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Global Market Study on Forklift Trucks: Growing Logistics & Warehousing Sector Augmenting Market Growth

New York, April 06, 2023 (GLOBE NEWSWIRE) -- By 2022, the market for forklift trucks will rake in US$54.14 billion. By 2033, the Forklift Truck Market is expected to be worth US$ 119.19 billion, expanding at a 7.5% CAGR from 2023 to 2033.

The forklift trucks market refers to the global industry involved in the manufacturing, distribution, and sales of forklift trucks. These trucks are used for material handling in various industries such as construction, warehousing, manufacturing, and logistics. Forklift trucks come in different types and sizes, such as electric, diesel, and gasoline-powered, and can carry different weights.

The forklift trucks market has been growing steadily in recent years due to the increasing demand for material handling equipment in various industries.

Asia-Pacific is the largest market for forklift trucks, driven by the growing manufacturing and logistics industries in countries such as China, India, and Japan. The region is expected to continue its dominance during the forecast period due to the increasing demand for material handling equipment.

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Market Trends

There are several trends in the forklift trucks market that are shaping its growth and development.

Technological Advancements: With the advancement in technology, the forklift truck industry is witnessing a significant shift towards electric and hybrid trucks, which are more energy-efficient, environmentally friendly, and have lower maintenance costs. Furthermore, the integration of automation and robotics in forklift trucks is improving their efficiency and safety.

Growing e-commerce industry: The growth of the e-commerce industry is driving the demand for efficient warehousing and logistics solutions, which in turn is driving the demand for forklift trucks. The rise of online shopping and same-day delivery is increasing the need for fast and reliable material handling equipment.

Safety Features: Safety is a significant concern in the forklift trucks market, and manufacturers are introducing advanced safety features in their products to reduce the number of accidents and injuries. Some of these safety features include sensors and cameras that detect obstacles, warning signals, and automatic braking systems.

Rentals and Leasing: Many companies are opting for forklift truck rentals and leasing, rather than purchasing them outright. This trend is driven by the need for flexibility and cost-effectiveness, as renting or leasing allows companies to access the equipment they need without having to make a significant capital investment.

Market Demand

The demand for forklift trucks is driven by several factors, including the growth of e-commerce and warehousing industries, increasing infrastructure development and construction activities, and rising demand for material handling equipment across various industries. Forklift trucks play a crucial role in streamlining material handling processes in manufacturing, construction, logistics, and retail sectors, leading to increased demand for these vehicles.

Moreover, the adoption of electric forklift trucks is also increasing due to the growing focus on reducing carbon emissions and improving sustainability. The shift towards automation and the use of AGVs (Automated Guided Vehicles) is also driving the demand for forklift trucks in various industries.

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Forklift Trucks Market Key Players

Some of the key players in the global forklift trucks market include:

Sumitomo Heavy Industries, Ltd., Toyota Material Handling, BYD, Manitou Group, Kalmar (Cargotec Finland Oy), V. Mariotti S.r.l., Doosan Corporation (Industrial Vehicle), Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Nichiyu Forklift Co., Ltd., Crown Equipment Corporation, Anhui HeLi Co., Ltd., CLARK Material Handling Co., Ltd., UniCarriers Forklift, Hangcha Group Co., Ltd, JAC Heavy-Duty Construction Machine Co., Ltd., MiMA forklift and many more

These players operate in various regions and are continuously investing in R&D to develop new and innovative products to cater to the evolving needs of the market. They are also focusing on strategic partnerships and collaborations to expand their product portfolios and increase their market presence.

Forklift Trucks Market Segmentations

The forklift trucks market can be segmented based on several factors. Some of the key segmentations of the forklift trucks market include:

Product Type: The forklift trucks market can be segmented based on the type of forklift truck, such as electric, diesel, LPG, and others.

End-use Industry: The forklift trucks market can be segmented based on the end-use industry, such as manufacturing, construction, logistics, retail, and others.

Class: The forklift trucks market can be segmented based on the class of forklift truck, such as Class I, Class II, Class III, Class IV, and Class V.

Fuel Type: The forklift trucks market can be segmented based on the fuel type used by the forklift truck, such as electric, diesel, and LPG.

Region: The forklift trucks market can be segmented based on geography, such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Competitive Landscape

In December 2021, A D Lift Truck, a family-run material handling and forklift business, was purchased by Wolter Group LLC, according to an announcement. The company's portfolio of gas and electric forklifts is expanded by the acquisition.

In February 2019, To establish a strong brand identity and create high-quality products, Toyota Industries North America purchased the Hoist Lift truck manufacturing business in Chicago.

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