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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

Forklift Market

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 (2018-2028); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global Forklift Market Outlook

The global forklift market reached a value of about 1741.73 thousand units in 2022. The market is further expected to grow at a CAGR of 5.8% in the forecast period of 2023-2028.

 

Global Forklift Market

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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: Market 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.

 

Global Forklift Market by Class

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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.

 

Global Forklift Market By Region

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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 market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
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, 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.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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    Opportunities and Challenges in the Market
8    Global Forklift Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Forklift Historical Market (2018-2022) 
    8.3    Global Forklift Market Forecast (2023-2028)
    8.4    Global Forklift Market by Class
        8.4.1    Class 1
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Class 2
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Class 3
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
        8.4.4    Class 4 and 5
            8.4.4.1    Historical Trend (2018-2022)
            8.4.4.2    Forecast Trend (2023-2028)
    8.5    Global Forklift Market by Type
        8.5.1    Counterbalance Type
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Warehouse Type
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
    8.6    Global Forklift Market by Technology
        8.6.1    IC Engine
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Electric
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028) 
    8.7    Global Forklift Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2022)
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2022)
            8.7.2.2    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2022)
            8.7.3.2    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2022)
            8.7.4.2    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2022)
            8.7.5.2    Forecast Trend (2023-2028)
9    North America Forklift Market Analysis
    9.1    United States of America
        9.1.1    Historical Trend (2018-2022)
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022)
        9.2.2    Forecast Trend (2023-2028)
10    Europe Forklift Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022)
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022)
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022)
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022)
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Forklift Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022)
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022)
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022)
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022)
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022)
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Forklift Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022)
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022)
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022)
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Forklift Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022)
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022)
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022)
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022)
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key  Indicators for Price
15    Value Chain  Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Toyota Material Handling, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Crown Equipment Corporation
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Jungheinrich AG
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Komatsu Ltd.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Anhui Heli Co., Ltd.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Doosan Industrial Vehicle America Corp.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Forklift Market: Key Industry Highlights, 2018 and 2028
2.    Global Forklift Historical Market: Breakup by Class (Thousand Units), 2018-2022
3.    Global Forklift Market Forecast: Breakup by Class (Thousand Units), 2023-2028
4.    Global Forklift Historical Market: Breakup by Type (Thousand Units), 2018-2022
5.    Global Forklift Market Forecast: Breakup by Type (Thousand Units), 2023-2028
6.    Global Forklift Historical Market: Breakup by Technology (Thousand Units), 2018-2022
7.    Global Forklift Market Forecast: Breakup by Technology (Thousand Units), 2023-2028
8.    Global Forklift Historical Market: Breakup by Region (Thousand Units), 2018-2022
9.    Global Forklift Market Forecast: Breakup by Region (Thousand Units), 2023-2028
10.    North America Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2022
11.    North America Forklift Market Forecast: Breakup by Country (Thousand Units), 2023-2028
12.    Europe Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2022
13.    Europe Forklift Market Forecast: Breakup by Country (Thousand Units), 2023-2028
14.    Asia Pacific Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2022
15.    Asia Pacific Forklift Market Forecast: Breakup by Country (Thousand Units), 2023-2028
16.    Latin America Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2022
17.    Latin America Forklift Market Forecast: Breakup by Country (Thousand Units), 2023-2028
18.    Middle East and Africa Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2022
19.    Middle East and Africa Forklift Market Forecast: Breakup by Country (Thousand Units), 2023-2028
20.    Global Forklift Market Structure

Key Questions Answered in the Report

What was the global forklift market size in 2022?

In 2022, the global forklift market attained a value of nearly 1741.73 thousand units.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 5.8% between 2023 and 2028.

What are the major industry drivers?

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.

What are the key industry trends of the global forklift market?

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.

What are the major regional markets of forklift, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. 

What are the major class-types of forklift in the industry?

Class 1, class 2, class 3, and class 4 and 5 are the major class-types of the product.

What is the dominant type of forklift in the industry?

The counterbalance type is the leading forklift type in the industry.

What are the significant technologies of forklift?

IC engine and electric are the significant forklift technologies in the industry.  

Who are the key industry players according to the report?

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 1741.73 thousand units in 2022 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 2023-2028, 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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