Forklift Truck Global Market Opportunities And Strategies To 2034

This report describes and explains the forklift truck market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global forklift truck market reached a value of nearly $68.52 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.56% since 2019. The market is expected to grow from $68.52 billion in 2024 to $97.8 billion in 2029 at a rate of 7.38%. The market is then expected to grow at a CAGR of 7.36% from 2029 and reach $139.47 billion in 2034.

Growth in the historic period resulted from expansion in number of warehouses, growth in cross-border trade and ports, favorable government initiatives and rising adoption of forklifts in automotive manufacturing and supply chain. Factors that negatively affected growth in the historic period were the high initial investment costs and shortage of skilled operators.

Going forward, the rapid growth in the construction industry, increasing industrial automation, growing cold chain and food logistics and growing logistics and e-commerce sector will drive growth. Factors that could hinder the growth of the forklift truck market in the future include were high maintenance and operating costs, battery limitations in electric forklifts and trade war and tariffs.

The forklift truck market is segmented by product type into counterbalance and warehouse. The counterbalance market was the largest segment of the forklift truck market segmented by product type, accounting for 67.78% or $46.44 billion of the total in 2024. Going forward, the warehouse segment is expected to be the fastest growing segment in the forklift truck market segmented by product type, at a CAGR of 7.81% during 2024-2029.

The forklift truck market is segmented by technology into electric power and internal combustion engine. The electric power market was the largest segment of the forklift truck market segmented by technology, accounting for 72.85% or $49.92 billion of the total in 2024. Going forward, the electric power segment is expected to be the fastest growing segment in the forklift truck market segmented by technology, at a CAGR of 8.16% during 2024-2029.

The forklift truck market is segmented by class into class I, class II, class III, class IV and class V. The class III market was the largest segment of the forklift truck market segmented by class, accounting for 35.30% or $24.19 billion of the total in 2024. Going forward, the class I segment is expected to be the fastest growing segment in the forklift truck market segmented by class, at a CAGR of 9.51% during 2024-2029.

The forklift truck market is segmented by end user into retail and wholesale, logistics, automotive, food industry and other end users. The retail and wholesale market was the largest segment of the forklift truck market segmented by end user, accounting for 27.50% or $18.84 billion of the total in 2024. Going forward, the logistics segment is expected to be the fastest growing segment in the forklift truck market segmented by end user, at a CAGR of 9.72% during 2024-2029.

Asia Pacific was the largest region in the forklift truck market, accounting for 40.04% or $27.43 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the forklift truck market will be North America and Eastern Europe where growth will be at CAGRs of 7.88% and 7.49% respectively. These will be followed by Western Europe and Asia Pacific where the markets are expected to grow at CAGRs of 7.46% and 7.10% respectively.

The global forklift truck market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 34.53% of the total market in 2024. Toyota Industries Corporation (TICO) was the largest competitor with a 7.47% share of the market, followed by Kion Group AG with 6.11%, Hyster-Yale Materials Handling Inc. with 6.00%, Jungheinrich AG with 3.88%, Crown Equipment Corporation with 3.25%, Mitsubishi Logisnext (Logisnext Group) with 2.42%, Doosan Corp. with 1.83%, Anhui HELI Co. Ltd. with 1.82%, LiuGong Machinery Corporation with 0.91% and Hangcha Group Co. Ltd. with 0.84%.

The top opportunities in the forklift truck market segmented by product type will arise in the counterbalance segment, which will gain $19.2 billion of global annual sales by 2029. The top opportunities in the forklift truck market segmented by technology will arise in the electric power segment, which will gain $23.97 billion of global annual sales by 2029. The top opportunities in the forklift truck market segmented by class will arise in the class III segment, which will gain $11.94 billion of global annual sales by 2029. The top opportunities in the forklift truck market segmented by end user will arise in the logistics segment, which will gain $9.7 billion of global annual sales by 2029. The forklift truck market size will gain the most in the USA at $7.01 billion.

Market-trend-based strategies for the forklift truck market include developing innovative products such as forklift middle-seat to differentiate product offerings and address evolving customer requirements in logistics and warehousing, developing innovative products such as electric forklifts to enhance energy efficiency, reduce carbon emissions and meet the growing demand for sustainable material handling solutions, launching electric pallet trucks that boost operational efficiency, prioritizing innovation by introducing heavy-duty models designed to handle larger loads and prioritizing innovation by introducing compact lithium-ion forklifts to enhance energy efficiency.

Player-adopted strategies in the forklift truck market include focus on strengthening its business operations through strategic partnerships and focus on new launches to develop its business expertise and expanding its operational capabilities.

To take advantage of the opportunities, the analyst recommends the forklift truck market companies to focus on building advanced recycling facilities to improve efficiency and sustainability, focus on developing integrated e-waste management solutions to enhance efficiency and sustainability, focus on investing in home recycling pilot programs to improve segregation and consumer engagement, focus on other types for rapid growth in Forklift Truck, focus on disposal services for faster market growth in waste recycling, expand in emerging markets, focus on forming strategic partnerships to advance recycling capabilities and compliance, provide competitively priced offerings, focus on tailoring promotional content to industry needs, focus on building partnerships with industry influencers and focus on strengthening workforce expertise across key applications.

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