04-Nov-2022 | Facts and Factors
According to Facts and Factors, the global forklift truck market size was worth around USD 2.1 billion in 2021 and is predicted to grow to around USD 2.8 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.5% between 2022 and 2028.
A forklift truck is an industrial equipment with two horizontal prongs used for loading, unloading, and short-distance transportation of commodities and goods. It is often run by a skilled machinist and is either powered by combustion engines or electric batteries. Forklift trucks are made up of several parts, including the truck frame, counterweight, forklift, carriage, and hydraulic cylinders, which make it easier to complete a variety of industrial jobs quickly. They are widely used in warehouses, factories, and dockyards throughout many different industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, as a result of these advantages.
Browse the full “Forklift Truck Market Size, Share, Growth Analysis Report By Power Source (Internal Combustion Engine and Electric), By Class (Class I, Class II, Class III, Class IV, and Class V), By End User (Logistics, Automotive, Retail & Wholesale, Food Industry, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/forklift-truck-market
One of the main drivers of the global forklift truck market's growth is the expanding construction sector, which is also contributing to rapid industrialization. Forklift trucks are incredibly efficient, simple to use, powerful, and low maintenance. They are therefore frequently employed for carrying out numerous industrial duties and moving heavy building supplies like mortar, steel, and wood. The expansion of the forklift truck industry is also being aided by the rising number of warehousing facilities in emerging economies.
The global forklift truck market is segmented based on power source, class, end user, and region.
The global market is divided into internal combustion engines and electric based on the power source. With a market share of more than 60% in 2021, the electric sector is predicted to continue to dominate during the forecast period. In comparison to forklifts powered by gasoline or diesel, electric forklifts are more environmentally friendly. Electric vehicles also require less maintenance than those powered by internal combustion engines. The sale of automobiles powered by combustion engines is being phased out in several nations, including the United Kingdom, India, and France. Over the forecast period, demand for electric forklifts is anticipated to be driven by the advantages of electric vehicles and supportive government efforts.
The global market for forklift trucks is divided into class I, class II, class III, class IV, and class V based on class. During the projected period, the class III category is anticipated to dominate the market. Class 3 forklifts include pallet jacks and motorized warehouse pedestrian vehicles. Because they are less expensive to purchase and operate than forklifts, their demand has increased in warehouses and distribution centers. The class I segment, on the other hand, is anticipated to experience exceptional growth during the forecast period. The large demand for electric rider trucks across end-use industries, including factories, food service, retail, and manufacturing, is likely to boost the market expansion. Additionally, the demand for electric rider trucks is being fueled by their ability to fit in small locations and provide fast operating speeds.
The market is divided into logistics, automotive, retail & wholesale, food sector, and others based on end users. During the projected period, the retail & wholesale segment is anticipated to have the biggest market share. Forklift trucks are useful in the dynamic wholesale and retail industries since they are efficient, highly productive vehicles. These trucks have been modified and furnished with a range of options to meet the growing needs of retailers. They assist in the process of air conditioning manufacture. A coordinated set of controls, motors, and supporting software. Forklifts are ideal for the wholesale industry because of their efficient design, which allows them to move more items per hour on a single battery charge. Forklift use in the retail and wholesale sectors makes it possible to load and unload trailers quickly and efficiently with little risk of product damage, which is what is driving the market for forklift trucks in these sectors to expand.
The market for forklift trucks is divided into five regions based on geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region is expected to dominate the global forklift truck market during the forecast period. The expansion of the regional market is being fueled by a growing industrial sector in several nations, including China, Japan, India, and South Korea, which may be attributed to advantageous government initiatives. China has a robust manufacturing industry and exports goods to other nations worldwide. To increase productivity, Chinese manufacturers deploy cutting-edge machinery in their plants. According to the World Bank, the industrial sector in South Korea contributed over 33% of the country's GDP in 2020. The market will experience considerable expansion as more businesses employ forklifts to meet the various material handling demands.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 2.1 Billion |
Projected Market Size in 2028 |
USD 2.8 Billion |
CAGR Growth Rate |
4.5% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Jungheinrich AG, Toyota Industries Corporation, KION Group, Crown Equipment Corp., Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, Clark Material Handling Company Inc., and others. |
Key Segment |
By Power Source, Class, End User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global forklift truck market is dominated by players like Jungheinrich AG, Toyota Industries Corporation, KION Group, Crown Equipment Corp., Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, Clark Material Handling Company Inc., among others.
Recent Development:
- In April 2021, Godrej Material Handling launched the new Uno Electric Forklift truck. With advanced ergonomics, augmented safety, improved visibility, and a longer runtime on every charge, the new Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne forklift category.
- In May 2021, Jungheinrich unveiled its new electric pallet truck ERD 220i. The new ERD 220i has L2 dimension of just 1,065 mm and is, therefore, the most compact truck in its class. Compared to its predecessor, the 220i is more than 300mm shorter due to its new lithium-ion battery concept, which results in a space reduction of approximately 25%.
The global forklift truck market is segmented as follows:
By Power Source
- Internal Combustion Engine
- Electric
By Class
- Class I
- Class II
- Class III
- Class IV
- Class V
By End User
- Logistics
- Automotive
- Retail & Wholesale
- Food Industry
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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