DUBAI, UAE, Aug. 9, 2023 /PRNewswire/ -- As per the latest research report published by King Research, the global Forklift Market size reached USD 56.26 Billion in 2022 and is estimated to grow to USD 147.91 Billion by 2030, exhibiting a significant CAGR of 12.84% during the forecast period of 2023-2030. The market is anticipated to expand rapidly as a result of investments in infrastructure development and rising electric forklift use. The adoption of electric forklifts powered by lithium batteries has accelerated due to the increased focus on net zero emissions and mounting energy efficiency.
A forklift is a vehicle that is used to lift and transfer objects across short distances. They are available in a variety of sizes, types, and designs, and each is best suited for a particular purpose, load capacity, or working environment. It normally has two forks or blades that slide under the weight of the object and are raised and lowered by hydraulic force. The manufacturing, warehousing, and material handling sectors rely on forklifts to enable the transportation and storage of heavy objects effectively.
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Competitive Landscape
The market for forklifts is fiercely competitive on a global scale, with some chief players dominating the market. To stay ahead of competitors, large businesses are actively engaging in activities including mergers and acquisitions. For instance, PennWest Toyota Lift, a Pennsylvania-based forklift dealership with facilities in Pittsburgh, Mount Pleasant, and Erie, was acquired by Toyota Material Handling (TMH) in July 2022. TMH in the U.S. is the owner of the Hoist Liftruck line of container handlers, FLTs, and marina trucks. TMH offers a selection of medium & heavy forklifts for sale.
Prominent players in the global forklift market include:
- Jungheinrich AG
- Mitsubishi Electric Corporation
- Toyota
- Hyster-Yale Group, Inc.
- Raymond West
- Crown Equipment Corporation
- Doosan Corporation
- Hangcha Forklift
- KION GROUP AG
- CLARK
Trending Now: To power its new hydrogen-electric eBull forklift, Wiggins Lift chooses Loop Energy
Wiggins Lift Co. has chosen Loop Energy to supply the fuel cell technology for their brand-new eBull forklift product, which runs on hydrogen.
Loop Energy agreed to supply the system and start the system's commissioning in quarter 2 of 2023 to enable the commercial deployment of the hydrogen-electric forklifts in the last quarter of 2023.
In the U.S., Wiggins delivers material-handling vehicles to port, marina, and warehouse operators. The company is committed to providing customers with industrial forklifts that are secure, dependable, and emission-free.
It intended to fabricate hydrogen-electric forklifts due to the operational advantages fuel cell engines provide, such as quick refueling times and the capacity to meet a range of duty cycles.
The California-based business was among the first to produce battery-powered forklifts. It wants to be a pioneer in the hydrogen-electric material handling vehicle category in an effort to meet rising customer demand.
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Global Forklift Market Segmentation
By Fuel Type
- Gasoline & LPG/CNG
- Diesel
- Battery-Electric
Rising Popularity of Forklifts Fueled by Gasoline & LPG/CNG to Boost Sales
The gasoline & LPG/CNG segment is anticipated to grow at a significant CAGR of 13.60% through the forecast period. Forklifts fueled by LPG and CNG are becoming increasingly popular since they are considered more economical and ecologically beneficial alternatives to their diesel-powered counterparts.
Companies in the forklift business are anticipated to place a greater emphasis on low-maintenance and environment-friendly forklifts, such as petrol and LPG/CNG-powered forklifts. The market for forklifts that run on petrol, LPG, or CNG has a promising future as a result of these trends.
By Tonnage
- Below 5 Ton
- 5 Ton - 10 Ton
- 11 Ton – 36 Ton
- Above 36 Ton
Adoption of Above 36 Ton Weight Forklift to Surge Owing to its Rising Demand in Several Industries for Heavy Lifting
The above 36 Ton segment is projected to grow rapidly through the projected period, recording a substantial CAGR of 14.53% by 2030. The strong growth of the segment is backed by the prevalent use of forklifts in several industries, particularly in construction and heavy manufacturing industries.
In order to fulfill the demand for heavy lifting and material handling operations as these industries continue to expand and flourish, businesses are investing in high-capacity forklifts. Thus, companies are increasingly investing in high-capacity forklifts to cater to the demands of diverse industries, augmenting the growth of the segment.
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Increase in Demand from the Warehouse Sector to Support Market Growth
The global forklift market is likely to grow steadily due to the mounting requirement for material-handling equipment in the warehousing industry. This growth is being driven by the expanding logistics industry, which handles freight using high-performance forklifts. Logistics companies rely on forklifts to move inventory efficiently in warehouses, especially counterbalanced forklifts, pallet stackers, and forklifts with narrow aisles. With the growing need for machinery capable of maneuvering through restricted spaces for inventory movement, the market is anticipated to grow sizably.
In addition, notable developments in the forklift market are fostering innovation and growth. One continuing trend is the rise in the popularity of electric forklifts owing to their effectiveness and lower maintenance costs. The performance of forklifts is being improved by several forklift manufacturers switching to electronic versions and creating new technologies.
APAC to Lead the Market Owing to the Presence of Leading Businesses
Asia Pacific is anticipated to lead the forklift market, registering a valuation of USD 62.30 billion by 2030. Advanced material handling equipment used in industries, such as construction, mining, and food & beverage, among others, is primarily aiding industry growth in the region.
Furthermore, the increasing use of technologically advanced vehicles bolsters the demand for battery-operated forklifts. China is a major contributor to the growth of the market in the region due to the presence of leading companies in the country. Additionally, China has the largest number of both registered and unregistered local players, who are well-established across the entire nation, which is fostering the regional market outlook.
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Major Players in North America to Invest in Advanced Forklifts, Promoting Market Growth
North America is likely to be the second-largest market for forklifts in the upcoming years, accounting for a share of USD 30.52 billion by 2030. The growth of the market in North America is primarily attributable to the presence of key players actively investing in advanced forklifts than traditional ones. The forecast period is projected to witness continuous growth in the demand for electric forklifts.
For instance, Toyota Material Handling, which has a sizable client base, invests heavily in R&D, and operates several manufacturing facilities around the nation, has the greatest market share in the U.S. The firm aims to increase sales while continuing to prioritize staff security and cost-cutting.
Key Points from TOC:
1 Introduction of the Global Forklift Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Forklift Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Forklift Market, By Fuel Type
7 Global Forklift Market, By Tonnage
8 Global Forklift Market, By Application
9 Global Forklift Market, By Geography
10 North America
11 Europe
12 The Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Forklift Market Competitive Landscape
16 Company Profiles
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