Forklift Market worth $84.5 billion by 2027 – Exclusive Report by MarketsandMarkets™

Chicago, July 13, 2023 (GLOBE NEWSWIRE) -- Forklift Market  size is projected to grow from USD 58.9 billion in 2022 to USD 84.5 billion by 2027, at a CAGR of 7.5% for the same period, according to a new report by MarketsandMarkets™. 

Browse and in-depth TOC on "Forklift Market"   
337 – Tables
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Scope of the Report:

The market is expected to witness growth due to major factors such as rising demand for sustainable intralogistics, rapid growth in the e-commerce and warehousing sector, and increasing demand for lean & automated warehouses to increase operational efficiency. In addition, the increase in stringency in emission norms is projected to drive the market for electric forklifts.

Electric forklifts with lithium-ion batteries are expected to grow in the forklift market during the forecast period rapidly

The electric forklift Industry, by battery type, is projected to grow at a CAGR of 8.4% during the forecast period. Battery technology is developing rapidly, and advancements in all aspects have been observed in recent years. The safety advantages of lithium-ion batteries over lead-acid batteries drive their demand in forklifts. Moreover, the need for an efficient battery thermal management system is greatly increasing with the development of more advanced battery technologies in the lithium-ion segment. During the forecast period, Europe is projected to be the largest market in terms of value. This can be attributed to the new European regulation (EU) No 2019/1020 for more sustainable and recyclable batteries. This regulation limits the carbon footprint of various batteries, including automotive batteries. As a part of this regulation, batteries must have a label explaining their carbon footprint (for more transparency on their environmental impact). Lithium-ion batteries are more sustainable than lead-acid batteries, so they are the preferred choice of European manufacturers.

Pneumatic tire forklifts are predicted to have the largest market share during the forecast period.

Outdoor material handling operations often have rough and tough terrains, varying temperatures, and demand tires with maximum durability. Pneumatic tires are designed for outdoor applications, including docks, construction sites, and farms. The thread patterns on pneumatic tires are designed to provide maximum traction. The Asia Pacific region is projected to dominate the pneumatic tire forklift market in terms of volume. This is mainly due to the large construction, mining, heavy machinery, and marine freight industries in this region. These industries demand reliable puncture-proof tires for their forklifts to handle rough terrains. Furthermore, the varying climatic conditions across this region demand pneumatic tire forklifts. These factors aid the incorporation of pneumatic tires in heavy material handling operations in outdoor applications.

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North America is the fastest growing market for forklifts during the forecast period

The rising concerns over carbon footprint and increasing investments by several major players are expected to boost the market growth for electric forklifts in the North American market. Factors such as the established ecosystem for industrial and manufacturing companies with their warehousing capabilities make the region an attractive market for forklift suppliers. Moreover, an extensive 3PL network has led to the growth of the warehousing sector in North America. The region also has an increasing demand for automated storage and retrieval systems. The consumer goods industries in the US and Canada produce various goods. Thus, efficient handling and right order fulfilment are critical components of supply chain operations. High-tonnage capacity forklifts are used in large industries such as manufacturing and automotive. North Americas growing automobile industry requires material handling solutions to transport chassis, car bodies in paint shops, engines, and other components. Forklifts are important for handling eccentric-shaped loads, and hence their adoption in the region is growing.

Key Market Players

The forklift companies are Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (Japan), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Hyundai Construction Equipment Co., Ltd (South Korea), Komatsu (Japan), Clark Material Handling Company (CMHC) (US), Kalmar (Finland), Cat Lift Trucks (Netherlands), Anhui Heli Co., Ltd (China), Crown Equipment Corporation (US), Doosan Industrial Vehicle (South Korea), Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.) (India), Ep Equipment (China), Lonking Machinery Co., Ltd (China), Linde Material Handling (Germany), Bobcat Company (Republic of Korea), Combilift (Ireland), Vallée (Canada), Narrow Aisle Inc (US), Manitou Group (France), Hoist Material Handling (US), Konecranes (Sweden) and Hangcha (China).

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