Global Forklift Market

Forklift Market Size, Share, Growth Analysis, By Class(Class 1, Class 2, Class 3, Class ⅘), By Power(Internal Combustion Engine, Electric) - Industry Forecast 2024-2031


Report ID: SQMIG20G2021 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 71

Forklift Market Insights

Forklift Market was valued at USD 54.79 billion in 2021, and is expected to rise from USD 58.9 billion in 2022 to reach a value of USD 105.05 billion by 2030, at a CAGR of 7.50% during the forecast period 2023-2030.

Increased warehouse usage and a requirement for effective supply chain management in those facilities are both results of the booming e-commerce sector. Additionally, warehouse owners put a lot of effort into boosting productivity both within the warehouse and in the operational plants as well as raising transparency and reducing operating costs. These factors are predicted to enhance demand for forklifts like stand-up riders and narrow-aisle forklifts, which provide high operating precision and better navigation in narrow aisles, levels, and mezzanines. This market is projected to witness notable expansion owing to the rise in popularity of electric forklifts and their rising ubiquity among chemical producers and operators of recycling facilities. Additionally, the expanding e-commerce market on a global scale, and the changes in warehouse operations over the past several years, have raised the demand for forklifts to handle big loads and manoeuvres in small, constrained locations. Globally increasing construction projects are also boosting the demand for forklifts that can handle difficult terrain and vast distances of hauling big building materials.

US Forklift Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 54.79 billion

Largest Segment

Electric

Fastest Growth

Internal Combustion Engine

Growth Rate

7.50% CAGR

Global Forklift Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Forklift Market Size by Power ($ Bn)
Global Forklift Market Size by Power (%)

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Forklift Market Segmental Analysis

The Global forklift market is segmented into class and power. By class it is segmented into Class 1, Class 2, Class 3, Class ⅘. On the basis of power, the market is bifurcated into internal combustion engines, and electric.

Forklift Market Analysis by class

The forklift market witnessed largest sales were led by the class 3 segment, which had a revenue share of more than 39.0% in 2021. The class 3 segment is anticipated to continue dominating the market. Pallet jacks and electric warehouse pedestrian trucks are examples of class 3 forklifts. Over the forecast period, the class 1 category is anticipated to experience notable expansion. This is owing to the significant demand for electric rider trucks across end-use industries such as factories, foodservice, retail, and manufacturing. Additionally, the desire for electric rider trucks is being fuelled by their ability to fit in small locations and provide fast operating speeds.

Forklift Market Analysis by Power

In 2021, the electric category held the highest share at about 66.2%. Electricity is a more environmentally friendly forklift power source than gasoline and diesel. In addition, when compared to vehicles built around international combustion engines, electric vehicles require less maintenance. Due to strict environmental restrictions in developed countries, the internal combustion category is predicted to experience moderate development during the projection period. The governments of developed and developing nations are enacting a variety of restrictions to lessen the environmental impact of carbon emissions, which is motivating OEMs and factory owners to switch to gas or electric-powered vehicles.

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Forklift Market Regional Insights

Geographically, the global forklift market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). In 2021, Asia Pacific held a dominating share of 45.0%. The growth of this regional market is attributed to the rise in connections between manufacturers and their rise in investments on factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. With the recently released products hydrostatic drive technology, the forklift can shuttle constantly, increasing uptime and lowering maintenance costs.

On the other side, a substantial portion of the global market's share is anticipated to come from the Europe region because of the continent's fast urbanization and the growing demand from chemical and food producers. The demand for forklifts is also being driven by growing construction activities in nations such as the U.K., Germany, and France for usage in tasks like unloading pallets, steel joints, and building supplies.

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Forklift Market Dynamics

Forklift Market Driver

Rise in E-commerce Industry to Bolster Demand

  • The expansion of the global forklift industry can be linked to the booming global e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places.
  • Rise in the number of construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction goods across long distances, thereby promoting market growth.

Forklift Market Restraints

After-effects of COVID19 Pandemic on Manufacturing Activities to Hamper Growth

  • The market may face challenges in terms of the implementation of strict emission standards imposed on manufacturing facilities.
  • Construction, manufacturing, and warehouse operations were all badly impacted by the COVID-19 outbreak. Manufacturing activity unexpectedly declined as a result of the quick spread of COVID-19 infections and the imposition of stringent lockdown restrictions worldwide.

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Forklift Market Competitive Landscape

The development of new products and strategic partnerships such as merger and acquisition, collaboration, and joint venture agreements among market competitors to improve their services, are the main drivers of the worldwide forklift market. Hyster-Yale Materials Handling was able to grow its regional footprint in the utilities & standards industry, particularly in China, thanks to the acquisition.

Forklift Market Top Player's Company Profiles

  • Anhui Heli Co., Ltd.
  • CLARK
  • Lonking Machinery Co.Ltd.
  • Hangcha
  • Hyster-Yale Materials Handling, Inc.
  • EP Equipment
  • Jungheinrich AG
  • KION Group AG
  • Komatsu Ltd.
  • Hangcha
  • Mitsubishi Logisnext Co., Ltd.
  • Toyota Material Handling

Forklift Key Market Trends

  • Warehouse owners prioritise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to witness an increase in demand.
  • The booming e-commerce sector is driving up the demand for warehouse space and the need for effective supply chain management.

Forklift Market SkyQuest Analysis

SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research

According to our global forklift market analysis, the demand for forklifts is driven by growing security and safety concerns for personnel who transport and lift big products. Additionally, the growth of e-commerce shopping platforms increased the size of the inventories held by market participants, which fuelled the market's expansion. The expansion of e-commerce companies' distribution centres and warehouses has increased the demand for cutting-edge equipment for loading and transporting bulky goods, which has increased market income. Forklifts are being extensively used by e-commerce and third-party logistics (3PL) companies in their warehouses and distribution centres to facilitate simple product handling and quick client delivery.

Report Metric Details
Market size value in 2023 USD 54.79 billion
Market size value in 2031 USD 105.05 billion
Growth Rate 7.50%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Class
    • Class 1, Class 2, Class 3, Class ⅘
  • Power
    • Internal Combustion Engine, Electric
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Anhui Heli Co., Ltd.
  • CLARK
  • Lonking Machinery Co.Ltd.
  • Hangcha
  • Hyster-Yale Materials Handling, Inc.
  • EP Equipment
  • Jungheinrich AG
  • KION Group AG
  • Komatsu Ltd.
  • Hangcha
  • Mitsubishi Logisnext Co., Ltd.
  • Toyota Material Handling
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Forklift Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Forklift Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Forklift Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Forklift Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Forklift Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Forklift Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Forklift Market was valued at USD 54.79 billion in 2021, and is expected to rise from USD 58.9 billion in 2022 to reach a value of USD 105.05 billion by 2030, at a CAGR of 7.50% during the forecast period 2023-2030.

The development of new products and strategic partnerships such as merger and acquisition, collaboration, and joint venture agreements among market competitors to improve their services, are the main drivers of the worldwide forklift market. Hyster-Yale Materials Handling was able to grow its regional footprint in the utilities & standards industry, particularly in China, thanks to the acquisition. 'Anhui Heli Co., Ltd.', 'Toyota Industries Corporation', 'CLARK', 'Kion Group AG', 'Crown Equipment Corporation', 'Doosan Corporation', 'Lonking Machinery Co.Ltd.', 'Hangcha', 'Hyster-Yale Materials Handling, Inc.', 'EP Equipment', 'Jungheinrich AG', 'KION Group AG', 'Komatsu Ltd.', 'Hangcha', 'Mitsubishi Logisnext Co., Ltd.', 'Toyota Material Handling'

The expansion of the forklift industry can be linked to the booming e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places.

Warehouse owners prioritise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to witness an increase in demand.

Geographically, the forklift market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). In 2021, Asia Pacific held a dominating share of 45.0%. The growth of this regional market is attributed to the rise in connections between manufacturers and their rise in investments on factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. With the recently released products hydrostatic drive technology, the forklift can shuttle constantly, increasing uptime and lowering maintenance costs.

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Global Forklift Market

Product ID: SQMIG20G2021

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