The global forklift truck market size was US$ 51.6 billion in 2021. The global forklift truck market size is estimated to reach US$ 98.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2022 to 2030.
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Forklift trucks are powerful electric lift trucks and are broadly utilized to lift and move heavy materials, like container goods, crates, and other such elements in short distances. These trucks are mainly used in warehousing operations, and recycling processes, such as unloading and loading goods from vehicles and driving packaged goods near storage sites.
Factors Influencing Market Growth
• The growth in the e-commerce industry propels the overall market expansion.
• The increase in acquisitions in infrastructure growth, and a rise in the utilization of electric forklift trucks are the elements expected to drive the overall market expansion.
• The rise in safety problems related to forklift trucks and the high cost associated with the maintenance of forklift trucks are anticipated to limit the overall market expansion.
• The manufacturing of hydrogen fuel cell forklifts and the growth of autonomous forklift trucks drive the overall market growth.
Effect of the COVID-19 Pandemic
COVID-19 had a severe influence on the expansion of the overall market. Due to the government’s obligations around the world to enforce strict lockdowns and restrict the import–export of raw materials during the pandemic. This results in a sudden drop in the availability of important raw materials for the production of forklift trucks. Moreover, the national lockdown caused forklift truck system manufacturing facilities to completely or partially close their functions. The damaging impacts of COVID-19 resulted in uncertainties in initiatives and activities about the growth of the overall market.
Regional Insights
Asia Pacific had the highest overall market growth. This is owing to the increasing tendency of manufacturers toward plant automation. Also, forklifts aid streamline supply chain distribution activities while also improving the working efficiency and workflow of production methods. Many players are concentrating on opening new products to entice new clients and enhance their client base.
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Leading Competitors
The prominent players in the global forklift truck market are:
• Toyota Industries Corporation
• Mitsubishi Logisnext
• Lonking Holdings Limited
• Komatsu
• Kion Group
• Hyster Yale Material Handling
• Hangcha Group
• Jungheinrich
• EP Equipment
• Crown Equipment Corporation
• Others
Segmentation Analysis
The global forklift truck market segmentation focuses on Power Source, Class, End Use, and Region.
Segmentation on the basis of Power Source
• Electric Powered
• IC Engine Powered
Segmentation on the basis of Class
• Class 1
• Class 2
• Class 3
• Class 4
• Class 5
• Others
Segmentation on the basis of End Use
• Retail & Wholesale
• Logistics
• Automotive
• Food Industry
• Others
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Segmentation on the basis of Region
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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