PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1549395
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1549395
The forklift market is projected to grow from USD 85.2 billion in 2024 to USD 125.4 billion in 2030, at a CAGR of 6.7%. Forklifts are one of the most common intralogistics systems and are seen as efficient in handling materials in various applications. The compact size, heavy weight-carrying capacity, and moving and lifting make forklifts the preferred choice in material handling operations. The Asia Pacific market is expected to grow and dominate the global forklift market over the forecast period. The emergence of artificial intelligence with real-time location monitoring and automated pick & packaging capabilities in forklifts have revolutionized warehouse automation at the highest level, thereby encouraging global warehousing industry giants to increase the deployment of autonomous forklifts for optimized operations.
Scope of the Report | |
---|---|
Years Considered for the Study | 2019-2030 |
Base Year | 2024 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | By Class, Propulsion, Battery Type, Tonnage Capacity, Operation, Application, Product Type, End Use Industry & Region |
Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
"Electric forklifts are projected to remain dominant in the global market during the forecast period."
Electric forklifts hold the largest market share at a global level. Since forklifts, which belong to Class 1 to Class 3, are electrically driven, this segment accounts for more than 70% as of 2024. Demand for electric forklifts is increasing to lower emissions and align with emission regulations for industrial vehicles. Electric forklifts also lessen ownership costs and emerge with better ROI than ICE forklifts. The adoption rate of lithium- ion batteries in the market is at present higher than that of lead-acid batteries due to issues relating to disposal and health hazards created by lead-acid batteries. Advanced battery technologies, brings the prices down, hence making it more attractive for manufacturers to switch to cleaner and more efficient forklift trucks. According to BloombergNEF, the average cost of battery packs fell from USD 161 per kWh in 2022 down to USD 139 per kWh in 2023, a drop of 14% in just one year. Most OEMs offer Lithium iron phosphate chemistry due to its better safety profile, cycle life, and thermal stability. Also, the lower cost of LFP makes it economically more viable; hence, LFP finds wide application as battery chemistry. Many global OEMs provide forklifts in different classes with lead-acid and lithium-ion battery options. Thus, with advancements in battery technologies coupled with a reduction in raw material prices and stringent emission laws, demand for lithium-ion forklifts is expected to have heightened demand in the coming years. Thus, longer life span, lower operating costs and quieter operations of electric forklifts over ICE. Forklifts and growing stringency in non-road mobile machinery (NRMM) emission regulation, the demand for electric forklifts is expected to grow over the forecast period.
"Forklift demand in the E-commerce industry is analyzed to grow at the highest CAGR under the review period"
The demand for forklifts in the e-commerce industry is expected to grow fastest during the forecast period. This growth results from changing customer demand and an increasing trend toward online shopping, leading to faster delivery times. These developments in the e-commerce market have made a change in the need for strong warehouse solutions and faster intralogistics, thus increasing forklift usage. Forklifts can improve productivity and work area efficiency compared to manual material handling operations. Additionally, indoor applications of forklifts are growing owing to quick access, better space utilization, efficient pallet load handling, and increasing goods consumption. Indoor forklifts are the most efficient, compact material handling equipment in warehouses with a racking height of 10 meters or lower. The increased internet penetration, the rise of mobile commerce, and the changing online shopping spectrum have demonstrated rapid expansion of the online retail and e-commerce industry, resulting in an escalating demand for forklifts at a global level.
"Europe is estimated to be the second largest forklift market during the forecast period."
By 2030, it is projected that Europe will prove to be the second-biggest consumer of forklifts around the world. This can be attributed to a number of factors, such as stringent workplace safety guidelines, highly expensive rates of labor, and increased costs of real estate and lease arrangements that would necessitate the availability of proper material handling systems and increase the demand for lifters. The rising demand for fast and efficient order fulfillment is leading to an expansion of the distribution network by major companies in the logistics and warehousing industries, including DHL Group, DB Schenker, Kuehne + Nagel, and Maersk will drive the forklift market. Moreover, other contributing factors include increased distribution centers across the United Kingdom, plummeting cost of warehouse automating systems in Germany, and growth trends within the French logistics sector. Europe is leading the warehouse automation and material handling market due to high labor costs, limited space, and strict safety standards. As a result, more autonomous forklifts are installed with Al, machine learning, and better navigation systems. Further, the surging pharma and chemicals industries are likely to continue boosting the forklift market in the European region.
Prominent companies include Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), and Crown Equipment Corporation (US), Mitsubishi Logisnext Co. Ltd. (Japan) are the leading manufacturers of forklifts in the global market.
The study segments the forklift market and forecasts the market size based on Tonnage Capacity (below 5 tons, 5-10 tons, 11-36 tons, and above 36 tons), Application (indoor, outdoor, and indoor and outdoor), Class (Class 1, Class 2, Class 3, and Class 4/5), Industry (3PL, food & beverage, automotive, pulp& paper, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, chemical, healthcare, and others), Propulsion (electric and ICE), Operation (manual and autonomous), Product Type (warehouse and counterbalance), Electric Forklift, by Battery Type (lithium-ion and lead-acid), Tire Type (cushion and pneumatic), Electric Forklift by Lifting Capacity (Below 2 tons, 2-5 tons and Above 5 tons) and Region (Asia Pacific, Europe, North America, and Rest of the World).
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall forklift market and the subsegments. The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report also helps stakeholders understand the pulse of the forklift market by providing them with information on key market drivers, restraints, challenges, and opportunities.