Forklift Truck Market

Forklift Truck Market Outlook (2024 to 2034)

The global forklift truck market size is estimated to be valued at US$ 62,252.2 million in 2024. Sales of forklift trucks are expected to incline at a CAGR of 7.5% through 2034. A valuation of US$ 128,303.7 million is anticipated for the forklift truck market by 2034.

Forklifts, robust electric lift vehicles, play a crucial role in various workplaces by efficiently transporting and lifting substantial items across limited distances. Their versatility is particularly valuable in warehouses and dockyards, where they facilitate tasks like swiftly loading and unloading freight from vehicles and seamlessly moving packed materials within storage areas.

The surge in customer demand has led to a notable increase in the volume of boxes being transported. To ensure safe and precise delivery of products to their destinations, a diverse array of distribution methods and warehouse technologies are employed. This surge in the e-commerce industry has become a driving force behind the evolution and growth of the global forklift truck market, emphasizing the need for efficient handling and movement of goods within warehouses and distribution centers.

The market is poised for robust growth, buoyed by heightened investments from both government and private sectors alongside remarkable technological advancements.

Electric forklift trucks, with their noiseless operation, zero emissions, and versatility comparable to IC forklifts, are expected to exhibit the most rapid growth over the forecasted period. Within warehouses, forklift trucks play a crucial role in efficiently arranging inventory, contributing significantly to time and space optimization.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 62,252.2 million
Forecasted Market Value (2034F)	US$ 128,303.7 million
Global Market Growth Rate (2024 to 2034)	7.5% CAGR
Counterbalance Forklift Trucks Segment Growth Rate (2024 to 2034)	7.3% CAGR
Electric Motor Fork Lift Trucks Segment Growth Rate (2024 to 2034)	8.0% CAGR
North America Market Share (2024)	37.8%
East Asia Market Share (2024)	30.7%
Key Companies Profiled	Anhui Heli Co. Ltd. CLARK Crown Equipment Corporation Doosan Corporation Hangcha Hyster-Yale Materials Handling Inc. Jungheinrich AG KION Group AG Komatsu Ltd. Mitsubishi Logisnext Co. Ltd. Toyota Material Handling

Which Factor are boosting Global Demand for Forklift Truck?

Increasing Demand in End-Use Industries

The global forklift truck market is expected to expand, driven by key factors associated with end-use industries. Electric motor-powered forklifts trucks and those relying on IC engines offer unique advantages and drawbacks. One standout advantage of electric forklifts truck is their freedom from the need for on-site fuel storage, simplifying operations. Companies increasingly opt for electric material-handling vehicles in warehouses due to their reduced pollution emissions, streamlining maintenance and operation.

In developed regions like North America, Europe, and Asia, where established e-commerce sectors and stringent emission standards prevail, electric forklifts are gaining substantial traction due to heightened environmental concerns. However, in developing markets, IC-engine forklift trucks continue to maintain higher popularity despite these advancements in electric models.

E-Commerce and Supply Chain Expansion Drive Market Growth

The surge in e-commerce and the evolution of supply chains, emphasizing swift and efficient movement of goods, further drives the demand for forklift trucks in warehouses and distribution centers. Developing economies with expanding manufacturing and logistics sectors represent new opportunities for forklift market growth as these countries invest in infrastructure and modernize their industries.

Growing preference for renting or leasing forklifts due to flexibility in operations and cost-effectiveness drives the market, especially in industries with fluctuating demand.

Which Factors Hinder the Growth in Forklift Truck Market?

Balancing the Costs of Developing Advanced Features with Maintaining Competitive Pricing Poses Challenges for Manufacturers

Operating forklift trucks in high-duty or moist environments poses challenges affecting their effectiveness, thereby impacting market growth. In multi-shift operations, addressing the cleaning, watering, and charging needs of batteries can be logistically challenging. Moreover, the substantial initial investment and the necessity to align battery charger voltage requirements with the electrical supply add complexity.

Ensuring workplace safety involves additional expenses, including adequate flooring and eyewash stations. For indoor use, IC-engine forklift trucks require costly emission equipment and proper ventilation, which may not always be feasible. Moreover, compliance with regional regulations often involves installing bulk gasoline storage tanks. Additionally, the anticipated increase in fossil fuel prices over the coming years adds pressure on operational costs, accentuating the need for alternative and more sustainable solutions in the forklift industry.

Country-wise Insights

The North America forklift truck market is poised for exceptional growth, projecting a CAGR of 7.9% through 2034. In 2024, the United States dominates the forklift truck industry with an estimated 79.3% market share.

Meanwhile, the East Asia forklift truck market is anticipated to exhibit substantial progress, aiming for an 8.5% CAGR through 2034. In East Asia, China emerges as the key player in the forklift truck industry, commanding a significant share of 59.4% in 2024.

What is the Growth Scenario of the Forklift Truck Market in the United States?

“Continuous Innovation in Forklift Technology drive Market Demand in United States”

Attribute	United States
Market Value (2024)	US$ 18,660.3 million
Growth Rate (2024-2034)	7.7% CAGR
Projected Value (2034)	US$ 39,177.5 million

The United States is forecasted to hold 77.5% of the North American market share by the end of 2034. The United States, as a developed nation, is poised for promising sales growth within the North American region across various end-user segments in the forklift industry. This growth is primarily attributed to the presence and influence of major players in the market.

These significant industry players in the United State are driving the anticipated growth by heavily investing in advanced and modern forklift models as opposed to conventional ones. Their strategic focus on innovative forklift technologies signals an optimistic outlook for expansion throughout the forecasted period.

What is driving the Forklift Truck Market in China?

“Growing Manufacturing Industry to Boost the Forklift Truck Market Growth in China”.

Attribute	China
Market Value (2024)	US$ 11,352.2 million
Growth Rate (2024-2034)	8.1% CAGR
Projected Value (2034)	US$ 24,775.6 million

China is forecasted to hold a 57.3% share of East Asia market revenue by 2034. The country’s rapid industrialization and continuous economic growth have led to increased demands for efficient material handling, boosting the need for forklift trucks across various sectors such as manufacturing, logistics, and warehousing.

There's a growing trend towards adopting advanced forklift technologies, including electric and new energy forklifts, as industries prioritize eco-friendly and cost-effective solutions. China's diverse market landscape, including the presence of numerous manufacturers and suppliers, contributes to a competitive environment and offers a wide range of forklift options to consumers.

Category-wise Insights

Based on product type, the counterbalance forklift truck segment is estimated to hold a 72.1% of the global forklift truck market share in 2024. Simultaneously, the warehouse forklift truck segment is anticipated to secure a 27.9% share, contributing significantly to the market growth.

Based on propulsion, the electric motor fork lift truck segment marks its dominance in the forklift truck industry, with a share of 47.8% in 2024.

Which is the most Popular Product Type in Forklift Truck Market?

“Counterbalance Forklift Truck Segment to generate high Revenue”

Attribute	Counterbalance Forklift Truck
Segment Value (2024)	US$ 44,883.8 million
Growth Rate (2024 to 2034)	7.3% CAGR
Projected Value (2034)	US$ 90,582.4 million

Based on product type, counterbalance forklift truck segment is forecasted to hold 70.6% of the forklift truck market share by 2034. Counterbalanced forklift trucks are often preferred and in high demand compared to warehouse forklift trucks due to their enhanced convenience and versatility. Specifically designed for heavy-load handling, these trucks offer practicality and efficiency.

Their distinguishing feature lies in the weight positioned at the truck's rear end, balancing the load weight on the forks and thereby increasing both stability and driver safety. These advantages collectively position counterbalanced forklift trucks as an exceptionally profitable and sought-after type within the forklift market.

Which is the Prominent Segment Based on Propulsion in Forklift Truck Market?

“Electric Motor Fork Lift Truck segment is expected to account for a higher Market Share”

Attribute	Electric Motor Fork Lift Truck
Segment Value (2024)	US$ 29,756.6 million
Growth Rate (2024 to 2034)	8.0% CAGR
Projected Value (2034)	US$ 64,023.6 million

Electric motor forklift trucks are predicted to occupy a 49.9% share of the global market by 2034. The segment for electric motor forklift trucks is poised for the fastest growth in the forecast period, primarily due to their standout benefit: extended battery life. Electric forklifts offer longevity in battery performance and versatility in various applications.

Notably, their environmental friendliness, owing to zero emissions, marks a significant advantage. Additionally, compared to IC engine forklifts, electric variants operate quietly, with better audible warning horns and standby signals, enhancing safety in operational environments.

Electric forklifts generally have lower operating costs compared to internal combustion engine (IC) forklifts. They require less maintenance, no fuel costs, and have fewer moving parts, reducing ongoing expenses.

Competitive Landscape

In the global forklift truck market, intense competition prevails among numerous manufacturers vying for market leadership. Major industry players have undergone substantial expansions, aiming to secure larger market shares. Over recent years, a variety of growth strategies, such as acquisitions, mergers, and collaborations, have been prevalent among market participants. These companies are strategically diversifying their product portfolios, strategically enhancing their offerings to augment their revenue streams within the sector.

• Anhui Heli Co. Ltd. has focused on expanding its product range, introducing electric forklifts, and emphasizing R&D to enhance technological advancements in their forklifts, aiming for more efficient and eco-friendly models.
• CLARK has been investing in product innovation, focusing on safety features and technological advancements, such as integrating IoT capabilities for predictive maintenance and enhancing ergonomics in their forklift designs.

Forklift Truck Market -Key Segments

• By Product Type :

  • Counterbalance
  • Warehouse

• By Propulsion :

  • Electric Motor
  • IC Engine

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • Middle East and Africa