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Global Forklift Market: By Class: Class 1, Class 2, Class 3, Class 4 and 5; By Type: Counterbalance Type, Warehouse Type; By Technology: IC Engine, Electric; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Forklift Market Outlook
The global forklift market reached 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.
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Increased Implementation of Counterbalance Forklifts in Transport and Logistics Operations to Boost the Industry Growth
Based on type, the counterbalance segment leads the global market for forklift, accounting for a significant share in the industry. This can be attributed to the benefits offered by counterbalance trucks, which include features like high performance, improved efficiency, and effective maneuverability. Further, LPG counterbalance equipment are witnessing increased adoption in transport and logistics industries as they do not require the need to be refuelled or recharged while operating both in indoor and outdoor facilities.
The Asia Pacific to Provide Enhanced Growth Opportunities to the Forklift Industry
The Asia Pacific is expected to witness the robust growth over the forecast period owing to the expanding e-commerce sector and the increasing shift towards automation in logistics and material handling industries in the region. The rising demand from emerging nations like India and China are significantly contributing to the industry growth. Further, the increasing demand for advanced technologies like IoT and big data analytics in logistics to enhance the efficiency will further aid the market growth.
Forklift: Industry Definition and Segmentation
Forklift refers to a powered industrial truck which is particularly designed to lift materials and move them over short distances. It is also referred to as lift truck or forklift truck. It is commonly used to load and unload goods in various industries including warehouses and other large storage facilities. They enhance operator safety and productivity while providing comfort during material handling.
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Based on class, the market is divided into:
- Class 1
- Class 2
- Class 3
- Class 4 and 5
By type, the industry can be bifurcated into:
- Counterbalance Type
- Warehouse Type
On the basis of technology, the industry is broadly categorised into:
- IC Engine
- Electric
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing E-Commerce Industry to Bolster the Growth of the Global Market for Forklift
The growth of the e-commerce sector and the growing focus on enhancing the safety and security of workers in logistics industry are the main factors driving the growth of the market. The e-commerce giants are making significant investments in setting up new warehouses and distribution centres in developing regions, which is significantly contributing to the industry growth. Further, the deployment of forklifts in warehouse provides improved safety and ensures fast delivery of products to customers, thus, resulting in its increased demand. Further, the rapid urbanisation and the increasing construction activities across the globe will enhance the market for forklift trucks, thus, aiding the growth of the overall industry.
Over the forecast period, the market for electric forklift is expected to witness significant growth due to the implementation of stringent emission norms for diesel vehicles. Further, the rising investments by the manufacturers in R&D activities to develop advanced forklifts and enhance their productivity is expected to have a positive effect on the expansion of the market.
Key Industry Players in the Global Forklift Market
The report gives a detailed analysis of the following key players in the global forklift market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Class, Type, Technology, Region |
| Breakup by Class | Class 1, Class 2, Class 3, Class 4 and 5 |
| Breakup by Type | Counterbalance Type, Warehouse Type |
| Breakup by Technology | IC Engine, Electric |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Toyota Material Handling, Inc., Crown Equipment Corporation, Jungheinrich AG, Komatsu Ltd., Anhui Heli Co., Ltd., Doosan Industrial Vehicle America Corp., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Forklift Market Analysis
8.1 Key Industry Highlights
8.2 Global Forklift Historical Market (2017-2021)
8.3 Global Forklift Market Forecast (2022-2027)
8.4 Global Forklift Market by Class
8.4.1 Class 1
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Class 2
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Class 3
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Class 4 and 5
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2017-2021)
8.4.4.3 Forecast Trend (2022-2027)
8.5 Global Forklift Market by Type
8.5.1 Counterbalance Type
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Warehouse Type
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Forklift Market by Technology
8.6.1 IC Engine
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Electric
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.7 Global Forklift Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Toyota Material Handling, Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Crown Equipment Corporation
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Jungheinrich AG
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Komatsu Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Anhui Heli Co., Ltd.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Doosan Industrial Vehicle America Corp.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Figures and Tables
1. Global Forklift Market: Key Industry Highlights, 2016 and 2026
2. Global Forklift Historical Market: Breakup by Class (Thousand Units), 2017-2021
3. Global Forklift Market Forecast: Breakup by Class (Thousand Units), 2022-2027
4. Global Forklift Historical Market: Breakup by Type (Thousand Units), 2017-2021
5. Global Forklift Market Forecast: Breakup by Type (Thousand Units), 2022-2027
6. Global Forklift Historical Market: Breakup by Technology (Thousand Units), 2017-2021
7. Global Forklift Market Forecast: Breakup by Technology (Thousand Units), 2022-2027
8. Global Forklift Historical Market: Breakup by Region (Thousand Units), 2017-2021
9. Global Forklift Market Forecast: Breakup by Region (Thousand Units), 2022-2027
10. North America Forklift Historical Market: Breakup by Country (Thousand Units), 2017-2021
11. North America Forklift Market Forecast: Breakup by Country (Thousand Units), 2022-2027
12. Europe Forklift Historical Market: Breakup by Country (Thousand Units), 2017-2021
13. Europe Forklift Market Forecast: Breakup by Country (Thousand Units), 2022-2027
14. Asia Pacific Forklift Historical Market: Breakup by Country (Thousand Units), 2017-2021
15. Asia Pacific Forklift Market Forecast: Breakup by Country (Thousand Units), 2022-2027
16. Latin America Forklift Historical Market: Breakup by Country (Thousand Units), 2017-2021
17. Latin America Forklift Market Forecast: Breakup by Country (Thousand Units), 2022-2027
18. Middle East and Africa Forklift Historical Market: Breakup by Country (Thousand Units), 2017-2021
19. Middle East and Africa Forklift Market Forecast: Breakup by Country (Thousand Units), 2022-2027
20. Global Forklift Market Structure
Key Questions Answered in the Report
In 2020, the global forklift market attained a value of nearly 1556 thousand units.
The market is projected to grow at a CAGR of 5.8% between 2021 and 2026.
The major drivers of the industry, such as the growing e-commerce sector, growing focus on achieving improved safety and security while transporting heavy loads, rapid urbanisation and increasing construction activities, and growing technological advancements are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing demand for electric forklift and the increasing R&D activities to launch advanced forklifts with improved efficiency.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Class 1, class 2, class 3, and class 4 and 5 are the major class-types of the product.
The counterbalance type is the leading forklift type in the industry.
IC engine and electric are the significant forklift technologies in the industry.
The major players in the industry are Toyota Material Handling, Inc., Crown Equipment Corporation, Jungheinrich AG, Komatsu Ltd., Anhui Heli Co., Ltd., Doosan Industrial Vehicle America Corp., and others.
Analyst Review
The global forklift market attained a value of 1556 thousand units in 2020 driven by the thriving e-commerce industry, rising construction activities, and the growing technological advancements. Aided by the growing utilisation of electric forklift technology, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 5.8%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its class, the forklift industry can be segmented into class 1, class 2, class 3, and class 4 and 5. On the basis of type, the industry is divided into counterbalance type and warehouse type. Based on technology, the industry is bifurcated into IC engine and electric. The major regional markets for forklift are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Toyota Material Handling, Inc., Crown Equipment Corporation, Jungheinrich AG, Komatsu Ltd., Anhui Heli Co., Ltd., and Doosan Industrial Vehicle America Corp., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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