Forklift Market to Reach USD 100.5 Billion by 2032 | CAGR: 6.2% | DataHorizzon Research

Fort Collins, Colorado, Sept. 12, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Forklift Market Size, Growth, Share, Statistics Report, By Product Type (Warehouse and Counterbalance), By Technology (IC Engine and Electric Power), By Class (Class I, Class II, Class III, Class IV and Class V), By End-User, By Region Forecasts, 2023-2032."

According to DataHorizzon Research, the forklift market size was valued at USD 56 Billion in 2022 and is expected to have USD 100.5 Billion by 2032 with a CAGR of 6.2%.  The technological advancement in forklifts provides various growth avenues to the providers in this market. The growing demand for automation and improvements in the process efficiency in warehouses is leading to the rising adoption of automated forklifts.

These vehicles offer advanced and flexible solutions for cost-effective material handling and other repetitive tasks. They also aid in delivering components and parts in a production or manufacturing facility in an effective and consistent manner, leading to process optimization and time savings.

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Report Snapshot:

Segmentation Overview

The forklift market has been segmented into product type, technology, class end-user, and region. Based on the product type, the warehouse represented a large share due to the growing demand for moving and lifting objects. Based on technology, the electric segment is anticipated to exhibit substantial growth. Based on class, the class III segment held a major market share due to increasing technological advancement. Based on the end-user, the logistics segment held a dominant position in the market.

Geographically, Asia Pacific accounted for a significant share of the forklift market owing to the flourishing e-commerce sector and growing warehouses for industries in this region. With increasing manufacturing facilities, it has triggered an increasing need for goods handling, thus pumping the market growth in this region. North America is expected to register significant growth during the forecast period.

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Key Developments in the Industry:

• In September 2023, Yale Lift Truck Technologies introduced an indoor-outdoor forklift. This forklift is convenient for the outdoor moving of goods and indoor application such as stacking and picking. It has an elastic tire reducing the pressure on the components, can run on lead-acid or lithium-ion battery, and also functions as a counterbalance truck with a height reach of 7.5 meters.

• In September 2023, Hangcha Forklift Canada, a material-handling equipment manufacturer, announced the establishment of its warehouse in Mississauga, Canada. The new warehouse is expected to provide the capabilities of rapid delivery, reducing downtimes and allowing the company to have a sizable inventory at any time, thereby enhancing its service and reach across Canada.

Forklift Market Report Highlights:

• The Forklift market is projected to attain a CAGR of 6.2% by 2032.

• The warehouse segment accounted for a significant market share and is predicted to remain dominant during the forecast years. The growing e-commerce sector and the increasing need for a forklift for lifting and moving application is driving the growth.

• The Class I segment is also expected to register a high growth during the forecast period owing to their growing usage as a counterbalance truck.

• The logistics segment is expected to account for a significant share of the forklift market during the forecast period due to the rising demand for these vehicles in various logistics operations.

• Asia Pacific is a major market for forklifts. This is because this region is a major production and manufacturing hub.

• The prominent players in the forklift market are Komatsu Ltd., Toyota Industries Corporation, KION Group AG, Hyundai Heavy Industries Ltd, Doosan Industrial Vehicle America Corporation., Mitsubishi Forklift Corporation, Hyster-Yale Material Handling Inc., Hangcha Group Co. Ltd, Godgej & Boyce Group, Anhui Heli Co. Ltd, Crown Equipment Corporation, Comblift Limited, Hubtex Maschinenbau GmbH & Co. KG, Clark Material Handling Company, Manitou Group, Konecranes, Lonking Forklift Co., and Unicarriers Americas, etc.

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Forklift Market Report Segmentation:

Forklift Market, By Product Type (2023-2032)

• Warehouse
• Counterbalance

Forklift Market, By Technology (2023-2032)

• IC Engine
• Electric Power

Forklift Market, By Class (2023-2032)

• Class I
• Class II
• Class III
• Class IV
• Class V

Forklift Market, By End-User (2023-2032)

• Retail & Wholesale
• Logistics
• Automotive
• Food Industry
• Others

Forklift Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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