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

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. 

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.

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.

Frequenty Asked Questions

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

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

The report is forecasted from 2019-2027.

The base year of this report is 2021.

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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Published Date:  Dec 2019
Category:  Industrial Goods
Report ID:   60122
Report Format:   PDF
Pages:   120
Rating:    4.4 (69)
Delivery Time: 24 Hours to 48 Hours   
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