The Forklift Truck by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Forklift Truck , 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.
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.
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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
New product innovations have emerged as the key trend gaining popularity in the forklift truck market. Major companies operating in the forklift truck sector are focused on developing new technological advancements to increase their market share. For instance, in April 2021, Godrej & Boyce (G&B), an India-based conglomerate, launched the latest Uno electric forklift truck, which offers notable advantages in the electric forklift category. It delivers a 30% increase in throughput with faster travel and lifting speeds, prioritizes operator comfort during prolonged and demanding operations, features reliable indigenous AC motor technology, boasts robust construction for durability in challenging conditions, and ensures uninterrupted performance even in tropical climates thanks to an advanced electronic control system.
The forklift truck market report table of contents includes:
1. Executive Summary
2. Forklift Truck Market Characteristics
3. Forklift Truck Market Trends And Strategies
4. Forklift Truck Market – Macro Economic Scenario
5. Global Forklift Truck Market Size and Growth
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26. South America Forklift Truck Market
27. Brazil Forklift Truck Market
28. Middle East Forklift Truck Market
29. Africa Forklift Truck Market
30. Forklift Truck Market Competitive Landscape And Company Profiles
Top Major Players:
- Anhui HELI Co. Ltd.
- Crown Equipment Corporation
- Godrej & Boyce Mfg. Co. Ltd
- Hangcha Group Co. Ltd
- Hyster-Yale Materials Handling Inc
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