Lift Trucks Market Analysis By Type (Counterbalance & Reach) By Class (Electric Motor Rider, Electric Motor Narrow Aisle, Electric Motor Pedestrian, Rough Terrain Forklift & Others) By Propulsion (IC Engine Vehicles & Electric Vehicles) By End-Use Industry & Region – Insights 2022 to 2032

Lift Trucks Market Outlook (2022-2032)

The global lift trucks market accounts for a valuation of US$ 48.52 billion in 2022 and is projected to reach US$ 94.56 billion by the end of 2032. This is because worldwide sales of lift trucks are predicted to increase at a noteworthy CAGR of 6.9% from 2022 to 2032.

The growing warehousing industry across the world is fuelling demand for industrial equipment such as forklift trucks, lifting jacks, pallet stackers, etc., which is also subsequently driving lift trucks market growth potential.

Lift Truck Demand Survey (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)

International trade has changed drastically over the past few years and this has driven demand for warehousing and material handling as well. This is anticipated to drive demand for lift trucks and other material handling equipment as they are crucial to warehousing operations.

Expansion of the e-Commerce industry has crucially contributed to the heightened demand for warehousing equipment, which is expected to follow a similar trend throughout the forecast period.

Technological advancements and integration of automation in material handling equipment are also anticipated to favor lift trucks market potential. Increasing construction activity, rising penetration of automation, and rapid industrialization across the world are other factors that influence the lift trucks market growth over the years to come.

The rising focus on sustainability is expected to bolster demand for battery-powered lift trucks and electric forklifts throughout the forecast period. Sales of lift trucks are anticipated to increase at a CAGR of 6.9% through 2032.

What’s Augmenting Lift Trucks Market Growth?

“Rising Demand for Warehousing Facilities across the World”

The e-Commerce and online shopping trend has experienced a major boom over the past few years and this has substantially increased the demand for warehousing and warehousing equipment.

Emerging SMEs have also contributed to increasing demand for warehousing and this has also led to an increased warehouse construction activity across the world.

Loading and unloading activities are high in construction and warehouse industries and hence increase in them is projected to propel lift truck shipments across the world over the coming years.

“Rising Need for Automation to Push Lift Truck Manufacturers towards Innovations”

Automation has been a popular trend across the world in recent times and is expected to gain further prominence across the forecast period. The rising popularity of the Industry 4.0 trend has also given rise to different types of automated forklifts.

Electric pallet stackers, hydraulic lift trucks, side loader forklifts, and pallet scissor lifts are some industrial equipment that are expected to see major changes owing to the increasing penetration of the automation trend.

Lift truck vendors are expected to focus on the development and launch of new industrial and material handling equipment with automated capabilities to advance their revenue generation capacity and meet the increasing demand.

How Lucrative is the Lift Trucks Market for New Companies?

“Start-ups Can Disrupt the Market with Innovative Solutions”

• In August 2021, Third Wave Automation, a California-based start-up founded in 2018, raised US$ 40 million in a Series B round to bring its autonomous forklifts to warehouses. The round was led by Norwest Venture Partners.
• In January 2022, Vecna Robotics, a Massachusetts-based company focused on automating forklifts and pallet lift trucks, raised US$ 65 million in a Series C funding round led by Tiger Global Management.

Upcoming market players are raising funds to advance their research and development capabilities and also fast-track the launch of innovative automated material handling equipment. New market entrants can also focus on forming strategic partnerships to advance their business scope.

Electric order pickers, electric pallet lifts, and battery-operated lift trucks are products that new companies are expected to focus on more over the coming years.

Which Regions are Opportune Markets for Lift Truck Suppliers?

“Europe & Asia Pacific to Provide Highly Rewarding Business Opportunities”

The market for lift trucks in Europe accounts for a revenue total of US$ 17.66 billion in 2022 and holds a significant market share of 36.4% in the global landscape.

Increasing establishment of warehouses and the flourishing e-Commerce industry in this region are expected to be prominent factors driving demand for lift trucks over the coming years. Increasing industrial activity is also expected to favour lift trucks market growth.

Rising construction activities, supportive government initiatives to promote the manufacturing sector, and rising demand for warehousing are significant prospects that are projected to drive lift truck shipments in the Asia Pacific region over the coming years.

China is expected to be a highly lucrative market for lift truck manufacturers in this region owing to high industrial and manufacturing activity in the country. Currently, the lift trucks market in China holds a major market share of 18.9% and stands at a valuation of US$ 9.17 billion.

Fact.MR, a market research and competitive intelligence provider, has provided an in-depth assessment of regional and segmental market trends, in this latest lift trucks industry survey.

Competitive Landscape

Lift truck manufacturers are expected to focus on diversifying their product portfolio through various strategies. Lift truck companies are also projected to eye mergers, acquisitions, and collaborations to increase their market presence.

• In November 2021, Wolter Group LLC, an industrial equipment and solutions provider, announced the acquisition of A D Lift Truck. This acquisition extends Wolter’s line of gas and electric forklifts as A D Lift Truck is a family-owned material handling and forklift company.
• In January 2020, the merger of two forklift divisions of Toyota Material Handling was completed. This merger combined Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM) to create a more unified and better customer experience for its clients.

Key Segments Covered in Lift Trucks Industry Research

• by Type :

  • Counterbalance
  • Reach

• by Class :

  • Electric Motor Rider Trucks
  • Electric Motor Narrow Aisle Trucks
  • Electric Motor Pedestrian Trucks
  • Internal Combustion Engine Trucks with Cushion Tyres
  • Internal Combustion Engine Trucks with Pneumatic Tyres
  • Electric And Internal Combustion Engine Tractors
  • Rough Terrain Forklift Trucks

• by Propulsion :

  • IC Engine Vehicles
    • Petrol
    • Diesel
    • Others
  • Electric Vehicles

• End-use Industry :

  • Mining
  • Logistics
  • Construction
  • Manufacturing
  • Agriculture
  • Others

• by Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA