The forklift truck market boasts a range of features that enhance material handling in industries. Electric forklifts offer eco-friendliness and low noise levels. Internal combustion forklifts are prized for their power and versatility. Narrow-aisle forklifts optimize warehouse space. Rough-terrain forklifts excel in outdoor environments. Among these, electric forklifts, particularly lithium-ion battery-powered ones, are a dominating segment. They align with sustainability goals, reduce operating costs, and provide efficient performance, making them increasingly popular in various industries worldwide.
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Data Bridge Market Research analyses that the Global Forklift Truck Market which was USD 67.75 million in 2022, is expected to reach USD 172.62 million by 2030, and is expected to undergo a CAGR of 12.35% during the forecast period of 2023-2030. Forklifts play a pivotal role in enhancing workplace safety by efficiently and securely moving heavy materials. Their adoption spans across industries, reducing manual labor risks and improving overall productivity.
Key Findings of the Study
E-commerce growth is expected to drive the market's growth rate
The exponential growth of online shopping has led to an intensified need for efficient warehousing and logistics operations. Forklift trucks have become essential tools in these environments, facilitating the rapid movement of goods within warehouses and distribution centers. This surge in demand is driven by the urgency to meet customer expectations for speedy deliveries, making forklift trucks a crucial component in the e-commerce supply chain and contributing to their increased sales.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Warehouse and Counterbalance), Class (Class I: Electric Motor Rider Trucks, Class II: Electric Motor Narrow Aisle Trucks, Class III: Electric Motor Pedestrian Trucks, Class IV: Internal Combustion Engine Trucks; Class V: Internal Combustion Engine Trucks, Class VI: Electric And Internal Combustion Engine Tractors, and Class VII: Rough Terrain Forklift Trucks), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Tonnage (Below 5 Ton, 5 To 10 Ton, 11 To 36 Ton, 36 Ton, And Above), Industry (Construction, Freight And Logistic, Food Industry, Retail, Chemical, Paper And Wood, And Other)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Jungheinrich AG (Germany), Hyster-Yale Group, Inc (U.S.), KION GROUP AG (Germany), Lift Technologies, Inc (U.S.), Crown Equipment Corporation (U.S.), Toyota Industries Corporation (Japan), Mitsubishi Logisnext Co., Ltd (Japan), Godrej & Boyce Manufacturing (India), Godrej & Boyce Manufacturing (India), Komatsu Ltd. (Japan), Anhui Forklift Truck (China) and Hyundai Heavy Industries (South Korea)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global forklift truck market is segmented on the basis of product type, fuel type, tonnage, class and industry.
- On the basis of product type, the global forklift truck market is segmented into warehouse and counterbalance.
- On the basis of fuel type, the global forklift truck market is segmented into diesel, gasoline and LPG/CNG, and electric/hybrid), engine type (internal combustion (IC) engine power and electric power
- On the basis of tonnage, the global forklift truck market is segmented into below 5 ton, 5 to 10 ton, 11 to 36 ton, 36 ton, and above.
- On the basis of class, the global forklift truck market is segmented into class I: electric motor rider trucks, class II: electric motor narrow aisle trucks, class III: electric motor pedestrian trucks, class IV: internal combustion engine trucks; class V: internal combustion engine trucks, class VI: electric and internal combustion engine tractors, and class VII: rough terrain forklift trucks
- On the basis of industry, the global forklift truck market is segmented into construction, freight and logistic, food industry, retail, chemical, paper and wood, and other.
Major Players
Data Bridge Market Research recognizes the following companies as the global forklift truck market players in global forklift truck market are Jungheinrich AG (Germany), Hyster-Yale Group, Inc (U.S.), KION GROUP AG (Germany), Lift Technologies, Inc (U.S.), Crown Equipment Corporation (U.S.), Toyota Industries Corporation (Japan), Mitsubishi Logisnext Co., Ltd (Japan), Godrej & Boyce Manufacturing (India), Godrej & Boyce Manufacturing (India), Komatsu Ltd. (Japan).
Market Developments
- In December 2021, Wolter Group LLC made a strategic move by acquiring A D Lift Truck, thereby expanding its product portfolio to include electric forklifts. This acquisition not only broadened Wolter Group's market presence but also strengthened its offerings in the electric forklift segment. It has allowed the company to meet the growing demand for eco-friendly material handling solutions, contributing to its market development and ensuring a more comprehensive range of solutions for customers.
- In June 2020, Hyster-Yale Materials Handling, Inc. acquired a significant stake (75 percent) in Zhejiang Maximal Forklift Co., Ltd. This strategic acquisition has enabled Hyster to enhance its material handling equipment portfolio. By integrating the expertise and resources of Zhejiang Maximal Forklift, Hyster has expanded its product offerings and strengthened its position in the competitive material handling market, providing customers with a broader range of solutions and reinforcing its commitment to innovation and excellence.
Regional Analysis
Geographically, the countries covered in the global forklift truck market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is expected to hold the largest share global forklift truck market during the forecast period 2023 - 2030
North America is poised to hold the largest share of the forklift truck market due to the region's robust consumer spending capacity. The demand for forklift trucks has surged as industries invest in smart and efficient material handling processes to meet consumer expectations. This increased spending power, combined with a focus on productivity and innovation, positions North America as a key driver in the forklift truck market's growth as it adapts to the evolving demands of modern supply chains.
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