The Forklift Market: Overview

The Forklift Market is valued at around USD 6.2 Billion in 2022 and is expected to reach USD 8.1 Billion by 2033, registering a CAGR of 2.89% over the forecast period. A forklift truck is an industrial vehicle with a front-mounted, electrically controlled forked platform that raises and lowers cargo. Forklift trucks are used by a variety of organizations, including warehouses and other huge storage facilities, to suit their needs. An internal combustion engine or an electric battery power a forklift truck. While driving and operating the machine, some forklift trucks permit the operator to sit, while others require the operator to stand. Materials and goods are frequently transported using forklift trucks. The activities involved in supply chain distribution are made more efficient, and the production processes' operational flow is improved.

Report Scope

Report Attributes	Description
Market Size in 2022	USD 6,200 Million
Market Forecast in 2033	USD 8,150 Million
CAGR % 2023-2033	2.89%
Base Year	2022
Historic Data	2019-2021
Forecast Period	2023-2033
Report USP	Production, Consumption, company share, company heatmap, company production capacity, growth factors and more
Segments Covered	Class, Application, Automation type, Propulsion and Capacity
Regional Scope	North America, Europe, APAC, South America and Middle East and Africa
Country Scope	U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
Key Companies	Anhui Heli Co., Ltd.; CLARK; Crown Equipment Corporation; Doosan Corporation; Hangcha; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; KION Group AG; Komatsu Ltd.; Mitsubishi Logisnext Co., Ltd.; Toyota Material Handling, and others

 

The Forklift Market - Growth Factors

The expansion can be linked to the booming global e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places. Globally expanding construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction goods across long distances. The booming e-commerce sector is driving up the demand for warehouse space and the need for effective supply chain management. Additionally, warehouse owners emphasise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to see an increase in demand. Market expansion is anticipated to be supported by the rising popularity of electric forklifts among owners of recycling facilities and chemical factories.

The Forklift Market – Market Trends

• Rising e-commerce and logistics sector growth in North America. Europe has a high demand for electric forklifts due to strict pollution regulations. Automation is being adopted in North America and Europe's production processes at an increasing rate.

• Increasing Asia Pacific demand for automation, South American economies' need for improved productivity and an industrial sector expansion of the aviation sector in MEA.

• The e-commerce industry is expanding quickly, which is fuelling demand for forklift trucks worldwide. The COVID-19 pandemic has raised the need for online products. This has increased the need for forklift trucks by causing a global increase in the number of warehouses and logistical hubs.

• During the projected period, the market is anticipated to be driven by an increase in infrastructure development investments as well as an increase in the usage of electric forklift trucks. Automated forklift trucks are becoming more and more popular among businesses as a way to improve warehouse management.

• However, it is projected that the industry would be hampered by the rise in safety concerns around forklift trucks and the high cost of their upkeep. To increase their revenue streams, market players are creating forklift trucks fuelled by hydrogen fuel cells.

The Forklift Market – Segmentation

The Forklift Market fragrance concentrates market has been sub-classified into class, application, capacity, automation type, propulsion. The demand for electric forklifts in the retail sector has been increasing in recent years, driven by various factors.

One of the primary drivers of this demand is the increasing focus on sustainability and reducing carbon emissions in the retail industry. Electric forklifts offer a more sustainable alternative to traditional diesel or gas-powered forklifts, as they produce zero emissions during operation, resulting in lower environmental impact and reduced operating costs.

In addition, electric forklifts are also quieter and produce less vibration compared to traditional forklifts, which can be beneficial in retail environments where noise and disruption need to be minimized.

Another factor driving the demand for electric forklifts in the retail sector is the increasing need for flexible and efficient material handling solutions. Retailers are facing increasing pressure to optimize their supply chain operations and improve efficiency, and electric forklifts offer a reliable and cost-effective solution to meet these needs.

Moreover, electric forklifts are also easier to maintain and operate compared to traditional forklifts, reducing maintenance costs and increasing uptime.

To meet the growing demand for electric forklifts in the retail sector, manufacturers are increasingly focusing on developing innovative products that are tailored to the needs of retailers. This has led to the development of products such as compact and maneuverable electric forklifts that are designed to operate in confined spaces and retail environments.

Overall, the demand for electric forklifts in the retail sector is expected to continue to grow in the coming years, driven by the increasing focus on sustainability and efficiency in retail operations, as well as the development of innovative and tailored products by manufacturers.

 

The Forklift Market –Regional Analysis

Europe dominated the global Forklift Market is accounted for the greatest revenue share in 2021, with almost 45.0%. Throughout the forecast period, the market is anticipated to expand slowly. The expansion can be linked to manufacturers' increasing propensity for factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. For instance, the debut of FH100-160-1 forklifts was announced by Komatsu Ltd., a manufacturer of construction equipment, in August 2021.

The demand for electric forklifts in Thailand has been increasing in recent years, driven by various factors.

One of the primary drivers of this demand is the increasing awareness of the importance of sustainability and reducing carbon emissions in Thailand. Electric forklifts offer a more sustainable alternative to traditional diesel or gas-powered forklifts, as they produce zero emissions during operation, resulting in lower environmental impact and reduced operating costs.

In addition, electric forklifts are also quieter and produce less vibration compared to traditional forklifts, which can be beneficial in urban and densely populated areas like Bangkok. Another factor driving the demand for electric forklifts in Thailand is the increasing need for flexible and efficient material handling solutions. As the country continues to develop its logistics and manufacturing sectors, electric forklifts offer a reliable and cost-effective solution to meet these needs.

Moreover, electric forklifts are also easier to maintain and operate compared to traditional forklifts, reducing maintenance costs and increasing uptime, which can be beneficial for businesses in Thailand that may have limited resources.

To meet the growing demand for electric forklifts in Thailand, manufacturers are increasingly focusing on developing innovative products that are tailored to the needs of Thai businesses. This has led to the development of products such as compact and maneuverable electric forklifts that are designed to operate in tight spaces and urban environments.

Overall, the demand for electric forklifts in Thailand is expected to continue to grow in the coming years, driven by the increasing focus on sustainability and efficiency in logistics and manufacturing operations, as well as the development of innovative and tailored products by manufacturers.

The Forklift Market – Key Market players

Global key players of Forklift Market include Anhui Heli Co., Ltd.; CLARK; Crown Equipment Corporation; Doosan Corporation; Hangcha; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; KION Group AG; Komatsu Ltd.; Mitsubishi Logisnext Co., Ltd.; Toyota Material Handling, and others.

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

·         Business Model

·         Production Capacity, Revenue, Sales, Gross Margin

·         Key Business Strategy

·         SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

·         Company Share Analysis from 2018-2022

·         Company Analysis by Revenue and Sales

·         Company Production Capacity, Gross Margin

·         Company Share Analysis by Application/End Use

·         Company Share Analysis by Product/Specification

By Class

• Class 1: Electric Motor Rider Trucks

• Class 2: Electric Motor Narrow Aisle Trucks

• Class 3: Electric Motor Hand Trucks or Hand/Rider Trucks

• Class 4: Internal Combustion Engine Trucks (Solid/Cushion Tires)

• Class 5: Internal Combustion Engine Trucks (Pneumatic Tires)

• Class 6: Electric/IC Engine Tow Tractors

• Class 7: Rough Terrain Forklifts

On the basis of application, the market is segmented into:

• Retail/ Wholesale

• Food/ Pharma

• Transport/ Logistics

• Manufacturing

• Automotive

• Ports/ Terminals

• Mining & Construction

• Chemical/ Energy

• Forestry/ Wood

• Others

On the basis of capacity, the market is segmented into:

• 31 toons to 45 tons

• 46 Tons to 60 Tons

• 61 Tons to 90 Tons

• 91 Tons to 125 Tons

• Above 125 Tons

• Others

On the basis of automation type, the market segmented into:

• Fully-automated

• Semi-automated

• Manual

• Others

On the basis of propulsion, the market segmented into:

• Diesel

• Gasoline

• Battery electric

• Hybrid electric

• Others

Regions

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         Germany

·         U.K.

·         France

·         Italy

·         Spain

·         Russia

·         Rest of Europe

Asia Pacific

·         China

·         Japan

·         India

·         Australia

·         Korea

·         Rest of Asia pacific

South America

·         Brazil

·         Argentina

·         Colombia

·         Rest of South America

Middle East & Africa

·         UAE

·         Saudi Arabia

·         Egypt

·         Oman

·         Kuwait

·         South Africa

·         Rest of MEA

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

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Market Estimates and Forecast

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Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.

Business Solution

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Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.