Forklift Truck Market Share & Growth Analysis | 2023-2028

Market Insights

The forklift truck market was estimated at USD 60.68 billion in 2022 and is likely to grow at a CAGR of 10.99% during 2023-2028 to reach USD 115.02 billion in 2028.

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What is a forklift truck?

A forklift, also known as a forklift truck, is a vehicle with a power-operated forked platform attached to the front that is used to lift and move various materials over short distances. Some forklifts allow drivers to sit while driving and operating the machine, while others require them to stand. They are widely used in transporting materials and goods throughout the industry.

COVID-19 Impact

Forklift trucks, a sizeable market, also were unable to escape the pandemic and witnessed a decline in sales in 2020 amid the pandemic. The lockdowns and restrictions resulted in the shutting down of industries and warehouses and hence completely removing the need for material handling and inventory management. This directly impacted the forklift truck market.

Market Dynamics

The growth of the forklift truck market is primarily driven by -

• Development in E-Commerce and Warehousing – The boom in e-commerce and online retail has led to a surge in demand for easy and efficient ways to move goods from storage to shipping. The warehouse and logistics industry has been highly benefited from the COVID-19 pandemic. Due to stringent policies of lockdown globally, there was a high rise in online buying. Forklift trucks are vital for shifting and moving goods efficiently, and owing to this, the need for forklift trucks is rapidly growing.
• Electric-powered forklift trucks gaining traction – With the rapid advancements in technology, the applications of electric forklift trucks demand is growing rapidly. These e-trucks are preferred for indoor spaces and can load and unload heavy goods from the ground levels or the docks. Another significant advantage of using e-forklift trucks is that there is no need for fuel, which makes it a sustainable option.
• Rising investments in infrastructure – Governments across the globe are focusing on infrastructure development. Chinese regions are set to increase construction spending by $1.8 trillion in 2023. Increased investments in the real estate sector boost the need for forklift trucks simultaneously.
• Technological Advancements – The integration of industry 4.0 trends such as automation, etc. have revolutionized the forklift truck market. Automated guided vehicles (AGVs) and autonomous forklifts are now gaining traction in industries with repetitive material handling tasks. Toyota Material Handling Japan (TMHJ), a division of Toyota Industries Corporation, developed an automated guided forklift truck, in 2022, featuring world-first AI-based technology that automatically recognizes the location and position of trucks and loads and generates automated travel routes to perform loading operations. Amazon also leverages automated forklifts to lift and drop the items at their destination.

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Segments Analysis

By Fuel Type

The market is segmented as diesel, battery-electric, and gasoline & LPG/CNG. The battery-electric fuel type segment is expected to register the fastest growth in the market during the forecast period. The growth of the segment is owing to the growing preference for fuel efficiency and increased focus on emission norms. Furthermore, high demand for battery-electric forklifts is expected to drive the segment’s growth due to low operating noise, quick charging, and suitability for use inside manufacturing facilities.

By Application Type

The market is segmented as manufacturing, wholesale & retail distribution, freight & logistics, and others. The manufacturing application type is estimated to account for the major share of the market during the forecast period. The segment’s growth is driven by infrastructure development in emerging economies. Furthermore, companies are focusing on increasing productivity by replacing human labor with machines, which is likely to boost the growth of the market during the forecast period.

Regional Insights

Asia-Pacific accounted for the largest market share of more than 40% in 2022 and is projected to grow at a steady CAGR during the forecast period. The growth of the region’s market is owing to industrialization in China, Japan, and India. Furthermore, the region's robust manufacturing sector and demand for modern material handling equipment across industries are expected to fuel the market growth during the forecast period. In addition, companies are focusing on establishing manufacturing facilities in India, which will drive the forklift truck market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Fuel Type

• Diesel
• Battery-Electric
• Gasoline & LPG/CNG

By Tonnage Type

• Below 5 Ton
• 5 Ton – 10 Ton
• 11 Ton – 36 Ton
• More Than 36 Ton

By Class Type

• Class I
• Class II
• Class III
• Class IV
• Class V

By Application Type

• Manufacturing
• Wholesale & Retail Distribution
• Freight & Logistics
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the key players in the market are-

• General Electric Company
• Hella KGaA Hueck & Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Koninklijke Philips N.V.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Samsung Electronics
• Valeo
• Varroc.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the tonnage types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.