Forklift Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Forklift Industry Prospective

According to Zion Market Research, the global Forklift Market was worth USD 62.83 Billion in 2023. The market is forecast to reach USD 181.23 Billion by 2032, growing at a compound annual growth rate (CAGR) of 12.49% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Forklift industry over the next decade.

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Forklift Market: Overview

Forklift, which is also referred as lift truck or forklift truck, is a type of industrial truck that is utilized to lift & move substances over short distances. Furthermore, the equipment was produced in early twentieth century. Today, the usage & development of forklifts have expanded globally. The forklift has become key equipment of utility in production & warehousing activities.

Moreover, forklifts are heavy-duty electric lift trucks and are extensively utilized to lift as well as transport heavy products like container goods and crates over a minimal distance. They are massively utilized in dockyards, warehousing functionalities, and recycling functions for performing loading as well as unloading of products from vehicles. It also moved packaged goods across the storage area. Apparently, forklift is driven by electrical battery & internal combustion engines.

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Forklift Market: Growth Dynamics

Massive acceptance of online shopping among the end-users and huge funding of major players in the retail sector for production of the equipment will steer the market expansion over the forthcoming years. Technological breakthroughs for enhancing the output in the manufacturing sector will push the growth of the business during the estimated timeline. Apart from this, a rise in the eCommerce activities and thriving logistics & warehousing sector will contribute sizably to the market size in the ensuing timespan.

Furthermore, the surge in construction activities along will infrastructural funding will prop up the growth of the market over the forecasting years. Strict emission laws will steer the need for electrical forklifts & battery-driven forklifts in the years ahead.  

There is an augmenting trend of hydrogen-powered trucks since they are cost-effective and eco-friendly. Forklifts are driven by such fuel cell technologies and have many benefits like smooth operations in freezing weather and decreased need for battery replacement, and this will accelerate their demand. The technological development targeted toward surged productivity is propelling the global forklift market. Furthermore, other aspects like increasing population, surging demand for the supply chain of various products globally, and rising globalization are expected to further boost demand for forklifts globally in the coming few years.

Forklift Market: Segmentation

The global forklift market is bifurcated on the basis of the class, tonnage capacity, application, fuel type, and regional analysis.

Based on the class, the market is divided into class 1, class 2, class 3, and class 4 & 5.

Based on the tonnage capacity, the market is divided into less than 5 ton, 5–10 ton, 11–36 ton, and more than 36 ton.

Based on the application, the market was divided into wholesale & retail distribution, manufacturing, freight & logistics, and others.

Based on the fuel type, the market is divided into battery-electric, diesel, and gasoline & LPG/CNG.

Forklift Market: Report Scope

Forklift Market: Regional Insights

Asia Pacific Market To Contribute Sizable Revenue During Forecast Period

The growth of the market in Asia Pacific during forecast timespan is due to surge in the forklift sales. Apart from this, requirement for secured working conditions in myriad industries along with growing necessity for proficient & automated material handling of products in the building & construction sector will propel the demand for forklift trucks in the Asia Pacific zone. This, in turn, will expedite the business scope in the region over the estimated timeframe.

Forklift Market: Competitive Space

Key players in the forklift industry include

• KION Group AG
• Mitsubishi Nichiyu Forklift Co. Ltd.
• Hyundai Heavy Industries
• Jungheinrich AG
• Toyota Industries Corporation
• Doosan Industrial Vehicle America Corp.
• Crown Equipment Corporation
• Anhui HELI Co. Limited
• Clark Material Handling Company
• Hangcha Group Co. Ltd.
• Hyster-Yale Materials Handling Inc.
• Komatsu Ltd.
• UniCarriers Americas
• Lonking Holdings Limited
• Combilift.

The global forklift market is segmented as follows:

By class:

• Class 1
• Class 2
• Class 3
• Class 4 & 5 & 5

By tonnage capacity:

• Less than 5 ton
• 5–10 ton
• 11–36 ton
• More than 36 ton

By application:

• Freight & logistics
• Manufacturing
• Wholesale & Retail distribution
• Others

By fuel type:

• Battery-Electric
• Diesel
• Gasoline & LPG/CNG

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa