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Forklift Trucks Market Research Report - Forecast to 2030

Forklift Trucks Market Information by Technology (Electric Powered, and Internal Combustion Engine Powered), by Capacity (Below 5 tons and above 5 tons), By Application (Manufacturing, Logistic, Retail & Wholesale and others) and by Region - Forecast to 2030

ID: MRFR/CO/2144-HCR | February 2021 | Region: Global | 140 pages

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Forklift Trucks Market overview


The forklifts truck market growth rate is projected to be 9.80% for the seven years that this report covers. The research report covers the years from 2019 to 2026. The forklifts truck market value should be USD 86.2 billion in 2026.


Companies and individuals use forklift trucks when they want to move heavy materials no more than a few feet. A variety of companies in many industries use forklift trucks. These industries include (but are not limited to):



  • Automotive

  • Food and beverages

  • Construction

  • Consumer goods

  • E-commerce

  • Retail


COVID-19 analysis


COVID-19 is one of the most dangerous viruses the post-modern world has seen. It’s so dangerous that it started a global pandemic which permanently changed the ways in which people live, work, and shop. Governments realized early on that COVID-19 was a real game-changer. That’s why they imposed quarantines and lockdowns to attempt to control the spread of the virus.


While this didn’t really work, many companies in a variety of industries were negatively affected. They found that the lockdowns and quarantines forced them to either shut down their operations, at least temporarily or dramatically scale back production.


The companies in the global forklifts trucks industry were no exception. Many companies were forced to shut down or operate only part time. This caused a logistics nightmare and affected their profitability. Many companies were forced to close permanently. The world is now facing the aftermath of the logistics nightmare in the form of bottlenecks because many previously closed companies (in a variety of industries) are now opening up again.


List of companies



  • Komastu Ltd. (Japan),

  • Toyota Industries Corporation (Japan),

  • KION Group AG (Germany),

  • Hyster-Yale Material handling Inc. (U.S.),

  • Jungheinrich Group (Germany),

  • Mitsubishi Nichiyu Forklift Corporation (Japan),

  • Crown Equipment Corporation (U.K),

  • The Raymond Corporation (U.S.),

  • Anhui HELI Co., Ltd (China), and

  • Kalmar Global (Finland).


Market dynamics


Drivers


There is much more demand for forklift trucks from various manufacturing companies across all industries. Many manufacturing outfits are automating their operations in the post pandemic world. Other factors are driving growth in the forklifts trucks market. These are greater productivity, the fact that people are getting used to driving forklift trucks, and the fact that these trucks have made manufacturing workplaces much safer.


Opportunities


Many companies that make forklift trucks are encouraged by the high CAGR and the fact that the market is lucrative and growing. They’re investing heavily in research and development in the attempt to make more efficient forklift trucks that will sell at lower price points than they did in the past. The new generation of forklift trucks is also more technologically advanced and safer to use than the previous generations were.


Restraints


Forklift trucks tend to be powered by electricity. That makes them expensive. Therefore, only the largest and most profitable companies can afford to use them. This is a major factor that’s restraining growth.


Challenges


The biggest challenge that companies in the global forklift trucks market face lie in manufacturing trucks that are more technologically advanced and safer but which sell at lower price points for customers around the world.


Cumulative growth analysis


The forklifts truck market growth rate is projected to be 9.80% for the seven years that this report covers. The research report covers the years from 2019 to 2026. The forklifts truck market value should be USD 86.2 billion in 2026.


Technology analysis


Toyota Corporation is a major Japanese player in the global forklifts trucks market. It dominates the industry because it has invested heavily in research and development. Thus, it was able to develop and market a new generation of forklift trucks that were more technologically advanced than previous generations and sold at a lower price point. Incidentally, these trucks were also much safer than their predecessors were.


Segmentation

 Forklift Trucks Market Segmentation

 


Segment overview


By technology


The global forklift trucks market can be divided into the following sub-segments based on technology:



  • Electric powered

  • Powered by the internal combustion engine


By capacity


The global forklift trucks market can be grouped into the following sub-segments based on capacity:



  • Can transport less than 5 tons

  • Can transport more than 5 tons


By application


The global forklift trucks market can be grouped into the following sub-segments based on application:



  • Manufacturing

  • Logistics

  • Retail and wholesale

  • Others


By region


The global forklift trucks market can be grouped into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The Rest of the World


Regional analysis


The Asia-Pacific region currently holds the highest global forklift trucks market size. The European Union comes in second place in terms of global market size. The Asia-Pacific region leads both in terms of market size and growth because many nations in this region are rapidly industrializing. India and China are seeing mass, heavy, and smart manufacturing takes off. This requires the usage of forklift trucks to do well and properly.


The Asia-Pacific region is expected to have one of the highest regional forklift trucks market growth rate during the time period that this report covers.


Many regions in North America (America and Canada) have companies that are using forklift trucks much more often. One of the main reasons why companies in the Asia-Pacific, The European Union, and the North American regions are relying more heavily on forklift trucks in their standard operations is because e-commerce is quickly becoming more popular. More people buying goods online and remotely create more of a demand for goods to be transported short distances before finally being dropshipped.


The forklift truck manufacturing companies are making forklift trucks that are compliant with the increasingly stringent regulations and controls regarding emissions in these regions. That said, most of the current demand for forklift trucks comes from North America. There are many reasons for this. One is the fact that manufacturing is entrenched in both America and Canada. Heavy and smart manufacturing requires the usage of forklift trucks often.


Also, most of the manufacturers of forklift trucks are located in The United States of America. This gives the North American region another huge and sustainable competitive advantage. These companies are trying to keep their competitive advantages by investing heavily in the research, development, and technologies that will allow them to develop modern forklift trucks that are specialized, technologically advanced, and much safer.


Competitive landscape


The global forklift trucks market is extremely competitive. One reason is that the market is very lucrative and has a high CAGR. The other reason is because the market is fairly lucrative for the time being and will be even more so in the future.


In any case, companies are investing heavily in research and development. They can develop the better and more technologically advanced brands that they can market. These companies can sell these brands at a higher price point, especially if they market them (the brands) in new and innovative ways.


Companies are also resorting to strategic partnerships. They find that they can increase their resource pools and knowledge base by partnering with other successful companies and firms in the global forklift trucks industry. The resulting companies are able to invest much more in research and development than was previously possible. They can then develop better forklift trucks that can outsell those that the competition makes.


Companies find that effective marketing strategies and campaigns allow them to sell these newer and better trucks at a higher price point than the competition is able to. In the end, companies that enter into strategic partnerships with other companies end up creating a sustainable competitive advantage that allows them to become profitable and remain that way for several years.


Incidentally, companies accomplish the same things when they merge with and acquire other successful companies.


Komatsu is a major Japanese player. It has become a major industry player by investing heavily in research and development. The company was able to develop and market better products and brands which it could sell at higher prices. Thus, it was able to create a sustainable competitive advantage which allowed it to become a respected industry figure!


Recent developments



  • Hangcha recently launched a forklift truck that is powered by high voltage ion lithium batteries.

  • KION Group will manufacture more forklift trucks in Poland

  • Jungenheinrich just launched a new and improved pallet truck

  • Godrej just launched the New forklift truck which is safer and runs more efficiently between battery charges


Report overview


The forklifts truck market growth rate is projected to be 9.80% for the seven years that this report covers. The research report covers the years from 2019 to 2026. The forklifts truck market value should be USD 86.2 billion in 2026.


The North American region may have the largest market share because of a heavy concentration of industrial giants and forklift trucks manufacturers but the Asia-Pacific region has the highest CAGR. this is followed by the European Union.




Report Scope:
Report Attribute/Metric Details
  Market Size

  • USD 86.2 Billion (2026)
  • 2030 : Significant value
  •   CAGR   9.80% (2022-2030)
      Base Year   2021
      Forecast Period    2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   by Technology, by Capacity, By Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Komastu Ltd. (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co., Ltd (China), and Kalmar Global (Finland).
      Key Market Opportunities   Increase in productivity, reduced injuries & accidents along with operator comfort
      Key Market Drivers

  • Growing demand in the automotive and food industry and low operation cost
  • Growing demand from manufacturing industry


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    Frequently Asked Questions (FAQ) :

    The forklifts truck market growth rate is projected to be 9.80%

    Forklift trucks market is predicted to touch USD 86.2 billion by 2030.

    The Asia Pacific is expected to lead the forklift trucks market.

    It is widely used in retail and wholesale, logistic, manufacturing, and others.

    Growing demand in the automotive and food industry and low operation cost are adding market growth.