Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global forklift truck market size was valued 1,384.3 thousand units in 2020 and 1,418.9 thousand units in 2021 respectively. The global market size is expected to grow 1,908.6 thousand units by 2028, exhibiting a CAGR of 4.3% during the forecast period from 2021-2028.The global forklift trucks market is likely to witness considerable growth due to the product variations forklift trucks.
The increasing investment in the research and development of large capacity forklift trucks has paved way for growth for the companies operating in the global forklift trucks market. Increased adoption of e-commerce services and mining activities will fuel the demand for forklift trucks across the world. The report provides segmentation of the global forklift trucks market based on factors such as product types, applications, and regional demographics. Among all end-use applications, Fortune Business Insights has predicted that the manufacturing industry is likely to witness the highest growth during the forecast period owing to the high demand for the product across the world.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.3% |
| 2028 Value Projection | 1,908.6 thousand units |
| Base Year | 2020 |
| Market Size in 2020 | 1,384.3 thousand units |
| Historical Data for | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | By Application, By Type and By Region |
| Growth Drivers | Adoption of Electric Lift Truck is Propelling the Lift Truck Market |
| Mishandling of Forklifts to Hamper Forklift Truck Market Growth |
Forklift trucks Market COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the forklift truck market. The initial outbreak led to supply chain disruptions and a decrease in demand, as manufacturing and construction activity slowed down. However, as economies began to reopen and supply chains resumed normal operations, the demand for forklift trucks increased, as businesses looked to restock their warehouses and distribution centers. Additionally, the increased need for online shopping and home delivery due to the pandemic has led to an increase in demand for warehouse equipment, including forklift trucks. Overall, the market is expected to recover in the coming years as the global economy continues to recover from the impact of the pandemic.
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Drivers and Restraints:
Toyota Material Handling Holds Highest Forklift trucks Market Share
Among all companies, Toyota Material Handling currently holds the highest portion of the forklift trucks market share. This is attributable to a strong market brand, a wide customer base, and an impeccable research and development (R&D) unit. In addition to increasing its business expansion, the company is also indulged in factors such as consumer safety and reduced product costs. Hyster-Yale Materials is another such company that ha made a huge contribution to an increase in the global forklift trucks market size. The company excels in connected device technology across the forklift trucks industry.
Growing demand for efficient material handling in various industries, increased adoption of automation in warehouses and distribution centers, and growth in the construction and manufacturing industries. Export to propel the growth of market. In addition, technological advancements in forklifts such as integration of smart features and development of electric forklifts are also expected to drive market growth. Government initiatives to support the adoption of clean energy and zero-emission equipment in warehouses and logistics centers are also a factor expected to drive the forklift market growth.
Automation and IoT technology is being increasingly adopted in warehouses to improve efficiency, productivity and safety, which is expected to drive the demand for forklift trucks
Electric forklifts are more expensive than traditional forklifts, which may limit their adoption in certain industries or regions this factor can hinder the growth of market. COVID-19 pandemic disruptions in supply chain and logistics operations have impacted the demand for forklift trucks to some extent.
Key Industry Development:
December 2021 - Wolter Group LLC announced A D Lift Truck's acquisition, a family-owned material handling & forklift company. The acquisition expands the company's line of gas and electric forklifts.
List of Key Players Mentioned in the Report:
- Toyota Industries Corporation
- Kion Group AG
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries
- Mitsubishi Nichiyu Forklift Co., Ltd
- Jungheinrich AG
- Hyster-Yale Materials Handling
- Anhui Forklift Truck
- Doosan Industrial Vehicle
- Hangcha Group
- Komatsu Ltd.
- Hangcha Group Co. Ltd.
- Godrej & Boyce Manufacturing
Report Coverage:
The report provides a comprehensive overview of the global forklift trucks market. Fortune Business Insights provides a detailed analysis of the global market and highlights key aspects such as leading product types, leading segments, and the region with the highest growth potential. Additionally, the report enlists several leading companies that have generated substantial forklift trucks market revenue in recent years and forecasts the companies that are likely to emerge leading in the coming years.
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Global Forklift trucks Market Size Segmentation:
By Type
- Class I
- Class II
- Class III
- Class IV
- Class V
By Application
- Mining
- Logistics
- Construction
- Food & Beverage
- Natural Resources
- Manufacturing
- Others (Agriculture etc.)
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Each segment has its own market dynamics and growth drivers, and the market share and size of each segment can vary depending on the region and industry. For example, the electric forklift segment is expected to grow at a higher CAGR, as more companies are looking to adopt electric forklifts for their sustainability and cost-saving benefits. The warehouse and logistics application segment is expected to dominate the market due to the increasing e-commerce industry. And the Asia-Pacific region is expected to be the fastest-growing region in the market due to the presence of major players in countries like China, Japan, and South Korea.
Regional Insights:
Forklift trucks Market in Asia Pacific Forecast to Exhibit the Highest Growth
The forklift trucks market in Asia Pacific is likely to witness the highest growth in the coming years. The huge demand for forklift trucks for material handling equipment across several industries such as construction, mining, and food & beverage will favor the growth of the forklift trucks market in the Asia Pacific. Additionally, the adoption of technologically advanced forklift trucks will enable an increase in the forklift trucks market size in the coming years. Fortune Business Insights states that the forklift trucks market in Aisa Pacific was valued at USD 1.28 Billion in 2018 and is likely to emerge dominant during the forecast period. Having said that, North America is likely to witness the highest growth in the coming years due to the presence of several big-name players in this region.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities, and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Government Rules & Regulations
- Global Forklift Truck Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subject to data availability in the public domain and on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Volume)
- Class I
- Class II
- Class III
- Class IV
- Class V
- By Application (Volume)
- Mining
- Logistics
- Construction
- Food & Beverage
- Natural Resources
- Manufacturing
- Others (Agriculture etc.)
- By Region (Volume)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (Volume)
- North America Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Volume)
- Class I
- Class II
- Class III
- Class IV
- Class V
- By Application (Volume)
- Mining
- Logistics
- Construction
- Food & Beverage
- Natural Resources
- Manufacturing
- Others (Agriculture etc.)
- By Country (Volume)
- U.S.
- By Type (Volume)
- Class I
- Class II
- Class III
- Class IV
- Class V
- By Type (Volume)
- Canada
- By Type (Volume)
- Class I
- Class II
- Class III
- Class IV
- Class V
- By Type (Volume)
- U.S.
- By Type (Volume)
- Global Forklift Truck Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
Important Points Covered in the Report:
- Research Analyst says the market size was at 1,384.3 thousand units in 2020 and is projected to reach 1,908.6 thousand units by 2028.
- In 2020, the market value stood at 1,384.3 thousand units.
- Growing at a CAGR of 4.3 %, the market will exhibit healthy growth in the forecast period (2021-2028).
- Asia Pacific dominated the market share in 2020.
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