Lift Trucks Market Size - By Product [Forklifts (Counterbalance, Warehouse, Rough Terrain), Reach Trucks, Order Pickers, Pallet Jacks (Powered, Manual)], By Propulsion Type (ICE, Electric), By End Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), & Forecast 2024 - 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Lift Trucks Market Size - By Product [Forklifts (Counterbalance, Warehouse, Rough Terrain), Reach Trucks, Order Pickers, Pallet Jacks (Powered, Manual)], By Propulsion Type (ICE, Electric), By End Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), & Forecast 2024 - 2032

Lift Trucks Market Size

Hey there! The lift truck industry is booming, with a whopping $84.4 billion in revenue in 2023. And guess what? It's only going to keep growing, with a projected increase of over 7% each year until 2032. Why is this happening? Well, it's because warehouses and logistics centers are getting more and more automated. As businesses store more and more stuff, they need to move it around efficiently. That's where lift trucks come in! Warehouses are like giant storage bins, only bigger and filled with taller shelves. As these places get bigger and more complex, they need lift trucks that can reach the high shelves and handle all sorts of heavy loads. That's why we're seeing such a wide range of lift trucks these days. Some are designed for cramped warehouses with low ceilings, while others have super long arms that can reach way up into tall storage spaces. The more variety in warehouses, the more different types of lift trucks we need. It's like a puzzle, and lift trucks are the pieces that make it all work smoothly!

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The rising construction industry is fueling the adoption of lift trucks. As construction projects increase in size and complexity, additional materials, such as bricks, steel, timber, and concrete, must be moved to the job site. Telehandlers and rough terrain forklifts can travel uneven terrain and carry high goods in unpaved areas. Boom lifts and scissor lifts offer platforms for workers to access elevated places during construction or maintenance. Compact forklifts are well-suited to the constrained locations seen on construction sites.

Furthermore, construction projects have strict timelines and budgets. Lift trucks assist by speeding up material transportation, decreasing manual labor reliance, limiting worker fatigue and potential hazards connected with physical lifting, and ensuring items are delivered to the correct location at the right time, thereby keeping projects on track.

Lift Trucks Market Report Attributes
Report Attribute Details
Base Year 2023
Lift Trucks Market Size in 2023 USD 84.4 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 7%
2032 Value Projection USD 158.7 Billion
Historical Data for 2021 - 2023
No. of Pages 250
Tables, Charts & Figures 400
Segments covered Growth of warehouse and logistics industries (e-commerce boom)
Growth Drivers
  • Expansion of the construction industry
  • Growing automation in warehouses and logistics centers
  • Increasing focus on safety
  • High upfront costs of lift trucks
Pitfalls & Challenges
  • Skilled labor shortage
  • Growth of warehouse and logistics industries (e-commerce boom)

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Lift trucks, those workhorses of warehouses and factories, can be quite expensive to buy upfront. This can be a big hurdle for businesses, especially smaller ones. While lift trucks can save money in the long run by boosting efficiency and productivity, that initial investment can be tough to swallow. Electric lift trucks, which are more environmentally friendly and cheaper to operate over time, can be even pricier than their traditional gas-powered counterparts. This means that small and medium-sized businesses or startups might not have the cash to buy a new lift truck, even if it would help them grow their business.

For businesses with variable workloads, the significant initial investment might be risky. If they are unclear about their future material handling requirements, they may hesitate to purchase a new lift truck.

Lift Trucks Market Trends

Lift trucks are witnessing significant technological advancements. Electric and alternative fuel-powered lift trucks have several benefits over classic ICE types. They produce fewer emissions, operate more quietly (making them appropriate for interior applications), and require less maintenance. Advancements in battery technology, such as Lithium-ion batteries with quicker charging periods and longer lifespans, are making electric lift trucks more appealing. Along with this, automation is revolutionizing the lift truck sector.

Automated Guided Vehicles (AGVs) and Automated Lift Trucks (ALTs) can follow specified courses and handle material moving duties without the need for a human driver. Warehouses and distribution facilities can benefit considerably from increased efficiency and production. Lift trucks are becoming more advanced in terms of safety, with autonomous braking systems, overload prevention, and operator presence sensors. These advancements can reduce accidents and create a safer working environment for operators and warehouse personnel.

Lift Trucks Market Analysis

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Based on products, the forklifts segment is projected to exceed USD 140 billion by 2032. The material handling business relies heavily on forklifts to lift, move, and stack palletized products, making them indispensable in warehouses, distribution centers, manufacturing facilities, and logistical operations. Forklifts are available in a variety of designs (electric, ICE, rough terrain) to meet specific requirements.

Furthermore, a variety of accessories, such as pallet rotators, boom attachments, and side shifters, increase their versatility for particular jobs. Forklifts accommodate a wide range of weight needs. Lightweight electric versions are suited for lower weights while heavy-duty ICE forklifts are capable of hauling enormous cargo containers. Forklifts are often less expensive to acquire than other lift truck categories such as telehandlers or aerial work platforms. This affordability makes them accessible to a wider range of businesses.

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In 2023, the class III lift truck market was dominated by a whopping 41% share. These super-handy electric hand trucks, also known as pallet jacks, are the Swiss Army knives of the lift truck world. They're perfect for all sorts of jobs in warehouses, stores, and factories where heavy lifting is a pain. And get thisthey're way cheaper to buy, run, and take care of than their bigger cousins. Instead of gas-guzzling engines, they have electric motors that need less TLC. And their compact size means they use less juice too. Plus, they're a breeze to drive, so you won't need a rocket science degree to get the job done.

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Asia Pacific region dominated the global lift trucks market with a share of over 39% in 2023. The region is experiencing an increase in industrial activities, especially in China and India. This rise in numerous sectors, such as automotive, FMCG, and construction, increases the need for lift trucks for effective material handling. Furthermore, the e-commerce boom is fueling the demand for larger and more efficient warehouses across APAC. This results in increased demand for lift trucks to manage inventory movement and order fulfillment in these facilities.

Warehouses and logistics facilities around the U.S are witnessing increased automation. This involves the use of ALTs and AGVs, which may work independently, increasing efficiency and production. The U.S. government has imposed tighter emission standards to address air pollution, generating demand for electric and alternative fuel-powered lift trucks. Additionally, the country is home to numerous significant lift truck manufacturers and distributors. These firms are critical to the lift truck industry's innovation and technical growth.

Hey there, check this out! We're seeing a big buzz in the forklift game in Europe. Countries like France, Germany, the UK, and the Netherlands are really stepping up their warehouse game. With all the online shopping going down, they need more warehouses and logistics centers than ever before. And guess what? That means more forklifts to move stuff around. But that's not all. These warehouses are getting super high-tech these days. They're using robots and other fancy gadgets, including automated forklifts that can zoom around without a human driver. This is making the forklift market even bigger. But it's not just Europe that's feeling the love. Places like the United Arab Emirates and Saudi Arabia are building like crazy, thanks to all the construction projects and growing cities. And you know what they need for that? Forklifts, baby! They help move all those bricks and other heavy materials around construction sites.

Lift Trucks Market Share

Toyota Industries Corporation and KION Group hold a significant market share of over 26% in the lift trucks industry. Toyota Industries Corporation takes a customer-focused approach to developing products and delivering services, addressing the distinct requirements and obstacles faced by forklift operators, fleet managers, and warehouse supervisors. The company’s solutions emphasize safety, productivity, and overall cost-effectiveness.

The KION Group sustains its position as a technology leader in the forklift market through investments in research & development, partnerships with technology firms, and the incorporation of cutting-edge features, such as automation, connectivity, and digitalization, into its forklift offerings.

Lift Trucks Market Companies

Major players operating in the lift trucks industry are

  • Anhui Forklift Truck Group Co., Ltd.
  • Crown Equipment Corporation
  • Doosan Industrial Vehicle
  • Hangcha Group Co., Ltd.
  • Hyster-Yale Materials Handling, Inc.
  • Jungheinrich AG
  • KION Group
  • Komatsu Utility Co., Ltd.
  • Mitsubishi Logisnext Co., Ltd.
  • Toyota Industries Corporation

Lift Trucks Market News

  • In February 2024, ePicker, a material handling equipment provider based in Fort Worth, U.S., was acquired by Big Lift LLC, headquartered in Illinois. The acquisition is part of Big Lift's strategy to become the market leader in lithium-powered material handling solutions and the industry leader in lithium forklifts in North America. The addition of the ePicker team and distributors benefitted both channels by increasing the resource base, strengthening aftermarket support capabilities, and ensuring the launch of high-quality, innovative products.
  • In August 2023, Cummins partnered with Taylor Machine Works to integrate hydrogen engines into Taylor's lift trucks. This collaboration involved the use of Cummins 6.7-liter and 15-liter hydrogen engines in Taylor's product line to develop low and zero-carbon solutions across its entire range of heavy industrial lift equipment.

This lift trucks market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (units) from 2021 to 2032, for the following segments

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Market, By Product

 

  • Forklifts 
    • Counterbalance
    • Warehouse
    • Rough terrain 
  • Reach trucks
  • Order pickers
  • Pallet jacks 
    • Powered
    • Manual

Market, By Propulsion Type

  • ICE
  • Electric

Market, By Class

  • Class I
    • Forklifts
    • Reach trucks
    • Order pickers
    • Pallet jacks
  • Class II
    • Forklifts
    • Reach trucks
    • Order pickers
    • Pallet jacks
  • Class III
    • Forklifts
    • Reach trucks
    • Order pickers
    • Pallet jacks
  • Class IV
    • Forklifts
    • Reach trucks
    • Order pickers
    • Pallet jacks
  • Others
    • Forklifts
    • Reach trucks
    • Order pickers
    • Pallet jacks

Market, By End Use

  • Chemical
  • Food & beverage
  • Industrial
  • Logistics
  • Retail & E-commerce 
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA

 

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