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Forklift Trucks Market By Product Type (Reach Forklift Truck, Counterbalance Forklift Truck, Others), By Engine Type (Electric, Diesel, Gasoline & LPG/CNG), By End-user (Manufacturing, Logistics, Food Industry, Wholesale & Retail, Mining & Construction, Others), By Vehicle Class (Class I, Class II, Class III, Class IV, Class V) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027

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Published: | Report ID: 13876 | Report Format : PDF

Rising demand for modern material handling equipment will boost the market.

The global forklift trucks market is growing competently, expected to grow at a CAGR of 4.7% during the estimated period from 2019 to 2027, starting from US$ 33.81 Bn in 2018.

Global growth in the e-commerce logistics industry and growing demand for modern material handling equipment will boost the forklift truck market growth. Growing manufacturing, mining, and construction investments will also boost the market demand. The growth of the retail Industry worldwide will also boost the demand for forklift trucks. Increased adoption of forklift trucks in the distribution centers for loading, unloading, removal, and placement of goods from racks and others will boost the market demand.

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End-user Analysis

In 2018, the manufacturing segment was anticipated to be dominant. As a result, the manufacturing segment contributed nearly 28% of the global revenue share in the same year. The increased need for forklift trucks and growing infrastructural development are the major factors for the dominance of the manufacturing segment. In addition, the rising adoption of electric & autonomous forklift trucks will also boost the segment growth.

The growing e-commerce industry worldwide will boost the wholesale & retail segment.

The wholesale & retail segment will grow with the fastest CAGR owing to rapid growth in the e-commerce industry worldwide. The global e-commerce industry was valued at around US$ 2.8 Tn in 2018 and is expected to grow at a CAGR of nearly 5% in years to come. In addition, the growing number of warehouses and distribution centers will boom the segment growth.

Regional Analysis

Developed manufacturing industry will boost the demand in Europe.

In 2018, Europe led the forklift trucks market, followed by the Asia Pacific and North America. Europe has around 32% of the global market revenue share in the same year. The region was dominant in 2018 owing to the developed manufacturing industry and growing government investments and initiatives to improve and augment the manufacturing sector.

The growing adoption of forklift trucks in the warehouses will boost the market in the Asia Pacific.

Asia Pacific will grow with the highest CAGR during the forecast period due to the rapid increase in the e-commerce industry and the rising number of warehouses. In addition, the growing mining & construction, logistics, automotive, manufacturing, and infrastructural development will also boost the market in the region.

Increased Technological Developments by Market Players will boost the Industry. 

Major manufacturers focus on new product launches with increased technical innovations such as touchscreen LED and others. Therefore, acquisitions and regional expansion, along with new product development, will be the key factor in the Industry.

List of Companies Covered:

  • Toyota Industries Corporation
  • Hyundai Heavy Industries
  • Mitsubishi Nichiyu Forklift Co., Ltd
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling Inc.
  • Hangcha Group Co., Ltd.
  • Clark Material Handling International, Inc.
  • Kion Group AG
  • Jungheinrich AG
  • Hyster-Yale Materials Handling
  • Anhui Forklift Truck
  • Doosan Industrial Vehicle
  • Komatsu Ltd.
  • Godrej & Boyce Manufacturing

Key Industry Development:

In April 2019, Hyundai Heavy Industries became the first company to launch a driverless forklift truck. The self-driving forklift truck can be remotely controlled and can determine optimal routes.

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

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Segmentation Product Type (2017–2027; US$ Bn)

  • Reach Forklift Truck
  • Counterbalance Forklift Truck
  • Others (Rough Terrain, Side Loader, Telescopic Handler, etc.)

 Engine Type (2017–2027; US$ Bn)

  • Electric
  • Diesel
  • Gasoline & LPG/CNG

 End-user (2017–2027; US$ Bn)

  • Manufacturing
  • Logistics
  • Food Industry
  • Wholesale & Retail
  • Mining & Construction
  • Others (Agriculture, Natural Resources, etc.)

 Vehicle Class (2017–2027; US$ Bn)

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V

 Geography Segment (2017–2027; US$ Bn)

  • North America (U.S. and Rest of North America)
  • Europe (U.K., Germany, France, and Rest of Europe)
  • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall forklift trucks market better. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Forklift Trucks (FT) Market
2.2. Global FT Market, by Product Type, 2018 (US$ Bn)
2.3. Global FT Market, by Engine Type, 2018 (US$ Bn)
2.4. Global FT Market, by End-user, 2018 (US$ Bn)
2.5. Global FT Market, by Vehicle Class, 2018 (US$ Bn)
2.6. Global FT Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global FT Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Forklift Trucks (FT) Market, by Product Type , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Reach Forklift Truck
4.3. Counterbalance Forklift Truck
4.4. Others (Rough Terrain, Side Loader, Telescopic Handler, etc.)

5. Global Forklift Trucks (FT) Market, by Engine Type, 2017-2027 (US$ Bn)
5.1. Overview
5.2. Electric
5.3. Diesel
5.4. Gasoline & LPG/CNG

6. Global Forklift Trucks (FT) Market, by End-user, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Manufacturing
6.3. Logistics
6.4. Food Industry
6.5. Wholesale & Retail
6.6. Mining & Construction
6.7. Others (Agriculture, Natural Resources, etc.)

7. Global Forklift Trucks (FT) Market, by Vehicle Class , 2017-2027 (US$ Bn)
7.1. Overview
7.2. Class I
7.3. Class II
7.4. Class III
7.5. Class IV
7.6. Class V

8. North America Forklift Trucks (FT) Market Analysis, 2017-2027 (US$ Bn)
8.1. Overview
8.1.1. North America FT Market Value and Growth, 2017-2027, (US$ Bn)
8.2. North America FT Market Value, By Product Type, 2017-2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America FT Market Value, By Engine Type, 2017-2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America FT Market Value, By End-user, 2017-2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America FT Market Value, By Vehicle Class, 2017-2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America FT Market Value, By Region/Country, 2017-2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America

9. Europe Forklift Trucks (FT) Market Analysis, 2017-2027 (US$ Bn)
9.1. Overview
9.1.1. Europe FT Market Value and Growth, 2017-2027, (US$ Bn)
9.2. Europe FT Market Value, By Product Type, 2017-2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe FT Market Value, By Engine Type, 2017-2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe FT Market Value, By End-user, 2017-2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe FT Market Value, By Vehicle Class, 2017-2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe FT Market Value, By Region/Country, 2017-2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe

10. Asia Pacific Forklift Trucks (FT) Market Analysis, 2017-2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific FT Market Value and Growth, 2017-2027, (US$ Bn)
10.2. Asia Pacific FT Market Value, By Product Type, 2017-2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific FT Market Value, By Engine Type, 2017-2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific FT Market Value, By End-user, 2017-2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific FT Market Value, By Vehicle Class, 2017-2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific FT Market Value, By Region/Country, 2017-2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific

11. Rest of the World Forklift Trucks (FT) Market Analysis, 2017-2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World FT Market Value and Growth, 2017-2027, (US$ Bn)
11.2. Rest of the World FT Market Value, By Product Type, 2017-2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World FT Market Value, By Engine Type, 2017-2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World FT Market Value, By End-user, 2017-2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of World FT Market Value, By Vehicle Class, 2017-2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World FT Market Value, By Region, 2017-2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America

12. Company Profiles
12.1. Toyota Industries Corporation
12.2. Hyundai Heavy Industries
12.3. Mitsubishi Nichiyu Forklift Co., Ltd
12.4. Crown Equipment Corporation
12.5. Hyster-Yale Materials Handling Inc.
12.6. Hangcha Group Co., Ltd.
12.7. Clark Material Handling International, Inc.
12.8. Kion Group AG
12.9. Jungheinrich AG
12.10. Hyster-Yale Materials Handling
12.11. Anhui Forklift Truck
12.12. Doosan Industrial Vehicle
12.13. Komatsu Ltd.
12.14. Godrej & Boyce Manufacturing

List of Figures

FIG. 1 Global Forklift Trucks (FT) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global FT Market Segmentation
FIG. 4 Global FT Market, by Product Type, 2018 (US$ Bn)
FIG. 5 Global FT Market, by Engine Type, 2018 (US$ Bn)
FIG. 6 Global FT Market, by End-user, 2018 (US$ Bn)
FIG. 7 Global FT Market, by Vehicle Class, 2018 (US$ Bn)
FIG. 8 Global FT Market, by Geography, 2018 (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key FT Market Manufacturers, 2018
FIG. 11 Global FT Market Value Contribution, By Product Type, 2018 & 2027 (Value %)
FIG. 12 Global FT Market, by Reach Forklift Truck, Value, 2017–2027 (US$ Bn)
FIG. 13 Global FT Market, by Counterbalance Forklift Truck, Value, 2017–2027 (US$ Bn)
FIG. 14 Global FT Market, by Others (Rough Terrain, Side Loader, Telescopic Handler, etc.), Value, 2017–2027 (US$ Bn)
FIG. 15 Global FT Market Value Contribution, By Engine Type, 2018 & 2027 (Value %)
FIG. 16 Global FT Market, by Electric, 2017–2027 (US$ Bn)
FIG. 17 Global FT Market, by Diesel, Value, 2017–2027 (US$ Bn)
FIG. 18 Global FT Market, by Gasoline & LPG/CNG, Value, 2017–2027 (US$ Bn)
FIG. 19 Global FT Market Value Contribution, By End-user, 2018 & 2027 (Value %)
FIG. 20 Global FT Market, by Manufacturing, Value, 2017–2027 (US$ Bn)
FIG. 21 Global FT Market, by Logistics, Value, 2017–2027 (US$ Bn)
FIG. 22 Global FT Market, by Food Industry, 2017–2027 (US$ Bn)
FIG. 23 Global FT Market, by Wholesale & Retail, Value, 2017–2027 (US$ Bn)
FIG. 24 Global FT Market, by Mining & Construction, 2017–2027 (US$ Bn)
FIG. 25 Global FT Market, by Others (Agriculture, Natural Resources, etc.), Value, 2017–2027 (US$ Bn)
FIG. 26 Global FT Market Value Contribution, By Vehicle Class, 2018 & 2027 (Value %)
FIG. 27 Global FT Market, by Class I, Value, 2017–2027 (US$ Bn)
FIG. 28 Global FT Market, by Class II, Value, 2017–2027 (US$ Bn)
FIG. 29 Global FT Market, by Class III, 2017–2027 (US$ Bn)
FIG. 30 Global FT Market, by Class IV, Value, 2017–2027 (US$ Bn)
FIG. 31 Global FT Market, by Class V, Value, 2017–2027 (US$ Bn)
FIG. 32 U.S. FT Market, 2017–2027 (US$ Bn)
FIG. 33 Canada FT Market, 2017–2027 (US$ Bn)
FIG. 34 U.K. FT Market, 2017–2027 (US$ Bn)
FIG. 35 Germany FT Market, 2017–2027 (US$ Bn)
FIG. 36 France FT Market, 2017–2027 (US$ Bn)
FIG. 37 Italy FT Market, 2017–2027 (US$ Bn)
FIG. 38 Rest of Europe FT Market, 2017–2027 (US$ Bn)
FIG. 39 Japan FT Market, 2017–2027 (US$ Bn)
FIG. 40 China FT Market, 2017–2027 (US$ Bn)
FIG. 41 India FT Market, 2017–2027 (US$ Bn)
FIG. 42 Rest of Asia Pacific FT Market, 2017–2027 (US$ Bn)
FIG. 43 Middle East & Africa FT Market, 2017–2027 (US$ Bn)
FIG. 44 Latin America FT Market, 2017–2027 (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Forklift Trucks (FT) Market
TABLE 2 Global FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 3 Global FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 4 Global FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 5 Global FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 6 Global FT Market, by Geography, 2017–2027 (US$ Bn)
TABLE 7 North America FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 8 North America FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 9 North America FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 10 North America FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 11 North America FT Market, by Country, 2017–2027 (US$ Bn)
TABLE 12 Europe FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 13 Europe FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 14 Europe FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 15 Europe FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 16 Europe FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 18 Asia Pacific FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 19 Asia Pacific FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 20 Asia Pacific FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 21 Asia Pacific FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 22 RoW FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 23 RoW FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 24 RoW FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 25 RoW FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 26 RoW FT Market, by Tire Assembly, 2017–2027 (US$ Bn)
TABLE 27 RoW FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 28 Toyota Industries Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 29 Hyundai Heavy Industries: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 30 Mitsubishi Nichiyu Forklift Co., Ltd: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 31 Crown Equipment Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 32 Hyster-Yale Materials Handling, Inc.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 33 Hangcha Group Co., Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 34 Clark Material Handling international, Inc..: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 35 Kion Group AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 36 Jungheinrich AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 37 Anhui Forklift Truck: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 38 Doosan Industrial Vehicle: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 39 Komatsu Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 40 Godrej & Boyce Manufacturing: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments

Frequently Asked Questions

What is the size of Forklift Trucks Market?

The market for Forklift Trucks is expected to reach US$ 33.81 Bn in 2028.

What is the Forklift Trucks Market CAGR?

The Forklift Trucks market is expected to see significant CAGR growth over the coming years, at 4.7%.

What is the Forecast period considered for Forklift Trucks Market?

The report is forecasted from 2019-2027.

What is the base year considered for Forklift Trucks Market?

The base year of this report is 2021.

Who are the major players in this market?

Toyota Industries Corporation, Hyundai Heavy Industries, Mitsubishi Nichiyu Forklift Co., Ltd, Crown Equipment Corporation,Hyster-Yale Materials Handling Inc., Hangcha Group Co., Ltd., Clark Material Handling International, Inc., Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling are some of the major players in the global market.

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