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Global Forklift Trucks Market by Product Type (Counterbalance Forklift Trucks and Warehouse Forklift Trucks)
According to Persistence Market Research, the forklift trucks market will generate revenue of US$ 54,145.5 million by 2022. The demand for forklift trucks will accelerate, owing to increasing demand for commercial warehousing and continued growth in e-commerce and logistics sector. The global market for forklift trucks is expected to reach US$ 119,194.2 million by 2033, growing at a 7.5% CAGR from 2023 to 2033.
Forklifts are powerful, heavy-duty electric lift vehicles that are widely used in many workplaces to move or lift larger items over short distances, such as containers, crates, and other comparable materials. These trucks are widely used in warehouses and dockyards for tasks like loading and unloading freight from cars and moving packed material throughout the storage area.
| Attributes | Key Insights |
|---|---|
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Global Forklift Trucks Market Size (2022A) |
US$ 54,145.5 Mn |
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Global Forklift Trucks Market Size (2023E) |
US$ 57,832.3 Mn |
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Projected Forklift Trucks Market Value (2033F) |
US$ 119,194.2 Mn |
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Value CAGR (2023-2033) |
7.5% |
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Collective Value Share: Top 3 Countries (2022) |
32.5% |
In terms of technology, there are now electric-powered and IC- engine based forklift trucks accessible, worldwide. Electric-powered forklift trucks have a lot of potential given their increasing uses and popularity together with the accelerating pace of technological advancement. These electric forklift trucks can load and unload heavy loads from ground level or docks and are ideal for usage outdoors.
The global Forklift Truck accounts for ~ 22 to 25% of its parent market of the Global Material Handling Equipment Market.
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From 2017 to 2022, the market for forklift trucks increased at a 4.9% CAGR and is anticipated to grow at a CAGR of 7.5% in the forecast period of 2023 to 2033. This increase in CAGR is higher because of factors including the worldwide expansion of the e-commerce market at a steady pace.
The need for warehouse space to hold items before they are sent in bulk to retail outlets via container loads and boxes has increased as a result of rising customer demand. To deliver products to the right location without causing any serious damage, a variety of distribution techniques and warehouse technologies are used. Therefore, the development of the global forklift truck market is being fuelled by developments in the e-commerce industry.
The COVID-19 epidemic has had a negative impact on industrial activities all across the world. Worldwide restrictions on sales and value chains made it difficult for the system maker to expand their market. The temporary closure of forklift production facilities across the globe as a result of lockdowns The offline and online sales channels of forklifts also get impacted by rules and regulations owing to virus spread. However, in 2021, the market experienced a V-shaped recovery, and in 2022, it is anticipated to grow in a similar manner.
Furthermore, a stronger growth forecast for the market is projected as a result of increased governmental and private sector investments and technological advancements. Due to advantages including less noise, no emissions, and the ability to perform almost all tasks that an IC forklift can, electric forklift trucks are anticipated to have the fastest growth throughout the projection period. In order to save time and space, forklift trucks are used in warehouses to organise inventory properly. The market for forklift trucks is anticipated to expand at a 7.5% CAGR between 2023 and 2033. By the end of 2033, the market is projected to increase from US$ 57,832.3 million in 2022 to US$ 119,194.2 million.
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Get a Customized VersionDriving factors associated with end-use industries are anticipated to aid in the expansion of the global forklift market. Forklifts powered by electric motors and those powered by IC engines each have advantages and drawbacks. The concept of electrically powered forklift trucks do not require fuel storage somewhere in the area of operation is one of the biggest benefits of using them. Companies are also adopting electric material-handling vehicles that are simpler to operate and maintain within warehouses due to the significant pollution emissions from forklift trucks.
In developed countries like North America, Europe, and Asia, where the e-commerce sector is well-established, strict emission standards are in place, and environmental concerns are prevalent, electric forklift trucks are gaining a lot of traction. However, IC-engine forklift trucks are still more popular in developing markets.
In addition to the market-driving factors, there are challenges that could hinder growth over the projection period. Forklift trucks may not operate effectively when employed in high-duty or moist environments, which is one of the factors impacting the market growth. In a multi-shift operation, the battery's cleaning, watering, and charging requirements might not be possible. Also, the initial investment is significant. The voltage requirements of the battery charger must be satisfied by the current electrical supply.
Appropriate safety equipment, such as adequate flooring and eyewash stations, brings extra expenditures to take into account. IC-engine forklift trucks might not be appropriate for indoor use without expensive emission equipment and enough ventilation. Sometimes it is necessary to install a bulk tank for the storage of gasoline, and regional regulations can be involved. Over the upcoming years, prices for fossil fuels are anticipated to increase.
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Where Does the U.S. Stand in the Global Market for Forklift Trucks?
The demand for forklift trucks in the U.S. is around 12.1% of the worldwide forklift truck market in 2022. Throughout the projection period of 2023–2022, the U.S. is anticipated to hold a significant share of the market in North America.
As a developed nation, the U.S. is anticipated to experience favourable sales growth during the forecast period when considering all of the forklift's end customers in the region of North America. The existence of significant players in the U.S. is what causes this anticipated growth. Players in this market invest extensively in cutting-edge and contemporary forklift trucks instead of conventional forklift trucks, and they are anticipating growth over the course of the forecasted period.
What is the Outlook for Forklift Truck Manufacturers in China?
China has a remarkable number of manufacturers in every sector, making it one of the most lucrative markets for manufacturers. In general, China's market is fragmented across the majority of industries. During the forecast period, this market is anticipated to grow in terms of value CAGR of 8.6%.
According to China's economic transformation, there will be a growth in the use of medium- and high-end IC forklifts as well as electric and new energy forklifts. At the same time, value-added services including financial liabilities, operational rentals, accessories, and remanufacturing will grow.
Which Product Type has the Most Potential for Growth in the Forklift Trucks Market?
The counterbalance category, which currently dominates the global forklift truck market by product type, holds around 73.1% of the market in 2022.
Compared to warehouse forklift trucks, counterbalanced forklift trucks are considered to be more convenient and demanding. A counterbalanced truck is more suitable and practical when handling heavy goods. To increase stability and driver safety, a weight in the truck's back end balances the weight of the load on the forks. All of these are benefits for counterbalanced forklift trucks, which are anticipated to be a very profitable forklift type.
Which Technology of Forklift Trucks Witnesses the Highest Demand?
The electric motor forklift trucks will dominate the global market during the forecast period, accounting for an estimated 46.4% of the market's value in 2022.
The market for forklift trucks powered by electric motors is anticipated to expand at the quickest rate during the forecast period, with a CAGR of 8%. Battery life is one of the key benefits of electric forklift trucks over gasoline-powered forklift trucks. Even more! Electric forklifts have a long battery life and a variety of uses. Due to the fact that they don't release any dangerous gases, they are also good for the environment. Compared to forklifts with IC engines, electric forklifts are also silent. An electric forklift's warning horns and standby signals are often audible better than those of a fuel forklift.
Which Class of Forklift Trucks Witnesses the Highest Demand?
Forklifts in the Class 4&5 category are the most popular, comprising nearly more than 50% of the market. These forklifts are propelled by internal combustion engines that burn LPG gas, gasoline, diesel, or compressed natural gas. Their robust, pneumatic, and comfortable tyres provide a smoother experience on indoor floors and are puncture-proof because they are not air-filled. These forklifts are ideal for usage in lumberyards, construction sites, and other outdoor locations because of their great toughness.
What are the Key Opportunities on Offer for Forklift Truck Manufacturers?
The growing industrialization that accompanies along with the growth of the construction sector is one of the main reasons for boosting demand for forklift trucks. Forklift trucks are frequently utilized because they are affordable, easy to use, powerful, and little maintenance. They frequently help with a number of industrial tasks as well as when handling heavy building supplies like cement, steel, and wood.
One of the main factors fueling market expansion is an increase in demand for forklift trucks in the manufacturing sector. Alternative energy forklifts, like those powered by hydrogen, are also getting greater attention. Therefore, market participants must plan their strategies in accordance with these sector developments in order to maximize earnings and market share.
The forklift truck market is highly competitive on a global scale, with numerous manufacturers competing for market dominance. Major companies have expanded in order to capture a higher share of the market. The forklift market has witnessed a plethora of growth strategies applied by market players over the past few years, including acquisitions, mergers, and collaborations. Participants in the sector are expanding their product portfolios to enhance their revenue share.
Some of the key developments are:
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Pricing |
Available upon Request |
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The global Forklift Trucks market is estimated to be valued at over US$ 54,145.5 Mn as of 2022.
Forklift Trucks are projected to increase at 7.5% CAGR and is expected to be valued at around US$ 119,194.2 Mn by 2033 end.
Toyota Material Handling, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Hangcha Group Co., Ltd., Manitou Group, Kalmar, Doosan Corporation (Industrial Vehicle), Mitsubishi Nichiyu Forklift Co., Ltd., etc.
Germany, China, U.S., India, and Japan are driving most of the demand for Forklift Trucks.
The market in the U.K. is set to expand at 5.9% CAGR during the coming forecasted period.
China, the U.S., and Germany are major producers and exporters of Forklift Trucks.
Japan is slated to hold a 4% share of the global market in 2022.
