Forklift Manufacturing in the US - Industry Market Research Report

Forklift Manufacturing in the US - Industry Market Research Report

Forklift Manufacturing in the US

The Forklift Manufacturing industry primarily manufactures forklifts, also known as industrial trucks, which are small- to midsize material-handling vehicles used to lift and carry heavy loads from one location to another. Forklifts are mainly used by construction, manufacturing and freight-handling industries. Growth in these industries underpins demand for forklifts produced by manufacturers. Revenue growth has been stunted overall because of suspended trade and industrial production activity amid the COVID-19 pandemic. Many companies suspended their operations temporarily because of government restrictions. Still, restrictions will substantially ease, enabling activity within the industrial production sector to resume. Still, industry revenue has been shrinking at an average annualized 1.7% over the past five years and is expected to total $11.9 billion in 2023, when revenue will dip by an estimated 2.2%.

Companies in this industry primarily manufacture forklifts, which are also known as industrial trucks. Forklifts include truck-type and hand-type pallet movers, skid jacks and portable stackers. Forklifts can load material and transport it over short distances and are used heavily in the construction, manufacturing and freight logistics sectors. This industry’s operations also include the manufacture and sale of parts and attachments for forklifts.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.