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Forklift Truck Market Report Size:

Forklift Truck Market,Revenue Analysis

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The Forklift Truck Market Size was valued at USD 58.86 Billion in 2023 and is now anticipated to grow to USD 99.63 Billion by 2031, displaying a compound annual growth rate (CAGR) of 6.8% during the forecast Period (2024-2031).

The forklift truck market is growing at a significant rate with a variety of factors that come into the play. The expansion of warehouses & logistics services is the key factor towards the market growth. The rising e-commerce and growing complexity of supply chains is complementing the warehouses with fast & efficient material handling thus helping in the market growth. Apart from logistics, material handling is used in various industries like manufacturing, food & beverage and construction for lifting & transporting heavy materials making it a priority in industries of all sizes. Also, adoption of automation in forklifts is helping in reduction of accidents and fatalities. According to Occupational Safety and Health Administration (OSHA), around 85 deaths and 34,900 serious injuries happened due to forklift accidents thereby needing integration of automation for improved safety of workers, increased efficiency and better data-driven decision-making. Another factor for the growth is providing wide range of application along with industries is flexibility & cost effectiveness. All these factors are helping towards the growth of the forklift truck markets.

Forklift Truck Market Dynamics

Drivers

  • Rise of e-commerce platform & number of warehouses across the globe is driving the growth of the market.

  • Growing demand for lean and automated warehouse in order to increase operational efficiency is driving towards market growth.

Lean warehouses reduce over consumption of resources without any change in productivity. Automated warehouse is run by automated forklifts that can pick & store materials automatically without any human intervention thereby removing human errors. The growth of smart warehouses is because of autonomous forklifts which has minimal infrastructure requirement and can improve operational efficiency of warehouse up to 20%. The rising safety concern, cost effective material handling solution is driving towards the market growth.

Restraints

  • Safety issues related to forklift truck is limiting the growth of the market.

  • Rising demand of stacker crane can be a restraint in the growth of the market.

Stacker cranes has various advantages like movement in narrow aisles that cannot be done by a forklift to operate. Forklifts & stacker cranes are similar, but stacker cranes can store and retrieve goods at a higher vertical height. The warehouse rack supports stacker cranes without any additional structure requirements. Moreover, stacker cranes are inherently safer from forklift, so there are no cases of accidents. Also, the higher load capacity than forklift can hinder the growth of the forklift truck market.

Opportunities

  • Modular solutions to optimize customer productivity.

  • Increasing demand of battery-operated forklifts with low cost of operation & low maintenance requirement is creating growth opportunities.

Challenges

  • High cost of electric forklifts can be a challenge in adoption in the market.

  • Rise of third-party logistics services is a challenge in the growth of the market.

Forklift Truck Market Impact Analysis

Impact of Russia-Ukraine War

The Russia-Ukraine war has a huge impact on the forklift truck market. The war has disrupted the global supply chain leading to shortage of raw material required for the manufacturing of forklifts. Russia being a key supplier of iron & steel is unable to export because of trade restrictions is causing price hikes. Further, government may shift their investments over war thereby holding off the forklift procurement on hold and causing a dip in the demand. But on the other side, governments may encourage towards local production of forklift components & final product and reducing reliance on global market. Moreover, sector such as logistics & warehouse may have an increase in the demand for forklifts and these companies might adjust their supplier network keeping in mind of the war & its impact. Stockpiling of essentials like food can create a temporary surge in the demand for forklifts in warehousing & storage.

Impact of Economic Slowdown

Economic slowdowns have a huge impact on the forklift truck market. The slowdown has led to decreased production & sales in industries like manufacturing which has caused a decrease in the demand for forklifts as they have less requirement for material handling equipment’s. Company faces financial burdens which could lead to delay in investing over new forklifts further causing a dip in the demand for forklifts. But on the other side, business could focus in optimizing costs & efficiency and forklifts are specialized in this by reducing labor cost by doing automated repetitive tasks & improving efficiency by proper material handling with fast turnaround times ultimately leading to cost savings. And the market for repairs & maintenance can grow by keeping existing forklifts at work and reducing the chances of breakdown thus saving costs.

Forklift Truck Market Segmentation Analysis

by Product

  • Warehouse

  • Counterbalance

by Technology

The Electric forklift trucks is dominating the market with a share of around 67% of the total market. They are eco-friendly alternative compared to ICE. Battery technology is evolving continuously with higher safety of lithium-ion batteries than lead-acid batteries are making Li-ion batteries popular in electric forklifts. Moreover, electric vehicles require low maintenance than ICE. Countries around the world started to discontinue the sale of ICE forklifts seeking in mind over environmental sustainability.

Forklift Truck Market, By Technology

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by Application

  • Manufacturing

  • Logistic

  • Retail & Wholesale

  • Others

by Capacity

  • Below 5 tons

  • Above 5 tons

The above 5 tons capacity is dominating the market with a share of around 63% of the total market. The increasing demand for material handling & heavy lifting in industries like such as manufacturing, logistics & construction is the reason for the dominance. With expansion of businesses & growing trade, the need for heavy lifting forklift is a must. Moreover, increasing automation in warehouses is creating demand for high-capacity forklifts.

Forklift Truck Market Regional Analysis

The Asia-Pacific region is dominating the market with a share of around 42.4% of the total market. The reason for dominance is rising factory & warehouse automation that optimizes supply chain process such as increasing operational efficiency, improving manufacturing process. Moreover, increasing population along with growth of e-commerce market is paving way for the growth of the forklift truck incorporating material handling efficiency. Also, growing number of establishments like automotive, metal & machinery is making the forklift market to grow.

North America is the fastest growing region next to Asia-Pacific because of growing supply chain network & e-commerce across the region.

Forklift-Truck-Market-By-Region

Regional Outlook

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

Forklift Truck Market Key Players

The major key players are Toyota Industries Corporation, Crown Equipment Corporation, Kion Group AG, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries, Mitsubishi Nichiyu Forklift Co., Ltd, Jungheinrich AG, Doosan Industrial Vehicle, Hangcha Group, Komatsu Ltd., Godrej & Boyce Manufacturing and others.

Crown Equipment Corporation-Company Financial Analysis

Company Landscape Analysis

Forklift Truck Market Recent Development

  • In May 2023, Toyota launched a new electric forklift designed for versatile outdoor use in diverse terrains. Ranging from 3,000 to 7,000 lb., these models prioritize safety with advanced stability systems, embodying Toyota's commitment to continuous improvement.

  • In February 2023, Doosan launched two new ranges of high-capacity electric counterbalance forklift trucks within the NXE Series, providing industrial users with a wide range including low-noise level, zero-emission, and environmentally friendly. The trucks are capable of tackling heavy-duty task.

Forklift Truck Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 58.86 Billion
Market Size by 2031 US$ 99.63 Billion
CAGR CAGR of 6.8% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Technology (Electric, ICE)
• By Capacity (Below 5 Tons, Above 5 Tons)
• By Application (Manufacturing. Logistic, Retail & Wholesale, Others)
• By Product (Warehouse, Counterbalance)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Toyota Industries Corporation, Crown Equipment Corporation, Kion Group AG, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries, Mitsubishi Nichiyu Forklift Co., Ltd, Jungheinrich AG, Doosan Industrial Vehicle, Hangcha Group, Komatsu Ltd., Godrej & Boyce Manufacturing
Key Drivers • Rise of e-commerce platform & number of warehouses across the globe is driving the growth of the market.
• Growing demand for lean and automated warehouse in order to increase operational efficiency is driving towards market growth.
Restraints • Safety issues related to forklift truck is limiting the growth of the market.
• Rising demand of stacker crane can be a restraint in the growth of the market.

Frequently Asked Questions

Ans: The Forklift Truck Market is expected to grow at a CAGR of 14.5%.

Ans: Forklift Truck Market size was USD 5.24 billion in 2023 and is expected to Reach USD 15.49 billion by 2031.

Ans: Rise of e-commerce platform & number of warehouses across the globe is driving the growth of the market.

Ans: Safety issues related to forklift truck is limiting the growth of the market.

Ans: Asia-Pacific is expected to hold the largest market share in the Off-highway vehicle market during the forecast period.

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Secondary Research

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Primary Research

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Data Bank Validation

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