IMARC Group, a leading market research company, has recently released a report titled “Forklift Trucks Market Report by Product Type (Counterbalanced Forklift Trucks, Warehouse Forklift Trucks), Technology (Electricity Powered, Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V), Application (Non-Industrial, Industrial), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global forklift trucks market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global forklift trucks market size reached US$ 65.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 96.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.
Global Forklift Trucks Market Trends:
The rising investments in infrastructure projects worldwide, which require efficient handling of materials, driving the need for forklift trucks, are propelling the market growth.
Additionally, recent innovations in forklift truck technology, such as automation and electric models, which improve efficiency and environmental sustainability, are positively impacting the market growth. Besides this, the increasing emphasis on workplace safety and environmental regulations, encouraging the adoption of newer, safer forklift models, is bolstering the market growth.
Furthermore, the growing complexity of global supply chains, which necessitate efficient material handling equipment, is contributing to the market growth.
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Factors Affecting the Growth of the Forklift Trucks Industry:
- Growth in E-Commerce:
The exponential growth of e-commerce platforms is revolutionizing consumer behavior, driving a substantial increase in warehouse and distribution center activities. Forklift trucks play a crucial role in these facilities by efficiently managing inventory and loading and unloading goods. As consumers demand faster delivery times, warehouses are under pressure to optimize their operations. This has led to a surge in demand for advanced forklift trucks equipped with technologies such as automation and integration with warehouse management systems. These trucks enable seamless movement of goods within tight spaces, improving overall efficiency and reducing operational costs.
Moreover, the scalability of e-commerce businesses requires flexible and agile logistics solutions, further boosting the adoption of forklift trucks across various industries.
- Industrialization:
The ongoing industrialization in both developed and developing economies is another factor accelerating the forklift trucks market growth. Industries such as manufacturing, automotive, pharmaceuticals, and food processing require robust material handling equipment to facilitate production processes. Forklift trucks provide essential support in handling raw materials, finished products, and components within factory premises. With the expansion of industrial activities, there is a corresponding increase in the establishment of warehouses and distribution hubs, thereby enhancing the demand for forklift trucks.
Moreover, the shifting trend towards lean manufacturing practices, which emphasizes the need for efficient logistics and supply chain management, is further propelling the adoption of advanced forklift technologies.
- Urbanization:
Urbanization trends worldwide have led to the development of more commercial spaces, residential complexes, and infrastructure projects. This rapid urban growth necessitates efficient material-handling solutions to support construction activities, maintenance operations, and urban logistics. Forklift trucks are indispensable in handling heavy materials and equipment at construction sites and urban development projects.
Furthermore, the expansion of retail chains and supermarkets in urban areas requires efficient warehouse management and logistics operations, driving the demand for versatile and maneuverable forklift trucks. As cities become more densely populated, there is a growing need for compact and electric forklift models that can operate efficiently in confined spaces while meeting stringent emission regulations.
Forklift Trucks Market Report Segmentation:
By Product Type:
- Counterbalanced Forklift Trucks
- Warehouse Forklift Trucks
Counterbalanced forklift trucks hold most of the market share due to their versatility in handling various loads and their widespread use across industries, offering stability and efficiency in material handling operations.
By Technology:
- Electricity Powered
- Internal Combustion Engine Powered
Internal combustion engine powered accounted for the largest market share owing to their ability to handle heavy-duty tasks efficiently, especially in outdoor and rough terrain environments where electric alternatives may be less practical or available.
By Class:
- Class I
- Class II
- Class III
- Class IV
- Class V
Class V represented the largest segment because these trucks are commonly used in warehousing and distribution applications, offering versatility and maneuverability in indoor settings where space is limited, and operational agility is essential.
By Application:
Non-Industrial
- Warehouses and Distribution Centers
- Construction Sites
- Dockyards
- Snow Plows
Industrial
- Manufacturing
- Recycling Operations
Non-industrial accounted for most of the market share due to the increasing adoption of forklift trucks in commercial environments such as retail, wholesale distribution, and logistics, where efficient handling of goods is critical to business operations.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific's dominance in the market is attributed to rapid industrialization, urbanization, and the expansion of e-commerce activities.
Competitive Landscape with Key Players:
The competitive landscape of the forklift trucks market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Clark Material Handling Company
- Crown Equipment Corporation
- Godrej & Boyce
- Hyster-Yale Materials Handling Inc.
- Hyundai Heavy Industries Co. Ltd.
- Jungheinrich
- KION Group
- Mitsubishi Forklift Trucks
- Toyota Industries Corporation
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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