Forklift Market

The global Forklift Market is valued at USD 55.9 Billion in 2022 and is projected to reach a value of USD 97.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.2% between 2023 and 2030.

Premium Insights

Forklifts, essential in various industries such as logistics, construction, marine, and manufacturing, are witnessing a notable shift towards electric models. Over 60 percent of Forklifts purchased today are electric, reflecting a growing trend in the material handling sector. Moreover, recent technological advancements, including higher voltage, modern drive systems, and fast, high-frequency charging stations, have propelled electric Forklifts to outperform their internal combustion counterparts. These innovations contribute to improved performance and operational efficiency. Furthermore, the decision-making landscape for businesses is increasingly intricate, and electric Forklifts emerge as a strategic choice due to their demonstrable enhancements across key metrics, including cost savings, customer service, employee productivity, and sustainability. The data underscores this shift's impact: 65% of nationally purchased electric Forklifts. 75% of cost savings with electricity compared to propane fuel—40% reduction in maintenance costs with electric lift trucks. And 0% of emissions are produced by electric Forklifts.

• The surge in e-commerce and warehousing industries, infrastructure development, construction activities, and the rising need for material handling equipment across diverse sectors contribute to the growing demand for Forklift trucks.
• Asia Pacific accounted for the largest growth, with a revenue share of 48% in 2022.
• Europe is likely to lead the market in the coming years.
• Class 3 segment contributed to the largest market growth, i.e., more than 38% of the total revenue share in 2022.
• The electric segment revealed the most significant market growth and contributed more than 65% of the total revenue share in 2022.
• Based on Battery Type, the lithium-ion segment accounted for the potential market growth in 2022.
• Pneumatic tire Forklift is expected to have the major market share during the forecast period.
• Manual Forklifts acquired extreme revenue share in the global Forklift market in 2022.

Top Market Trends

1. The Forklift truck industry is experiencing a notable transformation driven by technological advancements. A shift towards electric and hybrid trucks is evident, leveraging improved energy efficiency, environmental friendliness, and reduced maintenance costs. Furthermore, the integration of automation and robotics is enhancing the efficiency and safety of Forklift trucks, marking a significant trend in the industry.
2. The burgeoning e-commerce sector is a key driver influencing market trends. The demand for efficient warehousing and logistics solutions is rising, directly impacting the need for Forklift trucks. The surge in online shopping and the push for same-day delivery services are intensifying the requirement for rapid and reliable material handling equipment, shaping market dynamics.
3. In response to consumer preferences and societal expectations, sustainability is becoming a prominent factor shaping business strategies. Brands and products that prioritize environmental and social responsibility are gaining traction. This trend influences the Forklift industry, prompting companies to embed sustainability within their strategic plans, thus contributing to a broader shift towards eco-friendly practices.
4. A distinct shift in procurement strategies is witnessed, with many companies opting for Forklift truck rentals and leasing instead of outright purchases. This trend is motivated by the desire for flexibility and cost-effectiveness. Renting or leasing provides companies access to the necessary equipment without requiring significant capital investment, aligning with evolving business needs.

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Economic Insights

In the preceding three years, the Forklift industry, integral to the functioning of the supply chain, has faced notable struggles in acquiring the necessary equipment. Global disruptions in manufacturing and distribution networks, propelled by strict lockdown measures, have impeded the production of vital Forklift components, resulting in shortages. Travel restrictions, including border closures and reduced flight schedules, have further complicated the situation, limiting the movement of goods essential for Forklift production. The surge in demand for specific products, especially personal protective equipment (PPE), medical supplies, and essential goods, has intensified the strain on the Forklift industry. The resulting imbalances in the supply chain make it increasingly difficult for companies to procure the necessary Forklift equipment to meet heightened requirements, reflecting the broader economic impact of disruptions in global trade and manufacturing networks.

Market Segmentation

The Global Forklift Market is segregated into the below-mentioned segments as:

The global Forklift market can be categorized into Class, Propulsion, Tonnage Capacity, Operation, Industry, Battery Type, Product Type, Tire Type, Region. The Forklift market can be categorized into Class 1, Class 2, Class 3, Class 4/5 based on Class. The Forklift market can be categorized into Internal Combustion Engine (ICE), Electric based on Propulsion. The Forklift market can be categorized into Below 5 Tons, 5-10 Tons, 11-36 Tons, Above 36 Tons based on Tonnage Capacity. The Forklift market can be categorized into Manual, Autonomous based on Operation. The Forklift market can be categorized into 3PL, Food & Beverage, Automotive, Metals & Heavy Machinery, Paper & Pulp, Semiconductors & Electronics, E-Commerce, Aviation, Healthcare, Chemicals, Other Industries based on Industry. The Forklift market can be categorized into Li-ion, Lead Acid based on Battery Type. The Forklift market can be categorized into Warehouse, Counterbalance based on Product Type. The Forklift market can be categorized into Cushion, Pneumatic based on Tire Type. The Forklift market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Class

Class 3 Projected to Lead with the Maximum Market Share

In 2022, the class 3 segment dominated the market. Class 3 Forklifts encompass electric motor-powered pallet jacks and walkie stackers, and their prevailing market position can be attributed to various factors. The popularity of electric Forklifts has risen significantly due to their environmental advantages and lower operational expenses compared to their internal combustion engine counterparts. The rising emphasis on sustainability and reducing carbon emissions has driven demand for electric Forklifts.

Based on Propulsion

The Electric Segment is Expected to Dominate the Market in the Projected Timeline

The electric segment is expected to experience the greatest market growth during the forecast period. The escalating focus on sustainability and the imperative to reduce carbon emissions have fuelled the demand for material-handling equipment powered by electricity. Electric Forklifts contribute to environmental well-being by eliminating exhaust emissions and mitigating noise pollution. Technological advancements in battery technology have notably enhanced the performance and efficiency of electric Forklifts, extending their operating hours and facilitating quicker charging times.

Based on the Battery Type

Li-ion Segment to Grow with the Highest Market Share in Forecast Period

In 2022, the li-ion segment is expected to dominate the market. The expansion is credited to the integrated features of the battery type, which include maximizing productivity and lifespan. Additionally, lithium-ion batteries are employed to serve as a backup power source for data centers, commercial buildings, and institutions.

Based on Tire Type

Pneumatic Segment Expected to Dominate the Market

The pneumatic segment will see significant market growth in the forecast period. This surge in growth is directly linked to the escalating demand witnessed in the automotive industry, where there is a notable increase in the need for various products and services. Additionally, the heightened levels of government spending further propelled the upward trajectory.

Based on Region

Asia Pacific to Lead the Global Market Expansion in the Projected Period

In 2022, the Asia Pacific region exhibited substantial market expansion, positioning itself for dominance in the forecast period. This is mainly fueled by a rising demand for cutting-edge material handling equipment in key sectors such as construction, mining, and food and beverage. The region's growth is amplified by the prevalent integration of technologically advanced vehicles, playing a pivotal role in the overall amplification of the truck industry. Asia Pacific's supremacy, notably in China, is supported by the abundance of local Forklift manufacturers, solidifying China's leadership in lift truck revenue and volume.

Competitive Landscape

The Forklift market is undergoing significant transformations, reflecting a dynamic and competitive landscape driven by evolving industry trends and technological advancements. As businesses strive for operational excellence and sustainability, key players in the Forklift market strategically position themselves to meet the demands of diverse industries.

The key players in the global Forklift market include - Mitsubishi Logisnext Co. Ltd. (Japan), KION Group AG (Germany), Toyota Material Handling (U.S.), Jungheinrich AG (Germany), Crown Equipment Corporation (U.S.), Hyster-Yale Materials Handling Inc. (U.S.), Komatsu Ltd. (Japan), Hangcha Forklift (China), Doosan Corporation (South Korea), Clark Construction (U.S.) among others.

Recent Market Developments

• In November 2023, the KION Group introduced its fuel cell systems designed for use in its industrial trucks. The international intralogistics has created a 24-volt system tailored for warehouse trucks, capable of producing up to 5,000 fuel cell systems annually at its new production line in the Hamburg plant. A substantial investment of over €11 million is being made to advance this technology. Additionally, plans will expand the fuel cell portfolio by including a 48-volt system in the coming years.
• In August 2023, Mitsubishi Logisnext Americas (Logisnext), a prominent global manufacturer and supplier of material handling, automation, and fleet solutions, marked the commencement of construction for its new manufacturing plant in Houston, Texas. This advanced facility is designed to enhance production capabilities, meeting the rising demand for electric lift trucks and warehouse products.
• In May 2023, Toyota Material Handling (TMH), a pioneer in material handling advancements, is introducing three new electric Forklift models, expanding its extensive range of material handling products and solutions. The latest electric product release includes a Side-Entry End Rider, a Center Rider Stacker, and an Industrial Tow Tractor. These additions provide customers with enhanced efficiency, versatility, and top-notch performance, emphasizing operator comfort as part of the company's commitment to delivering industry-leading solutions.

Segmentation of the Global Forklift Market