Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global forklift truck ecosystem was valued at US$ 6.2 billion in 2021. The market is expected to increase at a CAGR of 2.66% from 2022 to 2031. By 2031, the global market for forklift trucks is estimated to reach US$ 8.1 billion. As urbanization increases globally, material handling efficiency is becoming increasingly important in urban areas. Both construction sites and urban logistics require forklifts to transport materials, resulting in a high forklift demand.
Sustainable practices and environmental consciousness are becoming increasingly popular in various industries. Forklifts powered by electric or hybrid power have thus become an alternative to traditional fuel-powered models, thus reducing their environmental impact.
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With older forklifts becoming obsolete and less efficient, there's a natural demand for new ones. Upgrades are common in fleets to make use of the newest technologies and improve performance. The adoption of cleaner technologies, industrialization, and infrastructure development can positively impact the market for forklift trucks.
Key Findings of the Market Report
- In 2021, Asia Pacific held more than 36.25% of the global forklift truck market.
- Forklift truck investments in North America are expected to increase during the forecast period, leading to significant growth in the market.
- Manual forklift trucks accounted for 78.04% of total demand in 2021 by automation type.
- The 31 tons to 45 tons segment will continue to hold its position in the market and expand at a CAGR of 2.70 %.
- The class 4 internal combustion engine trucks (solid/cushion tires) market is projected to remain strong in the coming years and increase at a CAGR of 2.73%.
Global Forklift Trucks Market: Key Players
Several manufacturers control a majority share of the global market for forklift trucks. To introduce robust forklift trucks into the market, manufacturers & suppliers are introducing advanced technologies. A key strategy of key players is to expand their product portfolios and acquire competing companies.
- Key Forklift Truck Manufacturers
- Komatsu Ltd.
- Anhui Heli Co. Ltd
- Clark Material Handling Company
- Comblift Limited
- Crown Equipment Corporation
- Doosan Industrial Vehicle America Corporation
- Godrej & Boyce Group
- Hangcha Group Co. Ltd (HC Forklift)
- Hubtex Maschinenbau GmbH & Co. KG
- Hyster-Yale Material Handling Inc.
- Hyundai Heavy Industries Ltd.
- KION Group AG
- Konecranes
- Lonking Forklift Co.
- Manitou Group
- Mitsubishi Forklift Corporation
- Toyota Industries Corporation
- Unicarriers Americas
- Nihon Plastic Company Co. Ltd.
Global Forklift Trucks Market: Growth Drivers
- With the growth of e-commerce and the need for efficient supply chain management, forklift trucks have become more popular. Material handling and warehouse operations are supported by these vehicles, which play an integral role in the growth of the logistics industry.
- Forklift trucks are directly affected by the overall growth in manufacturing and industrial activities globally. Using forklifts within manufacturing facilities is essential for moving everything from raw materials to finished goods.
- With the advent of automated warehouses and smart logistics solutions, forklifts are increasingly being integrated with advanced technologies such as automation systems, sensors, and Internet of Things devices. In light of this automation trend, technologically advanced forklift trucks are in high demand.
- Industries are adopting forklifts with advanced safety features because of strict safety regulations and standards. To comply with industry regulations, manufacturers are developing more stable and visible forklifts that are safer to operate.
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Global Forklift Trucks Market: Regional Landscape
- North America is expected to drive demand for forklift trucks in the market.
- Increasing logistics, materials handling, manufacturing, and export activity are driving North American forklift truck sales. Forklift trucks are a crucial part of automated material handling solutions in North America.
- Forklift trucks with high performance continue to be a major market driver in the North American region. In North America, electric lift trucks are becoming increasingly popular, and prominent companies are investing heavily in modern and advanced forklift trucks.
- As e-commerce continues to thrive, the demand for forklift trucks is also increasing in North America. Investing in advanced forklift trucks and the logistics, industrial, and warehouse sectors will boost North American forklift truck demand.
Global Forklift Trucks Market: Segmentation
By Class
- Class 1: Electric Motor Rider Trucks
- Class 2: Electric Motor Narrow Aisle Trucks
- Class 3: Electric Motor Hand Trucks or Hand/Rider Trucks
- Class 4: Internal Combustion Engine Trucks (Solid/Cushion Tires)
- Class 5: Internal Combustion Engine Trucks (Pneumatic Tires)
- Class 6: Electric/IC Engine Tow Tractors
- Class 7: Rough Terrain Forklifts
By Application
- Retail/ Wholesale
- Food/ Pharma
- Transport/ Logistics
- Manufacturing
- Automotive
- Ports/ Terminals
- Mining & Construction
- Chemical/ Energy
- Forestry/ Wood
- Others
By Capacity
- 31 Tons to 45 Tons
- 46 Tons to 60 Tons
- 61 Tons to 90 Tons
- 91 Tons to 125 Tons
- Above 125 Tons
By Automation Type
- Fully-automated
- Semi-automated
- Manual
By Propulsion
- Diesel
- Gasoline
- Battery Electric
- Hybrid Electric
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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