New York, United States , June 07, 2023 (GLOBE NEWSWIRE) -- The Global Forklift Market Size is to grow from USD 57.28 billion in 2022 to USD 138.11 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
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A forklift, also known as a lift truck, is a powerful material-handling vehicle used in warehouses and industrial settings. It is equipped with hydraulic lifting mechanisms and forks at the front, allowing it to lift and transport heavy loads. Forklifts come in various types, including counterbalance, reach trucks, and order pickers, each tailored for specific tasks. They can be powered by internal combustion engines or electric motors. Forklifts play a vital role in loading and unloading trucks, organizing warehouse space, and improving operational efficiency. Safety training and adherence to guidelines are essential to ensure the safe and effective use of forklifts.
Report Coverage
This research report categorizes the market for forklift market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the forklift market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the forklift market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on “Global Forklift Market Size, Share, and COVID-19 Impact Analysis, By Class (Class 1, Class 2, Class 3, and Class 4/5), By Power Source (Internal Combustion Engine and Electric), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here
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The class 1 segment is expected to grow at a CAGR of around 10.4% during the forecast period.
Based on class, the global forklift market is segmented into class 1, class 2, class 3, and class 4/5. The class 1 segment of the forklift market is anticipated to witness significant growth in the forecast period. This can be attributed to several factors. There is a rising demand for electric forklifts in various industries due to their environmental benefits, lower operating costs, and improved energy efficiency. Additionally, advancements in battery technologies have increased the performance and reliability of electric forklifts, making them more appealing to customers. Furthermore, strict regulations regarding emissions and noise pollution have also contributed to the growth of electric forklifts. These factors, combined with the increasing adoption of electric vehicles across industries, are expected to drive the growth of the class 1 segment in the forklift market.
The internal combustion segment is expected to grow at a CAGR of 12.3% during the forecast period.
Based on the power source, the global forklift market is segmented into internal combustion engine and electric. The internal combustion segment of the forklift market is projected to experience growth in the forecast period for several reasons. Internal combustion forklifts have established themselves as reliable and powerful equipment for heavy-duty applications, especially in industries like construction, logistics, and manufacturing. They offer high lifting capacities and are well-suited for outdoor operations. The availability and accessibility of fossil fuels make internal combustion forklifts a convenient choice for many businesses. Overall, the initial investment and maintenance costs of internal combustion forklifts are generally lower compared to electric alternatives. These factors contribute to the expected growth of the internal combustion segment in the forklift market.
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Europe is predicted to grow at a higher CAGR of 13.1% over the projected period.
Based on region, Europe is poised for highest growth in the forecast period within the forklift market. Several factors contribute to this anticipated expansion. The region is witnessing increasing industrialization, especially in sectors such as automotive, manufacturing, and logistics. This growth translates into higher demand for material handling equipment, including forklifts. Additionally, Europe's commitment to sustainability and environmental consciousness is driving the adoption of electric forklifts, which are expected to experience substantial growth in the region. Moreover, favorable government regulations and initiatives promoting safety, efficiency, and productivity in material handling operations further contribute to the projected growth of the forklift market in Europe. The region's focus on technological advancements and automation also plays a significant role in driving market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global forklift market include Anhui Heli Co., Ltd., Clark Material Handling Company Inc., Crown Equipment Corporation, Doosan Industrial Vehicles Co. Ltd, Hangcha Group Co., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Material Handling, and Caterpillar Inc. and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global forklift market based on the below-mentioned segments:
Forklift Market, By Class
- Class 1
- Class 2
- Class 3
- Class 4/5
Forklift Market, By Power Source
- Internal Combustion Engine
- Electric
Forklift Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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