Forklift Market Size - By Product (Warehouse, Counterbalance), By Fuel Type (Diesel, Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End Use (Chemical, Industrial, Logistics, Retail & E-commerce), & Forecast 2024 - 2032

Forklift Market Size - By Product (Warehouse, Counterbalance), By Fuel Type (Diesel, Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End Use (Chemical, Industrial, Logistics, Retail & E-commerce), & Forecast 2024 - 2032

Forklift Market Size

Forklift Market was valued at USD 81 billion in 2023 and is projected to witness more than 6.5% CAGR from 2024 to 2032, due to the rising investments in product development. Companies are allocating resources to enhance and innovate forklift technology, leading to improved efficiency, safety features, and versatility.

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Expanding manufacturing and production activities, serves as a pivotal factor propelling the market growth. As industrial output and operational scale increase, the demand for efficient material handling rises. Forklifts play a crucial role in streamlining intra-facility logistics, offering a cost-effective solution for lifting and transporting heavy loads. The symbiotic relationship between industrial expansion and the need for optimized material handling position forklifts as essential equipment, fueling their demand and market growth.
 

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The high initial investments required for acquiring forklifts can potentially impede market growth. Businesses, particularly smaller enterprises, may find the upfront costs prohibitive, deterring them from investing in this essential equipment. Additionally, economic uncertainties and budget constraints can further hinder adoption. To address this challenge, manufacturers and suppliers could explore financing options or leasing arrangements, making forklifts more accessible to a broader range of businesses and facilitating market expansion.

Forklift Market Trends

The strides in autonomous forklift technology are fostering lucrative growth in the forklift business. The advancements, marked by increased automation and AI integration, enhance efficiency, and reduce dependency on manual labor. Safety innovations in the forklift industry involve the integration of advanced features to enhance workplace safety. This includes technologies such as obstacle detection systems, automatic braking, and proximity sensors to prevent collisions. Additionally, improved visibility features, ergonomic designs, and operator training programs contribute to accident reduction. These safety measures protect workers and equipment and align with regulatory standards, making forklifts equipped with these innovations more attractive to industries prioritizing a secure and efficient working environment.

Forklift Market Analysis

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The counterbalance segment accounted for around 60% of the market share in 2023. The electrification of counterbalance forklifts is propelling segment growth. As industries increasingly prioritize sustainability and environmental concerns, electric counterbalance forklifts gain traction for their zero-emission capabilities. For instance, in February 2023, Doosan, a forklift truck manufacturer, introduced two new series of high-capacity electric counterbalance forklift trucks as part of the NXE Series. These offerings expand the options available to industrial users, presenting a comprehensive selection of environment-friendly, zero-emission trucks with low noise levels.

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The class III segment held approximately 39% share of the forklift market in 2023 and is projected to grow by 2032. The Class III forklifts are electric powered, emitting zero emissions during operation. This makes them ideal for indoor use where air quality is a concern, and there is a need to maintain a clean working environment. Furthermore, Class III forklifts are designed for efficiency in horizontal material movement. Their compact size and maneuverability make them well-suited for confined spaces like aisles and tight storage areas. Companies operating in the market are launching new Class III forklifts to cater to its growing demand in the market.

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Asia Pacific dominated the global forklift market with a major share of around 50% in 2023. The region's position as a major manufacturing hub significantly propels the market development. Rapid industrialization, particularly in countries including China and India, propels the demand for forklifts in warehouses and production facilities. As these economies continue to experience robust growth, the need for efficient material handling becomes paramount. Forklifts are crucial in enhancing operational efficiency, ensuring smooth logistics, and meeting the demands of the thriving manufacturing sector in the dynamic Asia Pacific business landscape.

Forklift Market Share

Major players operating in the forklift industry are

• Clark Material Handling International, Inc.
• Crown Equipment Corp.
• Doosan Industrial Vehicle
• Godrej & Boyce Manufacturing
• Hyster-Yale Materials Handling, Inc
• Hyundai Heavy Industries
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Lonking Forklift Co., Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Industries Corporation

Toyota Industries Corporation and KION Group AG hold a significant market share, over 20% in the forklift industry. Toyota prioritizes customer satisfaction and tailoring solutions to meet specific industry needs. The company focuses on offering a wide range of forklift models for different applications, providing comprehensive after-sales services, and focusing on building long-term relationships with customers.

KION Group AG focuses on developing advanced technologies, integrating IoT and data analytics into their forklifts, and providing solutions that contribute to the digital transformation of warehouses and logistics operations.

Forklift Industry News

• In October 2023, HD Hyundai Construction Equipment India has launched two new forklift models, as well as a range of new excavators for the heavy-duty mining and infrastructure sectors.The new generation 2.5 T and 3 T capacity electric forklift model were designed by Hyundai Global’s research and development centre in South Korea to be more productive, efficient, safe and efficient than previous models. The new product launch demonstrates Hyundai India’s commitment to serve India and the global market with innovative solutions.
   
• In May 2023, Toyota Material Handling expanded its range of material handling solutions with the latest electric product lineup including a Side-Entry End Rider, an Industrial Tow Tractor, and a Center Rider Stacker. These additions provide customers with enhanced versatility and job site performance, further strengthening Toyota Material Handling's commitment to delivering a comprehensive suite of cutting-edge material handling products and solutions.

This forklift market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Shipment (Units) from 2018 to 2032 for the following segments

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Market, By Product

• Warehouse
• Counterbalance

Market, By Fuel Type

• Diesel
• Electric
• Gasoline & LPG/CNG

Market, By Class

• Class I
• Class II
• Class III
• Class IV
• Class V
• Others

Market, By End Use

• Chemical
• Food & beverages
• 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
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia 
• Latin America
  • Brazil
  • Argentina
  • Colombia
  • Chile 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa