Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Forklifts Market Trends and Outlook 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global market for forklifts, estimated at $40.9 billion in 2022, is on a growth trajectory to achieve a substantial market size of $62.9 billion by 2030. This anticipated expansion is driven by a consistent Compound Annual Growth Rate (CAGR) of 5.5% over the analysis period from 2022 to 2030. Within this timeframe, the Internal Combustion Engine (ICE) segment, a crucial component of the market, is expected to record a 5.2% CAGR, ultimately reaching a market value of $41.5 billion by the conclusion of the analysis period. Simultaneously, the Electric segment is anticipated to experience a growth rate of 6.2% over the following eight years.
Quick Summary
The report provides a profound analysis of the rising demand for both Internal Combustion Engine (ICE) forklifts and Electric forklifts. The U.S. and China, being leading economies in this sector, are evaluated meticulously and their projected growth over the coming years is discussed. Also under examination are other significant markets such as Japan, Canada, and Germany, each with promising growth forecasts. Alongside, the report includes a comprehensive analysis of prominent market players, equipping you with valuable insights to stay competitive.
Added benefits of procuring this report include exclusive access to an extensive digital archive, one-year complimentary updates, and much more. Navigate the complexities of the forklift industry, tap into emerging opportunities, and embark on your journey to meaningful business growth with this all-encompassing report.
Strong Growth in the U.S. Market with an Estimated Value of $11.2 Billion
The forklift market in the United States has demonstrated significant growth, estimated to be worth $11.2 billion in 2022. This growth reflects robust demand for forklifts and associated services, cementing its pivotal role in the global market.
China's Market Projected to Expand Significantly with a 6.7% CAGR
China, as the world's second-largest economy, is poised for a substantial surge in its forklift market. The country is forecasted to achieve a market size of approximately $11.6 billion by 2030, driven by an impressive CAGR of 6.7% during the analysis period from 2022 to 2030. China's dynamic growth underlines its central role in shaping global trends and developments within the forklift industry.
Other Notable Markets in Japan, Canada, and Germany
Several other geographic markets show potential to contribute to the global expansion of the forklift market. Japan and Canada are projected to experience steady growth, with forecasted CAGRs of 4.1% and 4.6%, respectively, over the period spanning from 2022 to 2030. In Europe, Germany is expected to maintain a noteworthy growth rate of approximately 5.3% CAGR during the same analysis period.
Key Players in the Forklift Market
The forklift market is characterized by intense competition and features numerous prominent players who are driving innovation and development within the industry. Notable competitors in this market, totaling 81 featured companies, include:
- Aisle-Master
- Anhui HeLi Co. Ltd.
- ATF Forklifts
- Big Lift LLC
- Cargotec Finland Oy - Kalmar
- CESAB Material Handling Europe
- Clark Material Handling Company
- Combilift Ltd.
- Corecon Inc.
- Crown Equipment Corporation
- CVS Ferrari S.p.A.
- EP Equipment Co. Ltd.
- The Raymond Corporation
These companies play a pivotal role in shaping the forklift market's growth and evolution.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 434 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $40.9 Billion |
| Forecasted Market Value (USD) by 2030 | $62.9 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
- Proliferation of E-Commerce Solutions amidst COVID-19
- Knock-On Effect of the Pandemic on Forklift Market
- Global Forklifts Market Struggles with Supply Side Shocks
- Flip Side of Material Handling Industry Explosion & Steep Demand for Forklifts
- Material Handling Equipment (MHE): An Introduction
- Forklift: Integral Part of MHE
- Types of Forklifts
- Counterbalanced Forklift
- Warehousing Forklifts
- Forklift by Fuel Types
- Internal Combustion Engine (ICE)
- Electric
- Forklift by Tonnage Capacity
- Less than 5 Ton
- 5 Ton to 10 Ton
- 11 Ton to 36 Ton
- Classification by Forklift Classes
- Key Strategies to Ensure Safe Use of Forklifts in Work Environments
- Born Out of Necessity, Forklifts Surge Ahead on the e-Commerce Boom
- Prominent Factors to Turbocharge Global Forklifts Market
- Forklift Arena Keeps Buzzing with Latest Technological Trends
- Developed Markets: Traditional Revenue Contributors
- World Forklifts Market (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
- Developing Countries Turbo Charge Future Market Growth
- World Forklifts Market - Geographic Regions Ranked by Value CAGR for 2020-2027: China, Asia-Pacific, Latin America, Middle East, Africa, USA, Europe, Canada, and Japan
- Internal Combustion Engine Forklifts Making Way for Electric Forklifts
- World Forklifts Market by Power Source (2021 & 2027): Percentage Breakdown of Sales for Internal Combustion Engine (ICE), and Electric
- Retail & Wholesale End-Use Segment to Maintain its Dominance
- World Forklifts Market by End-Use (2021 & 2027): Percentage Breakdown of Sales for Retail & Wholesale, Logistics, Food & Beverage, Automotive, and Other End-Uses
- Competitive Scenario
- Recent Market Activity
- Select Innovations
- Forklifts - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Increasing Popularity of Fuel Cell-powered Forklifts to Drive Global Forklift Market
- Myriad Benefits to Broaden Battery-operated Forklifts Application
- Automated Forklifts Rise in Prominence
- Electric Forklifts Gain Traction
- Emphasis on Green Warehousing Steers Demand for Electric Forklifts
- Electric Forklifts Experience Impressive Makeover with Sophisticated Technology
- COVID-19 Glitches Hustle Forklift Users to Embrace Electric Versions
- Forklift Tires Market: Characterized by Growing Demand for Solid and Non-Marking Tires
- Lift Truck Become a Part of the Connected Enterprise Ecosystem
- World Warehouse Management Systems (WMS) Market Revenues in US$ Million for Years 2015, 2017, 2019 and 2021
- Forklifts Emerge as an Important Material Handling System for the Logistics and Shipping Industry
- Global Logistics Market Revenues in US$ Billion for the Years 2019, 2021, 2023 and 2025
- Third Party Logistics (3PL): Expanding in Industrial Manufacturing, Retail and Wholesale Sectors
- Global 3PL Market Revenue Share by End-Use Sector (2021)
- Expanding Retail Industry Generates Significant Opportunities
- Global Retail Sector Revenue Share by Product Category (2021)
- Transition of Material Handling Operations in Automobile Industry Augurs Well for Forklifts Market
- How Automotive Industry Continues to be Impacted by the Pandemic & What's the New Normal?
- Global Automotive Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
- Global Production Capacity of the Automobile Industry (In Million Units) by Region for the Years 2017 and 2022
- With Global E-Commerce Sales Skyrocketing, Growth in E-Commerce Warehouses Spurs Need for Forklifts
- Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
- Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
- Leading Retail E-Commerce Countries Worldwide: Ranked by Sales in $ Billion for 2019E
- Online Shopping Trend and Need to Improve Warehouse Efficiencies Drive Investments into Forklifts
- Great Technological Strides for Lift Trucks Used in Cold Storage Warehouses
- Safety Strategies for Operators to Minimize Forklift Accidents' Risk in Warehouses
- Anticipated Growth of Construction Sector to Present Favorable Outlook for Forklifts
- Global Construction Equipment Market: Revenues in US$ Billion for the Years 2019, 2021, 2023 and 2025
- Technological Advancements Accelerate Market Expansion
- Technological Developments also Aim at Increasing Productivity
- Key Challenges
- Manufactures Face Challenges Producing Rough-Terrain Forklifts
- Introduction of Robotic based Humanless Warehouse: A Threat to the Market
- Rising Concerns over Forklift-related Safety Issues Restrain Market Growth
- Regulatory Framework in the Forklift Sector
- Percentage Breakdown of Number of Fatalities Attributed to Forklifts by Type of Accident in the US
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
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