Forklift Market Size By Product (Counterbalance, Warehouse), By Fuel (Diesel, Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End-Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), CO

Forklift Market Size By Product (Counterbalance, Warehouse), By Fuel (Diesel, Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End-Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), COVID-19 Impact Analysis, COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2023-2032

Forklift Market is set to witness massive growth through 2032, owing to the growing environmental concerns given the use of diesel forklift trucks which can not only pollute natural resources but also affect human health adversely.

Besides, the emergence of smart manufacturing in countries such as India, China, and Japan has led to increased adoption of automated forklifts, and increasing industrial production in these regions will support the market demand during the next decade. In addition, increasing emphasis on productivity and minimizing operational costs has led prominent industries to adopt forklifts in distribution centers and warehouses. This trend would potentially bolster the market demand for forklifts through 2023-2032.

Furthermore, key market players are engaging in meaningful mergers and acquisitions to strengthen their foothold in the market. To cite an instance, in March 2022, Jungheinrich AG announced the acquistion of ITS Forklifts and establishment of its updated sales unit in New Zealand. The firm also added that it will also deploy its whole portfolio through existing partners and sales networks in New Zealand.

Overall, the forklift market has been bifurcated in terms of product, fuel, class, end-use, and region.

On the basis of fuel, the Gasoline & LPG/CNG segment is slated to grow significantly, as LPG is being increasingly promoted by the WLPGA (World LPG Association) to foster a cleaner, safer, healthier, and sustainable environment. Besides, favorable product factors such as convenient LPG refueling, low initial investment, and operational capabilities in both indoor and outdoor environments are also anticipated to drive market demand.

In terms of class, the others segment, which comprises Class VI and Class VII forklift trucks, will grow significantly in the upcoming time. These trucks are mainly used at construction sites to lift and move raw materials to site locations. Increasing urbanization and subsequent construction activities across the globe are slated to drive the segmental expansion through 2032.

Based on end-use, the food and beverage segment is anticipated to grow robustly and will be valued at more than USD 20 billion by 2032. Increasing employment of advanced machines by food processing industries for bulk handling of food products and raw materials, coupled with the growing popularity of processed and packaged food will encourage manufacturers to employ forklifts therebydriving the market demand between 2023 and 2032.

In the regional context, the forklift market in South America will grow significantly through 2032, owing to the rapid expansion of the industrial sector. Besides, favorable government initiatives are also contributing to the development of the manufacturing sector, which is likely to fuel the growth of the market in the next ten years.