Report Summary
TheGlobal forklift market was valued at USD 61.71 billion in 2022, increasing at a CAGR of 10.15% from 2022 to 2030 and anticipated to reach USD 133.72 billion by 2030. North America is expected to grow the fastest during the forecast period. The COVID-19 epidemic negatively influenced manufacturing, construction, and warehouse activities in 2020. The rapid spread of COVID-19 infections and the subsequentGlobal lockdowns caused an unexpected downturn in manufacturing activities.
Forklifts are designed to various specifications to handle loads with different maximum weights & multiple centres of gravity. Attention to these specifications is required for safe usage. Forklifts are mainly utilized for material handling, lifting and stacking loads throughout the facility. These vehicles can be used with different attachments, such as grippers, clamps, and platforms, to move and handle numerous materials and loads. Forklifts primarily utilize two energy sources: electricity & combustion engine. They are commonly used in warehouses & distribution centres for lifting & transporting goods. They are among the prime tools for industrial automation.
Market Introduction:
A forklift (also named lift truck, hi-lo, jitney, fork hoist, forklift truck, and fork truck) is a powered industrial truck utilized to lift and move materials over short distances. A forklift is a type of vehicle organized as a powered industrial truck. They are employed to move & lift different materials over short distances. A standard forklift is defined as a small truck frame with a front-facing mast assembly that is accountable for increasing & lowering the carried load. These mast assemblies ensure the variable-height carriages to which the forklift's eponymous load-bearing forks are mounted. Haulage trucks & earthmoving equipment altered to accept forks are not considered true forklifts. Each component is crucial to keep the functioning & operators safe while operating a forklift. These parts vary depending on the model. The truck frame makes up the base of the forklift. The truck frame has the rest of the vehicle's key components, including the mast, wheels, and counterweight. Serving as the forklift's base, the carriage is attached to the mast rails for ease of moving downward & upward. The forklift operator moves the handle to signal the forklift to pump excess air into the cylinders. Forklifts have been instrumental in unloading & stacking barges and ships way back in theGlobal wars. Forklifts are also valuable for recycling operations. They are utilized for unloading recycling containers or trucks before their loads are transported to the sorting bays. Forklift trucks are preferred in these operations because they can efficiently unload/load tractor-trailers, railway cars, elevators, and straight trucks.Recent Development
For example, in May 2021, Mitsubishi Logisnext Americas Group partnered with Phantom Auto Partners, a foremost provider of interoperable remote operation software, to scale up the remote process.
Market Dynamics:
Drivers:
The growing e-commerce industry: The growth of the e-commerce sector and the growing focus on enhancing the security & safety of workers in the logistics industry are propelling the market growth. Further, the increasing number of e-commerce, online shopping orders, and logistics firms are focusing on increasing operational efficiency by deploying such vehicles. Also, the expanding customer base and changing purchasing patterns and customer expectations are helping to stimulate market growth. Moreover, the technological awareness among customers and the adoption of smartphones is gaining momentum significantly, and the increasing internet penetration is helping to promote market growth during the forecast period. Furthermore, the third-party logistics companies that manage warehouses of e-commerce participants are increasingly utilizing forklift trucks for material handling operations. These factors are helping to boost market growth.
Restraints:
A high cost of forklift trucks: The forklift trucks are made of different kinds of raw materials such as stainless steel, hardened steel, cast iron, aluminium, brass, bronze, and other metal alloys. The prices of these raw materials are increasing because of inflation and the non-availability of these materials. This leads to an increase in the production cost of the equipment. This is the restraining factor of the market. Furthermore, the lack of efficient transport infrastructure in underdeveloped and developing economies also hampers the market growth.
Opportunities:
The increase in demand for battery-operated forklifts: The rise in demand for ease of movement and organization of goods is the opportunity factor for market growth. Further, the increasing adoption of solar-based forklift batteries with sustainable power storage systems propels the market growth. Additionally, the rising demand for forklift trucks to lift heavy objects in the manufacturing & construction industries is anticipated to drive market growth during the forecast period.
Segmentation analysis:
Regional segmentation analysis:
The regions analyzed for the market include Europe, South America, Asia Pacific, North America, the Middle East, and Africa. The Asia Pacific emerged as the largest market for theGlobal forklift market, with a 46.39% share of the market revenue in 2022. The Asia Pacific dominates the forklift market due to the increasing inclination of manufacturers toward plant automation. Moreover, the increasing R&D investment for developing new automotive types, the favourable economic environment, and the need for technological advancements in in-house logistics are also helping to boost the market growth in this region. Additionally, the presence of several automotive manufacturers and changing consumption patterns are driving market growth in this region. North America is expected to grow the fastest during the forecast period due to the bulk investments in purchasing low-cost forklift trucks in emerging markets. Furthermore, the rapid industrialization in underdeveloped countries, increasing joint ventures among various vital participants, the local manufacturers, and the surging popularity of the warehousing concept is helping to propel the market growth during the forecast period. Also, the rising demands for manufacturing facilities, material handling & logistics, and the growing export activities are anticipated to drive market growth in this region.
Asia-Pacific Region Forklift Market Share in 2022 - 46.39%
Asia Pacific
46.39
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Propulsion segment analysis
The propulsion segment is divided into internal combustion engine and electric. The electric segment dominated, with a market share of around 56.15% in 2022. This growth is attributed to the ever-increasing popularity of electric forklifts among chemical manufacturers & recycling centre owners. Also, the raised demand for operational efficiency and strict rules for reducing carbon emissions are helping to boost the segment's market growth. Further, by 2030, the internal combustion engine segment will likely dominate the market due to the increasing popularity of vehicles using gasoline. Additionally, electric power trains are increasingly being united with internal combustion engines (ICE) to enhance vehicle fuel economy, which is also helping to boost the market growth.
Class segment analysis
The class segment is divided into class 1, class 2, class 3, and class 4/5. In 2022, the class 2 segment dominated the market with the largest market share of 28.21% and market revenue of 17.40 billion. This growth is attributed to the increasing number of storage facilities & warehouses. Class 2 forklifts are electric, narrow aisle models. Moreover, the class 2 forklifts are designed with manoeuvrability that permits them to operate in tight spaces & narrow aisles. Further, by 2030, the class 3 segment will likely dominate the market due to the increasing demand from small and medium-sized warehouses for unloading & loading materials.
Tire type segment analysis
The tire type segment is divided into pneumatic and cushion. In 2022, the pneumatic segment dominated the market with the largest market share of 58.22% and market revenue of 35.92 billion. This growth is attributed to the ever-increasing demand from the automotive industry and rising government spending.
Battery type segment analysis
The battery type segment is divided into lithium-ion and lead-acid. In 2022, the lithium-ion segment dominated the market, accounting for around 57.16% ofGlobal revenue. This growth is attributed to the battery type's integrated attributes like maximum productivity & lifespan. Moreover, lithium-ion batteries are also utilized to provide a backup power supply for data centres, commercial buildings, and institutions.
Industry segment analysis
The industry segment is divided into food and beverage, automotive, 3PL, paper and pulp, metals and heavy machinery, e-commerce, semiconductors and electronics, healthcare, chemical, and others. In 2022, e-commerce dominated the market, accounting for around 19.21% ofGlobal revenue. This growth is attributed to the increasing adoption of smartphones worldwide.
Some of the Key Market Players:
CLARK
Anhui Heli Co.
Doosan Corporation
Crown Equipment Corporation
Hyster-Yale Materials Handling, Inc.
KION Group AG
Hangcha
Komatsu Ltd.
Toyota Material Handling
Mitsubishi Logisnext Co., Ltd.
Jungheinrich AG
Table of content
Table of Contents
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter?s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Propulsion
4.3.2. Market Attractiveness Analysis By Class
4.3.3. Market Attractiveness Analysis By Tire Type
4.3.4. Market Attractiveness Analysis By Battery Type
4.3.5. Market Attractiveness Analysis By Industry
4.3.6. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The growing e-commerce industry
5.2.2. An inclination for IC-engine forklift trucks
5.3. Restraints
5.3.1. A high cost of forklift trucks
5.3.2. The lack of trained operators
5.4. Opportunities
5.4.1. The increase in demand for battery-operated forklifts
1.Global Forklift Market Analysis and Forecast, By Propulsion
1.1. Segment Overview
1.2. Internal Combustion Engine
1.3. Electric
2.Global Forklift Market Analysis and Forecast, By Class
2.1. Segment Overview
2.2. Class 1
2.3. Class 2
2.4. Class 3
2.5. Class 4/5
3.Global Forklift Market Analysis and Forecast, By Tire Type
3.1. Segment Overview
3.2. Pneumatic
3.3. Cushion
4.Global Forklift Market Analysis and Forecast, By Battery Type
4.1. Segment Overview
4.2. Lithium-Ion
4.3. Lead-Acid
5.Global Forklift Market Analysis and Forecast, By Industry
5.5. Segment Overview
5.6. Food and Beverage
5.7. Automotive
5.8. 3PL
5.9. Paper and Pulp
5.10. Metals and Heavy Machinery
5.11. E-Commerce
5.12. Semiconductors and Electronics
5.13. Healthcare
5.14. Chemical
5.15. Others
6.Global Forklift Market Analysis and Forecast, By Regional Analysis
6.1. Segment Overview
6.2. North America
6.2.1. U.S.
6.2.2. Canada
6.2.3. Mexico
6.3. Europe
6.3.1. Germany
6.3.2. France
6.3.3. U.K.
6.3.4. Italy
6.3.5. Spain
6.4. Asia-Pacific
6.4.1. Japan
6.4.2. China
6.4.3. India
6.5. South America
6.5.1. Brazil
6.6. Middle East and Africa
6.6.1. UAE
6.6.2. South Africa
7.Global Forklift Market-Competitive Landscape
7.1. Overview
7.2. Market Share of Key Players inGlobal Forklift Market
7.2.1.Global Company Market Share
7.2.2. North America Company Market Share
7.2.3. Europe Company Market Share
7.2.4. APAC Company Market Share
7.3. Competitive Situations and Trends
7.3.1. Product Launches and Developments
7.3.2. Partnerships, Collaborations, and Agreements
7.3.3. Mergers & Acquisitions
7.3.4. Expansions
8. Company Profiles
8.1. CLARK
8.1.1. Business Overview
8.1.2. Company Snapshot
8.1.3. Company Market Share Analysis
8.1.4. Company Product Portfolio
8.1.5. Recent Developments
8.1.6. SWOT Analysis
8.2. Anhui Heli Co.
8.2.1. Business Overview
8.2.2. Company Snapshot
8.2.3. Company Market Share Analysis
8.2.4. Company Product Portfolio
8.2.5. Recent Developments
8.2.6. SWOT Analysis
8.3. Doosan Corporation
8.3.1. Business Overview
8.3.2. Company Snapshot
8.3.3. Company Market Share Analysis
8.3.4. Company Product Portfolio
8.3.5. Recent Developments
8.3.6. SWOT Analysis
8.4. Crown Equipment Corporation
8.4.1. Business Overview
8.4.2. Company Snapshot
8.4.3. Company Market Share Analysis
8.4.4. Company Product Portfolio
8.4.5. Recent Developments
8.4.6. SWOT Analysis
8.5. Hyster-Yale Materials Handling, Inc.
8.5.1. Business Overview
8.5.2. Company Snapshot
8.5.3. Company Market Share Analysis
8.5.4. Company Product Portfolio
8.5.5. Recent Developments
8.5.6. SWOT Analysis
8.6. KION Group AG
8.6.1. Business Overview
8.6.2. Company Snapshot
8.6.3. Company Market Share Analysis
8.6.4. Company Product Portfolio
8.6.5. Recent Developments
8.6.6. SWOT Analysis
8.7. KION Group AG
8.7.1. Business Overview
8.7.2. Company Snapshot
8.7.3. Company Market Share Analysis
8.7.4. Company Product Portfolio
8.7.5. Recent Developments
8.7.6. SWOT Analysis
8.8. Hangcha
8.8.1. Business Overview
8.8.2. Company Snapshot
8.8.3. Company Market Share Analysis
8.8.4. Company Product Portfolio
8.8.5. Recent Developments
8.8.6. SWOT Analysis
8.9. Komatsu Ltd.
8.9.1. Business Overview
8.9.2. Company Snapshot
8.9.3. Company Market Share Analysis
8.9.4. Company Product Portfolio
8.9.5. Recent Developments
8.9.6. SWOT Analysis
8.10. Toyota Material Handling
8.10.1. Business Overview
8.10.2. Company Snapshot
8.10.3. Company Market Share Analysis
8.10.4. Company Product Portfolio
8.10.5. Recent Developments
8.10.6. SWOT Analysis
8.11. Mitsubishi Logisnext Co., Ltd.
8.11.1. Business Overview
8.11.2. Company Snapshot
8.11.3. Company Market Share Analysis
8.11.4. Company Product Portfolio
8.11.5. Recent Developments
8.11.6. SWOT Analysis
8.12. Jungheinrich AG
8.12.1. Business Overview
8.12.2. Company Snapshot
8.12.3. Company Market Share Analysis
8.12.4. Company Product Portfolio
8.12.5. Recent Developments
8.12.6. SWOT Analysis
List of Table
1.Global Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
2.Global Internal Combustion Engine, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
3.Global Electric, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
4.Global Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
5.Global Class 1, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
6.Global Class 2, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
7.Global Class 3, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
8.Global Class 4/5, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
9.Global Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
10.Global Pneumatic, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
11.Global Cushion, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
12.Global Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
13.Global Lithium-Ion, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
14.Global Lead-Acid, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
15.Global Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
16.Global Food and Beverage, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
17.Global Automotive, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
18.Global 3PL, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
19.Global Paper and Pulp, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
20.Global Metals and Heavy Machinery, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
21.Global E-Commerce, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
22.Global Semiconductors and Electronics, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
23.Global Healthcare, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
24.Global Chemical, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
25.Global Others, Forklift Market, By Region, 2019-2030 (USD Billion) (Units)
26. North America Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
27. North America Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
28. North America Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
29. North America Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
30. North America Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
31. U.S. Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
32. U.S. Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
33. U.S. Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
34. U.S. Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
35. U.S. Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
36. Canada Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
37. Canada Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
38. Canada Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
39. Canada Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
40. Canada Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
41. Mexico Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
42. Mexico Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
43. Mexico Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
44. Mexico Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
45. Mexico Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
46. Europe Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
47. Europe Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
48. Europe Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
49. Europe Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
50. Europe Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
51. Germany Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
52. Germany Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
53. Germany Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
54. Germany Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
55. Germany Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
56. France Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
57. France Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
58. France Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
59. France Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
60. France Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
61. U.K. Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
62. U.K. Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
63. U.K. Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
64. U.K. Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
65. U.K. Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
66. Italy Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
67. Italy Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
68. Italy Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
69. Italy Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
70. Italy Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
71. Spain Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
72. Spain Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
73. Spain Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
74. Spain Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
75. Spain Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
76. Asia Pacific Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
77. Asia Pacific Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
78. Asia Pacific Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
79. Asia Pacific Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
80. Asia Pacific Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
81. Japan Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
82. Japan Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
83. Japan Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
84. Japan Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
85. Japan Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
86. China Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
87. China Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
88. China Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
89. China Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
90. China Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
91. India Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
92. India Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
93. India Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
94. India Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
95. India Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
96. South America Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
97. South America Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
98. South America Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
99. South America Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
100. South America Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
101. Brazil Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
102. Brazil Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
103. Brazil Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
104. Brazil Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
105. Brazil Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
106. Middle East and Africa Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
107. Middle East and Africa Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
108. Middle East and Africa Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
109. Middle East and Africa Forklift Market, By Battery Type, 2019-2030 (USD Billion) (Units)
110. Middle East and Africa Forklift Market, By Industry, 2019-2030 (USD Billion) (Units)
111. UAE Forklift Market, By Propulsion, 2019-2030 (USD Billion) (Units)
112. UAE Forklift Market, By Class, 2019-2030 (USD Billion) (Units)
113. UAE Forklift Market, By Tire Type, 2019-2030 (USD Billion) (Units)
114. UAE Forklift Market, By Battery Type,
