Forklifts & Lift Trucks Market Size, Share, Growth, and Industry Analysis, By Type (Class 1 Forklift Trucks, Class 2 Forklift Trucks, Class 3 Forklift Trucks, Class 4/5 Forklift Trucks), By Application (Warehouses, Factories, Distribution Centers, Airports, Others), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

REPORT OVERVIEW

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The global forklifts & lift trucks market size was USD 22170 million in 2022. As per our research, the forklifts & lift trucks market is expected to reach USD 27290 million by 2028, exhibiting a CAGR of 3.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, forklifts & lift trucks experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Forklift trucks are strong, heavy-duty electrical lift trucks that are frequently used to lift and move heavy objects over short distances, including containers, crates, and other similar components. These trucks primarily execute tasks including loading and unloading cargo from vehicles and transporting packed cargo throughout the storage area in dockyards, warehousing activities, and recycling operations. Forklifts are frequently powered by a combustion engine or an electric battery.

The rising e-commerce industry is increasing the requirement for efficient supply chain management and warehouse space. Additionally, warehouse owners emphasize boosting efficiency inside the storage facility and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts & lift trucks market expansion and demand is anticipated to rise. It is anticipated that as electric forklifts become more popular among operators of recycling facilities and chemical industries, the forklift market will grow.

COVID-19 Impact: Depletion in Inventory Management to Deplete Market Share  

The forklifts & lift trucks market share was adversely affected by the COVID-19 outbreak. Transportation of materials and inventory management were no longer required because businesses and warehouses had closed. Due to the shutdown, major corporations halted operations in several areas. This had an immediate effect on the need for equipment for handling materials. Nevertheless, the industry's post-pandemic prospects appear positive due to the anticipated rise in urbanization, increased international trade, and the quick development of warehouse management solutions, which can simplify the handling of materials and warehouse management.

LATEST TRENDS

"Environmentally Friendly Trucks to Stimulate Market Development  "

Environment-friendly forklift trucks that use hydrogen fuel cells benefit the environment by reducing air pollution, noise pollution, and carbon emissions. Due to the advantages offered by fuel cell hydrogen forklifts, prominent forklift truck companies are developing a new line of forklifts using fuel cell technology, which is expected to provide impressive growth for the businesses that serve the forklifts & lift trucks market growth.

For instance, one of the top forklift truck manufacturers, Toyota Material Handling, debuted new three-wheeled hydrogen-powered forklift trucks at ProMat 2019 that have a number of performance and environmental advantages. Making fuel cells from hydrogen for forklifts & lift trucks offers a significant chance to increase the market.

SEGMENTATION

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• By Type

Based on type; the market is divided into class 1 forklift trucks, class 2 forklift trucks, class 3 forklift trucks, class 4/5 forklift trucks

Class 1 forklift trucks is the leading part of the type segment.

• By Application

Based on the application; the market is divided into warehouses, factories, distribution, centres, airports, others

Warehouses is the leading part of the application segment.

DRIVING FACTORS

"Rise in E-Commerce to Aid Market Expansion  "

The e-commerce market is still expanding healthily. The need for warehouse space has increased as a result of the rise in the demand for consumer goods, which are then sent in bulk through pallets and case to retail establishments. To transfer the goods to the site without any harm, numerous distribution tactics and warehousing technologies are used. Forklifts & lift trucks are employed in warehouses to properly put and arrange items or goods in order to save time and space. These vehicles come in a variety of variants, including swing-reach turrets, balanced sit-down riders along with ordering pickers, and they can be powered by electric, natural gas, diesel, or gasoline.

"Government Initiatives to Foster Industry Progress "

Governments from several countries have started initiatives to upgrade their infrastructure. Forklifts & lift trucks demand is boosted by increased real estate investment. Additionally, it's anticipated that during the forecast period, governments would increase their investments and infrastructure will continue to develop globally, fueling demand for forklifts & lift trucks.

Moreover, big or bulky products are moved using forklift trucks, which increases productivity and lowers operating expenses at project sites. The benefits of the forklift truck's material handling capability and the rise in infrastructure development investments in the countries are thus anticipated to fuel the expansion of the forklift truck market globally.

RESTRAINING FACTOR

"Increment in Accidents and Injuries to Stop Market Evolution "

However, the high maintenance costs for forklifts & lift trucks and expenses of the basic components may make it difficult for the market to expand. Over the last few years, there have been more forklift-related incidents. Operators or pedestrians who exited the car are responsible for a majority of the injuries. The forklift is also among the most hazardous workplace vehicles because it is frequently used close to passengers and is more prone to become unstable, especially if it is not managed and loaded properly. Therefore, it is projected that the forklift truck market would experience a slowdown during the forecast time frame as a result of rising safety concerns and incidents involving forklift trucks.

REGIONAL INSIGHTS

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"Asia Pacific to dominate the market owing to Factory Automation "

In 2022, Asia Pacific accounted for the greatest revenue share, dominating the forklift market. Throughout the projection period, the market in the region is anticipated to expand steadily. The growth is associated with manufacturers' rising preference for manufacturing automation. Additionally, forklifts streamline supply chain shipment operations while enhancing the operational efficiency and efficiency of production processes. A few regional players are focusing on the introduction of new products to attract more customers and diversify their clientele.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Toyota (Japan)
• Kion (Germany)
• Jungheinrich (Germany)
• Mitsubishi Logisnext (Japan)
• Crown Equipment (U.S.)
• Hyster-Yale (U.S.)
• Anhui Heli (China)
• Hangcha (China)
• Clark Material Handling (U.S.)
• Doosan Corporation Industrial Vehicle (Soutk Korea)
• Komatsu (Japan)
• Lonking (China)
• Hyundai Heavy Industries (South Korea)
• EP Equipment (China)
• Manitou (France)
• Paletrans Equipment (Brazil)
• Combilift (U.S.)
• Hubtex Maschinenbau (Germany)
• Godrej & Boyce (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.