Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source, By Load Capacity, By Electric Battery Type, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global forklift market size is projected to reach USD 154.33 billion by 2030, expanding at a CAGR of 13.2% from 2023 to 2030
The growth in the forklift market is being primarily driven by the increasing demand for these versatile machines across various industries. Warehouses in the beverage and food industry, as well as industrial manufacturing, are increasingly relying on forklifts for tasks such as loading and unloading cargo trucks and transporting goods.
Forklifts offer a range of benefits, including reducing the need for manual labor, improving safety, and requiring minimal maintenance. The need for forklifts for lifting heavy equipment and handling materials is expected to rise, particularly due to the significant increase in construction activities driven by rapid urbanization in countries like Brazil, South Korea, and India.
In response to growing environmental concerns, governments worldwide, both in developed and emerging economies, are seeking ways to reduce the use of internal combustion engine (ICE) vehicles. Manufacturers are actively investing in fuel-cell technology development as many countries plan to phase out petrol and diesel-based vehicles in the future.
Despite the rapid growth of the forklift market, certain factors may restrain its expansion. Factors such as various options for renting forklifts and the high cost of batteries are expected to hinder growth. Additionally, fluctuating raw material prices could pose a potential threat to the industry's growth.
The COVID-19 pandemic had a negative impact on market expansion. Many national governments implemented lockdowns and social distancing measures in the first quarter of 2020, leading to temporary closures of manufacturing plants. Production facility shutdowns and disruptions in raw material supply chains adversely affected forklift sales. However, as lockdown measures were eased, warehouse operations resumed, gradually contributing to the market's recovery in the second quarter of 2021.
In terms of forklift classes, the class 3 segment held the leading position in 2022. This growth is attributed to the increasing demand from small and medium-sized warehouses for material loading and unloading tasks, which is expected to continue driving market momentum.
Over the forecast period, the Class 1 segment is projected to experience significant growth. This growth is anticipated due to favorable government initiatives aimed at boosting electric vehicle sales and increased demand from the construction sector. When considering power sources, the electric segment is expected to witness the highest growth over the forecast period. This can be attributed to the impending ban on the sale of ICE vehicles and the rapid development of EV battery technology in terms of power and longevity.
In the load capacity category, the below 5-ton segment is predicted to achieve the highest CAGR over the projection period. These forklifts are valued for their compactness, versatility, and cost-effectiveness, making them essential assets for businesses seeking efficient and flexible material-handling solutions.
Regarding electric battery types, the lithium-ion segment is poised for the highest CAGR over the forecast period. These batteries are widely adopted in electric forklifts due to their superior energy density, longer lifespan, and faster charging capabilities. The demand for lithium and other rare metals used in these batteries could influence their pricing and availability.
In the end-use sector, the retail & e-commerce segment is expected to register the highest CAGR over the forecast period. Businesses are increasingly investing in advanced warehousing facilities to optimize their supply chain operations and enhance productivity, leading to a substantial increase in the demand for efficient forklifts.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $58.69 Billion |
| Forecasted Market Value (USD) by 2030 | $154.33 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
Company Profiles (Overview, Financial Performance, Product Benchmarking)
- Anhui Heli Co., Ltd.
- CLARK
- Crown Equipment Corporation
- Doosan Corporation
- Hangcha
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG.
- KION Group AG
- Komatsu Ltd.
- Mitsubishi Logisnext Co., Ltd.
- Toyota Material Handling
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Forklift Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Forklift Market Variables, Trends & Scope
3.1. Market lineage outlook
3.2. Industry value chain analysis
3.3. Market dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint/challenge analysis
3.3.3. Market opportunity analysis
3.4. Business environment analysis tools
3.4.1. Porter's five forces analysis
3.4.2. PESTEL analysis
3.5. COVID-19 impact analysis.
Chapter 4. Forklift Market: Class Outlook
4.1. Forklift market share by class, 2022 & 2030 (Volume, Units; Revenue, USD Million)
4.2. Class 1
4.3. Class 2
4.4. Class 3
4.5. Class 4/5
Chapter 5. Forklift Market: Power Source Outlook
5.1. Forklift market share by power source, 2022 & 2030 (Volume, Units; Revenue, USD Million)
5.2. Electric
5.3. ICE
Chapter 6. Forklift Market: Load Capacity Outlook
6.1. Forklift market share by load capacity, 2022 & 2030 (Revenue, USD Million)
6.2. Below 5 Ton
6.3. 5-15 Ton
6.4. Above 16 Ton
Chapter 7. Forklift Market: Electric Battery Type Outlook
7.1. Forklift market share by electric battery type, 2022 & 2030 (Revenue, USD Million)
7.2. Li-ion
7.3. Lead Acid
Chapter 8. Forklift Market: End-use Outlook
8.1. Forklift market share by end-use, 2022 & 2030 (Revenue, USD Million)
8.2. Industrial
8.3. Logistics
8.4. Chemical
8.5. Food & Beverage
8.6. Retail & E-Commerce
8.7. Others
Chapter 9. Forklift Market: Regional Outlook
9.1. Forklift Market Share by Region, 2022 & 2030 (Revenue, USD Million)
Chapter 10. Competitive Landscape
10.1. Company Categorization
10.2. Company Market Ranking/Share Analysis, 2022
10.3. Company Heat Map Analysis
10.4. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/v59p2c
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
