  • Material Handling Equipment Market in India: Percentage Share Breakdown of Sales by Segment for 2021
  • Opportunities in Retailing
  • ‘Go Green’ is the Mantra
  • Competitive Scenario

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
  • An Overview
  • Latin American Material Handling Equipment Market by Segment: Percentage Breakdown of Sales for 2021

ARGENTINA

BRAZIL

  • Brazilian Material Handling Equipment Market Share Analysis by Segment: 2021

MEXICO

  • Overview of the Mexican Material Handling Equipment Industry
  • Mexican Material Handling Equipment Market Share Breakdown by Segment: 2021

REST OF LATIN AMERICA

MIDDLE EAST

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
  • Material Handling Equipment: Brief Industry Overview
  • Material Handling Equipment Market in the Middle East: Percentage Share Breakdown of Sales by Segment for 2021

AFRICA

  • Forklifts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 81
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Anhui Heli Co., Ltd.
  • CLARK Material Handling Company (CMHC)
  • Combilift Ltd.
  • Crown Equipment Corporation
  • Godrej Material Handling
  • HANGCHA GROUP CO., LTD
  • Hyster-Yale Materials Handling, Inc.
  • Jungheinrich AG
  • KION Group AG
  • Komatsu Ltd.
  • Lonking Holdings Limited
  • Mitsubishi Logisnext Co., Ltd.
  • Toyota Industries Corporation
Note: Product cover images may vary from those shown