Forklift Truck Market, by Product Type (Warehouse (pedestrian, rider) and Counterbalance); by Class (Class I: electric motor rider trucks, Class II: electric motor narrow aisle trucks, Class III: electric motor pedestrian trucks, Class IV: internal combus

Forklift Truck Market, by Product Type (Warehouse (pedestrian, rider) and Counterbalance); by Class (Class I: electric motor rider trucks, Class II: electric motor narrow aisle trucks, Class III: electric motor pedestrian trucks, Class IV: internal combustion engine trucks (solid/cushion tires); Class V: internal combustion engine trucks (pneumatic tires), and Class VI: electric and internal combustion engine tractors, and Class VII: rough terrain forklift trucks), by Fuel Type (Diesel, Gasoline & LPG/CNG, and Electric/Hybrid), By Engine Type (Internal Combustion (IC) Engine Power and Electric Power), by Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), by End-use Industry (Retail & Wholesale, Transportation & Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries (chemical, wooden, and paper & print industry)), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

The global forklift truck market was valued at US$ 17.74 billion in 2017 and is projected to exhibit a CAGR of 4.02% over the forecast period, reaching US$ 25.04 billion by 2027. Forklift trucks are mainly used for material handling, lifting, and stacking of discrete loads throughout facilities such as retail warehouses. These vehicles can be used with a variety of attachments such as clamps, grippers, and platforms to move and handle different types of materials and loads. Expansion of the logistics industry and economic growth in emerging economies have led to increasing logistics volume, which, in turn, is boosting growth of the forklift trucks market.
Market Dynamics
Growing e-commerce & warehousing industries is driving growth of the global forklift truck market. According to data published by the Action Construction Equipment Ltd in June 2019, warehousing industry is extremely fragmented in India. Almost 90% of the warehousing space is controlled by the unorganized players. It has huge growth potential and is slated to become regularized over the next few years. Additionally, it is estimated that the average size of warehouses will increase from 20,000 sq. ft. to 0.2-0.3 million sq. ft., which will creating huge opportunities for the global forklift truck market.
Furthermore, e-commerce retailers such as Amazon, Flipkart, and Myntra are adopting technology solutions such as forklift trucks for application in activities such as material handling. Forklift can minimize travel time and reduce physical exertion during the picking process. Therefore, such factors are expected to create growth opportunities for manufacturers in this market.
Manufacturers of forklift trucks are designing newer models with greater maneuverability to meet consumer demand. For instance, in November 2021, Cesab Material Handling launched its new hydrostatic forklift truck, the Cesab M300H. This product is available in different ranges starting from 1.5 to 3.5-ton capacity, and offers diesel or LPG fuel options.
However, high cost of battery-operated and fuel-cell forklifts, coupled with growing environmental concerns regarding the use of IC-engine type forklift trucks are expected to hinder growth of the global forklift truck market over the forecast period.
Market Taxonomy
This report segments the global forklift truck market on the basis of product type, class, fuel type, engine type, lifting capacity, end-use industry, and region. On the basis of product type, the global forklift truck market is segmented into warehouse and counterbalance. Warehouse segmented is further sub-segmented into pedestrian and rider. On the basis of class, the market is segmented into Class I: electric motor rider trucks, Class II: electric motor narrow aisle trucks, Class III: electric motor pedestrian trucks, Class IV: internal combustion engine trucks (solid/cushion tires), Class V: internal combustion engine trucks (pneumatic tires), and Class VI: electric and internal combustion engine tractors, and Class VII: rough terrain forklift trucks. On the basis of engine type, the market is segmented into IC engine and electric power engine. On the basis of fuel type, the market is segmented into diesel, gasoline & LPG/CNG, and electric/hybrid. On the basis of lifting capacity, the market is segmented into < 5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, and > 36 Ton. On the basis of end-use industry, the market is segmented into retail & wholesale, transportation & logistics, automotive and electrical engineering, food industry, and other industries (chemical, wooden, and paper & print industry). On the basis of region, the forklift truck market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key features of the study:
This report provides an in-depth analysis of the global forklift truck market and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2022 - 2028), considering 2021 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
It profiles leading players in the global forklift truck market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered as a part of this study include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co., Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co. Ltd, and Linde Material Handling.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
The global forklift truck market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global forklift truck market
Detailed Segmentation:
Global Forklift Truck Market, By Product Type:
Warehouse
Pedestrian
Rider
Counterbalance
Global Forklift Truck Market, By Class:
Class I : Electric Motor Rider Trucks
Class II : Electric Motor Narrow Aisle Trucks
Class III : Electric Motor Pedestrian Trucks
Class IV : Internal Combustion Engine Trucks (Solid/Cushion Tires)
Class V : Internal Combustion Engine Trucks (Pneumatic Tires)
Class VI: Electric and Internal Combustion Engine Tractors
Class VII: Rough Terrain Forklift Trucks
Global Forklift Truck Market, By Fuel Type:
Diesel
Gasoline& LPG/CNG
Electric/Hybrid
Global Forklift Truck Market, By Engine Type:
IC Engine Power
Electric Power
Global Forklift Truck Market, By Lifting Capacity:
< 5 Ton
5 Ton – 10 Ton
11 Ton – 36 Ton
> 36 Ton
Global Forklift Truck Market, By End-use Industry:
Retail & Wholesale
Transportation & logistics
Automotive and Electrical engineering
Food Industry
Other Industries (Chemical, Timber, and Paper & Print Industry)
Global Forklift Truck Market, By Lifting Capacity:
< 5 ton
5 ton - 10 ton
11 ton - 36 ton
> 36 ton
Global Forklift Truck Market, By Region:
North America
By Country
U.S.
Canada
By Segmentation
Market Size and Forecast, By Product Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Class, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Fuel Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Engine Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Lifting Capacity, 2017 - 2027 (US$ Million)
Market Size and Forecast, By End-use Industry , 2017 - 2027 (US$ Million)
Europe
By Country
Germany
U.K.
France
Italy
Spain
Rest of Europe
By Segmentation
Market Size and Forecast, By Product Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Class, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Fuel Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Engine Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Lifting Capacity, 2017 - 2027 (US$ Million)
Market Size and Forecast, By End-use Industry, 2017 - 2027 (US$ Million)
Asia Pacific
By Country
China
India
Japan
Australia
Rest of Asia Pacific
By Segmentation
Market Size and Forecast, By Product Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Class, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Fuel Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Engine Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Lifting Capacity, 2017 - 2027 (US$ Million)
Market Size and Forecast, By End-use Industry, 2017 - 2027 (US$ Million)
Latin America
By Country
Brazil
Mexico
Rest of Latin America
By Segmentation
Market Size and Forecast, By Product Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Class, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Fuel Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Engine Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Lifting Capacity, 2017 - 2027 (US$ Million)
Market Size and Forecast, By End-use Industry, 2017 - 2027 (US$ Million)
Middle East & Africa
By Country
South Africa
GCC Countries
Rest of Middle East & Africa
By Segmentation
Market Size and Forecast, By Product Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Class, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Fuel Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Engine Type, 2017 - 2027 (US$ Million)
Market Size and Forecast, By Lifting Capacity, 2017 - 2027 (US$ Million)
Market Size and Forecast, By End-use Industry, 2017 - 2027 (US$ Million)
Company Profiles
Toyota Industries Corporation *
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments
Future Plans
Kion Group AG
Jungheinrich AG
Hyster-Yale Materials Handling, Inc.
Crown Equipment Corporation
Mitsubishi Nichiyu Forklift Co., Ltd.
UniCarriers Americas Corporation
Anhui Heli Company Limited
Komatsu Ltd.
Clark Material Handling Company
Doosan Industrial Vehicle
Hangcha Group Co., Ltd.
JBT Corporation
Combilift Ltd
Godrej & Boyce Mfg. Co. Ltd
Linde Material Handling
Available Customizations
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Global Telehandlers Market for Construction Industry
*Browse all the market data tables and figures on Forklift Truck Market - Global forecast to 2027”