According to the report by Expert Market Research (EMR), the global forklift market size reached a value of 1842.75 thousand units in 2023. Aided by the increasing demand for efficient material handling equipment and the growing applications of forklifts in various sectors, the market is projected to further grow at a CAGR of 5.8% between 2024 and 2032, the market is expected to significantly grow by 2032.
Forklifts, also known as lift trucks, are essential equipment in warehouses, factories, and construction sites for lifting and transporting materials. They play a crucial role in streamlining operations, enhancing productivity, and ensuring workplace safety. Apart from their primary use in material handling, forklifts are also employed in various industrial applications, including logistics, manufacturing, and retail.
One of the primary drivers of the forklift market growth is the rising demand for efficient material handling equipment. With the growing emphasis on operational efficiency and productivity, businesses are increasingly investing in advanced forklifts to optimise their material handling processes. The expansion of e-commerce and the growing need for efficient warehouse management have further fuelled the demand for forklifts.
The expanding applications of forklifts in various sectors also play a significant role in propelling the market. In the logistics sector, forklifts are used for loading and unloading goods, transporting materials, and organising inventory. The manufacturing industry utilises forklifts for handling raw materials, components, and finished products, enhancing operational efficiency and reducing labour costs. The construction industry relies on forklifts for lifting and transporting heavy materials, improving project timelines and safety, consequently driving up the forklift market share.
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The increasing adoption of electric forklifts is another significant factor driving the market. Electric forklifts offer several benefits, including lower operating costs, reduced emissions, and quieter operation, making them an attractive option for businesses. The growing focus on sustainability and environmental regulations has further accelerated the adoption of electric forklifts, contributing to market growth.
Technological advancements in forklift manufacturing are significantly enhancing the quality and efficiency of forklifts. The integration of advanced technologies such as automation, telematics, and the Internet of Things (IoT) is revolutionising the forklift sector. Automated guided vehicles (AGVs) and autonomous forklifts are gaining popularity, offering increased efficiency, reduced labour costs, and improved safety.
As per the forklift market analysis, the use of telematics in forklifts allows for real-time monitoring and data collection, enabling businesses to optimize fleet management and maintenance. Telematics systems provide insights into equipment usage, performance, and maintenance needs, helping businesses reduce downtime and extend the lifespan of their forklifts.
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The development of lithium-ion batteries for forklifts is another notable trend. Lithium-ion batteries offer several advantages over traditional lead-acid batteries, including longer lifespan, faster charging, and lower maintenance requirements. The adoption of lithium-ion batteries is expected to drive the growth of electric forklifts and contribute to overall market expansion.
As per the forklift market outlook, North America holds a significant share of the market, driven by substantial investments in warehouse automation and logistics infrastructure. The United States, in particular, is witnessing a boom in e-commerce and distribution centres, supported by technological advancements and private sector investments. The region’s well-established manufacturing sector and the presence of leading forklift manufacturers further contribute to market growth.
In Europe, the market is experiencing steady growth, supported by the strong presence of the automotive and manufacturing sectors. Countries such as Germany, France, and the United Kingdom are key contributors to the European forklift market, driven by their advanced industrial base and focus on automation and efficiency.
The Asia-Pacific region is expected to witness the fastest growth in the market, fuelled by rapid industrialisation, urbanisation, and economic development. Countries such as China, India, and Japan are investing heavily in logistics infrastructure and manufacturing, driving the demand for forklifts. Additionally, the region’s growing consumer base and increasing disposable incomes are expected to boost forklift consumption.
Market Segmentation
The market can be divided based on class, type, technology, and region
Market Breakup by Class
- Class 1
- Class 2
- Class 3
- Class 4 and 5
Market Breakup by Type
- Counterbalance Type
- Warehouse Type
Market Breakup by Technology
- IC Engine
- Electric
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global forklift market. Some of the major players explored in the report by expert market research are as follows:
- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
- Others
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