Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global forklift trucks market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
A forklift truck is an industrial machine that consists of two horizontal prongs for loading, unloading and transporting goods and materials over short distances. It is usually operated by a trained machinist and is either powered by electric batteries or combustion engines. Forklift trucks consist of various components, such as truck frame, counterweight, forklift, carriage and hydraulic cylinders that aid in performing multiple industrial tasks efficiently. Owing to these benefits, they find extensive applications in warehouses, factories and dockyards across various industries, including automotive, aerospace, transportation, retail, manufacturing and construction.
Forklift Trucks Market Trends:
The growing construction industry, along with rapid industrialization, is one of the key factors driving the growth of the market. Forklift trucks are highly economical, user-friendly, powerful and easy to maintain. As a result, they are widely used for performing various industrial tasks and handling heavy construction materials, such as wood, steel and mortar. Furthermore, an increasing number of warehouse establishments across the emerging economies is also providing a boost to the forklift trucks market growth. These trucks are utilized in the distribution centers and warehouses for laying and retrieving loads from storage racks, delivering components to assembly lines and positioning materials for further effective handling. Various product innovations, including the development of fuel cell-powered forklift trucks that can operate on hydrogen, are also creating a positive outlook for the market growth. These variants aid in reducing the carbon footprint significantly and enhancing the overall operational efficiency. Other factors, including technological advancements aimed at improving productivity and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global forklift trucks market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, technology, class and application.
Breakup by Product Type:
Counterbalanced Forklift Trucks
Warehouse Forklift Trucks
Breakup by Technology:
Electricity Powered
Internal Combustion Engine Powered
Breakup by Class:
Class I
Class II
Class III
Class IV
Class V
Breakup by Application:
Non-Industrial
Warehouses and Distribution Centers
Construction Sites
Dockyards
Snow Plows
Industrial
Manufacturing
Recycling Operations
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Clark Material Handling Company, Crown Equipment Corporation, Godrej & Boyce, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd, Jungheinrich, KION Group, Mitsubishi Forklift Trucks, Toyota Industries Corporation, etc.
Key Questions Answered in This Report
1. What is the market size for the global forklift trucks market?
2. What is the global forklift trucks market growth?
3. What are the global forklift trucks market drivers?
4. What are the key industry trends in the global forklift trucks market?
5. What is the impact of COVID-19 on the global forklift trucks market?
6. What is the global forklift trucks market breakup by product type?
7. What is the global forklift trucks market breakup by technology?
8. What is the global forklift trucks market breakup by class?
9. What is the global forklift trucks market breakup by application?
10. What are the major regions in the global forklift trucks market?
11. Who are the key companies/players in the global forklift trucks market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Forklift Trucks Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Product Type
- 6.1 Counterbalanced Forklift Trucks
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Warehouse Forklift Trucks
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by Technology
- 7.1 Electricity Powered
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Internal Combustion Engine Powered
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 8 Market Breakup by Class
- 8.1 Class I
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Class II
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Class III
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Class IV
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Class V
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 9 Market Breakup by Application
- 9.1 Non-Industrial
- 9.1.1 Market Trends
- 9.1.2 Major Types
- 9.1.2.1 Warehouses and Distribution Centers
- 9.1.2.2 Construction Sites
- 9.1.2.3 Dockyards
- 9.1.2.4 Snow Plows
- 9.1.3 Market Forecast
- 9.2 Industrial
- 9.2.1 Market Trends
- 9.2.2 Major Types
- 9.2.2.1 Manufacturing
- 9.2.2.2 Recycling Operations
- 9.2.3 Market Forecast
- 10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
- 11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
- 12 Value Chain Analysis
- 13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
- 14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Clark Material Handling Company
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Crown Equipment Corporation
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Godrej & Boyce
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Hyster-Yale Materials Handling Inc.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.5 Hyundai Heavy Industries Co. Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Jungheinrich
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 KION Group
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.8 Mitsubishi Forklift Trucks
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.9 Toyota Industries Corporation
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
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