Report scope & Overview:
Forklift Market Size was valued at USD 52 billion in 2021 and is expected to reach USD 118.5 billion by 2028 and grow at a CAGR of 12.5% over the forecast period 2022-2028.
A forklift is a motorized vehicle that is used to lift and place discrete goods within a facility. Forklifts have forks that can be used to load pallet-based units precisely, and they can be equipped with a variety of platforms such as grippers, platforms, and clamps. With the increased focus on fuel efficiency and emission standards, the majority of forklift manufacturers are working on battery-operated forklifts to provide more efficiency while emitting fewer pollutants. Forklifts are utilized in a variety of industries, including wholesale and retail distribution, manufacturing, freight and logistics, and more.
In manufacturing and warehousing, forklifts have become the most important piece of equipment. Electrically controlled actuators or hydraulic values control the hydraulics on forklifts. Electric forklifts are becoming more popular as they do not emit carbon monoxide, which may be lethal to people if ingested. Transporting, dragging, and lifting piled boxes, crates, and other things are done by forklifts. They are widely used in warehouses, factories, and dockyards across a wide range of industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, due to their advantages.
Increasing E-Commerce and Warehouse Segment Trends
Technological Advances Designed to Boost Productivity.
Growth in the no. of warehouses & the requirement to handle the supply chain more efficiently.
The use of third-party logistics (3PL) services is on the rise.
Battery and Fuel Cell Forklifts are Expensive.
Emissions standards that are too strict could stifle market growth.
Demand for battery-powered forklifts is on the rise.
Emerging Markets are propelling the economy forward.
Regulations on safety and emissions are very strict.
Global Market Volatility.
The market's growth is projected to be hampered by high maintenance costs & unpredictable prices.
IMPACT OF COVID-19:
COVID-19 is one of the most lethal viruses to have appeared in the post-modern world. It's so hazardous that it sparked a worldwide pandemic that forever altered how people live, work, and shop. COVID-19 was a game-changer for governments from the start. To try to control the spread of the virus, they implemented quarantines and lockdowns. They discovered that the lockdowns and quarantines caused them to shut down, at least temporarily, their businesses or drastically reduce production. The forklift manufacturers in the world were no exception. Many businesses were forced to close or function on a part-time basis. This created a logistical nightmare and had a negative impact on the company’s business.
KEY MARKET PLAYERS:
Toyota Industries Corporation (Japan), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), KION Group AG (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.S), Hyundai Heavy Industries (South Korea), Komatsu Limited (Japan), Anhui Heli Co., Ltd.; CLARK, Doosan Corporation; Hangcha; are some of the affluent competitors with significant market share in the Forklift Market.
Market, By Class:
The global market is divided into class 1, class 2, class 3, class 4 & 5 based on the class segment. In 2021, the class 3 category dominated the forklift market, accounting for more than 39.0 percent of total sales. Electric warehouse pedestrian trucks and pallet jacks are examples of Class 3 forklifts. Over the projected period, the class 1 segment is expected to grow significantly.
Market, By Power Source:
According to the power source segment, the global market is divided into internal combustion engines, and electric. In 2021, the electric segment had the highest revenue share, around 66.2 percent. Forklifts driven by electricity are a greener option than those fueled by gasoline or diesel. Furthermore, compared to vehicles powered by conventional combustion engines, electric vehicles have fewer maintenance costs.
Market, By Capacity:
Based on the capacity segment, the global market has been divided into < 5-ton, 5-ton - 10 ton, 11 ton - 36 ton, and >36 ton. The market for vehicles with a capacity of fewer than 5 tonnes is expected to increase at the fastest rate, according to the report. Forklifts with a capacity of fewer than 5 tonnes use a variety of fuels, but the majority are battery-powered. Electric forklifts are quickly gaining popularity since they are environmentally benign and generally quiet when in use.
Class 4 & 5
By Power Source:
Internal Combustion Engine
5 ton - 10 ton
11 ton - 36 ton
In 2021, Asia Pacific dominated the forklift market, accounting for about 45.0 percent of total revenue. During the forecast period, the market is expected to rise steadily. The rise can be ascribed to manufacturers' increasing interest in industrial automation. Furthermore, forklifts aid in the streamlining of supply chain distribution activities as well as the operational efficiency and workflow of manufacturing processes. Several regional players are emphasizing the launch of new items in order to attract new clients and expand their customer base. The new device features a hydrostatic drive system that allows the forklift to shuttle constantly, resulting in increased uptime and lower maintenance costs.
Due to increased urbanization and rising demand from chemical and food businesses, Europe is likely to account for a large revenue share in the global market. Furthermore, increased construction activity in nations such as the United Kingdom, Germany, and France are fueling forklift demand.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 52 Billion|
|Market Size by 2028||US$ 118.5 Billion|
|CAGR||CAGR of 12.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Class (Class 1, Class 2, Class 3, Class 4 & 5)
• by Power Source (Internal Combustion Engine, Electric)
• by Capacity (<5>36 ton),
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Toyota Industries Corporation (Japan), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), KION Group AG (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.S), Hyundai Heavy Industries (South Korea), Komatsu Limited (Japan), Anhui Heli Co., Ltd.; CLARK, Doosan Corporation; Hangcha|
|Key Drivers||•Increasing E-Commerce and Warehouse Segment Trends
•Technological Advances Designed to Boost Productivity.
|RESTRAINTS||•The use of third-party logistics (3PL) services is on the rise.
•Battery and Fuel Cell Forklifts are Expensive.
Frequently Asked Questions (FAQ) :
Table of Contents:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Forklift Market Segmentation, by Class
8.1 Class 1
8.2 Class 2
8.3 Class 3
8.4 Class 4 & 5
9. Global Forklift Market Segmentation, by Power Source
10. Global Forklift Market Segmentation, by Capacity
10.1 <5 ton
10.2 5 ton - 10 ton
10.3 11 ton - 36 ton
10.4 >36 ton
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Crown Equipment Corporation (U.S),
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Toyota Industries Corporation (Japan)
12.3 Hyster-Yale Material handling Inc. (U.S.)
12.4 Jungheinrich group (Germany)
12.5 KION Group AG (Germany)
12.6 Mitsubishi Nichiyu Forklift Corporation (Japan)
12.7 Crown Equipment Corporation (U.S)
12.8 Hyundai Heavy Industries (South Korea)
12.9 Komatsu Limited (Japan)
12.10 Anhui Heli Co., Ltd.
12.12 Doosan Corporation
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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