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Global Forklift Market to Grow at a CAGR of 5.8% During 2022-2027, Aided by the Growing E-commerce Activities

According to a new report by EMR titled, ‘Global Forklift Market Report and Forecast 2022-2027’, the market attained a value of about 1556 thousand units in 2020. The market is further expected to grow at a CAGR of 5.8% in the forecast period of 2022-2027.

The global market for forklift is being driven by the heightened demand for forklifts in the logistics sector. Forklifts help in the efficient management of goods and cargo as they help carry heavy loads while also navigating narrow spaces easily. In addition, the thriving e-commerce sector and the subsequent rise in the number of warehouses are anticipated to bolster the demand for forklifts in the forecast period. Forklifts help improve warehouse efficiency and productivity, ensuring expedited operations and reduced costs. Additionally, the booming construction sector and the growing use of forklifts to transport construction materials on rough terrains are further contributing to the market expansion. The stringent government policies to promote the use of forklifts equipped with overhead guards to protect the operator from falling debris or objects are leading to the development of safer forklifts.

Moreover, the growing availability of electric forklifts is also expected to prove beneficial for the market growth in the coming years. The initiatives taken by the leading market players to develop electric forklifts, owing to their environmental friendly benefits, are leading to the market development. For instance, in January 2022, Vedanta Aluminium entered into a definitive agreement with GEAR India to deploy and commission lithium-ion battery-powered electric forklifts in India. The company aims to meet its goal of net-zero carbon emissions by 2050. Furthermore, with the rapid technological advancements, the demand for automated forklifts is also anticipated to surge in the forecast years.

The growing investments by the leading market players to expand their product portfolio are expected to further bolster the market growth. For instance, in July 2021, KION Group AG (OTCMKTS: KIGRY) announced the commencement of forklift production at its new plant in Kolbaskowo, near Szczecin. This plant will produce counterbalance trucks for all brand companies that are part of the KION Industrial Trucks & Services segment.

Market Breakup by Class, Type, Technology, and Region:

  • The market is divided, based on class, into class 1, class 2, class 3, and class 4 and 5.
  • On the basis of type, the market can be distributed into counterbalance type and warehouse type.
  • Based on technology, the market is segregated into IC Engine and Electric.
  • Region-wise, the global market for forklift can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for forklift is being driven by the increased adoption across the logistics sector.
  • The rapid expansion of the e-commerce sector and the booming construction industry have significantly contributed to the market growth.
  • Increased development of autonomous forklifts and the rising inclination towards electric forklifts are also leading to the growth of the market.
  • The integration of advanced technologies like IoT and big data analytics in logistics is expected to bode well for the market in the coming years.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for forklift for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the classes, types, technologies, and regions of forklift.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global forklift market are Toyota Material Handling, Inc., Crown Equipment Corporation, Jungheinrich AG, Komatsu Ltd., Anhui Heli Co., Ltd., and Doosan Industrial Vehicle America Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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