Overview and Scope
A forklift truck refers to a powered industrial truck that consists of a small truck frame with a front-facing assembly for lifting and carrying the load. These trucks are used to lift and move objects over short distances. Forklifts are available in different specifications as per their weight carrying capacity and the requirements of the place of use, and may or may not require a driver for them to be operated.
Sizing and Forecast
The forklift truck market size has grown rapidly in recent years. It will grow from $63.29 billion in 2023 to $69.73 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to growth in the manufacturing and construction industries, expansion of warehouse and logistics operations, adoption of forklift trucks for material handling, advances in forklift technology, including electric and fuel-efficient models, increased demand for e-commerce.
The forklift truck market size is expected to see rapid growth in the next few years. It will grow to $106.48 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to surge in demand for electric forklift trucks for environmental sustainability, integration of iot and telematics for enhanced forklift fleet management, growth in the e-commerce industry, with a focus on automated material handling, adoption of hydrogen fuel cell technology in forklifts for cleaner energy, expansion of construction and infrastructure projects. Major trends in the forecast period include development of autonomous and robotic forklifts, emphasis on ergonomic designs, use of lithium-ion batteries for electric forklifts, customization of forklifts for specific industry applications and tasks, integration of predictive maintenance technologies.
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Segmentation & Regional Insights
The forklift truck market covered in this report is segmented –
1) By Product Type: Counterbalance, Warehouse
2) By Technology: Electric Power, Internal Combustion Engine
3) By Class: Class I, Class II, Class III, Class IV, Class V
4) By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
Asia-Pacific was the largest region in the forklift truck market in 2023. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the forklift truck market going forward. Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction. These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the growing construction industry is driving the growth of the forklift truck market.
Key Industry Players
Major companies operating in the forklift truck market report are Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, EP Equipment Co. Ltd., Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda
The forklift truck market report table of contents includes:
1. Executive Summary
- Forklift Truck Market Characteristics
- Forklift Truck Market Trends And Strategies
- Forklift Truck Market – Macro Economic Scenario
- Global Forklift Truck Market Size and Growth
- Forklift Truck Market Segmentation
- Forklift Truck Market Regional And Country Analysis
……………….
- Key Mergers And Acquisitions In The Forklift Truck Market
- Forklift Truck Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Forklift Truck Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Forklift Truck Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Forklift Truck Market, Segmentation By Class, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………………
Table 75: Anhui HELI Co. Ltd. Financial Performance
Table 76: Crown Equipment Corporation Financial Performance
Table 77: Godrej & Boyce Mfg. Co. Ltd. Financial Performance
Table 78: Hangcha Group Co. Ltd. Financial Performance
Table 79: Hyster-Yale Materials Handling Inc. Financial Performance
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