Global Forklift Truck Market – Industry Trends and Forecast to 2030

Global Forklift Truck Market, By 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), Lifting Capacity ( 36 ton), End-Use Industry (Retail and Wholesale, Transportation and Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries) – Industry Trends and Forecast to 2030.

Forklift Truck Market Analysis and Size

Forklift trucks have been deployed for lifting and transferring heavy materials, such as crates, container goods, and other components, over a short distance. These heavy-duty electric lift trucks are ideal for warehousing operations, recycling operations and dockyards to perform numerous functions.                                

Data Bridge Market Research analyses that the global forklift truck market which was USD 67.75 million in 2022, would rocket up to USD 172.62 million by 2030, and is expected to undergo a CAGR of 12.35% during the forecast period. This indicates that the market value. “Class III” Electric Motor Pedestrian Trucks account for the largest application segment in the respective market owing to the high demand in warehouses and distribution centers. 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.

Forklift Truck Market Scope and Segmentation

Market Definition

A forklift truck refers to an industrial machine that incorporates two horizontal prongs for loading and transporting goods and materials. The machine is usually operated by a trained machinist. This truck is powered by electric batteries or combustion engines.

Forklift Truck Market Dynamics

Drivers

• Expansion of Construction Industry

The rise in the construction industry along with the swift industrialization is one of the major factors driving the growth of forklift truck market. These trucks are popular for being powerful, user-friendly, economical, and easy to maintain. They are usually utilized in several industrial tasks owing to their unique features.

• Increase in Warehouses

The surge in number of warehouse developments in the advancing countries accelerates the market growth. The rise in need from the manufacturing industry has a positive impact on the growth of the market.

• Concerns regarding Safety

The increase in the adoption of forklift truck market to enhance productivity, and reduce injuries and disasters further influence the market. Also, an inclination for IC-engine forklift trucks in developing regions assists in the expansion of the market.

 Opportunities

• Increase in demand for battery-operated forklifts

The battery operated forklifts cost less for fuel, require lower maintenance as they have fewer moving parts and needless fluids to replace like engine oil, coolant and filters, and have considerably fewer lost hours from maintenance downtime and breakdown. This is supporting the usage of forklifts and thus, this is expected to thrive the demand for the global forklift truck market.

Restraints/Challenges

• Increase in third party logistics (3PL) services

However, third party logistics (3PL) are associated with a certain amount of control of the delivery. Further, it has less control over a lot of time and money because of external factors such as over-regulation whether and many others. All these factors are only related to 3PL logistics. Moreover, it provides less capital investments for end users, which is expected to restrain the global forklift truck market.

This Forklift Truck market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Forklift Truck market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

This Forklift Truck market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Forklift Truck market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In December 2021, Wolter Group LLC announced the A D Lift Truck’s acquisition to expand the company’s line of business for electric forklifts. This has enhanced market development and ensured the
• In June 2020, Hyster-Yale Materials Handling, Inc. acquired Zhejiang Maximal Forklift Co., Ltd. Hyster had acquired 75 percent of the outstanding shares. This acquisition has helped the company to strengthen its product portfolio in material handling equipment.

Global Forklift Truck Market Scope

The forklift truck market is segmented on the basis of product type, power source, fuel type, tonnage, class and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Counterbalance
• Warehouse
• Power Source
• Internal Combustion Forklift Truck
• Electric Forklift Truck

Class

• Class V (IC Engine Forklift Trucks, Pneumatic Tire)
• Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires)
• Class I (Electric Motor Rider Forklift Trucks)
• Class III (Electric Hand Forklift Trucks)
• Class II (Electric Motor Narrow Aisle Forklift Truck)
• Class VI (Electric and IC Engine Tractors)
• Class VII (Rough Terrain Forklift Truck)

Tonnage

• Below 5 Ton
• 5 To 10 Ton
• 11 To 36 Ton
• 36 Ton And Above

Fuel Type

• Electric
• LPG/CNG
• Diesel
• Gasoline

Industry

• Construction
• Freight and Logistic
• Food Industry
• Retail
• Chemical
• Paper and Wood
• Other

Forklift Truck Market Regional Analysis/Insights

The Forklift Truck market is analysed, and market size insights and trends are provided by country, product type, power source, fuel type, tonnage, class and industry.

The countries covered in the Forklift Truck market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa.

North America is expected to account for the largest market share due to the increased spending capacity of the consumers for smart working processes demand of the forklift truck market.   

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Forklift Truck Market Share Analysis

The forklift truck market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the forklift truck market.

Some of the major players operating in the 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)
• Komatsu Ltd. (Japan), Anhui Forklift Truck (China)
• Hyundai Heavy Industries (South Korea)