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

Forklift Truck Industry Prospective:

The global forklift truck market size was evaluated at $47 billion in 2023 and is slated to hit $76 billion by the end of 2032 with a CAGR of nearly 8% between 2024 and 2032.

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Forklift Truck Market: Overview

A forklift truck, also referred to as either a lift truck or an industrial truck, is a powered vehicle fitted with a prolonged tool at the front. The key function of the product is lifting and moving heavy materials over lesser distances. This has made it a key tool in a slew of end-use sectors such as construction, warehousing, transportation, and manufacturing sectors.

Reportedly, key parts of forklift trucks include controls, carriage, power source, counterweight, mast, and carriage. There are various kinds of forklift trucks, such as tele-handlers, counterbalance forklifts, order pickers, reach trucks, and side loaders.

Key Insights

• In terms of revenue, the global forklift truck market size was evaluated at nearly $47 billion in 2023 and is expected to reach $76 billion by 2032.
• The global forklift truck market is anticipated to grow rapidly over the forecast timeline owing to the flourishing e-commerce sector and the escalating use of proficient material handling techniques such as forklifts.
• In terms of power source, the electric segment is slated to register the highest CAGR over the forecast period.
• Based on class, the class 3 segment is predicted to contribute majorly towards global industry surge in the ensuing years.
• On the basis of end-use, the warehousing & logistics segment is projected to lead the segmental surge in coming eight years.
• Region-wise, the Asia-Pacific forklift truck industry is projected to register the fastest CAGR during the assessment timespan.

Forklift Truck Market: Growth Factors

Surging labor charges and flourishing e-commerce sector to boost the global market trends

Flourishing e-commerce sector, along with the escalating use of proficient material handling techniques such as forklifts, is expected to drive the growth of the global forklift truck market. An increase in labor costs and supply chain optimization will proliferate the growth of the global market.

Moreover, technological breakthroughs such as the launch of self-driven and autonomous forklifts will drive the growth of market space globally in the years ahead. An increase in construction activities, a rise in industrialization, and a high focus on infrastructural growth will augment the expansion of the global market. Rapidly expanding logistics sector has resulted in large-scale expansion of the market globally.

Forklift Truck Market: Restraints

A rise in maintenance costs and need for huge investments to hinder the global industry surge by 2032

Surging maintenance charges and safety concerns are likely to obstruct the expansion of the global forklift truck industry. Furthermore, the need for huge fund allocations to develop electric forklifts and surging upfront prices are some of the restraints obstructing the rapid growth of the global industry.    

Forklift Truck Market: Opportunities

Technological innovations and an increase in online retail activities will craft a profitable roadmap for the global market

Technological breakthroughs and a focus on sustainability are projected to generate new growth avenues for the global forklift truck market. Moreover, a rise in e-commerce activities is projected to proliferate the size of the market globally. Infrastructural growth and the use of hydrogen fuel cell systems are projected to prop up the global market expansion. Need for improving ergonomic designs and focusing on customizing to the product with a view of improving operator comfort will steer the global market surge.

Forklift Truck Market: Challenges

Economic oscillations can obstruct the expansion of the global industry over forecast period

Economic disruptions along with performance limitations in moist environments can challenge the expansion of the global forklift truck industry. Furthermore, surging environmental issues and easy access to alternate products can challenge the growth of the industry globally.

Forklift Truck Market: Report Scope

Forklift Truck Market: Segmentation

The global forklift truck market is divided into power source, class, end-use, and region.                                             

In terms of power source, the forklift truck market across the globe is segmented into internal combustion engine and electric segments. Apparently, the electric segment, which accrued approximately 48% of the global market proceeds in 2023, is prognosis to account for the fastest CAGR in the next couple of years as a result of surging environmental issues and concerns regarding GHG emissions. Furthermore, favorable government schemes and innovations in battery systems, charging infrastructure, and improvement in motor efficiency will embellish the expansion of the segment in the ensuing years.

Based on the class, the global forklift truck industry is sectored into class 1, class 3, class 5, class 2, and class 4 segments. Furthermore, the class 3 segment, which led the global industry growth in 2023, is projected to contribute lucratively towards the global industry elevation over 2024-2032. This can be due to the versatile nature of these forklifts. Moreover, a surge in the use of the product in distribution centers, warehouses, and retail settings will steer the segmental surge. Cost-efficiency and the flourishing e-commerce sector have propelled the demand for proficient warehouse management and order fulfillment, thereby steering the growth of the segment in the years ahead.

In terms of end-use, the global forklift truck market is sectored into manufacturing, retail, warehousing & logistics, and construction segments. Moreover, the warehousing & logistics segment, which led the global industry in 2023, is likely to lead the segmental surge over the assessment period owing to the flourishing e-commerce sector along with rising labor charges. In addition to this, need for improving efficacy along with reducing costs of the supply chain.  

Forklift Truck Market: Regional Insights

Asia-Pacific is projected to maintain leading position in the global market over the analysis timeframe

Asia-Pacific, which accounted for about half of the global forklift truck market size in 2023, is anticipated to establish a leadership post in the global market during the forecast period. In addition, the regional market progress in the coming eight years can be credited to swift industrialization, a flourishing manufacturing sector in countries such as India & China, and thriving e-commerce activities in these countries. Moreover, an increase in customer goods production in India and China will steer the growth of the market in the APAC zone.

The North American forklift truck industry is anticipated to register the highest CAGR in the expected timeline. The swift upsurge of the industry in North America can be credited to technological innovations, an increase in online retail activities, and an inclination towards the use of electric forklifts. Safety protocols and the need to upgrade fleets with new ones that comply with safety needs are likely to steer the global industry surge.

Forklift Truck Market: Competitive Space

The global forklift truck market profiles key players such as:

• Clark Material Handling Company
• Mitsubishi Logisnext Co. Ltd.
• Toyota Industries Corporation
• Jungheinrich AG
• Crown Equipment Corporation
• Anhui Heli Co. Ltd.
• Hyster-Yale Materials Handling Inc.
• Doosan Bobcat Inc.
• KION Group AG
• Hangcha Group

The global forklift truck market is segmented as follows:

By Power Source

• Internal Combustion Engine
• Electric

By Class

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

By End-Use

• Manufacturing
• Retail
• Warehousing & Logistics
• Construction

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 Middle East & Africa