Global Forklift Market to Grow at a CAGR of 5.8% During 2024-2032, Aided by the Growing E-commerce Activities

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.

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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 (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) 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.

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