Forklifts

Forklifts

Global Forklifts Market to Reach US$64.8 Billion by 2030

The global market for Forklifts estimated at US$44.1 Billion in the year 2023, is expected to reach US$64.8 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Internal Combustion Engine (ICE) Forklifts, one of the segments analyzed in the report, is expected to record a 5.3% CAGR and reach US$42.9 Billion by the end of the analysis period. Growth in the Electric Forklifts segment is estimated at 6.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.6 Billion While China is Forecast to Grow at 6.9% CAGR

The Forklifts market in the U.S. is estimated at US$11.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.6 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.2% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.

Global Forklifts Market - Key Trends and Drivers Summarized

Forklifts are industrial trucks used to lift, move, and transport materials over short distances. They are essential equipment in various industries, including warehousing, manufacturing, logistics, and construction, where they facilitate the efficient handling of heavy loads. Forklifts come in different types and configurations, including counterbalance forklifts, reach trucks, pallet jacks, and rough terrain forklifts, each designed for specific tasks and operating environments. These versatile machines are powered by various energy sources, such as internal combustion engines (diesel, gasoline, or propane) and electric batteries, allowing them to meet diverse operational needs.

The forklift industry has experienced significant advancements driven by technological innovations and evolving market demands. Modern forklifts are equipped with advanced features such as automated control systems, enhanced safety mechanisms, and improved ergonomics to boost productivity and ensure operator safety. The development of electric forklifts has been particularly noteworthy, as they offer lower operating costs, reduced emissions, and quieter operation compared to their internal combustion counterparts. Additionally, the integration of telematics and IoT (Internet of Things) technologies in forklifts allows for real-time monitoring and data analysis, optimizing fleet management and maintenance schedules.

The growth in the forklift market is driven by several factors. The rapid expansion of the e-commerce industry has significantly increased the demand for efficient material handling equipment in warehouses and distribution centers. Technological advancements, including the development of more efficient and environmentally friendly electric forklifts, have led to their widespread adoption across various sectors. The increasing focus on workplace safety and regulatory compliance has also spurred demand for advanced forklifts equipped with safety features such as stability control, collision avoidance systems, and ergonomic designs. Additionally, the growing trend towards automation and smart logistics solutions has further propelled the market, as businesses seek to enhance operational efficiency and reduce labor costs. Consumer behavior trends, such as the preference for faster delivery times and the rise of omni-channel retailing, contribute to the robust demand for forklifts.

Select Competitors (Total 81 Featured) -

• Aisle-Master
• Anhui HeLi Co., Ltd.
• ATF Forklifts
• Big Lift LLC
• Cargotec Finland Oy - Kalmar
• CESAB Material Handling Europe
• Clark Material Handling Company
• Combilift Ltd.
• Corecon Inc.
• Crown Equipment Corporation
• CVS ferrari S.P.A
• EP Equipment Co., Ltd.
• The Raymond Corporation

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