Forklift Truck Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Forklift Truck Market is segmented By Power-train Type (Internal Combustion Engine (Electric Motor)), By Vehicle Class (Class 1, Class 2, Class 3, Class 4, Class 5 & above), By End-Users (Transportation and Logistics, Construction, Manufacturing, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Forklift Truck Market Overview

The Global Forklift Truck Market is expected to grow at a CAGR of 4.02% during the forecast period (2024-2031). 

Forklift trucks are the powered industrial lifting trucks that are used to load, transport, unload goods, and moving materials over short distances. These trucks are comprised of the two power-operated horizontal prongs that can be raised and lowered for performing the operations such as loading, transporting, unloading goods, and moving materials. The forklift trucks are majorly used to speed up processes, such as order picking, transporting, and loading products in the warehouses, dockyards, and recycling operations.

Forklift Truck Market Summary

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Forklift Truck Market Dynamics

The market is driven by the rising demand for forklift trucks in various industries such as transportation and logistics, retail sector, general manufacturing, construction, food, and beverage industries. The growing expansion of new warehouses and distribution centers by leading e-commerce giants has increased the demand for advanced systems to transport and load products.

There is an increase in the launch of forklift trucks. For instance, in February 2016, Crown Equipment Corporation launched a new forklift, the Crown WAV 60 Series that provides higher levels of safety, efficiency, and flexibility in comparison to the previous models. This model is designed for applications in which ladders are typically used to access high places, such as manufacturing and retail applications. There is growing adoption of lithium-ion batteries in the forklift trucks that are useful for reduce downtown time and improve productivity over long-distance barriers.

For instance, in July 2016, Jungheinrich had launched the lithium-ion batteries in the 48 Volt range with 360 and 480-ampere hours. This completely maintenance-free, high availability technology can also be applied to reach trucks and counterbalance forklifts. This battery is the better, stronger, and faster lithium-ion battery.

The market is witnessing technological development including artificial intelligence, robotics, connected things, and other automated solutions for the development of forklift trucks. In March 2014, BALYO SA had launched the forklift automation solution with revolutionary infrastructure-free navigation technology. BALYO’s solution is an end-to-end automation solution that integrates the standard electric forklifts with unique navigation and control technology. This solution allows the forklift to position itself to pick-up a pallet and deliver it where directed

Forklift Truck Market Segmentation Analysis

The global forklift truck market is segmented based on the power-train type as the internal combustion engine and electric motor. The electric motor segment accounts for the highest market share due to the growing shift towards electric forklifts because of its energy-efficient, and environmentally friendly. It is more economical to operate electric forklift trucks in comparison to the internal combustion forklift truck. These trucks are easy to maintain, safer, quieter, and cleaner. There is growing government initiatives to support the use of electric forklift trucks as these trucks have zero-emission, low noise, and better visibility. The market is dominated by the availability of electric forklift trucks. Jungheinrich’s electric forklifts trucks provide the maximum performance at minimum energy consumption. It is developed using lithium-ion technology. It is comprised of the highest performance, fast charging times, zero maintenance, and long service life. It is comprised of the perfect seating comfort, best all-round visibility, intuitive options, and operating options. It consists of the numerous safety systems that protect the people, load, and warehouse.

Further, the market is also classified based on the vehicle class as Class 1, Class 2, Class 3, Class 4, and Class 5 & above. The Class 1 forklift trucks account for the highest market share due to the increasing demand for the Class 1 forklift trucks in the warehouses and the logistic industries as these trucks are suitable for short distances. The class 1 forklift truck has an electric motor. These trucks are comprised of the heavy battery used to power the truck. These trucks are extremely versatile and can have either cushion or pneumatic tires. The class 1 forklift trucks have several advantages such as low maintenance costs, and reduced fuel costs. These trucks can be used in places with strict air quality standards. Class 1 forklift trucks are available in a wide variety of sizes for specific applications. These trucks are quieter in comparison to the internal combustion (IC) forklifts.

Forklift Truck Market Geographical Share

By region, the global forklift truck market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, the Asia Pacific region accounts for the highest market share and is expected to grow at the highest CAGR during the forecasted period due to the high penetration of the forklift trucks in the construction and e-commerce industries. There is the usage of forklift trucks in the construction industry due to their flexibility and high operational speed for repeated material handling tasks. There is a growing demand for forklift trucks in developing countries such as China, Japan, and India. According to the World Industrial Truck Statistics (WITS), the Shipments of forklift trucks have witnessed an increase from 0.55 million in 2017 to 0.63 million in 2018 in the Asia Pacific region. The increasing development activities for forklift trucks shall stimulate market growth over the forecasted period.

North America is expected to witness the positive growth to the increasing usage of the forklift trucks in the manufacturing and warehouses industries for lifting the materials, monitoring & tracking the operator performance, and monitoring the mechanical & power systems. There is growing adoption of technological forklift trucks including electronically controlled engines, automated solutions,  and GPS communication systems. The electric forklift trucks provide higher efficiency in comparison to the other forklift trucks. There is the presence of a large number of companies developing forklift trucks. There is growing investment by the public and private players for the development of the forklift truck.

Forklift Truck Companies and Competitive Analysis

The global forklift truck market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Toyota Industries Corporation, KION Group, Jungheinrich AG, Crown Equipment Corp., Hyster-Yale Materials Handling Inc., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc. are the leading market players with significant market share.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for forklift truck and their expansion across the globe. For instance, in December 2017, Hyster-Yale Materials Handling, Inc. had entered into a definitive agreement to acquire 75 percent of the outstanding shares of, and a controlling interest in, Zhejiang Maximal Forklift Company Limited from KNSN Pipe and Pile Company Limited for an aggregate purchase price of $90 million, funded using Hyster-Yale's cash on hand.

In January 2017, Mitsubishi Caterpillar Forklift America Inc. and Jungheinrich Lift Truck Corp. would create a company that makes industrial parts in a bid to cut lead time for manufacturing forklifts. The new company would be known as Industrial Components of Texas LLC (ICOTEX). It will manufacture industrial components and supply parts primarily for MCFA itself, which produces forklifts at its Houston manufacturing plant.

In June 2016, KION Group, one of the two largest suppliers of forklift trucks, warehouse equipment, and related services had acquired the Dematic a best-in-class automation provider and specialist in supply chain optimization. Under the terms of the agreement, KION Group had acquired the Dematic for approximately USD 2.1 billion.

In January 2016, Hyster-Yale Group had entered into the vendor cooperation agreement with robotics specialist Balyo Inc. to market self-guided trucks in North America. Under the terms of the agreement, Hyster-Yale Group would broaden its capabilities by offering robotic high-productivity solutions for the materials handling industry, while Balyo aims to accelerate the adoption of its innovative robotic solutions.