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The size of the global forklift market was estimated at USD 58,685.9 million in 2022, and it is anticipated to increase at a CAGR of 14.2% from 2023 to 2030. The demand for forklifts to move big loads through confined places has increased as a result of the expanding worldwide e-commerce industry and changes in warehouse management over the past few years. These are the main elements influencing the market's growth. The rise of construction projects worldwide is also driving up demand for forklifts that can navigate difficult terrain and move bulky construction goods across long distances.
The booming e-commerce sector is driving up the demand for warehouse space and the need for effective supply chain management. Additionally, warehouse owners emphasise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to see an increase in demand. It is projected that the forklift sector will expand as electric forklifts gain popularity among chemical industries and operators of recycling centres.
A battery-powered electric forklift gives workers convenience when conducting fieldwork because of its low maintenance requirements, reduced vibration, low noise level, and light weight. OEMs are focusing on creating and manufacturing products that meet the shifting needs of dockyards and warehouse operations, including Godrej & Boyce, Toyota Material Handling, and Guangxi LiuGong Machinery Co., Ltd.
However, the high maintenance costs and volatile raw material prices could prove to be obstacles to the market's expansion. Furthermore, strict emission rules may somewhat impede expansion. In 2020, the epidemic also had a negative influence on manufacturing, construction, and warehouse activity. Manufacturing activity unexpectedly decreased as a result of the COVID-19 infection rate spike and the subsequent global lockdowns. However, in the second quarter of 2021, manufacturing and warehouse operations saw growth. During this time, forklift demand increased as warehouse owners and manufacturers looked for ways to reduce labour expenses. However, market instability brought on by the COVID-19 epidemic, fluctuating costs for raw materials like steel and aluminium, and a lack of semiconductors are anticipated to hold down sales until the fourth quarter of 2022.
Due to strict environmental restrictions in developed countries, the internal combustion category is predicted to experience moderate development during the projection period. The governments of developed and developing nations are enacting a variety of restrictions to lessen the environmental impact of carbon emissions, which is motivating OEMs and factory owners to switch to gas- or electric-powered vehicles.
Report Coverage
Global Forklift research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Forklift report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Forklift competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Forklift market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Forklift market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Forklift market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Forklift market based on the below-mentioned segments:
Global Forklift Market, By Power Source
Internal Combustion Engine
Electric
Global Forklift market, Regional Analysis
The booming e-commerce sector is driving up the demand for warehouse space and the need for effective supply chain management. Additionally, warehouse owners emphasise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to see an increase in demand. It is projected that the forklift sector will expand as electric forklifts gain popularity among chemical industries and operators of recycling centres.
A battery-powered electric forklift gives workers convenience when conducting fieldwork because of its low maintenance requirements, reduced vibration, low noise level, and light weight. OEMs are focusing on creating and manufacturing products that meet the shifting needs of dockyards and warehouse operations, including Godrej & Boyce, Toyota Material Handling, and Guangxi LiuGong Machinery Co., Ltd.
However, the high maintenance costs and volatile raw material prices could prove to be obstacles to the market's expansion. Furthermore, strict emission rules may somewhat impede expansion. In 2020, the epidemic also had a negative influence on manufacturing, construction, and warehouse activity. Manufacturing activity unexpectedly decreased as a result of the COVID-19 infection rate spike and the subsequent global lockdowns. However, in the second quarter of 2021, manufacturing and warehouse operations saw growth. During this time, forklift demand increased as warehouse owners and manufacturers looked for ways to reduce labour expenses. However, market instability brought on by the COVID-19 epidemic, fluctuating costs for raw materials like steel and aluminium, and a lack of semiconductors are anticipated to hold down sales until the fourth quarter of 2022.
Due to strict environmental restrictions in developed countries, the internal combustion category is predicted to experience moderate development during the projection period. The governments of developed and developing nations are enacting a variety of restrictions to lessen the environmental impact of carbon emissions, which is motivating OEMs and factory owners to switch to gas- or electric-powered vehicles.
Report Coverage
Global Forklift research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Forklift report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Forklift competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Forklift market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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 |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Forklift Market from 2021 to 2030.
- Market Forecast for Forklift Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Forklift competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Forklift
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Forklift market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Forklift market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
- Market Players of Forklift
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Forklift market based on the below-mentioned segments:
Global Forklift Market, By Power Source
Internal Combustion Engine
Electric
Global Forklift market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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