Forklift Truck Market
Forklift Truck Market Forecasts to 2030 - Global Analysis By Type (Counterbalance Forklifts, Reach Trucks, Pallet Jacks, Order Pickers, Turret Trucks, Tow Tractors, Side Loaders, and Other Types), Fuel Type, Power Source, Tonnage Capacity, Class, Battery Type, End User and By Geography
According to Stratistics MRC, the Global Forklift Truck Market is accounted for $61.75 billion in 2024 and is expected to reach $106.44 billion by 2030 growing at a CAGR of 9.5% during the forecast period. A forklift truck is a powered industrial vehicle designed to lift, carry, and transport heavy materials over short distances. It features a pair of forks, which can be raised or lowered to lift pallets or other loads, and is commonly used in warehouses, factories, and construction sites. Forklifts come in various models, including electric, internal combustion, and hybrid versions, and can handle different load capacities and terrain types, making them essential for material handling and logistics operations.
According to the Indian Brand Equity Foundation (IBEF), India gained 125 million online shoppers between 2020 and 2023, with another 80 million online shoppers being expected by 2025.
Market Dynamics:
Driver:
Increasing demand for warehousing and logistics
The growing need for logistics and warehousing is a key factor propelling the forklift truck industry. The rapid growth of e-commerce, coupled with the globalization of supply chains, has created a need for efficient storage, handling, and distribution of goods. Forklifts are essential in warehouses and distribution centers for transporting goods, stacking inventory, and improving overall operational efficiency. As organizations scale up their logistics operations to meet consumer demand, there is a growing need for advanced forklifts capable of handling higher volumes and complex tasks.
Restraint:
Shortage of skilled operators
The shortage of skilled workers becomes a major barrier as enterprises grow and the need for effective material handling increases. This lack of skills results in operational inefficiencies, more downtime, and more accidents, all of which can jeopardize worker productivity and safety. The adoption of cutting-edge forklift technologies and automation solutions may also be delayed by enterprises' increased training expenses or difficulty hiring qualified operators. Furthermore, the absence limits the company's capacity to scale operations effectively, which ultimately hinders market expansion and the overall efficacy of supply chain operations.
Opportunity:
Increasing demand for electric forklift trucks
The demand for electric forklift trucks is steadily increasing in the market, fuelled by heightened environmental awareness and tighter government regulations on emissions. Electric forklifts are becoming more and more popular among businesses because they are more energy-efficient, cost less to operate, and have a less carbon impact than internal combustion ones. The performance and runtime of electric forklifts have been enhanced by advancements in battery technology, such as lithium-ion batteries, making them a competitive choice for a range of industrial applications. They further enhance their appeal and facilitate the market's gradual electrification due to their quieter operation and suitability for interior environments such as retail and warehouses.
Threat:
Supply chain disruptions
The availability of raw materials, such steel and electrical components, has fluctuated, which has caused manufacturing delays and escalated production costs. These problems are made worse by worldwide occurrences such as pandemics, geopolitical unrest, and traffic jams, which result in longer lead times and a shortage of inventory. Operations in sectors that depend on effective material handling are hampered by these disruptions, which also impact the prompt supply of forklift trucks to end customers. The supply chain is further strained by growing labor shortages and logistics expenses, which forces firms to reconsider their procurement plans and look into local sourcing alternatives.
Covid-19 Impact
The COVID-19 pandemic disrupted the forklift truck market through supply chain challenges, factory shutdowns, and reduced industrial operations, leading to a temporary drop in demand. However, the surge in e-commerce and heightened reliance on efficient warehouse operations provided a counterbalance, driving demand for forklifts in logistics. Companies also began investing in electric and automated forklift solutions to enhance efficiency. Despite early setbacks, the market has shown resilience, with recovery supported by increased focus on supply chain optimization and warehouse automation post-pandemic.
The pallet jacks segment is expected to be the largest during the forecast period
The pallet jacks segment is estimated to be the largest, driven by their cost-effectiveness, versatility, and ease of use. These manual or electric-powered trucks are essential for material handling in small warehouses, retail stores, and manufacturing units. Their ability to handle diverse load sizes and operate in confined spaces makes them highly attractive for businesses with limited budgets or less complex logistics needs. Additionally, the increasing focus on efficiency and productivity in supply chains further boosts the demand for pallet jacks in various industries.
The mining segment is expected to have the highest CAGR during the forecast period
The mining segment is anticipated to witness the highest CAGR during the forecast period, as efficient material handling is essential for operations in mines and processing plants. Forklifts are used to transport heavy equipment, materials, and supplies, improving productivity and safety in mining environments. The growing demand for minerals and the expansion of mining operations globally increase the need for robust forklifts capable of handling challenging terrains and harsh conditions.
Region with largest share:
Asia Pacific is expected to have the largest market share during the forecast period fueled by rapid industrialization, urbanization, and the growth of e-commerce and logistics sectors. Expanding manufacturing activities, particularly in countries like China and India, require efficient material handling solutions. The rise in demand for electric and automated forklifts, supported by environmental regulations and technological advancements, further boosts market growth. The region's expanding emphasis on supply chain efficiency, infrastructure development, and warehouse automation further contributes to the rising need for forklifts in various industries.
Region with highest CAGR:
During the forecast period, the North America region is anticipated to register the highest CAGR, owing to the booming e-commerce industry, which increases demand for efficient warehousing and logistics solutions. The region's strong manufacturing base, particularly in automotive and heavy industries, also contributes to the need for forklifts. Additionally, advancements in electric and automated forklifts, along with increasing environmental regulations, are pushing the market towards greener and more efficient solutions.
Key players in the market
Some of the key players profiled in the Forklift Truck Market include Toyota Industries Corporation, Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co., Ltd., Hyster-Yale Materials Handling, Inc., Doosan Industrial Vehicles, Komatsu Ltd., Clark Material Handling Company, Manitou Group, Nissan Forklift Corporation, Hyundai Construction Equipment, TCM Corporation, Still GmbH, SANY Group, Raymond Corporation, Unicarriers Corporation, Hangcha Group, Hyster Lift Trucks, and Balkancar.
Key Developments:
In November 2024, Toyota Material Handling launched a new line of electric and pneumatic forklifts. These forklifts are designed for both indoor and outdoor applications, offering lift capacities from 3,000 to 7,000 pounds, focusing on energy efficiency and safety features.
In March 2024, Kivnon introduced the K55 Pallet Stacker AGV (Automated Guided Vehicle) at the Advanced Factories Expo in Barcelona. This AGV can lift up to 1,200 kg and offers high-level performance through autonomous navigation
In May 2021, Jungheinrich AG unveiled the ERD 220i compact truck. This electric pallet truck integrates a lithium-ion battery for long operating hours and fast charging, offering superior productivity in warehouses.
Types Covered:
• Counterbalance Forklifts
• Reach Trucks
• Pallet Jacks
• Order Pickers
• Turret Trucks
• Tow Tractors
• Side Loaders
• Other Types
Fuel Types Covered:
• Diesel
• Battery-Electric
• Gasoline & LPG/CNG
• Other Fuel Types
Power Sources Covered:
• Internal Combustion Engine (ICE) Forklifts
• Electric Forklifts
• Hybrid Forklifts
Tonnage Capacities Covered:
• Below 5 Ton
• 5 Ton - 10 Ton
• 11 Ton - 36 Ton
• More Than 36 Ton
Classes Covered:
• Class I
• Class II
• Class III
• Class IV
• Class V
• Class VI
• Class VII
Battery Types Covered:
• Lead-Acid Batteries
• Lithium-Ion Batteries
End Users Covered:
• Warehousing and Logistics
• Construction
• Retail
• Automotive
• Manufacturing
• Agriculture
• Food & Beverages
• Mining
• Chemicals
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Forklift Truck Market, By Type
5.1 Introduction
5.2 Counterbalance Forklifts
5.3 Reach Trucks
5.4 Pallet Jacks
5.5 Order Pickers
5.6 Turret Trucks
5.7 Tow Tractors
5.8 Side Loaders
5.9 Other Types
6 Global Forklift Truck Market, By Fuel Type
6.1 Introduction
6.2 Diesel
6.3 Battery-Electric
6.4 Gasoline & LPG/CNG
6.5 Other Fuel Types
7 Global Forklift Truck Market, By Power Source
7.1 Introduction
7.2 Internal Combustion Engine (ICE) Forklifts
7.3 Electric Forklifts
7.4 Hybrid Forklifts
8 Global Forklift Truck Market, By Tonnage Capacity
8.1 Introduction
8.2 Below 5 Ton
8.3 5 Ton - 10 Ton
8.4 11 Ton - 36 Ton
8.5 More Than 36 Ton
9 Global Forklift Truck Market, By Class
9.1 Introduction
9.2 Class I
9.3 Class II
9.4 Class III
9.5 Class IV
9.6 Class V
9.7 Class VI
9.8 Class VII
10 Global Forklift Truck Market, By Battery Type
10.1 Introduction
10.2 Lead-Acid Batteries
10.3 Lithium-Ion Batteries
11 Global Forklift Truck Market, By End User
11.1 Introduction
11.2 Warehousing and Logistics
11.3 Construction
11.4 Retail
11.5 Automotive
11.6 Manufacturing
11.7 Agriculture
11.8 Food & Beverages
11.9 Mining
11.10 Chemicals
11.11 Other End Users
12 Global Forklift Truck Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Toyota Industries Corporation
14.2 Jungheinrich AG
14.3 Crown Equipment Corporation
14.4 Mitsubishi Logisnext Co., Ltd.
14.5 Hyster-Yale Materials Handling, Inc.
14.6 Doosan Industrial Vehicles
14.7 Komatsu Ltd.
14.8 Clark Material Handling Company
14.9 Manitou Group
14.10 Nissan Forklift Corporation
14.11 Hyundai Construction Equipment
14.12 TCM Corporation
14.13 Still GmbH
14.14 SANY Group
14.15 Raymond Corporation
14.16 Unicarriers Corporation
14.17 Hangcha Group
14.18 Hyster Lift Trucks
14.19 Balkancar
List of Tables
1 Global Forklift Truck Market Outlook, By Region (2022-2030) ($MN)
2 Global Forklift Truck Market Outlook, By Type (2022-2030) ($MN)
3 Global Forklift Truck Market Outlook, By Counterbalance Forklifts (2022-2030) ($MN)
4 Global Forklift Truck Market Outlook, By Reach Trucks (2022-2030) ($MN)
5 Global Forklift Truck Market Outlook, By Pallet Jacks (2022-2030) ($MN)
6 Global Forklift Truck Market Outlook, By Order Pickers (2022-2030) ($MN)
7 Global Forklift Truck Market Outlook, By Turret Trucks (2022-2030) ($MN)
8 Global Forklift Truck Market Outlook, By Tow Tractors (2022-2030) ($MN)
9 Global Forklift Truck Market Outlook, By Side Loaders (2022-2030) ($MN)
10 Global Forklift Truck Market Outlook, By Other Types (2022-2030) ($MN)
11 Global Forklift Truck Market Outlook, By Fuel Type (2022-2030) ($MN)
12 Global Forklift Truck Market Outlook, By Diesel (2022-2030) ($MN)
13 Global Forklift Truck Market Outlook, By Battery-Electric (2022-2030) ($MN)
14 Global Forklift Truck Market Outlook, By Gasoline & LPG/CNG (2022-2030) ($MN)
15 Global Forklift Truck Market Outlook, By Other Fuel Types (2022-2030) ($MN)
16 Global Forklift Truck Market Outlook, By Power Source (2022-2030) ($MN)
17 Global Forklift Truck Market Outlook, By Internal Combustion Engine (ICE) Forklifts (2022-2030) ($MN)
18 Global Forklift Truck Market Outlook, By Electric Forklifts (2022-2030) ($MN)
19 Global Forklift Truck Market Outlook, By Hybrid Forklifts (2022-2030) ($MN)
20 Global Forklift Truck Market Outlook, By Tonnage Capacity (2022-2030) ($MN)
21 Global Forklift Truck Market Outlook, By Below 5 Ton (2022-2030) ($MN)
22 Global Forklift Truck Market Outlook, By 5 Ton - 10 Ton (2022-2030) ($MN)
23 Global Forklift Truck Market Outlook, By 11 Ton - 36 Ton (2022-2030) ($MN)
24 Global Forklift Truck Market Outlook, By More Than 36 Ton (2022-2030) ($MN)
25 Global Forklift Truck Market Outlook, By Class (2022-2030) ($MN)
26 Global Forklift Truck Market Outlook, By Class I (2022-2030) ($MN)
27 Global Forklift Truck Market Outlook, By Class II (2022-2030) ($MN)
28 Global Forklift Truck Market Outlook, By Class III (2022-2030) ($MN)
29 Global Forklift Truck Market Outlook, By Class IV (2022-2030) ($MN)
30 Global Forklift Truck Market Outlook, By Class V (2022-2030) ($MN)
31 Global Forklift Truck Market Outlook, By Class VI (2022-2030) ($MN)
32 Global Forklift Truck Market Outlook, By Class VII (2022-2030) ($MN)
33 Global Forklift Truck Market Outlook, By Battery Type (2022-2030) ($MN)
34 Global Forklift Truck Market Outlook, By Lead-Acid Batteries (2022-2030) ($MN)
35 Global Forklift Truck Market Outlook, By Lithium-Ion Batteries (2022-2030) ($MN)
36 Global Forklift Truck Market Outlook, By End User (2022-2030) ($MN)
37 Global Forklift Truck Market Outlook, By Warehousing and Logistics (2022-2030) ($MN)
38 Global Forklift Truck Market Outlook, By Construction (2022-2030) ($MN)
39 Global Forklift Truck Market Outlook, By Retail (2022-2030) ($MN)
40 Global Forklift Truck Market Outlook, By Automotive (2022-2030) ($MN)
41 Global Forklift Truck Market Outlook, By Manufacturing (2022-2030) ($MN)
42 Global Forklift Truck Market Outlook, By Agriculture (2022-2030) ($MN)
43 Global Forklift Truck Market Outlook, By Food & Beverages (2022-2030) ($MN)
44 Global Forklift Truck Market Outlook, By Mining (2022-2030) ($MN)
45 Global Forklift Truck Market Outlook, By Chemicals (2022-2030) ($MN)
46 Global Forklift Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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