North America Forklift Truck Market – Industry Trends and Forecast to 2030

North America Forklift Truck Market, By Product Type (Counterbalance and 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, 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 2030.

North America Forklift Truck Market Analysis and Size

The need for forklifts to load and unload goods has increased with e-commerce and internet use. A forklift is useful in warehouses because it increases productivity and lowers labor costs. Many companies in developed nations have begun replacing their outdated forklift trucks with more powerful, energy-efficient machinery in response to the growing demand for quicker and higher-quality forklifts.

Data Bridge Market Research analyses that the forklift truck market, valued at USD 12,497.16 million in 2022, will reach USD 20,069.41 million by 2030, growing at a CAGR of 6.1% during the forecast period of 2023 to 2030. 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.

North America Forklift Truck Market Scope and Segmentation  

Market Definition

A forklift truck, or lift truck, is used to lift and move materials inside a warehouse or when loading and unloading cargo. An essential component of the supply chain market is the forklift truck. They can lift objects to 670 inches tall and 48 tons in weight. The warehousing sector is very important to the global forklift market. Forklift trucks are strong; heavy-duty electric lift trucks are frequently used to lift and move heavy objects over short distances, such as containers, crates, and other similar components. These trucks primarily perform tasks such as loading and unloading cargo from vehicles and moving packed cargo around the storage area in dockyards, warehousing operations, and recycling operations. Additionally, an internal combustion engine or electric battery typically powers forklifts.

Forklift Truck Market Dynamics

Drivers

• The lift truck market is being driven by the use of electric lift trucks

Electric vehicles are becoming increasingly popular in production and revenue sales as technology develops and the cost of diesel and other fuels rises. The parts on electric forklifts are made to be as productive as possible at all times, making them more productive than other trucks. An internal combustion engine or an electric battery typically powers forklifts. Such electrically-powered forklift trucks are ideal for indoor spaces because they can load and unload heavy items from docks or the ground level. The non-electric forklift trucks' significant pollutant emissions are forcing businesses to adopt easy-to-use, low-maintenance electric material handling equipment inside warehouses.

• Increased demand for connected forklift trucks to spur the industry

As machines outperform or match human performance across a range of work activities, including those requiring cognitive capabilities, the adoption of AI robotics, connected things, and so on is ushering in a new era of automation. Forklift operators and management have developed a relationship due to recent developments in automation, real-time responsiveness, and end-to-end efficiency in the materials handling industry. Therefore, the growth of connected lift trucks will accelerate over the forecast period as a result of advancements in communication.

Opportunities

• The forklift truck market is experiencing a boom due to rising e-commerce demand

The demand for effective supply chain management and warehouse space is rising due to the thriving e-commerce sector. In dockyards, warehousing operations, and recycling operations, these trucks primarily handle tasks such as loading and unloading cargo from vehicles and moving packed cargo around the storage area. The e-commerce sector's growth is what fuels the demand for forklift trucks. The market is anticipated to expand due to rising forklift adoption and investments in infrastructure upgrades. It is anticipated that there will be an increase in demand for forklifts with high operational accuracy and improved maneuverability in tiers, mezzanines, and narrow aisles. Electric forklifts are expected to become more popular among chemical manufacturers and owners of recycling facilities, leading to an expansion of the forklift industry.

Restraints/Challenges

• Forklift abuse impedes the expansion of the forklift truck market

Advanced manufacturing has arisen due to rising end-user demand, which has increased employee workload. After long workdays, employees are expected to put in overtime, which causes fatigue and a decline in awareness and concentration. This has led to more accidents involving forklift truck drivers, decreased productivity, and higher costs for the business.

This forklift truck 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 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 2022, a world-first AI-based technology was launched by Toyota Industries Corporation in a self-driving lift truck that automatically recognizes the position and location of trucks and loads and creates automated travel routes to carry out loading operations.
• In 2022, fully automated, vision-guided forklift trucks and intelligent operating systems were introduced to the European market by Visionnav robotics.
• In 2021, the new ERD 220i electric pallet truck was launched. The new ERD 220i is the most compact truck, with an l2 dimension of just 1,065 mm. The new lithium-ion battery concept, which results in a space reduction of about 25%, the 220i is more than 300mm shorter than its predecessor.
• In 2021, Godrej Material Handling's brand-new Uno Electric Forklift truck was introduced. In the 1.5 to 3-tonne forklift class, the new Uno Electric Forklift was a workhorse with better ergonomics, increased safety, improved visibility, and a longer runtime on each charge.

North America Forklift Truck Market Scope

The forklift truck 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 analyse 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
• 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

Fuel Type

• Electric
• LPG/CNG
• Diesel
• Gasoline

Tonnage

• Below 5 ton
• 5 to 10 ton
• 11 to  36 ton
• 36 ton
• Above

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, class, fuel type, tonnage, and industry as referenced above.

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

The U.S. dominates the North American forklift truck market through the rising demands for material handling and logistics, manufacturing facilities, and increasing export activities. Additionally, the U.S. market for automated material handling solutions is one of the biggest and most developed in the world. Forklift adoption is high due to significant growth in the manufacturing and e-commerce sectors.

Further, Canada is expected to showcase the highest growing CAGR during the forecast period due to the country's easy accessibility and competitive prices. Additionally, its rising government initiative towards smart homes has increased the rise in construction activities.

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 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 forklift truck market.

Some of the major players operating in the 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)
• Hyundai Heavy Industries Co., Ltd. (South Korea)