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Global Forklift Market Analysis, Share, Trends, Forecast: 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; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
Global Forklift Market Outlook
The global forklift market reached a value of about 1842.75 thousand units in 2023. The market is further expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032.
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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.
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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 market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Class |
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| 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 (2018-2023)
8.3 Global Forklift Market Forecast (2024-2032)
8.4 Global Forklift Market by Class
8.4.1 Class 1
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Class 2
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Class 3
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Class 4 and 5
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Forklift Market by Type
8.5.1 Counterbalance Type
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Warehouse Type
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Forklift Market by Technology
8.6.1 IC Engine
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Electric
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Forklift Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Forklift Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Forklift Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Forklift Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Forklift Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Forklift Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 2032
2. Global Forklift Historical Market: Breakup by Class (Thousand Units), 2018-2023
3. Global Forklift Market Forecast: Breakup by Class (Thousand Units), 2024-2032
4. Global Forklift Historical Market: Breakup by Type (Thousand Units), 2018-2023
5. Global Forklift Market Forecast: Breakup by Type (Thousand Units), 2024-2032
6. Global Forklift Historical Market: Breakup by Technology (Thousand Units), 2018-2023
7. Global Forklift Market Forecast: Breakup by Technology (Thousand Units), 2024-2032
8. Global Forklift Historical Market: Breakup by Region (Thousand Units), 2018-2023
9. Global Forklift Market Forecast: Breakup by Region (Thousand Units), 2024-2032
10. North America Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2023
11. North America Forklift Market Forecast: Breakup by Country (Thousand Units), 2024-2032
12. Europe Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2023
13. Europe Forklift Market Forecast: Breakup by Country (Thousand Units), 2024-2032
14. Asia Pacific Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2023
15. Asia Pacific Forklift Market Forecast: Breakup by Country (Thousand Units), 2024-2032
16. Latin America Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2023
17. Latin America Forklift Market Forecast: Breakup by Country (Thousand Units), 2024-2032
18. Middle East and Africa Forklift Historical Market: Breakup by Country (Thousand Units), 2018-2023
19. Middle East and Africa Forklift Market Forecast: Breakup by Country (Thousand Units), 2024-2032
20. Global Forklift Market Structure
Key Questions Answered in the Report
In 2023, the market attained a volume of approximately 1842.75 thousand units.
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The major drivers of the market include the growing e-commerce sector, rising focus on achieving improved safety and security while transporting heavy loads, and growing technological advancements.
The key trends guiding the growth of the market include the increasing construction activities and the growing research and development activities to launch advanced forklifts with improved efficiency.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various classes of forklift are class 1, class 2, class 3, and class 4 and 5.
The leading forklift types in the market are counterbalance type and warehouse type.
The significant forklift technologies in the market are IC engine and electric.
The key 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.
Analyst Review
The global forklift market attained a value of 1842.75 thousand units in 2023 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 2024-2032, 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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