Forklift Rental Market
Forklift Rental Market Analysis By Power Source (Electric, Diesel, and Gasoline / LPG / CNG), By Operating Capacity (Below 3.5 Tons, 3.5-7 Tons, 7-10 Tons, and Above 10 Tons) and Region- Market Insights 2023 to 2033
Analysis of Forklift Rental Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Forklift Rental Market Growth Outlook (2023 to 2033)
The global forklift rental market is expected to reach a valuation of US$ 10.3 billion in 2023, up from US$ 9.9 billion in 2022 and the market is expected to grow at a CAGR of 6.5% during the forecast period.
Various industries, such as warehousing, logistics, manufacturing, and construction, require forklifts for their day-to-day operations. Renting allows businesses in these sectors to access specialized forklift models tailored to their specific needs, such as rough-terrain forklifts or narrow-aisle forklifts.
Forklift Rental Market Size (2022A)
US$ 9.9 Billion
Estimated Market Value (2023E)
US$ 10.3 Billion
Forecasted Market Value (2033F)
US$ 16.3 Billion
Global Market Growth Rate (2023-2033)
United States Market Share (2023)
China Market Growth Rate (2023-2033)
United States Market Growth Rate (2023-2033)
Market Share of Top 3 Countries
Key Companies Profiled
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Comprehensive Analysis of the Forklift Rental Market
The forklift is a vehicle that has power operated fork platform, mainly used for lifting and moving goods for short distances. The forklift is gaining popularity due to the reason of easy and efficient solution to warehouse management. As with the digitalization and expansion of the e-commerce industry, there is a rise in the demand for warehouse management. Resulting in to increase in the demand for forklifts.
- Short Term (2023-2026): Continuous expansion in the logistics sector will drive the market as the increase in the market growth of the e-commerce industry will lead to an increase in demand for forklift rental depending on the requirement and tenure of the project and warehouse requirements.
- Medium Term (2026-2029): Electric forklifts will lead the market growth with the rising concern of the environment and sustainability. The industry is shifting towards eco-friendly ways in order to reduce the carbon footprint along with cost-cutting technology.
- Long Term (2029-2033): Efforts led by market players to curb the demand pool and gain high-profit margins coupled with strategic investment in digital presence are likely to drive the market growth in coming years.
Over the 2018-2022 historical period, the global forklift rental market registered a CAGR of 4.9%, and according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.7% CAGR between 2023 and 2033.
Market share analysis of forklift rental based on the power source and region is illustrated briefly in the above image. Under the power source segment, the electric sub-segment will dominate with 69.1% market share in 2023.
Market Dynamics Outlook
“Growing E-commerce Industry to Drive Forklift Rental Market Growth”
The demand and expansion for the forklift rental business are significantly impacted by the e-commerce industry's trend. There is a boom in warehouse and logistics activities as a result of the popularity of online shopping, which calls for effective material-handling tools like forklifts.
Forklift rentals are an excellent option for e-commerce enterprises to satisfy their changing needs without making the long-term commitment of acquiring equipment because these businesses frequently encounter seasonal peaks and fluctuating order volumes. Rental firms for forklifts offer various alternatives, enabling e-commerce companies to increase their operations during peak times and cut costs during off-peak times.
Renting forklifts enables firms to access the newest models with innovative features, enhancing productivity and operational efficiency. Additionally, the e-commerce sector needs short turnaround times and effective order fulfillment. As a result, the demand for forklift rentals, a vital part of the industry's supply chain infrastructure, has increased due to the development of e-commerce.
“Factors Affecting Market Growth”
Some rental providers require businesses to sign long-term contracts or commitments, which is a deterrent for companies with fluctuating or uncertain needs. Businesses that prefer short-term rentals or flexible arrangements are likely to be hesitant to engage in long-term contracts, limiting their participation in the rental market.
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Why US Market is Flourishing for the Forklift Rental Market?
The United States has a robust economy with a diverse range of industries, including manufacturing, construction, warehousing, logistics, and retail. As these sectors experience growth and expansion, there is an increased demand for material-handling equipment like forklifts. Renting forklifts offers businesses in the US flexibility and cost optimization.
Companies can adapt their forklift fleet size and types based on their fluctuating needs, allowing them to efficiently manage operational demands without making long-term investments in purchasing equipment. Rental eliminates the upfront costs associated with purchasing forklifts, such as acquisition, maintenance, and storage, providing cost savings and capital allocation for other business priorities.
What Factors Drive the Chinese Forklift Rental Market?
China is known as the "world's factory" due to its robust manufacturing sector. The country's industrial and manufacturing activities continue to grow, leading to an increased demand for material-handling equipment like forklifts. As new manufacturing facilities are established or existing ones expand their operations, the need for forklifts to handle materials, transport goods, and support production processes rises correspondingly.
Renting forklifts provides manufacturing companies with flexibility and scalability. As production requirements fluctuate or change, businesses can easily adjust their forklift fleet size and types based on their immediate needs. Rental allows manufacturers to quickly scale their operations without significant upfront costs, providing the agility required to adapt to market demand and maintain operational efficiency.
Why Demand for Electric Forklift is Surging?
There is increasing global awareness and emphasis on environmental sustainability and reducing carbon emissions. Electric forklifts have zero emissions at the point of use, as they do not burn fossil fuels like diesel or LPG. This makes them an attractive choice for businesses looking to align with sustainable practices and meet regulatory requirements related to emissions and environmental impact.
Electric forklifts are generally more energy-efficient compared to internal combustion engine (ICE) forklifts. They have lower operating costs as electricity is often cheaper than fuel, especially in regions with high fuel prices. Additionally, electric forklifts have fewer moving parts, reducing maintenance and repair costs over time. Renting electric forklifts allows businesses to benefit from these cost savings without the upfront investment in purchasing electric equipment. On the back of the aforementioned factors demand for electric forklifts is high in the market.
How Does Logistics Industry Growth Drives Forklift Rental Market Growth?
The logistics sector heavily relies on efficient material handling operations to manage the movement, storage, and distribution of goods. Forklifts are essential equipment in logistics warehouses, distribution centers, and transportation hubs for tasks like loading/unloading, stacking, and order picking. The expansion of the logistics sector translates into higher demand for forklifts, leading to increased rental opportunities.
Logistics operations are becoming more complex and adaptive due to changing consumer expectations, e-commerce growth, and global supply chain dynamics. This necessitates agile and versatile equipment solutions. Forklift rental allows logistics companies to access a wide range of forklift models and attachments, enabling them to adapt to diverse operational requirements, such as narrow-aisle forklifts, reach trucks, or specialized handling attachments.
The logistics industry operates in a highly competitive environment with tight margins. Renting forklifts can be a cost-effective strategy to optimize expenses and improve operational efficiency. Renting eliminates the upfront costs associated with purchasing forklifts, such as acquisition costs, maintenance, repairs, and depreciation. Logistics companies can allocate their capital resources to other critical areas while relying on rental providers to maintain and service the forklift fleet.
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Prominent forklift rental service providers are United Rentals, Sunbelt Rentals, Herc Rentals, BlueLine Rental, Ryder Material Handling, Crown Rental Services, The Home Depot Rental, and BigRentz.
Forklift rental providers often diversify their offerings to cater to a broader range of customer needs. This may include expanding the types of forklifts available for rent, such as electric forklifts, specialized forklifts, or high-capacity forklifts. Additionally, rental providers offer complementary services like maintenance, training, and consulting to provide a comprehensive solution to their customers.
Fact.MR has provided detailed information about the key rental service providers of forklifts, their total fleet, service portfolio, and revenue growth, in the recently published report.
Segmentation of Forklift Rental Industry Research
By Operation :
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Class 6
- Class 7
By Operating Capacity :
- Below 3.5 Tons
- 3.5-7 Tons
- 7-10 Tons
- Above 10 Tons
By Power Source :
- Gasoline / LPG / CNG
By End-Use Sector :
- Retail / Contracting
- Industrial & Manufacturing
By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
- Middle East & Africa
- FAQs -
The global forklift rental market is currently valued at US$ 9.9 billion in 2022.
The global forklift rental market is expected to grow with a 4.7% CAGR from 2023 to 2033.
During 2018-2022, demand for forklift rental increased by 4.9% CAGR.
The United States tops the global forklift rental market, which accounts for a 24.7% market share in 2023.
The electric forklift is predicted to account for a 69.1% share of the global market in 2023.
The US region is predicted to grow by 4.9% during 2023-2033.
The Chinese region is predicted to grow by 4.5% during 2023-2033.