Forklifts Truck Market Report, By Product Type (Electric Forklifts, Internal Combustion Forklifts, Warehouse Forklifts, Counterbalance Forklifts, Reach Trucks, Order Pickers, Others), By Fuel Type (Diesel, Electric, LPG/CNG, Others), End-Use Industry (Manufacturing, Construction, Warehousing and Logistics, Retail, Wholesale, Food and Beverage, Automotive, Others) and Regions 2024-2032

Market Overview:

"The global forklifts truck market size reached US$ 56.0 billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 100.3 billion in 2032, exhibiting a growth rate (CAGR) of 6.7% during 2024-2032."

Forklift trucks are essential material handling vehicles used in warehouses, distribution centers, manufacturing facilities, and construction sites. These versatile machines are designed to lift, move, and stack heavy loads efficiently and safely.

Forklifts offer numerous benefits, including increased productivity, improved efficiency, reduced manual labor, and enhanced safety.

Different types include counterbalance forklifts, reach trucks, pallet jacks, and order pickers, each designed for specific applications. With their ability to handle different load capacities and maneuver in tight spaces, forklifts are indispensable tools for streamlining operations in diverse industries.

Global forklifts truck market analysis reveals a robust and growing industry driven by increasing industrialization, warehousing operations, and logistics activities worldwide. Key factors contributing to market revenue growth include expanding e-commerce sector, rising forklifts truck market demand, and the need for streamlining operations in various industries.

Technological advancements such as integration of automation, electric-powered forklifts, and advanced safety features are expected to further drive revenue growth of the global forklifts truck market. The market is witnessing a shift towards electric forklifts due to environmental concerns and regulations. Also, emerging economies in Asia Pacific and Latin America are registering significant market share incline due to infrastructure development and industrial expansion.

Forklifts Truck Market Report Overview:

The global forklifts truck market report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.

Forklifts truck market share and revenues are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Revenue growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.

Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global forklifts truck market report is segmented according to product type, fuel type, end-use industry, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).

Forklifts Truck Market Trends and Drivers:

Growing e-commerce sector: The rapid growth of e-commerce has led to increased demand for efficient material handling and warehouse operations, driving the forklifts truck market. E-commerce companies require advanced forklifts to handle large volumes of goods and ensure smooth logistics operations.

Technological advancements: The forklifts truck market is witnessing technological advancements such as the integration of automation, telematics, and internet of things (IoT) capabilities. These innovations improve efficiency, safety, and productivity, driving market growth.

Shift towards electric forklifts: Environmental concerns and regulations have led to a shift towards electric-powered forklifts. The demand for electric forklifts is increasing as they offer lower emissions, reduced operating costs, and improved energy efficiency compared to traditional fuel-powered forklifts.

Focus on safety features: Safety is a top priority in the forklifts truck market. Manufacturers are incorporating advanced safety features such as proximity sensors, cameras, and stability control systems to enhance operator safety and minimize accidents. Increasing awareness and regulations regarding workplace safety drive the adoption of forklifts with advanced safety features.

Market expansion in emerging economies: The forklifts truck market is witnessing significant growth in emerging economies such as China, India, and Brazil. Industrialization, infrastructure development, and the expansion of manufacturing and logistics sectors in these countries are driving the demand for forklifts trucks.

What Factors Are Restraining Growth of Forklifts Truck Market?  

Revenue growth of the market is restrained by several factors, some of which are provided in some detail below:

High initial cost: Forklifts trucks can have a high initial cost, especially for advanced models with additional features and technology. This cost can be a significant barrier for small and medium-sized businesses, limiting their adoption of forklifts and affecting market growth.

Maintenance and operational costs: Forklifts require regular maintenance, servicing, and operational expenses such as fuel or electricity costs. These ongoing costs can be a burden for businesses, especially those operating on tight budgets. High maintenance costs can discourage some companies from investing in forklifts or lead them to opt for lower-cost alternatives.

Lack of skilled operators: Operating a forklift requires specialized skills and training. The shortage of skilled forklift operators can hinder the widespread adoption of forklifts trucks. Companies may face challenges in finding qualified operators, which can limit their ability to fully utilize the potential benefits of forklifts.

Safety concerns and accidents: Forklifts can pose safety risks in the workplace if not operated properly. Accidents and injuries related to forklift operations are a concern and can lead to increased scrutiny, regulations, and potential liabilities. Safety concerns can impact market growth if businesses are hesitant to invest in forklifts due to perceived risks.

Market competition and price pressure: The forklifts truck market is highly competitive, with numerous players offering a range of products. Intense competition can lead to price pressure, affecting the profit margins of manufacturers and suppliers. Price-sensitive customers may opt for lower-cost alternatives or delay their investment decisions, impacting market revenue growth.

What are the Opportunities for Leading Forklifts Truck Manufacturers?  

Expansion of e-commerce: The continued growth of the e-commerce sector offers significant opportunities for the forklifts truck market. As e-commerce companies expand their warehousing and logistics operations, there is a rising demand for efficient material handling equipment like forklifts. Manufacturers can capitalize on this trend by providing specialized forklifts tailored to the unique needs of e-commerce fulfillment centers.

Increasing demand for electric forklifts: The shift towards sustainable and eco-friendly solutions presents a lucrative opportunity for electric forklifts. With the focus on reducing carbon emissions and improving energy efficiency, there is a growing forklifts truck market demand. Manufacturers can leverage this opportunity by developing innovative electric forklifts with extended battery life, fast charging capabilities, and advanced features.

Automation and robotics integration: The integration of automation and robotics in material handling operations is a significant forklifts truck market trend. There is a rising demand for Automated Guided Vehicles (AGVs) and autonomous forklifts that can operate in a synchronized and efficient manner. Manufacturers can tap into this opportunity by offering advanced forklifts equipped with automation technologies to enhance productivity and reduce labor costs.

Aftermarket services and support: The aftermarket segment presents a revenue stream for forklifts manufacturers. Providing comprehensive maintenance, repair, and support services for forklifts can generate steady revenue and build long-term relationships with customers. Manufacturers can offer service contracts, spare parts, training programs, and on-site support to cater to the ongoing needs of their clients.

Emerging markets and infrastructure development: The growth of emerging economies, along with infrastructure development projects, offers significant opportunities for the forklifts truck market. Countries in Asia Pacific, Latin America, and Africa are witnessing rapid industrialization and expansion of manufacturing facilities. Manufacturers can capitalize on these opportunities by expanding their presence in these regions and offering tailored forklift solutions to meet the growing demand.

What are the factors driving the forklifts truck market in North America region?

In North America, the forklifts truck market continues to register strong demand, driven by the region's robust industrial sector and extensive logistics operations. The United States, being a major contributor, registers significantly high demand for forklifts due to large-scale manufacturing and warehousing activities. The rising trend of automation and adoption of advanced technologies in material handling are also key factors supporting market revenue growth. Rapid industry growth in North America is supported by infrastructure development, rapid growth of e-commerce, and increasing investments in supply chain management.

What fuels forklifts truck demand in Europe?

Europe registers steady demand from industries such as manufacturing, construction, and logistics. Countries including Germany, the UK, and France contribute significantly to revenue growth of the market. Rising emphasis on sustainability, leading to an increased preference for electric and eco-friendly forklifts, and need for efficient and safe material handling solutions are some key factors driving demand. Strong supply capabilities, with established manufacturers and suppliers catering to market demand and steady industry growth in Europe is further supported by government initiatives promoting automation and technological advancements in the logistics sector.

What are the factors contributing to the significant of Asia Pacific forklifts truck market?

The Asia Pacific region registers substantial demand for forklifts trucks due to rapidly growing manufacturing and industrial sectors. Countries such as China, Japan, South Korea, and India are major contributors to market revenue. The region's strong economic growth, expanding e-commerce industry, and infrastructure development are other key factors driving surge in demand for forklifts. Cost-effectiveness, reliability, and efficiency, and the region being a significant supply base, with both domestic and international manufacturers catering to the diverse market needs, are factors supporting market share expansion. Rapid industrialization, urbanization, and government initiatives to enhance logistics and supply chain capabilities are also expected to continue to contribute to growth of the Asia Pacific forklift truck market.

What are the aspects that are driving the forklifts truck unit sales in Latin America?  

Latin America is registering steady demand for forklifts trucks, primarily driven by increasing industrial and manufacturing activities in countries such as Brazil, Mexico, and Argentina. The region's expanding retail sector, infrastructure projects, and rising investments in logistics and warehouse operations are also supporting demand. Consumer preference in Latin America emphasizes durable and low-maintenance forklifts suitable for diverse applications. The region has a mix of local and international manufacturers providing a range of forklifts models. Industry growth in Latin America is influenced by favorable government policies, increasing urbanization, and the need for efficient material handling solutions across various industries.

What is the stance on forklifts truck market in Middle East and Africa?

The Middle East & Africa region exhibits growing demand for forklifts trucks, primarily driven by infrastructure development, construction projects, and expanding logistics and warehousing operations. Countries such as the United Arab Emirates, Saudi Arabia, and South Africa are prominent contributors to market revenue. Consumer preference focuses on advanced forklifts with enhanced safety features and improved energy efficiency. The region holds a mix of local and international manufacturers supplying forklifts to cater to the increasing demand. Industry growth in the Middle East & Africa is supported by urbanization, investments in transportation infrastructure, and rising need for efficient material handling solutions in sectors such as oil & gas, construction, and logistics.

Leading Forklifts Truck Manufacturers & Competitive Landscape:

The global forklifts truck market features a competitive landscape with the presence of several major players striving to capture a significant market share. Various companies are focusing on product innovation, technological advancements, and strategic partnerships to gain a competitive edge. Additionally, the market witnesses the entry of new players offering niche and specialized forklifts solutions. The competitive landscape is characterized by intense rivalry, pricing strategies, and a strong emphasis on customer satisfaction, after-sales support, and service offerings.

Company List:

• Toyota Industries Corporation
• KION Group AG
• Hyster-Yale Materials Handling, Inc.
• Crown Equipment Corporation
• Mitsubishi Logisnext Co., Ltd.
• Jungheinrich AG
• Anhui Heli Co., Ltd.
• Hangcha Group Co., Ltd.
• Doosan Industrial Vehicle Co., Ltd.
• Komatsu Ltd.
• Clark Material Handling Company
• Linde Material Handling GmbH
• JCB Ltd.
• Manitou Group
• Nissan Forklift Corporation

Research Scope

Report Metric	Report Details
Market size available for the years	2021-2032
Base Year	2023
Forecast Period	2024-2032
Compound Annual Growth Rate (CAGR)	6.7%
Segment covered	Product Type, Fuel Type, End-Use Industry, and Region
Regions Covered	North America:  The U.S. & Canada Latin America: Brazil, Mexico, Argentina, & Rest of Latin America Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe	Germany
Largest Market in Asia Pacific	China
Key Players	Toyota Industries Corporation, KION Group AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, Anhui Heli Co., Ltd., Hangcha Group Co., Ltd., Doosan Industrial Vehicle Co., Ltd., Komatsu Ltd., Clark Material Handling Company, Linde Material Handling GmbH, JCB Ltd., Manitou Group, Nissan Forklift Corporation, and amongst others.

Market Segmentation:

By Product Type:

• Electric Forklifts
• Internal Combustion Forklifts
• Warehouse Forklifts
• Counterbalance Forklifts
• Reach Trucks
• Order Pickers
• Pallet Jacks
• Others

By Fuel Type:

• Diesel
• Electric
• LPG/CNG
• Others

End-Use Industry:

• Manufacturing
• Construction
• Warehousing and Logistics
• Retail
• Wholesale
• Food and Beverage
• Automotive
• Others

Market Segmentation by Region:

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel