Share
Forklift Truck Market Size, Share, and Analysis, By Power-Train Type (Internal Combustion Engine and Electric), By Vehicle Class (Class I, Class II, Class III, and Class IV), By Vertical (Industrial, Construction, Manufacturing, and Others), By Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, > 36 ton) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Forklift Truck Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 54.3 billion and is projected to reach USD 138.4 billion by the completion of 2034.
Forklift truck is a powerful industrial vehicle that is used for lifting, transporting, and stacking materials. These machines are equipped with forks, which are used to raise and lower loads for various tasks. Additionally, forklifts are essential in manufacturing facilities, distribution centers, and construction sites for efficiently transferring big items over short distances. Their dimensions and designs differ, including compact electric versions which are intended for indoor use, and sizable diesel-powered counterparts that are intended for outdoor settings. Moreover, to prevent accidents, safety elements like overhead guards and stability systems are used. Furthermore, operators receive specialized training to properly operate forklifts, thus taking into account elements such as load capacity, center of gravity, and maneuverability in small places. Thus, forklifts are essential to logistics and supply chain operations, as they simplify material handling operations and increase efficiency.
Forklift Truck Market is projected to reach USD 138.4 billion over the forecast period, due to rising industrial activity and growth in sectors such as manufacturing, logistics, and e-commerce. Moreover, the growing preference for electric forklifts due to environmental concerns and regulatory pressures, along with innovations like automation and IoT integration are improving the efficiency of these machines around the world. Emerging markets are greatly contributing to market growth due to fast industrialization and infrastructure development. However, difficulties such as high investment expenditures and the need for qualified operators remain prevalent. Therefore, the forklift truck market is defined by a focus on sustainability and technical innovation, to provide efficient and affordable material handling solutions across a wide range of industries.
Source: Fatpos Global
Forklift truck market is divided based on Power-Train Type into Internal Combustion Engines and Electric. The electric segment is asserting dominance in the forklift truck market due to growing environmental awareness and severe emission laws that have forced industries to adopt cleaner alternatives. In addition, innovations in battery technology have improved the performance of electric models, which makes them extremely appealing to businesses. Furthermore, the increasing availability of charging infrastructure mitigates concerns about range restrictions and downtime associated with electric vehicles. Thus, the electric segment is becoming widely recognized as a sustainable, cost-effective, and environmentally friendly solution, that accelerates the growth of the forklift truck market during the forecasted period.
Forklift Truck Market is segmented based on Vehicle Class into Class I, Class II, Class III, and Class IV. The Class III segment is expected to lead the forklift truck market due to its flexibility in indoor material handling tasks, such as in warehousing and distribution environments. Class III forklifts include electric hand rider trucks and electric hand pallet trucks, that offer portability and user-friendly operation. Their compact design allows them to navigate through narrow passageways and confined spaces, which maximizes their storage capacity and productivity in crowded warehouse environments. Consequently, as organizations prioritize efficiency and environmental friendliness, the Class III segment will maintain its lead by offering ergonomic and environmentally responsible indoor material handling solutions.
Source: Fatpos Global
Improvements in Technology Will Present Growth Opportunities for the Forklift Truck Industry
Innovation in forklift technology is driving growth by improving the capabilities and operational efficiency of forklift vehicles. Innovations like automation, IoT integration, and battery technology are significantly contributing to safer and more reliable forklift operations. In addition, automation features allow accurate and consistent task performance, which reduces errors and boosts productivity. Furthermore, developments in battery technology extend the runtime and lifespan of electric forklifts while simultaneously reducing charging times, which makes them more appealing to businesses that are seeking sustainable solutions. Thus, these technological innovations address modern industrial challenges and present new avenues for growth in the forklift market.
Growth of E-Commerce and Logistics Will Help in the Adoption of Forklifts
Expansion of e-commerce platforms has changed consumer habits, thus increasing the need for efficient logistics and material handling solutions. Forklift trucks are essential in such environments as they simplify the movement and storage of goods within warehouses and distribution centers. Additionally, with online shopping on the rise, businesses are heavily investing in automated warehouses that are equipped with modern forklift technologies to meet the growing demand for quick order fulfillment and delivery. The globalization of supply chains and the emergence of omni-channel retailing further highlight the need for flexible and scalable material handling solutions. Thus, the expanding e-commerce and logistics sectors serve as major catalysts for the forklift truck market as they offer ample opportunities for innovation and market growth.
Skilled Labor Requirement May Prevent Growth in the Forklift Industry
Requirement for skilled labor to operate these vehicles effectively is a major limitation in the forklift truck market. Operating forklift trucks demands training and certification to ensure operators can handle the equipment proficiently and adhere to safety protocols. However, the shortage of skilled forklift operators in certain regions can hamper the growth by limiting the adoption of forklifts across several industries. This constraint highlights the importance of investing in comprehensive training programs and workforce development initiatives. Thus, by addressing skill gaps and empowering workers with the necessary knowledge, businesses can eliminate this limitation and promote the adoption of forklift trucks across various sectors, which ultimately creates a safer and more efficient material handling ecosystem.
Forklift Truck Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific region leads the forklift truck market due to industrialization across China, India, and Japan, which has significantly boosted the demand for material handling equipment across manufacturing and construction sectors. In addition, the presence of key manufacturers like Toyota Industries Corporation and Hangcha Group Co., Ltd., plays a major role in increasing the share of the Asia Pacific region within the forklift truck market.
Simultaneously, the North American region will witness similar growth trends owing to the presence of a strong manufacturing sector, along with the high adoption of automation and growing demand for logistics operations. Furthermore, innovations in electric and autonomous forklift technologies have positioned North America for further growth in the forklift truck industry.
Source: Fatpos Global
COVID-19 pandemic had a profound impact on the forklift truck market. Initially, the outbreak disrupted manufacturing and construction activities, which caused a temporary decline in forklift demand. Moreover, industries encountered several challenges such as low production and workforce shortages, that affected the need for material handling equipment. However, as businesses adjusted to new safety measures and remote work, forklift demand gradually recovered. Furthermore, the pandemic promoted the adoption of electric and autonomous forklift technologies, as businesses were looking to improve resilience and workplace safety amid ongoing uncertainties. Consequently, while COVID-19 initially presented obstacles, it further encouraged innovations within the forklift truck market.
|
ATTRIBUTE |
DETAILS |
|
Study Period |
2018-2034 |
|
Base Year |
2023 |
|
Forecast Period |
2024-2034 |
|
Historical Period |
2019-2022 |
|
Growth Rate |
CAGR of 8.9% from 2024-2034 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
By Power-Train Type |
|
|
By Vehicle Class |
|
|
By Vertical |
|
|
By Lifting Capacity |
|
|
By Region |
|
Forklift Truck Market size was valued at USD 54.3 billion in 2023 and is projected to reach the value of USD 138.4 billion in 2034, exhibiting a CAGR of 8.9% during the forecast period.
The forklift truck market refers to the industry involved in the manufacturing, distribution, and sale of forklift trucks, which are industrial vehicles used for lifting, transporting, and stacking materials.
The Electric segment and the Class III segment accounted for the largest forklift truck market share.
Key players in the Forklift Truck Market include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co., Ltd., Hyster-Yale Materials Handling, Inc., Hangcha Group Co., Ltd., Komatsu Ltd., Anhui Forklift Group Co., Ltd., Clark Material Handling Company, Doosan Industrial Vehicle Co., Ltd., Hyundai Heavy Industries Co., Ltd., NACCO Industries, Inc., EP Equipment Co., Ltd., Lonking Holdings Limited, and Other Prominent Players.
Improvements in technology, along with the growth of e-commerce and logistics are the factors driving the forklift truck market.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
