Forklift Trucks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for forklift trucks. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global forklift trucks market from 2024 to 2031.

Key Insights:

Forklift Trucks Market Size (2024E): US$ 58.2 Bn
Projected Market Value (2031F): US$ 89.4 Bn
Global Market Growth Rate (CAGR 2024 to 2031): 6.3%

Forklift Trucks Market - Report Scope:

Forklift trucks are essential equipment used in material handling, specifically designed for lifting, carrying, and moving materials over short distances. These trucks are widely used in industries such as logistics, warehousing, construction, manufacturing, and retail. The global forklift trucks market offers a variety of solutions, including electric, internal combustion, and hybrid forklifts, each tailored for different operational needs and environmental considerations. The market growth is driven by increased demand for automated warehousing, e-commerce expansion, and technological advancements in forklift design and functionality.

Market Growth Drivers:

The global forklift trucks market is propelled by several key factors, including the booming e-commerce sector, which requires more efficient logistics and inventory management solutions. Additionally, the rising demand for automation in warehouses and distribution centers contributes significantly to market expansion. Technological advancements, such as the development of electric-powered and automated forklift trucks, are enhancing operational efficiency, reducing environmental impact, and lowering operating costs. The shift toward sustainable and energy-efficient material handling solutions is also encouraging the adoption of electric and hybrid forklifts. Furthermore, the growth of construction activities and the need for material handling equipment in various industries are expected to further fuel demand.

Market Restraints:

Despite promising growth prospects, the forklift trucks market faces challenges related to high operational and maintenance costs, particularly for electric and hybrid models. The initial purchase cost of advanced forklifts can be a barrier, especially for small and medium-sized enterprises (SMEs) with limited budgets. Additionally, regulatory challenges surrounding safety standards and environmental emissions may restrict the market, particularly in regions with stringent regulations. The global supply chain disruptions and component shortages also pose risks to production and delivery timelines.

Market Opportunities:

The forklift trucks market presents significant growth opportunities driven by the rising demand for automation and the increasing need for efficient material handling systems. The adoption of Industry 4.0 technologies, such as robotics and artificial intelligence, in conjunction with forklift trucks, opens new avenues for market growth. Furthermore, the demand for eco-friendly solutions and the focus on reducing carbon footprints are pushing manufacturers to innovate in electric and hybrid forklift designs. The expanding e-commerce industry, especially in emerging markets, presents a significant opportunity for growth as more businesses seek to optimize their logistics and supply chain operations.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the forklift trucks market globally?
Which forklift types and technologies are driving adoption across different industrial sectors?
How are technological advancements, such as automation and electrification, reshaping the competitive landscape of the forklift trucks market?
Who are the key players contributing to the forklift trucks market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global forklift trucks market?

Competitive Intelligence and Business Strategy:

Leading players in the global forklift trucks market, including Toyota Industries Corporation, Kion Group AG, and Jungheinrich AG, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in research and development to design advanced forklift trucks with enhanced performance, efficiency, and safety features. They are also exploring opportunities in electric and automated forklift trucks to cater to the growing demand for sustainable and technologically advanced material handling solutions. Collaborations with logistics providers, manufacturers, and suppliers enable these companies to extend their market reach and stay ahead of the competition.

Key Companies Profiled:

Toyota Industries Corporation
Kion Group AG
Jungheinrich AG
Mitsubishi Logisnext Co., Ltd.
Crown Equipment Corporation
Hyster-Yale Materials Handling, Inc.
Doosan Industrial Vehicle Co., Ltd.
Clark Material Handling Company
Hyundai Heavy Industries Co., Ltd.
Nissan Motor Co., Ltd.

Market Segmentation

By Product Type

Counterbalance Forklift Trucks
Warehouse Forklift Trucks

By End Use

Mining
Manufacturing
Retail & Wholesale
Logistics
Construction
Automotive
Food & Beverages
Chemical

By Class

Class 1 Forklift Trucks
Class 2 Forklift Trucks
Class 3 Forklift Trucks
Class 4&5 Forklift Trucks

By Technology

Electric Motor Forklift Trucks
IC Engine Forklift Trucks

By Region

North America
Europe
East Asia
South Asia and Oceania
Latin America
Middle East & Africa

Product Code: PMRREP3552

1. Executive Summary

1.1. Global Forklift Trucks Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Global Sectorial Outlook
- 2.3.2. Global GDP Growth Outlook
- 2.3.3. Global Automotive Spending Outlook
- 2.3.4. Global Construction Spending Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Product Type Adoption Analysis
3.2. Technology Assessment
3.3. Regulatory Landscape
3.4. Value Chain Analysis
- 3.4.1. List of Class/Marketplaces
- 3.4.2. List of End User (Industry)
3.5. Key Deals and Mergers
3.6. PESTLE Analysis
3.7. Porter's Five Force Analysis

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Product Type Prices
4.3. Pricing Analysis, By Product Type
4.4. Regional Prices and Product Type Preferences

5. Global Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Units) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2023
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2024-2031
5.3. Global Forklift Trucks Market Outlook: Product Type
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Product Type, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
  - 5.3.3.1. Counterbalance Forklift Trucks
  - 5.3.3.2. Warehouse Forklift Trucks
5.4. Market Attractiveness Analysis: Product Type
5.5. Global Forklift Trucks Market Outlook: End Use
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) Analysis, By End Use, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
  - 5.5.3.1. Mining
  - 5.5.3.2. Manufacturing
  - 5.5.3.3. Retail & Wholesale
  - 5.5.3.4. Logistics
  - 5.5.3.5. Construction
  - 5.5.3.6. Automotive
  - 5.5.3.7. Food & Beverages
  - 5.5.3.8. Chemical
  - 5.5.3.9. Others
5.6. Market Attractiveness Analysis: End Use
5.7. Global Forklift Trucks Market Outlook: Class
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Bn) Analysis, By Class, 2019-2023
- 5.7.3. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
  - 5.7.3.1. Class 1 Forklift Trucks
  - 5.7.3.2. Class 2 Forklift Trucks
  - 5.7.3.3. Class 3 Forklift Trucks
  - 5.7.3.4. Class 4&5 Forklift Trucks
5.8. Market Attractiveness Analysis: Class
5.9. Global Forklift Trucks Market Outlook: Technology
- 5.9.1. Introduction / Key Findings
- 5.9.2. Historical Market Size (US$ Bn) Analysis, By Technology, 2019-2023
- 5.9.3. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
  - 5.9.3.1. Electric Motor Forklift Trucks
  - 5.9.3.2. IC Engine Forklift Trucks
5.10. Market Attractiveness Analysis: Technology

6. Global Forklift Trucks Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Region, 2024-2031
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia and Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By End Use
- 7.3.4. By Class
- 7.3.5. By Technology
7.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 7.4.1. U.S.
- 7.4.2. Canada
7.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 7.5.1. Counterbalance Forklift Trucks
- 7.5.2. Warehouse Forklift Trucks
7.6. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
- 7.6.1. Mining
- 7.6.2. Manufacturing
- 7.6.3. Retail & Wholesale
- 7.6.4. Logistics
- 7.6.5. Construction
- 7.6.6. Automotive
- 7.6.7. Food & Beverages
- 7.6.8. Chemical
- 7.6.9. Others
7.7. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
- 7.7.1. Class 1 Forklift Trucks
- 7.7.2. Class 2 Forklift Trucks
- 7.7.3. Class 3 Forklift Trucks
- 7.7.4. Class 4&5 Forklift Trucks
7.8. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 7.8.1. Electric Motor Forklift Trucks
- 7.8.2. IC Engine Forklift Trucks
7.9. Market Attractiveness Analysis

8. Europe Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By End Use
- 8.3.4. By Class
- 8.3.5. By Technology
8.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 8.4.1. Germany
- 8.4.2. France
- 8.4.3. U.K.
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Turkey
- 8.4.8. Rest of Europe
8.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 8.5.1. Counterbalance Forklift Trucks
- 8.5.2. Warehouse Forklift Trucks
8.6. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
- 8.6.1. Mining
- 8.6.2. Manufacturing
- 8.6.3. Retail & Wholesale
- 8.6.4. Logistics
- 8.6.5. Construction
- 8.6.6. Automotive
- 8.6.7. Food & Beverages
- 8.6.8. Chemical
- 8.6.9. Others
8.7. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
- 8.7.1. Class 1 Forklift Trucks
- 8.7.2. Class 2 Forklift Trucks
- 8.7.3. Class 3 Forklift Trucks
- 8.7.4. Class 4&5 Forklift Trucks
8.8. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 8.8.1. Electric Motor Forklift Trucks
- 8.8.2. IC Engine Forklift Trucks
8.9. Market Attractiveness Analysis

9. South Asia & Oceania Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By End Use
- 9.3.4. By Class
- 9.3.5. By Technology
9.4. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 9.4.1. Monolayer
- 9.4.2. Multilayer
9.5. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
- 9.5.1. Packaging
- 9.5.2. Turbocharger
- 9.5.3. Automotive
- 9.5.4. Construction
- 9.5.5. Marine
- 9.5.6. Others
9.6. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
- 9.6.1. Direct Sale
- 9.6.2. Distributors and Wholesalers
- 9.6.3. Online Retailers
- 9.6.4. Brick and Mortar Retailers
9.7. Market Attractiveness Analysis

10. Latin America Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By End Use
- 10.3.4. By Class
10.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 10.4.1. Brazil
- 10.4.2. Mexico
- 10.4.3. Rest of Latin America
10.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 10.5.1. Counterbalance Forklift Trucks
- 10.5.2. Warehouse Forklift Trucks
10.6. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
- 10.6.1. Mining
- 10.6.2. Manufacturing
- 10.6.3. Retail & Wholesale
- 10.6.4. Logistics
- 10.6.5. Construction
- 10.6.6. Automotive
- 10.6.7. Food & Beverages
- 10.6.8. Chemical
- 10.6.9. Others
10.7. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
- 10.7.1. Class 1 Forklift Trucks
- 10.7.2. Class 2 Forklift Trucks
- 10.7.3. Class 3 Forklift Trucks
- 10.7.4. Class 4&5 Forklift Trucks
10.8. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 10.8.1. Electric Motor Forklift Trucks
- 10.8.2. IC Engine Forklift Trucks
10.9. Market Attractiveness Analysis

11. Middle East & Africa Forklift Trucks Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 11.3.1. By Country
- 11.3.2. By Product Type
- 11.3.3. By End Use
- 11.3.4. By Class
- 11.3.5. By Technology
11.4. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 11.4.1. Counterbalance Forklift Trucks
- 11.4.2. Warehouse Forklift Trucks
11.5. Current Market Size (US$ Bn) Analysis and Forecast, By End Use, 2024-2031
- 11.5.1. Mining
- 11.5.2. Manufacturing
- 11.5.3. Retail & Wholesale
- 11.5.4. Logistics
- 11.5.5. Construction
- 11.5.6. Automotive
- 11.5.7. Food & Beverages
- 11.5.8. Chemical
- 11.5.9. Others
11.6. Current Market Size (US$ Bn) Analysis and Forecast, By Class, 2024-2031
- 11.6.1. Class 1 Forklift Trucks
- 11.6.2. Class 2 Forklift Trucks
- 11.6.3. Class 3 Forklift Trucks
- 11.6.4. Class 4&5 Forklift Trucks
11.7. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 11.7.1. Electric Motor Forklift Trucks
- 11.7.2. IC Engine Forklift Trucks
11.8. Market Attractiveness Analysis

12. Competition Landscape

12.1. Market Share Analysis, 2024
12.2. Market Structure
- 12.2.1. Competition Intensity Mapping By Market
- 12.2.2. Competition Dashboard
12.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 12.3.1. Sumitomo Heavy Industries, Ltd.
  - 12.3.1.1. Overview
  - 12.3.1.2. Segments and Product Types
  - 12.3.1.3. Key Financials
  - 12.3.1.4. Market Developments
  - 12.3.1.5. Market Strategy
- 12.3.2. Toyota Material Handling
- 12.3.3. BYD
- 12.3.4. Manitou Group
- 12.3.5. Kalmar (Cargotec Finland Oy)
- 12.3.6. V. Mariotti S.r.l.
- 12.3.7. Doosan Corporation (Industrial Vehicle)
- 12.3.8. Kion Group AG
- 12.3.9. Jungheinrich AG
- 12.3.10. Hyster-Yale Materials Handling, Inc.
- 12.3.11. Mitsubishi Nichiyu Forklift Co., Ltd.
- 12.3.12. Crown Equipment Corporation
- 12.3.13. Anhui HeLi Co., Ltd.
- 12.3.14. CLARK Material Handling Co., Ltd.
- 12.3.15. UniCarriers Forklift
- 12.3.16. Hangcha Group Co., Ltd
- 12.3.17. JAC Heavy-Duty Construction Machine Co., Ltd.
- 12.3.18. MiMA forklift
- 12.3.19. AUSA
- 12.3.20. Caterpillar (Cat Lift Trucks)
- 12.3.21. Komatsu Ltd.
- 12.3.22. Hyundai Material Handling
- 12.3.23. Lonking Machinery Co., Ltd.
- 12.3.24. EP Equipment
- 12.3.25. Konecranes
- 12.3.26. Liuzhou liugong forklift co. LTD
- 12.3.27. Godrej & Boyce (Godrej Material Handling

13. Appendix

13.1. Research Methodology
13.2. Research Assumptions
13.3. Acronyms and Abbreviations