Forklift Trucks Market: Global Industry Analysis and Forecast (2023-2029)

Forklift Trucks Market was valued at US$ 48.06 Bn. in 2022. Global Forklift Trucks Market size is expected to grow at a CAGR of 6.8 % through the forecast period.
Forklift Trucks Market Overview:
Forklifts are powerful, sturdy electric pallet trucks commonly used to lift and transport heavy objects such as container products, crates and other components over short distances. These trucks are primarily used in shipyards, storage and recycling operations to perform functions such as loading and unloading goods from vehicles and moving packed goods within storage areas. In addition, forklifts are categorized into different classes, such as Class 1, Class 2, Class 3, and Class 4, depending on their weight and specifications. In addition, these vehicles are used with various attachments such as platforms and grabs for efficient product handling and reduced operating costs. Forklifts are made up of various components such as truck frames, counterweights, forklifts, chassis and hydraulic cylinders to help you perform multiple industrial tasks efficiently. These advantages make it versatile in warehousing, factories and shipyards in a variety of industries including automotive, aerospace, transportation, retail, manufacturing and construction.

To know about the Research Methodology:-Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.
COVID-19 Impact on Forklift Trucks Market:
The COVID-19 pandemic had a negative impact on the forklift market. The closure of industry and warehouses has completely eliminated the need for material handling and inventory management. Due to the blockade, large companies have shut down in various places. This had a direct impact on the need for industrial trucks. However, with the projected rapid development of warehouse management tools that facilitate urbanization, world trade, material handling and inventory management, the industry is looking forward to a post-pandemic outlook. During the pandemic, the supply chain has been hampered with delays in logistics activity.

However, the automotive forklift market is expected to regain its pace in post-pandemic scenarios due to deregulation. In addition, the impact on various manufacturers operating in the United States, including the steel industry, is seen in the more pronounced impact of the COVID 19 pandemic. The US steel production at the end of March 2020 was down 12.7% year-on-year. Steel imports also fell sharply in January and February 2020. This affects most of the manufacturing facilities and is therefore expected to affect market growth.
Forklift Trucks Market Dynamics:
The production and sales of electric vehicles are gaining momentum due to technological advances and soaring prices of fuels such as diesel engines. Electric forklifts offer higher efficiency than other forklifts, and the components of this machine provide optimal productivity for all its applications. Compared to internal combustion engines, AC truck performance is becoming more industrially attractive with parameters such as load capacity, ability to negotiate ramps, acceleration, cruise control of ramps, and braking.

AC technology has been proven to match and, in some cases, exceed the performance of IC trucks by these criteria. Currently, certain AC trucks have more acceleration capabilities than IC trucks. That said, Jung Heinrich's 5,000-pound electric counterbalance truck spec sheet feedback shows that it outperforms most IC truck performance figures. The industry continues to grow in the electric forklift class, primarily with stringent regulations related to emissions, some sustainability initiatives, and the introduction of advanced technologies for electric forklift components such as batteries.

One of the main advantages of using an electric forklift is that there is no need to store fuel in the field. Due to the large amount of pollutant emissions from forklifts, companies are also looking to electric industry trucks, which are easier to operate and maintain in warehouses.

Electric forklifts are popular in industrial areas such as North America, Europe and Asia. In these regions, there are established e-commerce industries, strict emission regulations and environmental issues. However, internal combustion engine forklifts are still preferred in emerging markets. The Electric forklift is expected to be the fastest growing type during the forecast period due to its advantages such as noise reduction, zero emissions and the ability to perform almost any operation that an internal combustion engine forklift can perform. Governments of various countries are taking initiatives related to infrastructure development. Increasing investment in the real estate sector will increase the demand for telescopic handlers.

At the same time, economic improvements in developing countries such as Australia, China and Indonesia have led to large-scale foreign investment and are a factor driving the growth of the forklift market in infrastructure projects in various sectors. Governments of various countries are taking initiatives related to infrastructure development. Increasing investment in the real estate sector will increase the demand for telescopic handlers. At the same time, economic improvements in developing countries such as Australia, China and Indonesia have led to large-scale foreign investment and are a factor driving the growth of the forklift market in infrastructure projects in various sectors.

In recent years, the number of forklift accidents has increased from about 1,000 per year to 1,300 per year. More than half of the injured are drivers or pedestrians who get out of the vehicle. In addition, of all vehicles used in the workplace, forklifts are one of the most dangerous and are often used near pedestrians. It tends to be unstable, especially if not properly operated and loaded. For example, about 85 people were killed and 34,900 were seriously injured as a result of a forklift accident. Forklift rolls and falls, operators falling off forklifts, and workers hitting, crushing, or being pinched are the most common accidental injuries. Type. For a forklift accident. In addition, of the 850,000 forklifts in the United States, about 11% are involved in an accident. Therefore, an increase in forklift-related safety issues and accidents is expected to impede the growth of the forklift market.

High maintenance costs and fluctuating raw material prices are expected to pose challenges for market growth. In addition, strict emission regulations can impede market growth to some extent during the forecast period. The COVID-19 pandemic also negatively impacted construction, manufacturing, and warehousing activities in 2020. Due to the rapid spread of COVID-19 infection and the subsequent blockade around the world, manufacturing activity has declined unexpectedly.

Forklifts may not function properly when used in rugged or wet environments. Multi-shift operations may not meet battery cleaning, watering, and charging requirements. If you forget to charge the battery overnight, you can lose a lot of time the next day. The initial effort is higher. Battery chargers have specific voltage requirements that must be met with current power supplies. Additional costs to consider include proper flooring and proper safety equipment such as eyewash. Without expensive drainage equipment and proper ventilation, internal combustion engine forklifts may not be suitable for indoor use. In some cases, it may be necessary to install a bulk tank for gasoline storage and local laws may apply. Fossil fuel prices are expected to rise in the coming years.
Forklift Trucks Market Segment Analysis:
Based on Class, the Forklift Trucks Market is segmented into Class 1, Class 2, Class 3, Class 4, and Class 5. The Class 3 segment dominated the forklift market, with the largest share of 2022 sales of over 39.0%. The segment is expected to maintain its dominance over the forecast period. Class 3 forklifts include vehicles such as electric warehouse walkers and pallet trucks. Due to its lower basic and maintenance costs than forklifts, it is in high demand in warehouses and distribution centres.

Based on the Power Type, the Forklift Trucks Market is segmented into fuel combustion engine and electric engine. The electricity sector had the largest share of sales in 2022 with about 66.2%. Electricity is an environmentally friendly alternative to gasoline and diesel-powered forklifts. In addition, electric vehicles have lower maintenance costs than international internal combustion engine vehicles. Several countries around the world, including the United Kingdom, India and France, are in the process of phased out sales of internal combustion engine vehicles. The benefits and favourable government initiatives of electric vehicles are expected to drive demand for electric vehicles over the forecast period.

Based on the Application, the Forklift Trucks Market is segmented into manufacturing, mining, logistics, and construction. The manufacturing industry is expected to grow at a higher growth rate than expected. This is mainly due to the increasing demand for material handling equipment in the manufacturing industry. Natural resources, logistics, mining and construction are expected to grow at a moderate rate and show decent growth over the forecast period.
Regional Insights:
The Asia Pacific region dominated the forklift market, with the largest share of 2022 sales with more than 45.0%. The market is expected to grow steadily during the forecast period. This growth can be attributed to the growing manufacturer's tendency towards plant automation. In addition, forklifts help streamline distribution activities in the supply chain while improving operational efficiency and production process workflows. Players in some regions are focusing on launching new products to attract new customers and improve their customer base.

The objective of the report is to present a comprehensive analysis of the global Forklift Trucks Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Forklift Trucks Market dynamic, structure by analyzing the market segments and projecting the Forklift Trucks Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Forklift Trucks Market make the report investor’s guide.
Forklift Trucks Market Scope: Inquire before buying



Forklift Trucks Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 48.06 Bn.


Forecast Period 2023 to 2029 CAGR:
6.8%
Market Size in 2029:
US $ 76.16 Bn.


 Segments Covered:
by Class
Class 1
Class 2
Class 3
Class 4
Class 5


by Application
Manufacturing
Logistics
Mining
Constructions


by Power Type
Combustion Fuel Engine
Electric engine



Forklift Trucks Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Toyota Material Handling
2. Kion Group AG
3. Jungheinrich AG
4. Hyster-Yale Materials Handling
5. Anhui Heli Co. Ltd
6. Hangcha Group CO. Ltd
7. Luizhou Forklift Ltd
8. BYD
9. Manitou Group
10. Doosan Corp
11. Mitsubishi Nichiyu Forklift Ltd
12. Unicarriers Forklift
13. Caterpiller
14. Komatsu Ltd
15. Hyundai Material Handling

Frequently Asked Questions:

1] What segments are covered in the Global Forklift Trucks Market report?
Ans. The segments covered in the Forklift Trucks Market report are based on Class, Power Type and Application.

2] Which region is expected to hold the highest share in the Global Forklift Trucks Market?
Ans. The North America region is expected to hold the highest share in the Forklift Trucks Market.

3] What is the market size of the Global Forklift Trucks Market by 2029?
Ans. The market size of the Forklift Trucks Market by 2029 is expected to reach US$ 76.16 Bn.

4] What is the forecast period for the Global Forklift Trucks Market?
Ans. The forecast period for the Forklift Trucks Market is 2023-2029.

5] What was the market size of the Global Forklift Trucks Market in 2022?
Ans. The market size of the Forklift Trucks Market in 2022 was valued at US$ 48.06 Bn.