Forklift Trucks Market Size
|Base Year For Estimation||2022|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Forklift Trucks Market Analysis
The Forklift Trucks market is valued at USD 57.79 billion in the current year, and it is expected to reach USD 68.01 billion over the next five years, registering a CAGR of over 3.46% during the forecast period.
Over the medium term, the market is expected to witness growth during the forecast period as forklift truck manufacturers are adopting automation to enhance their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. The rapid expansion of e-commerce and logistics industries across the major countries, including Europe, the United States, and China, is pushing the demand for a more modern distribution network. It, in turn, is likely to increase the demand for forklift trucks across the globe.
The recent advancement of technology such as fleet management, linked vehicles, and IoT-enabled devices in forklifts led to the use of electrical forklifts by a wide range of businesses. Instead of an internal combustion engine, these are driven by an electric motor that is either rechargeable forklift batteries or grid electricity. Because electric forklifts generate no CO2 or NOx emissions, they are more popular among end users, fueling the growth of the electric forklift market.
Further, owing to a rise in demand for green forklifts in the manufacturing industry, players in the country are also focusing on doubling their production capacity. For instance, Godrej Material Handling expanded its green product line, aiming for a 28% market share of Electric Forklifts in India by FY24. It is because India's manufacturing industry experiences considerable industrial expansion and corporate India's purposeful use of green manufacturing practices. Godrej & Boyce is making significant strides in reducing its carbon footprint and creating a more sustainable future for India's manufacturing sector by focusing on green forklifts.
The Asia-Pacific region will likely dominate the forklift truck market because of the massive need for forklift trucks from advancing nations. The increase in industrialization is one of the factors expected to aid the growth of the forklift trucks market. This growth is also a result of the rising demand in developing economies, such as China and India.
Forklift Trucks Market Trends
Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations
With the expansion of e-commerce platforms, there is a growing need for material movement, transportation, and lifting applications, which is propelling market growth. Furthermore, the growing use of electric forklifts across sectors is boosting market growth. Various product improvements, such as the development of rapid battery charging systems for low downtime and extended operating life of forklifts, are also working as growth drivers.
Nearly 2.1 million forklifts were sold worldwide in 2021. That year, battery electric vehicles (BEVs) accounted for more than half of all forklifts sold worldwide. Forklift sales are expected to reach about 2.4 million units in 2030, with BEVs accounting for around 1.5 million of those units. Further, in China itself, the total production of forklifts in China was forecasted to reach over 80 thousand units by 2030. Further, according to the Chinese Industrial Truck Association, sales of electric forklifts overtook those of internal combustion versions.
A significant advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive the companies toward adopting electric material-handling vehicles that can be easily operated and maintained inside warehouses.
The use of electrically powered forklift trucks is gaining massive ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry, strict emissions norms, and sustainability concerns. However, in emerging economies, there is still a preference for IC-engine forklift trucks. Many manufacturers are active in the field of electric forklifts and are continuously introducing new models to stay abreast of their competition. For instance,
- In June 2022, Mitsubishi Logisnext launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
With several other advantages, like zero-emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain a higher market share. It is expected to be the fastest-growing forklift type over the forecast period.
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North America to Account for a Significant Portion in the Forklift Truck Market
North America is expected to witness the highest growth in sales in the region during the forecast period. This anticipated growth is because of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional forktrucks.
Forklift trucks powered by alternative energy sources, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions support the growth of the forklift trucks market through various incentives and policies.
- The Chicago government regulations are pushing materials handling companies to innovate. Hyster Yale introduced two new products of its research and development initiatives, showcasing the company's first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.
As this aligns with the interests of the current US government to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the forecast period. It makes North America one of the fastest-growing regions for the forklift trucks market. For instance,
- May 2022: Mitsubishi Logisnext expanded its dealership network across the United States. The company appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida.
Following North America, Asia-Pacific also holds a significant market share in terms of revenue during the forecast period. The rapid expansion of small and medium-scale industries across the region is likely to increase the demand for forklift trucks. The rapid expansion of e-commerce industries across India, Japan, and China is likely to witness major demand for forklift trucks during the forecast period.
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Forklift Trucks Industry Overview
Some of the key players in the forklift trucks market are Komastu Ltd, Toyota Industries Corporation, KION Group AG, Hyster-Yale Material Handling Inc., Jungheinrich Group, Mitsubishi Nichiyu Forklift Corporation, Crown Equipment Corporation, and many others. The market for forklifts witnessed various growth strategies, such as acquisitions, mergers, and collaborations, which market players adopted over the past few years. The market players are focusing on expanding their product portfolio to augment their revenue share. For instance,
- In October 2022, Electrovaya's first U.S. facility will add to its existing two Canadian facilities. It will produce its proprietary high-performance lithium-ion cells and batteries for applications in e-trucks, e-robots, e-buses, e-forklifts, and more. It is expected to open in phases starting in late 2023.
- In September 2022, Toyota Industries Corporation introduced an autonomous lift truck that features the world-first AI-based technology. It automatically recognizes the location and position of trucks and loads and generates automated travel routes to perform loading operations.
Hence, the developments above are expected to drive the forklift truck market.
Forklift Trucks Market Leaders
Toyota Industries Corporation
Mitsubishi Heavy Industries Group
KION Group AG
Crown Equipment Corporation
*Disclaimer: Major Players sorted in no particular order
Forklift Trucks Market News
- June 2023: Cyngn Inc., a developer of AI-powered autonomous driving solutions for industrial applications, made progress in adapting DriveMod to enable autonomous forklifts. The autonomous forklift development effort by Cyngn's ongoing paid contract with a separate end-user in the building materials industry. That engagement yielded AI-powered autonomous vehicle capabilities on an electric BYD forklift.
- April 2023: Toyota Australia showcased an innovative fuel cell truck concept in Melbourne. The forklift truck also demonstrates a variety of potential applications for its hydrogen fuel cell technology. Toyota showcased fuel cell vehicles, including the HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, and other products.
- February 2023: Doosan launched two new ranges of high-capacity electric counterbalance forklift trucks within the NXE Series, providing industrial users with a wide range including low-noise level, zero-emission, and environmentally friendly. The trucks are capable of tackling heavy-duty tasks. Both ranges include a compact new design for greater maneuverability in tight spaces and are built to Doosan's exacting standards on durability and robust, reliable performance.
- January 2023: Kion Group is focusing on hydrogen propulsion to power its equipment, and it will invest approximately USD 11.7 million in the technology to develop and produce its fuel cell systems for lift trucks. Kion will launch a 24-volt fuel cell system later in 2023, with other systems to follow, and the first forklifts using those systems will also be released.
- December 2022: Hyster released its first model that is built on its all-new A Series platform, the Hyster H40-70A series. These 4,000-to-7,000-pound capacity lift trucks offer world-class ergonomics, low total cost of ownership, and safety features. It is designed to bolster confidence and productivity, including the innovative Dynamic Stability System (DSS).
Forklift Truck Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.1.1 Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations
4.2 Market Restraint
4.2.1 Safety Issues Related to Forklift may Hamper the Market Growth
4.3 Porter's Five Forces Analysis - Industry Attractiveness
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 Power-train Type
5.1.1 Internal Combustion Engine
5.2 Vehicle Class
5.2.1 Class I
5.2.2 Class II
5.2.3 Class III
5.2.4 Class IV
5.3 End-user Vertical
5.4.1 North America
126.96.36.199 United states
188.8.131.52 Rest of North america
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Rest of the World
126.96.36.199 South America
188.8.131.52 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Jungheinrich AG
6.2.2 Toyota Industries Corporation
6.2.3 Mitsubishi Forklift Trucks
6.2.4 KION Group AG
6.2.5 Crown Equipment Corporation
6.2.6 Hangcha Group Co.
6.2.7 Hyster-Yale Materials Handling Inc.
6.2.8 Doosan Industrial Vehicles Co. Ltd
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling Company Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Forklift Truck Market Research FAQs
What is the study period of this market?
The Forklift Trucks Market is studied from 2018 - 2028.
What is the growth rate of Forklift Trucks Market?
The Forklift Trucks Market is growing at a CAGR of 3.46% over the next 5 years.
What is Forklift Trucks Market size in 2018?
The Forklift Trucks Market is valued at 55 Billion USD in 2018.
What is Forklift Trucks Market size in 2028?
The Forklift Trucks Market is valued at 68 Billion USD in 2028.
Which region has highest growth rate in Forklift Trucks Market?
North America is growing at the highest CAGR over 2018-2028.
Which region has largest share in Forklift Trucks Market?
Asia Pacific holds highest share in 2022.
Who are the key players in Forklift Trucks Market?
Jungheinrich AG, Toyota Industries Corporation, Mitsubishi Heavy Industries Group, KION Group AG, Crown Equipment Corporation are the major companies operating in Forklift Trucks Market.
Forklift Truck Industry Report
Statistics for the 2023 Forklift Trucks market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Forklift Trucks analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.