The global forklift truck market size was estimated to be US$ 53.5 billion in 2020 and is expected to reach US$ 86.5 billion by 2031 at a CAGR of 4.5%. Forklift trucks are incredible, substantial electric lift trucks are broadly used to lift and move weighty materials, like holder products, cartons, and other such parts, over a brief distance.
These trucks are significantly utilized in dockyards, warehousing activities, and reusing tasks to perform capacities like stacking and dumping products from vehicles and moving stuffed merchandise around the capacity region. What's more, forklift is by and large controlled by electric battery or inward ignition motors.
Organizations inside the manufacturing area are embracing mechanization for improving their manufacturing limit. Fueled industrial trucks decrease manual work as they assist makers with moving different parts and materials from stockrooms to the creation line. For instance, the car/ automobile sector is developing at a quick speed in Latin America province. As per International Organization of Motor Vehicle Manufacturers (OICA), in 2019, around 2.9 million vehicles were fabricated in Brazil, an expansion of 2.2% from 2018. This number is relied upon to go up throughout the next few years and along these lines, filling the need for lift trucks during 2022-2032. The booming of the real estate and construction sector, combined with quick industrialization, is one of the principle factors boosting the development of the forklift truck market currently. Forklift trucks are basically efficient, easy to use, incredible and simple to keep up with.
As a result, they are comprehensively used as assistance in a few industrial errands and taking care of weighty development materials, for instance wood, steel and mortar. In addition, the developing of number of stockroom advancements in the propelling nations is likewise presenting to impel the development of the forklift truck market during 2022-2032.
Industrial latest progressions like Internet of Thing (IoT) and man-made intelligence are making base for the development of the market for forklifts during the forecast period. Market players are zeroing in on creating significant collaborations unions and dispatching associated forklifts to oblige the end client prerequisites adequately. For example, in April 2019, Toyota Enterprises Partnership and Microsoft declared to essentially change Toyota's coordination arrangements, which incorporate associated forklifts. These associated forklifts are empowered with AI and IoT advances and are meant to satisfy the rising need in the internet business area to move merchandise productively.
Market players are zeroing in on growing their item portfolio to increase their income share. For example, in February 2019, Doosan Organization declared the dispatch of a wide scope of strong electric offset forklifts. The organization means to extend its electric lift truck contributions as it accepts they will be an appealing substitution for internal combustion engine lift trucks.
Vital participants are additionally zeroing in on extending their business topographically to acquire an upper hand on the lookout for forklifts. For example, in June 2019, Crown Equipment Corporation declared the kickoff of its new deals and services office in Oklahoma, U.S. The new office was dispatched to give clients admittance to the most recent material taking care of technology and fulfill the developing need for gear inside the province. The market for forklifts has seen different inorganic development methodologies like acquisitions, consolidations, and cooperation being taken on by market players in the course of recent years.
The class 2 segment is projected to observe a CAGR surpassing previously noted statistics as far as income is considered in the forklift market during the forecast time frame. This flood is because of the rising need for electric forklifts combined with the severe outflow guidelines for lift trucks. Class 2 lift trucks are utilized viably in slender passageways and restricted spaces. As these forklifts are little and can move in little spaces, they give the client a choice to acquire extra room inside the current stockroom.
Asia-Pacific is seen ruling the forklift truck market in view of the colossal requirement for forklift trucks from propelling countries and the increment in industrialization, are one of the cardinal aspect that is relied upon to lend a helping hand in the expansion of the forklift trucks market during 2022-2032.
Global Forklift Truck Market Value Share Analysis, by Geography (2021)
The report titled “Global Forklift Truck Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Forklift Truck Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Forklift Truck market is segmented as product type, class, fuel type, engine type, lifting capacity, end-use, and region. Based on product type, the Forklift Truck market is segmented into warehouse (pedestrian, rider), counter balance, other. Based on class, the Forklift Truck market is segmented into class I: electric motor rider trucks, class II: electric motor narrow aisle trucks, class III: electric motor pedestrian trucks, class IV: internal combustion engine trucks (solid, cushion tires); class V: internal combustion engine trucks (pneumatic tires.), class VI: electric and internal combustion engine tractors, and class VII: rough terrain forklift trucks, other. Based on fuel type, the Forklift Truck market is segmented into diesel, gasoline, LPG or CNG, electric or hybrid, other. Based on engine type, the Forklift Truck market is segmented into internal combustion (IC) engine power, electric power, other.
Based on lifting capacity, the Forklift Truck market is segmented into < 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton, other. Based on end-use, the Forklift Truck market is segmented into retail and wholesale, transportation and logistics, automotive and electrical engineering, food industry, chemical industry, wooden industry, paper and print industry, other.
Based on geography, the Global Forklift Truck Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Forklift Truck Market. Further, market share of prominent companies in the Global Forklift Truck Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Forklift Truck companies. The Global Forklift Truck Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Forklift Truck business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Forklift Truck Market.
The key players of the Global Forklift Truck Market are:
Hyster-Yale Group, Inc. (a subsidiary of Hyster-Yale Materials Handling, Inc.), Jungheinrich AG, KION GROUP AG, Lift Technologies, Inc, , CLARK, Manitou Group, Komatsu Ltd, Crown Equipment Corporation Hangcha, Konecranes, Palletrans Forklifts, DOOSAN INDUSTRIAL VEHICLE AMERICA CORP, HUBTEX Maschinenbau GmbH & Co. KG, TOYOTA INDUSTRIES CORPORATION, Anhui Heli Co., Ltd, MITSUBISHI LOGISNEXT CO., LTD., Lonking Machinery Co., Ltd., Combilift Material Handling Solutions, EP Equipment, CO.,LTD, Godrej Material Handling, and others.
Global Forklift Truck Market Key Segments:
Based on product type
Based on class type
Class I: electric motor rider trucks
Class II: electric motor narrow aisle trucks
Class III: electric motor pedestrian trucks
Class IV: internal combustion engine trucks
Class V: internal combustion engine trucks
Class VI: electric and internal combustion engine tractors
Class VII: rough terrain forklift trucks
Based on fuel channel
LPG or CNG
Electric or hybrid
Based on engine type
Internal combustion (IC) engine power
Based on lifting type
< 5 ton,
5 ton - 10 ton,
11 ton - 36 ton,
> 36 ton
Based on end use
Retail and wholesale
Transportation and logistics
Paper and print industry
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Asia
Rest of South America
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets
Hyster-Yale Group, Inc. (a subsidiary of Hyster-Yale Materials Handling, Inc.), Jungheinrich AG, KION GROUP AG, Lift Technologies, Inc, , CLARK, Manitou Group are few prominent players active in the market.
The end-use segments in Forklift Truck market are Retail and wholesale, Transportation and logistics, Automotive, Electrical engineering, Food industry, Chemical industry, Wooden industry, Paper and print industry.