Forklift Trucks Market Report by Product Type, Technology, Class, Application, and Region 2024-2032

The global forklift trucks market size reached US$ 65.3 billion in 2023. The market is projected to reach US$ 96.3 billion by 2032, exhibiting a growth rate (CAGR) of 4.41% during 2023-2032. The rising adoption of fuel-efficient vehicles, increasing number of warehouse establishments, and the burgeoning e-commerce sector represent some of the key factors driving the market.

Rising Adoption of Fuel-Efficient Vehicles Impelling Market Growth

The rising adoption of fuel-efficient vehicles currently represents one of the primary drivers resulting in the increasing sales of forklift trucks. Fuel-efficient vehicles comprise advanced technologies, such as hybrids, clean diesel engines, flexible-fuel ethanol vehicles, and turbocharged direct injection systems. In addition, key manufacturers are rapidly introducing modifications to engines and hydraulic systems to enhance the efficiency of vehicles.

Forklift Trucks Market Trends

At present, the rising adoption of forklift trucks in the construction industry for handling heavy materials, such as wood, steel, and mortar, represents one of the key factors supporting the growth of the market. Besides this, the growing demand for forklift trucks due to the increasing number of warehouse establishments across the globe is offering a positive market outlook. Additionally, there is a rise in the need for fuel-efficient vehicles among the masses around the world. This, coupled with the increasing demand for fuel-cell-powered or battery-powered electric forklift trucks to offer enhanced efficiency, is propelling the growth of the market. Apart from this, the rising demand for forklift trucks due to the thriving e-commerce industry worldwide is offering lucrative growth opportunities to industry investors. Moreover, the increasing utilization of forklift trucks in the distribution centers for laying and retrieving loads from storage racks and delivering components to assembly lines and positioning materials is positively influencing the market. In addition, the rising concern to reduce the carbon footprint in the environment worldwide is contributing to the growth of the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with numerous players in the forklift trucks industry. The volume of new entrants in the industry is moderate, as top players can pose a threat to emerging companies by acquiring small vendors in the market. In addition, the product differentiation is low as the product supplied by players generally remains the same.

• What are Forklift Trucks?

Forklift trucks, also known as fork trucks, refer to industrial machines comprised of the truck frame, counterweight, forklift, carriage, and hydraulic cylinders. They are usually operated by trained machinists and either powered by internal combustion engines (ICE) or electric batteries. They are cost-effective, user-friendly, powerful, easy to use and maintain, and assist in loading, unloading, and transporting goods and materials over short distances efficiently. Besides this, they aid in enhancing overall operational efficiency by performing multiple industrial and non-industrial tasks. As a result, forklift trucks are widely employed in the automotive, aerospace, transportation, manufacturing, and construction industries across the globe.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the forklift trucks industry and imposed unprecedented challenges on numerous countries. Due to the lockdown, many production plants shut down their manufacturing operations. There were disruptions in supply chains due to the shortage of raw materials across the globe. In addition, several restrictions from central and state authorities on borders and road movements have impacted the domestic supply chains for a short period of time. Warehouse and distribution activities of various goods have been impacted due to trade impediments. The rapid spread of the COVID-19 impacted the demand for forklift trucks from various industries and in return, posed a negative impact on the profit margin of forklift trucks. Apart from this, various construction projects have been canceled or delayed amid the pandemic. Many countries also have limited ocean shipments from severely impacted countries due to the outbreak. However, after the reopening of lockdown and various businesses, the demand for forklift trucks is increasing around the world.

Key Market Segmentation:

The report provides an analysis of the key trends in each sub-segment of the global forklift trucks market report, along with forecasts at the global, regional and country level from 2023-2032. The report has categorized the market based on product type, technology, class and application.

Product Type Insights:

• Counterbalanced Forklift Trucks
• Warehouse Forklift Trucks

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 report, counterbalanced forklift trucks represented the largest segment, as they have a counterweight design to distribute the weight of the load evenly. In addition, they are considered as a multi-purpose utility truck and aid in reducing carbon emissions.

Technology Insights:

• Electricity Powered
• Internal Combustion Engine Powered

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 as it has lower upfront cost compared to electric forklift trucks. In addition, they have a higher load capacity, which makes them capable of working in various environment.

Class Insights:

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

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, 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

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 as 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 impelling the market growth.

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

The 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. Some of the factors driving the Asia-Pacific forklift trucks market included the rising demand of forklift trucks due to the low manufacturing costs, rapid expansion of supply chain network, favorable government initiatives for the adoption of forklift trucks, replacement of traditional forklift trucks, etc.

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.

Key Questions Answered in This Report

1. What is the market size for the global forklift trucks market?
2. What is the global forklift trucks market growth?
3. What are the global forklift trucks market drivers?
4. What are the key industry trends in the global forklift trucks market?
5. What is the impact of COVID-19 on the global forklift trucks market?
6. What is the global forklift trucks market breakup by product type?
7. What is the global forklift trucks market breakup by technology?
8. What is the global forklift trucks market breakup by class?
9. What is the global forklift trucks market breakup by application?
10. What are the major regions in the global forklift trucks market?
11. Who are the key companies/players in the global forklift trucks market?