FORKLIFT TRUCKS MARKET

Forklift Trucks Market size reached USD 60.2 billion in 2023 and is estimated to reach USD 94.6 billion in 2031 and the market is estimated to grow at a CAGR of 5.8% from 2024-2031.

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Major Forklift Trucks Market Drivers

The growth of global forklift trucks market is projected to grow due to a rise in requirement for commercial warehousing, rapid advancement in the E-commerce industry, and high adoption of electric lift trucks. Due to the technological advancements on the rise and the growing costs of diesel and other electric vehicles, fuels, are attaining momentum in both revenue and production sales. Electric forklift trucks offer increased effectiveness compared to their counterparts, with their components optimizing productivity in different applications. The AC truck is garnering industry attention owing to its high performance in parameters such as the ability to navigate ramps, load-fit ability, acceleration, braking, speed control on-ramps, and others when compared to internal combustion systems. AC technology has not only proven its ability to match the performance of trucks powered by internal combustion engines in different criteria but, in some instances, even surpass them. At present, precise AC trucks exhibit a greater capability to accelerate when compared to their IC counterparts. In addition, opinion on the spec sheet for Jungheinrich’s 5000 Ib. The electric counterbalanced truck indicates that it has surpassed the performance specifications of most trucks with internal combustion engines. The electric lift truck class is observing continuous growth, propelled by rigorous emission regulations, environmental awareness campaigns, and the adoption of advanced technologies in components like batteries for electric lift trucks. 

The global e-commerce industry has witnessed growth because of a few factors such as increased internet penetration and a preference for convenient shopping, especially throughout the lockdown period. In 2021, Morgan Stanley stated that the global e-commerce sector registered for 21% of overall retail sales, a rise of 6% as compared to 2019. The e-commerce industry growth is presenting a positive demand for forklift trucks in warehousing and logistics. Global e-retailers are establishing different warehouses, and distribution centers to address rising requirements for online products. In addition, third-party logistics market players, accountable for managing warehouses of e-commerce players, are increasingly incorporating forklift trucks into their material handling functions, which are projected to boost the forklift trucks market growth in the forecast period. 

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Governments globally have been taking initiatives to develop infrastructure, with increased real estate investment contributing to the rising demand for telehandlers. Emerging countries such as Indonesia, Australia, and China are witnessing significant foreign investments, specifically in sector propelling demand for forklift trucks. For instance, China’s substantial infrastructure investment of USD 163 billion in 2019 to address the economic slowdown, further drove the demand for forklift trucks. China is planning new development projects, including two large airports, and railway terminals. In 2018, I Squared Capital, an Australia-based private equity firm, successfully raised USD 7 billion dedicated to funding new infrastructure projects. Moreover, the construction of highways, flyovers, bridges, and class 4 projects involves handling bulky and oversized cargoes, managing precast sections, and removing muck play an important role in transporting large or bulk items, contributing to increased effectiveness and decreased project operating costs. The growing investment in the infrastructure industry is a foremost driver fostering the global forklift truck market growth.

Despite market-driving factors, challenges exist that could impede growth in the forecast period. Forklift trucks may face operational ineffectiveness when deployed in heavy-duty or humid environments, which is projected to impact the growth of the global forklift trucks market. In a multi-shift operation, fulfilling the watering, charging, and cleaning requirements of forklift truck batteries might estimate challenges. In addition, the substantial initial investment, and the requirement to address the voltage demands of the battery charger with the present electrical supply are factors that require consideration in the operation of forklift trucks. The inclusion of necessary safety equipment, like suitable flooring and eyewash stations, introduces additional expenditures to consider. IC-engine forklift trucks may not be appropriate for indoor usage without the addition of costly sufficient ventilation and emission equipment. Moreover, installing a bulk tank for gasoline storage might become necessary, and dealing with regional regulations is part of the procedure. It is estimated that fossil fuel prices are expected to rise shortly.

The adoption of electric-powered forklifts has been rising and producers are investing to enhance the performance of internal combustion engines. Moreover, easy accessibility of natural resources coupled with growing environmental concerns are presenting a positive rise in demand to find sustainable renewable energy solutions. Hydrogen fuel is an alternative power source to power automobiles, machineries, factories etc.  In 2021, Hyundai Construction Equipment Co. partnered with S-Fuelcell Co. to develop hydrogen fuel cells powered forklift trucks with lower environment footprints. Identifying these benefits, key forklift truck producers are introducing forklifts equipped with fuel cell technology. This is projected to fuel significant growth opportunities for players in the forklift truck market. For instance, at ProMat 2019, Toyota Material Handling, announced its latest innovation, 3-wheeled forklift trucks powered by hydrogen which deliver performance along with different environmental benefits. Hence, the production of hydrogen fuel cell forklifts presents an opportunity for forklift trucks market expansion and growth.

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North America dominated the largest market size globally

North America is projected to witness the fastest growth in sales across the region throughout the forecast period. This market growth is attributed to big market players across the U.S. who are spending on the adoption of modern, upgraded forklift trucks and decreasing the usage of conventional forktrucks. Moreover, the North America forklift truck market is experiencing an increasing interest in forklifts driven by alternative energy sources, including hydrogen. Governments in different regions are actively assisting the market growth through different incentives and policies to encourage the adoption of forklift trucks. For instance, the government of Chicago is propelling innovation in materials handling companies. Also, Hyster Yale has announced two new products resulting from its research and development initiatives, including the company’s inaugural counterbalanced electric forklift truck prepared with a factory-integrated lithium-ion battery pack. As it is associated with the present priorities of the US government to generate employment opportunities for Americans, the sales of this equipment are projected to witness growth across the region during the forecast period. This designates North America as one of the most rapidly advancing regions in the market of forklift trucks. For instance, Mitsubishi Logisnext has widened its dealership network across the US by appointing Wiese USA to present its three brands including Jungheinrich warehouse goods, Mitsubishi forklift trucks, and Cat lift trucks. Wiese USA will cover the region of Alabama and Northwestern Florida for these brands. 

Top Market Players

Various notable players operating in the market include TOYOTA INDUSTRIES CORPORATION, KION GROUP AG, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Crown Equipment Corporation, CLARK, Anhui Heli Co., Ltd., Komatsu Ltd., JBT, and Clearpath Robotics, Inc., among others. 

Key Developments:

• • In 2023, Cyngn Inc., announced progress in enabling autonomous forklifts to advance autonomous vehicle abilities that have been developed on an electric BYD forklift. 
  • In 2023, Toyota Australia presented the concept of a new fuel cell food truck as a division of a national Hydrogen Showcase that will represent variability in applications for its technology of hydrogen fuel cell. 
  • In 2023, Doosan announced the launch of two innovative ranges of high-capacity electric counterbalance forklift trucks to expand its NXE Series to deliver industrial users with a broad selection of sustainable trucks efficient in confronting heavy-duty functions.  
  • In 2019, JBT officially announced the launch of a new dual-mode AGV to the market in cooperation with Hyster-Yale Materials Handling in collaboration. The collaboration will help JBT to demonstrate its automated guided vehicle and its commitment to deliver automation to customers around the world with Hyster-Yale on a dual-mode, double-deep pantograph reach forklift truck.
  • In 2017, TOYOTA INDUSTRIES CORPORATION officially announced Vanderlande Corporation’s acquisition, which is one of the key manufacturers of automated material handling solutions. This acquisition helped the company in generating more revenue from the trucks and increased the global presence.

Segments covered in the Report:

The Global Forklift Truck Market has been segmented on the basis of Power Source, End Use and Class. Based on the Power Source, the market is segmented into IC Engine Powered, Electric Powered. Based on the Class, the market is segmented into Class 1, Class 2, Class 3, Class 4, Class 5, Others. Based on the End Use, the market is segmented into Retail & Wholesale, Logistics, Automotive, Food Industry, Others.

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Report Coverage	Details
Market Revenues (2023)	USD 60.2 billion
Market Base Year	2023
Market Forecast Period	2024-2031
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Power Source, By Class, By End Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	TOYOTA INDUSTRIES CORPORATION, KION GROUP AG, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Crown Equipment Corporation, CLARK, Anhui Heli Co., Ltd., Komatsu Ltd., JBT, Clearpath Robotics, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Forklift truck Market by Power Source

• • IC Engine Powered
  • Electric Powered

Global Forklift truck Market by Class

• • Class 1
  • Class 2
  • Class 3
  • Class 4
  • Class 5
  • Others

Global Forklift truck Market by End Use

• • Retail & Wholesale
  • Logistics
  • Automotive
  • Food Industry
  • Others

Global Forklift truck Market by Region

• • North America Forklift truck Market (Option 1: As a part of the free 25% customization)

    • By Power Source
    • By Class
    • By End Use
    • US Market All-Up
    • Canada Market All-Up

  • Europe Forklift truck Market (Option 2: As a part of the free 25% customization)

    • By Power Source
    • By Class
    • By End Use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Forklift truck Market (Option 3: As a part of the free 25% customization)

    • By Power Source
    • By Class
    • By End Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Forklift truck Market (Option 4: As a part of the free 25% customization)

    • By Power Source
    • By Class
    • By End Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Forklift truck (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • TOYOTA INDUSTRIES CORPORATION
  • KION GROUP AG
  • Hyster-Yale Materials Handling, Inc.
  • Jungheinrich AG
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Crown Equipment Corporation
  • CLARK
  • Anhui Heli Co., Ltd.
  • Komatsu Ltd.
  • JBT
  • Clearpath Robotics, Inc.