Global Forklift Market Size By Type (Class I, Class II, Class III), By Application (Mining, Logistics, Construction), By Geographic Scope And Forecast

Forklift Market Valuation – 2024-2031

Hi-end features like collision advanced systems and load stabilization technologies are actively contributing to the enhancement of operational efficiency and cost-effectiveness across different industries. This demand for automation and efficiency is propelling the integration of automation technologies like Automated Guided Vehicles (AGVs) and driverless forklifts, driving the Forklift Market. to reach a valuation of USD 135.97 Billion over the forecast 2031, by subjugating the revenue of USD 74.83 Billion valued in 2023.

Subsequently, the demand for consumer goods, chemicals, healthcare, manufacturing, food and beverages products is increasing among the growing population, thereby boosting the application of effective forklifts to support these systems handling and delivering these products. Such skyrocketing requirement of forklifts are enabling the market to grow at a CAGR of 7.75% from 2024 to 2031.

Forklift MarketDefinition/ Overview

Forklifts are powered industrial trucks with lifting forks on the front that are mostly utilized for material moving and lifting. It is a multipurpose piece of machinery made to effectively manage large loads in a variety of industrial and warehousing environments. The forklift’s primary function is to lift objects with the help of its adjustable fork attachments, which may be adjusted to various heights. They are essential for organizing and optimizing storage capacity due to their ability to fit into confined places.

Furthermore, it offers diverse applications and is crucial in streamlining various processes like the movement of palletized goods and materials as well as transporting finished products between different production stages. Thus, Forklifts are essential tools for material handling, offering a versatile and efficient means of transporting and lifting heavy loads in various industrial applications.

Which are the Primary Factors Driving the Growth of the Forklift Market?

Rising demands in e-commerce, international trade, and manufacturing sectors have led to a greater need for effective material handling systems. Such demand is creating lucrative opportunities for specialized forklifts designed for high-rack storage and retrieval to scale and automate warehouses.

Also, the increase in the development of infrastructures, such as ports, airports, and transportation systems, is fueling the need for heavy-duty forklifts to smooth the flow of goods. Thus, the ongoing improvements and investments in infrastructural sector is positively influencing the growth of the Forklift Market.

Furthermore, the growing awareness regarding environmental concerns is shifting the preferences from traditional products to eco-friendly and sustainable products, stirring up the adoption of electric forklifts. These systems help minimize the ecological impact during the industrial operations, thereby fueling its demand over the forecast period. Also, the demand for electric forklifts is bolstered by government incentives and regulations that encourage the use of cleaner technologies.

Will Ongoing Trade Tensions Challenge the Growth of Forklift Market?

With the booming e-commerce industry, the need for well-equipped warehouses to handle large product volume is projected to play a crucial role in the diverse industrial sector. The need to handle large volumes of products is spurring the demand for alternative dynamic and flexible solution, thereby posing a huge challenge for the Forklift Market. Also, the requirement of more agile and adaptable forklift that can navigate through tight spaces efficiently is posing a hurdle in designing the to the meet needs of the evolving industries.

Also, the risks associated with the handling of products produced in agriculture, aviation, or nuclear facilities on a commercial platform is likely to act as a barrier for this market. In addition, the need to function even under extreme environments, such as high or cold temperatures, hazardous conditions, or underwater operations, is driving the demand for robust designs and specialized materials for forklifts. This is propelling the demand for hi-end forklift over the traditional forklift designs, limiting the sales of forklift.

Furthermore, ongoing trade tensions, political instability, and global conflict issues is disrupting the supply chains and creating obstacle in the smooth flow of international trade in forklifts and their components. Such geopolitical issues is anticipated to affect the forklift industry on a bigger scale. Besides these, the fluctuating raw material prices clubbed with the production delays faced in different industries will further hamper the adoption of forklifts, creating a major hurdle for the growth of the market.

Category-Wise Acumens

Will Demand for Adaptability Drive Use of Class 3 Forklifts in Various Industrial Applications?

According to analyst, the Class 3 segment is estimated to hold the largest market share in the class segment during the forecast period. The dominance of this segment is attributable to its versatility, wide range applicability, and integration of advanced technologies.

The ability of this technology to handle diverse loads ranging from 2.5 tons to 5 tons and also operating in different environments such as warehouses, factories, construction sites, and retail stores are making it suitable option for a range of tasks. Similarly, the faster lift speeds during loading/unloading of goods is one of the primary features enhancing the application of class 3 forklifts.

Also, lower operating costs and energy-saving properties of class 3 compared to their internal combustion engine counterparts are helping reduce pressure on non-renewable resources and lower emission rate, resulting in enhancing the popularity of electric forklifts within the Class 3 segment.

What are the Primary Factors influencing the Choice of Forklifts Within the Industrial End-User Segment?

The industrial segment is estimated to dominate the Forklift Market during the forecast period comprising approximately 23% of the global share. Increasing demand for handling different materials and products with automation and efficiency is enhancing the use of forklifts with varying capacities, functionalities, and configurations. Such factors contribute to optimizing material flow, reducing bottlenecks, and accelerating loading/unloading tasks, leading to overall operational cost savings and improved profitability. Thereby, spurring the application of forklifts in the industrial sector.

Furthermore, the active adoption of advanced technologies and increasing demand for sustainable solutions are surging the demand for forklift in industrial applications. This growing need to reduce dependency on manual labor, enhance safety, along with alignment with environmental regulations are benefits bolstering the demand for this technology in the industrial sector.

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Country/Region-wise Acumens

How is the Economic Growth in the Asia Pacific Region Influencing the Demand for Forklifts?

Asia Pacific is estimated to dominate the Forklift Market during the forecast period by holding approximately 46.2% of the global market share. This growth is attributable to increasing government investments in industrial, construction, manufacturing, e-commerce, and other sectors, propelling the requirement for material handling and delivery solutions. Also, rapid industrialization and urbanization in the developing countries like India, China, and Japan are resulting in the development of various infrastructures including industries, buildings, ports, and so on, thereby boosting the use of forklift in this region.

Additionally, the presence of prominent players including Toyota and KION Group as well as up-and-coming local manufacturers like Anhui Heli and Hangcha are helping shape the market dynamics in of the forklift industry in Asia-Pacific .

How will Upsurge in the Sales of Electric Forklift Fare for Forklift Market in North America?

North America region is estimated to grow at a substantial rate in the global Forklift Market during the forecast period from 2024 to 2031. Increasing inclination toward sustainable sources and minimal human intervention is boosting the integration of automation and advanced warehouse management systems, thereby stirring up the demand for electric forklifts in the region. Also, adoption of stringent green policies in the states like California show a rise in the adoption of electric forklifts.

Furthermore, the continued demand for heavy-duty forklifts for timely delivery and explicit management of product handling in the different industries including construction, infrastructure, and heavy manufacturing are creating lucrative opportunities for growth of the market in the region. Also, the rise in the replacement cycle and fleet upgrades are supporting in the expansion of the market. Simultaneously, rising investments and research and development in newer models with improved efficiency, enhanced safety features, and compliance with environmental regulations are offering newer avenues for market growth in North America.

Forklift MarketSegmentation Analysis

The Global Forklift Market is segmented on the basis of Type, Application, And Geography.

Forklift Market, By Type

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

Based on Type, The market is classified into Class I, Class II, Class III, Class IV, and Class V. Class III is expected to occupy a significant share in the forecasted period due to the demand for electric trucks. Class III includes pedestrian-controlled trucks, stackers, and pedestrian-controlled trucks that allow operators to move luggage in walking mode up to approximately 15 feet high. Robotics are estimated to be used in Class III during the forecast period. Due to its ergonomic acceptance and fuel efficiency, Class V has significant growth opportunities, followed by Class III. Class, I, Class II, and Class IV show moderate growth rates during the forecast period, as end-users primarily employ Class III and Class V trucks for various purposes.

Forklift Market, By Application

• Mining
• Logistics
• Construction
• Food and beverage
• Natural resources
• Manufacturing
• Others

Based on Application, The market is classified into Mining, Logistics, Construction, Food and beverage, Natural resources, Manufacturing, and Others. Forklift types have an essential and high market share in the food and beverage industry. The use of these forklifts is increasing at a faster rate due to the growth of the commercial food and beverage industry. Some food processing plants and warehouses require excellent material handling equipment for frequent and rapid turnaround times, cleanups, corrosive fluids, and refrigeration.

Inferior or unreliable machines can cause product damage, loss of productivity, and expensive repairs. The manufacturing industry is anticipated to register the highest CAGR due to the increasing demand for material-handling equipment. Natural resources, logistics, mining, and construction are expected to grow at a moderate rate and show decent growth over the forecast period.

Forklift Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Regional Analysis, The Global Forklift Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific is expected to account for the highest share of this market during the forecast period. Growth in the area is driven by the demand for state-of-the-art material processing equipment in industries such as construction, mining, food, and beverages. In addition, the deployment of technology-savvy vehicles in the region has gained maximum traction and is complementing the growth of the truck industry.

North America is also expected to record the highest sales growth in this volume across the region. This is mainly due to prominent American players. These market players want to invest heavily in introducing advanced, modern types of forklifts instead of traditional ones. In addition, demand for electric forklifts has been observed primarily in North America and is expected to increase with the same promotion during the forecast period.

Key Players

The “Global Forklift Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Toyota Industries, Crown Equipment Corporation, Kion Group AG, Hyster-Yale Materials Handling Group, Hyundai Heavy Industries, Mitsubishi Nichiyu forklift co ltd., Anhui forklift truck, Doosan Industries Vehicles, Hangcha Group, Komatsu Ltd., Godrej, Boyce Manufacturing, etc., Jungheinrich AG, Clark Material Handling International, Inc., Lonking Forklift Co., Ltd., EP Equipment, Ltd., Combilift Ltd., Manitou, Konecranes, Hubtex Maschinenbau GmbH & Co. KG, Paletrans Equipment.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In December 2023, Anhui Heli, one of China’s top forklift manufacturers, is apparently in negotiations to acquire a European forklift producer. Anhui Heli’s possible acquisition might greatly increase its market share and worldwide reach. Although the precise acquisition target is unknown, it is thought to be a mid-sized European manufacturer with a significant market share in particular areas.
• In December 2023, Toyota Material Handling (TMH) announced an extensive investment in lithium-ion battery technology. With this calculated action, they hope to maintain their leadership in the quickly expanding electric forklift industry. The money will be used primarily to create designs for next-generation battery packs, modules, and cells that have greater energy densities, quicker charging times, and longer lifespans.
• In November 2023, KION Group, the German multinational firm that owns the Linde and STILL forklift brands, unveiled a reorganization plan. Increasing expansion in strategic areas, cutting expenses, and streamlining operations are the objectives of the reorganization. Simplifying management structures, streamlining logistical networks, and combining industrial facilities are all part of the plan.

Report Scope