Forklift Trucks Market Overview, Global Size, Demand and Future Trends Analysis 2023-2028

The latest report published by IMARC Group, titled "Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

How Big is the Forklift Trucks Market?

The global forklift trucks market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.

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Forklift Trucks Market Trends:

The booming e-commerce industry represents one of the key factors driving the growth of the market across the globe. This is further leading to a rise in demand for forklift trucks in fulfillment centers and warehouses which is fueling the market growth. These vehicles are indispensable for moving, stacking, and organizing goods efficiently, thus meeting the growing demand for rapid order fulfillment. As industries expand, so does the need for efficient material handling. Forklift trucks are instrumental in manufacturing plants, distribution centers, and construction sites, which facilitate the movement of raw materials and finished products. The forklift industry has not remained immune to technological advancements. Electric forklifts are gaining traction due to their eco-friendliness, reduced operating costs, and improved efficiency. Automation and connectivity features are also being integrated, which enhances productivity and safety.

The increasing awareness of environmental issues is leading to a shift towards electric forklifts, which produce fewer emissions as compared to their internal combustion engine counterparts. Government regulations promoting cleaner technologies further drive this shift. Stringent safety regulations in many regions mandate the use of forklifts equipped with advanced safety features. This is driving businesses to upgrade their fleets to comply with these standards, which is boosting the market growth. The globalization of supply chains has made logistics more complex. Forklifts play a crucial role in managing this complexity by efficiently handling goods at ports, transportation hubs, and distribution centers. Infrastructure development projects, such as airports, seaports, and large-scale construction ventures, require heavy material-handling equipment like forklifts. The ongoing development of infrastructure worldwide fuels the demand for these machines.

Key Market Segmentation:

The report has segmented the global forklift trucks market based on product type, technology, class, application and region.

Breakup by Product Type:

• Counterbalanced Forklift Trucks
• Warehouse Forklift Trucks

Breakup by Technology:

• Electricity Powered
• Internal Combustion Engine Powered

Breakup by Class:

• Class I
• Class II
• Class III
• Class IV
• Class V

Breakup by Application:

• Non-Industrial:
o Warehouses and Distribution Centers
o Construction Sites
o Dockyards
o Snow Plows

• Industrial:
o Manufacturing
o Recycling Operations

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Competitive Landscape With Key Players:

The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Clark Material Handling Company
• Crown Equipment Corporation
• Godrej & Boyce
• Hyster-Yale Materials Handling Inc.
• Hyundai Heavy Industries Co. Ltd
• Jungheinrich
• KION Group
• Mitsubishi Forklift Trucks
• Toyota Industries Corporation

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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