Forklift Trucks Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: AT240724 | Research Suite: Report (PDF) & Market Data (Excel)
Forklift trucks are essential industrial vehicles that are
used to lift and move large objects. They are made up of a front-mounted,
power-operated, forked platform that are able to be raised and lowered to fit
under pallets, freight, or equipment. They are capable of operating in many
kinds of settings and manage a variety of loads because of their versatile design.
MARKET
OVERVIEW
The global market valuation of forklift trucks market is valued at approximately USD 54,145 million in 2022 and is projected to reach around USD 128, 961 million by 2034 exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period of 2024-2034. They are intended to be used for moving big objects around a worksite. Their primary purpose is to enable operators to move materials effectively without the need for manual effort.
GROWTH
DRIVERS
E-commerce is growing at a rapid pace, which has raised the
need for effective material handling solutions in distribution centers and
warehouses. Businesses need more forklifts to handle inventory and promptly
complete orders as e-commerce grows. The growth of e-commerce has made
warehouse optimization imperative. Companies are investing in sophisticated
material handling machinery, such as forklifts, to increase inventory
management efficiency and streamline processes.
MARKET
SEGMENTATION:
·
By Product Type -
Counterbalanced Forklift Trucks, Warehouse Forklift Trucks
·
By Technology -
Electricity Powered, Internal Combustion Engine Powered
·
By Class - Class I -
Electric motor rider trucks, Class II - Electric motor narrow aisle trucks,
Class III - Electric motor hand trucks or hand/rider trucks, Class IV -
Internal combustion engine trucks (solid/cushion tires), Class V - Internal
combustion engine trucks (pneumatic tires)
·
By Capacity - Below 5
Tons, Above 5 Tons
·
By End Users -
Mining, Manufacturing, Retail & Wholesale, Logistics, Construction,
Automotive, Food & Beverages, Others
·
By Region - North
America, Europe, Asia Pacific, Latin America, Middle East & Africa
Forklift
Trucks Market By Product Type Segment Review:
Counterbalanced forklift trucks are expected to dominate the global market. These forklifts' popularity is attributed to their adaptability and capacity to function in both indoor and outdoor settings. They are especially well-suited for jobs involving short distance transporting of large objects.
Forklift
Trucks Market By Technology Segment Review:
Electricity-powered forklifts hold a significant portion of
the market share because of their environmental benefits and operational
efficiencies. Additionally, they operate more quietly than internal combustion
engine-powered forklifts, making them suitable for indoor use. Numerous
companies have switched to this technology primarily because of stricter laws
designed to cut carbon emissions.
Forklift
Trucks Market By Class Segment Review:
Class III is anticipated to hold the maximum share in the
global market. Electric motor hand trucks, often referred to as hand/rider
trucks, combine electric assistance with manual operation. They are adaptable
and useful in a variety of contexts. They are easy to manage as they are often
lighter than other classes.
Forklift
Trucks Market By Capacity Segment Review:
Electric forklifts, forklifts with internal
combustion engines, and pallet jacks are among the forklift types included in
the Below 5 Tons capacity group. They are ideal for lighter loads, they do not
meet the demands of industries requiring heavier lifting capabilities. Larger
internal combustion engine-powered forklifts are commonly found in the Above 5
Tons capacity class, while heavy-duty electric variants are also available.
Forklift
Trucks Market By End Users Segment Review:
Food and beverages sector is expected to hold the dominance
in the global market during the forecast period. These
forklifts support efficient inventory management in storage facilities while
upholding stringent food safety regulations.
Forklift
Trucks Market By Region Segment Review:
Asia pacific is expected to hold the maximum share in
worldwide market while growing at the highest CAGR during the forecast period,
primarily due to rapid industrialization and urbanization in several countries.
A growing need for effective logistics and
warehousing solutions due to the growth of e-commerce platforms.
Forklift
Trucks Market Regional Synopsis:
The forklift truck market in North America is
well-established and distinguished by robust manufacturing sectors and
sophisticated logistical networks. Market expansion is being aided by economic
growth spurred by infrastructure development projects and an increase in online
shopping.
Europe's growing industrial sector and extensive
warehousing operations contribute to its strong growth. This region is bound to
grow if automation and sustainability are given more funding.
The Asia Pacific region has experienced a boom in
demand for effective logistics and warehousing solutions due to the growth of
e-commerce platforms.
The market demand is rising in Latin America as a
result of the region's industrial development and GDP expansion. Technological
developments in forklift design along with the rise of the logistics and warehousing
industries are essential to the market's evolution.
The expansion of ports and logistics centres,
among other infrastructure projects, is driving up demand for forklifts in the
Middle East and Africa. The continued investments in infrastructure provide
robust growth potential.
Key
Challenges:
Globally, more stringent environmental laws are being enacted, especially with regard to emissions requirements for forklifts with internal combustion engines (ICEs). In order to stay cost-effective and comply with these rules, manufacturers need to make research and development investments. There is a labour scarcity in the business for experienced workers who are capable of operating sophisticated forklift systems in a safe and effective manner. This shortfall is likely to raise labour expenses and hamper operational effectiveness.
Competitive
Landscape:
Rapid technical breakthroughs, changing client
expectations, and heightened rivalry define the competitive landscape of
forklift truck market. Manufacturers are implementing a range of initiatives
that include innovation, sustainability, consumer involvement, and operational
efficiency in order to stay competitive. Producers are allocating significant
resources into research and development (R&D) in order to enhance their
range of products. They are also concentrating on sustainable methods
as environmental concerns gain traction on a worldwide scale.
Global
Key Players:
·
Jungheinrich AG
·
Toyota Industries Corporation
·
Mitsubishi Forklift Trucks
·
KION Group AG
·
Crown Equipment Corporation
·
Hangcha Group Co.
·
Hyster-Yale Materials Handling Inc.
·
Doosan Industrial Vehicles Co. Ltd
·
Caterpillar Inc.
·
Anhui Heli Ltd
·
Komatsu Ltd
· Clark Material Handling Company Inc.