The forklifts truck market growth rate is projected to be 7.80% for the seven years that this report covers. The research report covers the years from 2022 to 2030. The forklifts truck market value should be USD 1,00,000 Million in 2030.
Forklift Trucks Market is projected to be worth USD 1,00,000 Million by 2030, registering a CAGR of 7.80% during the forecast period (2022 - 2030), The forklifts truck market value was 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):
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 that 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
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.
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.
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.
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.
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.
The global forklift trucks market can be divided into the following sub-segments based on technology:
The global forklift trucks market can be grouped into the following sub-segments based on capacity:
The global forklift trucks market can be grouped into the following sub-segments based on application:
The global forklift trucks market can be grouped into the following regions:
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.
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!
Forklift Trucks Market is projected to be worth USD 1,00,000 billion by 2030, registering a CAGR of 7.8% during the forecast period (2022 - 2030), 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.
|Market Size||2030: USD 1,00,000 Million|
|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|
The forklifts truck market growth rate is projected to be 7.80%
Forklift trucks market is predicted to touch USD 1,00,000 Million 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.