The forklift truck market is experiencing significant advancements driven by the latest methods and technologies, fostering growth across various industries. Innovations such as automation, IoT integration, and electric propulsion are enhancing efficiency and safety standards. These developments are not only improving operational workflows but also reducing environmental impact. With a focus on ergonomic designs and predictive maintenance capabilities, manufacturers are catering to evolving customer needs for enhanced productivity and sustainability. As demand rises globally, the forklift truck market continues to evolve, adapting to new challenges and opportunities in logistics and warehousing sectors.
Data Bridge Market Research analyses that the Global Forklift Truck Market size was valued at USD 67.75 million in 2022, is projected to reach USD 172.62 million by 2030, and is expected to undergo a CAGR of 12.35% during the forecast period of 2023 to 2030.
To know more about the study, visit: https://www.databridgemarketresearch.com/reports/global-forklift-truck-market
Below are the Top Five Forklift Truck Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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TOYOTA INDUSTRIES CORPORATION
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Toyota Industries is a global leader in the forklift truck market, renowned for its innovative designs and high-quality manufacturing. They offer a wide range of electric, internal combustion, and warehouse forklifts catering to diverse industrial needs. Toyota's emphasis on efficiency, safety, and sustainability has solidified its position as a top choice among businesses worldwide.
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U.S., Japan, Others
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In April 2020, Toyota Material Handling (TMH), the subsidiary of TOYOTA INDUSTRIES CORPORATION which is engaged in manufacturing and sales of automobiles, materials handling equipment and textile machinery launched two models of electric lift trucks. The new trucks have the capacity of 3,000- and 3,500-pound which will increase the uptime and productivity. This product launch has helped the company to increase their product offering in material handling equipment.
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2.
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KION GROUP AG
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As a leading provider of forklift trucks and warehouse equipment, KION Group AG excels in delivering advanced material handling solutions. Through its brands such as Linde and STILL, KION offers a comprehensive portfolio including electric and diesel forklifts, automated guided vehicles (AGVs), and warehouse management systems. KION Group's commitment to technological innovation and customer-centric solutions underscores its prominence in the global market.
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Middle East and Africa, America, Europe,
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In November 2019, KION GROUP AG engaged in providing industrial trucks, supply chain solutions, services and ware house technology opened material handling equipment facility in India. The demand for the forklift trucks is gradually increasing in Indian market which has helped the company to generate huge revenue globally.
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3.
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Jungheinrich AG
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Jungheinrich is recognized for its robust lineup of electric forklift trucks, reach trucks, and stackers designed for efficiency and sustainability. The company focuses on integrating advanced technology such as lithium-ion batteries and automation solutions into its products. Jungheinrich's dedication to ergonomic design and environmental responsibility reinforces its competitive edge in the forklift truck industry.
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Middle East and Africa, Europe, North America, South America, and Asia-Pacific
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In February 2020, Jungheinrich AG which is providing intralogistics products, systems and services for retail, food industry, construction, freight & logistics, chemical industry and others was awarded with iF Design Award for its ERC 216zi model forklift truck. The ERC 216zi is ultra-compact and extremely agile which can be used for narrow warehouse environments. This award will strengthen its brand value in the global forklift truck market.
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4.
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MITSUBISHI LOGISNEXT CO.,LTD.
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Formerly Mitsubishi Nichiyu Forklift Co., Ltd., Mitsubishi Logisnext continues its legacy of excellence in manufacturing electric and internal combustion forklifts. The company emphasizes reliability, performance, and safety across its product range, serving diverse sectors from logistics to manufacturing. Mitsubishi Logisnext's strategic partnerships and global presence further enhance its market position and customer satisfaction.
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U.S., Netherlands, Finland, Sweden Spain, China, Thailand, Singapore
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In June 2019, UniCarriers, the brand category of MITSUBISHI LOGISNEXT CO.,LTD., which is engaged in manufacturing of material handling equipment such as electric and engine-powered forklifts launched highly efficient order pickers and low level order picker. The new pickers have the capability of lifting capacities from 1,200 to 2,500 kilograms. This product launch has helped the company to strengthen its product portfolio.
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5.
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Crown Equipment Corporation
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Crown Equipment Corporation is renowned for its innovative approach to material handling equipment, including forklift trucks and automation technology. Specializing in electric forklifts and narrow-aisle reach trucks, Crown prioritizes productivity, operator comfort, and energy efficiency. Crown's focus on customization and responsive customer service distinguishes it as a preferred choice for businesses seeking tailored material handling solutions.
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Middle East and Africa, Europe, Asia-Pacific, North America
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In March 2020, Crown Equipment Corporation which designs, manufactures, distributes, services and supports material handling products launched small footprint LPG lift trucks – the C-G series cushion tire 3,000-4,000 lb. The new forklift truck can operate in limited space and it provides freely, efficiently and safely drives. The new product launch will help the company to strengthen its forklift category.
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Conclusion
The forklift truck market is poised for significant growth, driven by expanding industrial activities and the increasing need for efficient logistics operations globally. Key drivers such as rising e-commerce demands and advancements in technology are creating opportunities for enhanced automation and safety features in forklifts. As industries prioritize productivity and safety, the market offers promising avenues for innovation and market penetration. With a focus on sustainability and operational efficiency, stakeholders are such asly to capitalize on these trends, thereby shaping a dynamic future for the forklift truck industry amidst evolving industrial landscapes.
