Forklift Trucks Market registered a revenue of USD 53.1 billion in 2021 and is projected to reach USD 87.9 billion in 2029, growing at a CAGR of 6.5% during the forecast period.

To have an edge over the competition by knowing the market dynamics and current trends of “Forklift truck Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

Many industrial companies are shifting towards electric forklifts because it is environment-friendly, cost-effective, and leaves no carbon footprint. Forklifts is an alternative for liquid-filled lift trucks and are more economical to operate, thus propelling the market’s growth rate. Furthermore, governmental bodies’ strategic initiatives for supporting the growth of forklift trucks are also increasing the overall demand for forklift trucks. For instance, the Chicago government regulations are pushing material loading companies to innovate novel technology. This Hyster Hale officially launched two of its products from the research and development initiative, showcasing the counterbalanced electric forklift truck with several advantages like low carbon emissions, no noise pollution, etc.

Increasing trends in the e-commerce industry for corrugated board packaging in warehouse across the developing nations for meeting the demand of the package delivery, has led to the surge of forklift trucks across the globe for lifting the cartons. For instance, according to (IBEF), India Brand Equity Foundation, the Indian e-commerce sector is poised to reach US$ 999 billion by 2024. Thus high adoption of e-commerce across the globe has surged the demand for the forklift truck market.

Restraint in the Forklift truck Market

However, the high cost of battery-operated trucks and fuel cell forklifts is the major factor responsible for hindering the global forklift truck market’s growth. For instance, electric forklift truck cost around USD 25,000- USD 50,000 and up with an increase of USD 2,500-USD 5,000 for a battery and charger which is much higher than the normal diesel trucks which cost about USD 15,000- USD 30,000.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Class – Segment Analysis

Based on the class, class 3 is expected to grow at a higher CAGR over the global forklift market forecast period. This is mainly due to the high unloading ability from delivery trucks due to which they are highly preferred in warehouses. Likely, class 4/5 is dominating the market during the forecast period. This is attributed to the more usage of diesel operating trucks in China because it can be used for both large warehouses and docks. This give them an advantage over the other segment for performing in loading materials on the ports.

Power Source – Segment Analysis

Based on the power source, the electric segment is expected to dominate the global forklift trucks market over the forecast period. The rise in demand for electric forklift trucks across the regions due to the stringent regulations are uplifting the overall market growth rate. For instance, in 2019, European Union established Euro-Stage V emission standards for LPG and diesel drove nonroad vehicles. This norm reduced more than 40% use of diesel and LPG vehicles and contributed to the market’s growth.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is expected to dominate the global forklift market over the regions. Growing demand in developing countries like India and China is one of the major factors responsible for the growth of the market. For instance, China is ranked at the first position in the manufacturing sector or hub, resulting in a higher demand for forklift trucks. In addition, India launched the “Make in India” initiative to support the investments in the manufacturing industry, which is driving the growth of the uplift trucks market in the region.

North America is expected to grow at a higher CAGR over the forecast period. The growth is attributed to the strong presence of key players in the region. For instance, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, and CLARK, have a strong presence in the region, which is surging the U.S. retail sector. Furthermore, according to U.S. Census Bureau, U.S. e-commerce shipments increased by 7.5% in 2018 from the fiscal year 2017. Thus retailers such as Amazon, Walmart are anticipated to generate more demand for lift trucks.

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 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 based on class, power source, and regions. Based on class, the market is segmented into class 1, class 2, class 3, and class 4/5. Based on Power Source, the market is segmented into internal combustion engine and electric. 

For detailed scope of the “Forklift truck Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global forklift truck market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in forklift truck market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global forklift truck market?
  • Which class generated maximum revenues in 2021 and identify the most promising class during the forecast period?
  • What are the various power source areas of global forklift truck market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 53.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Class, By Power Source, 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 Class

• • Class 1
  • Class 2
  • Class 3
  • Class 4/5

Global Forklift truck Market by Power Source

• • Internal Combustion Engine
  • Electric

Global Forklift truck Market by Region

• • North America Forklift truck Market (Option 1: As a part of the free 25% customization)
    • By Class
    • By Power Source
    • US Market All-Up
    • Canada Market All-Up
  • Europe Forklift truck Market (Option 2: As a part of the free 25% customization)
    • By Class
    • By Power Source
    • 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 Class
    • By Power Source
    • 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 Class
    • By Power Source
    • 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.