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North America Forklift Truck Market - Industry Trends and Forecast to 2031

Automotive

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North America Forklift Truck Market - Industry Trends and Forecast to 2031

  • Automotive
  • Upcoming Report
  • May 2024
  • North America
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

North America Forklift Truck Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 13.26 Million
Diagram Market Size (Forecast Year) USD 21.29 Million
Diagram CAGR %

North America Forklift Truck Market, By Product Type (Counterbalance and Warehouse), Power Source (Internal Combustion Forklift Truck and Electric Forklift), Class (Class V, Class IV, Class I, Class III, Class II, Class VI, and Class VII), Fuel Type (Electric, LPG/CNG, Diesel, and Gasoline), Tonnage (Below 5 Ton, 5 To 10 Ton, 11 To  36 Ton and 36 Ton and Above), Industry (Construction, Freight and Logistic, Food Industry, Retail, Chemical and Paper and Wood, and Other)- Industry Trends and Forecast to 2031.

North America Forklift Truck Market

North America Forklift Truck Market Analysis and Size

In the market, technological advancements have led to safer and more efficient operations. Benefits abound, including increased productivity, reduced labor costs, and enhanced workplace safety. These advancements encompass innovations such as electric forklifts, automated features, and IoT integration, offering businesses streamlined operations and improved bottom lines.

The North America forklift truck market size was valued at USD 13.26 billion in 2023, is projected to reach USD 21.29 billion by 2031, with a CAGR of 6.1% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016 - 2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Counterbalance and Warehouse), Power Source (Internal Combustion Forklift Truck and Electric Forklift), Class (Class V, Class IV, Class I, Class III, Class II, Class VI, and Class VII), Fuel Type (Electric, LPG/CNG, Diesel, and Gasoline), Tonnage (Below 5 Ton, 5 To 10 Ton, 11 To  36 Ton and 36 Ton and Above), Industry (Construction, Freight and Logistic, Food Industry, Retail, Chemical and Paper and Wood, and Other)

Countries Covered

U.S., Canada, and Mexico

Market Players Covered

Hyster-Yale Materials Handling, Inc. (U.S.), Jungheinrich AG (Germany), KION GROUP AG (Germany), TOYOTA INDUSTRIES CORPORATION (Japan), Komatsu Ltd. (Japan), MITSUBISHI LOGISNEXT CO., LTD. (Japan), Crown Equipment Corporation (U.S.), Hangcha Forklift (China), EP Equipment (China), and Hyundai Heavy Industries Co., Ltd. (South Korea)

Market Opportunities

  • Increasing Focus on Safety and Ergonomics
  • Growing Industrialization and Manufacturing

Market Definition

A forklift truck is a powered industrial vehicle equipped with forks at the front used for lifting and transporting heavy materials over short distances. It is commonly found in warehouses, manufacturing facilities, and construction sites, streamlining the movement of goods and materials. Forklifts are essential for efficiently stacking pallets, loading trucks, and organizing inventory, contributing to increased productivity in various industries.

Forklift Truck Market Dynamics

Drivers

  • Increased Demand for Connected Forklift Trucks

The surge in demand for connected forklift trucks is driven by the integration of AI robotics and IoT technology, revolutionizing material handling operations. Enhanced communication enables real-time responsiveness and end-to-end efficiency. For instance, sensors and telematics allow for predictive maintenance, optimizing fleet management, and reducing downtime. This fosters a symbiotic relationship between forklift operators and management, propelling the industry towards increased automation and productivity.

  • Expansion of E-commerce

The surge in e-commerce has urged demand for streamlined warehousing and logistics, elevating the need for efficient material handling solutions. Forklift trucks emerge as pivotal assets in this landscape, facilitating the movement of goods within warehouses and distribution centers. For instance, companies such as Amazon heavily rely on forklifts to manage their vast inventory and ensure timely fulfillment of customer orders, showcasing the indispensable role of forklifts in e-commerce operations.

Opportunities

  • Increasing Focus on Safety and Ergonomics

Increasing emphasis on workplace safety and ergonomics drives the demand for forklift trucks with advanced safety features and ergonomic designs, ensuring safer operations and improved worker well-being. For instance, companies are increasingly investing in forklifts with features such as automatic speed control, collision detection systems, and improved operator cabins with adjustable seating and controls. These innovations aim to minimize accidents and injuries, enhancing both worker safety and operational efficiency in material handling tasks. 

  • Growing Industrialization and Manufacturing

Countries worldwide are pushing for electric vehicle adoption to curb emissions, incentivizing development and sales. This shift toward EVs aims to reduce pollution and combat climate change effectively. The government of the U.S. invested USD 5 billion in 2017 in the electric vehicle sector to promote the infrastructure of electric vehicles, such as charging stations. Governments of various countries are providing incentives such as low or zero registration fees and relaxation from import taxes and purchase taxes. Thus, government initiatives in various countries are propelling the market growth.

Restraints/Challenges

  • High Initial Investment

The high upfront costs associated with forklift trucks pose a significant obstacle for small and medium-sized enterprises (SMEs) and budget-constrained businesses. This financial barrier limits their capacity to procure essential equipment for material handling tasks, ultimately stifling productivity and constraining growth opportunities within these market segments.

  • Rising Competition from Alternatives

The rising popularity of alternatives such as automated guided vehicles (AGVs) and pallet jacks presents a formidable challenge to the traditional forklift truck market. AGVs offer automated efficiency, while pallet jacks provide simpler, cost-effective solutions for material handling. To remain competitive, forklift manufacturers must innovate to meet evolving demands for automation and cost-effectiveness in the logistics and warehouse sectors.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 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 Development

  • In 2022, Toyota Industries Corporation unveiled a groundbreaking AI-based technology for self-driving lift trucks. This innovation autonomously identifies truck and load positions, creating optimized travel routes for loading operations
  • In 2022, Visionnav robotics introduced fully automated, vision-guided forklift trucks and intelligent operating systems to the European market, enhancing efficiency and precision in logistics operations
  • In 2021, the compact ERD 220i electric pallet truck debuted, boasting a minimal l2 dimension of just 1,065 mm. Its innovative lithium-ion battery concept reduces space by approximately 25%, making it over 300mm shorter than its predecessor
  • In 2021, Godrej Material Handling launched the Uno Electric Forklift truck, offering enhanced ergonomics, safety, visibility, and extended runtime per charge. As a reliable workhorse in the 1.5 to 3-tonne class, it significantly improves operational efficiency and user experience

Forklift Truck Market Scope

The market is segmented on the basis of product type, power source, class, fuel type, tonnage, 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

 Class

  • Class V
  • Class IV
  • Class I
  • Class III
  • Class II
  • Class VI
  • Class VII

 Fuel Type

  • Electric
  • LPG/CNG
  • Diesel
  • Gasoline

 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
  • Other

Forklift Truck Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided, product type, power source, class, fuel type, tonnage, and industry as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico.

Canada is expected to exhibit the highest CAGR in the market, attributed to its accessibility and competitive pricing. Government initiatives towards smart homes further drive construction activities, fostering market growth.

The U.S. is expected to dominate the market, driven by escalating demands in material handling, logistics, and manufacturing, coupled with growing export activities. Its advanced automated material handling sector further solidifies its position, fueled by robust growth in manufacturing forklift and e-commerce industries.

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 such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, 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, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Forklift Truck Market Share Analysis

The 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 market.

Some of the major players operating in the market are:

  • Hyster-Yale Materials Handling, Inc. (U.S.)
  • Jungheinrich AG (Germany)
  • KION GROUP AG (Germany)
  • TOYOTA INDUSTRIES CORPORATION (Japan)
  • Komatsu Ltd. (Japan)
  • MITSUBISHI LOGISNEXT CO., LTD. (Japan)
  • Crown Equipment Corporation (U.S.)
  • Hangcha Forklift (China)
  • EP Equipment (China)
  • Hyundai Heavy Industries Co., Ltd. (South Korea)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The major companies in the North America Forklift Truck Market are Hyster-Yale Materials Handling, Inc. (U.S.), Jungheinrich AG (Germany), KION GROUP AG (Germany), TOYOTA INDUSTRIES CORPORATION (Japan), Komatsu Ltd. (Japan), MITSUBISHI LOGISNEXT CO., LTD. (Japan), Crown Equipment Corporation (U.S.), Hangcha Forklift (China), EP Equipment (China), and Hyundai Heavy Industries Co., Ltd. (South Korea).
Increased Demand for Connected Forklift Trucks and Expansion of E-commerce are the growth drivers of the North America Forklift Truck Market.
The product type, power source, class, fuel type, tonnage, and industry are the factors on which the North America Forklift Truck Market research is based.
The North America Forklift Truck Market size will be worth USD 21.29 billion by 2031.
The North America Forklift Truck Market growth rate will be 6.1% by 2031.
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