Warehouse Expansions to Drive the Forklift Truck Market

Triton Market Research presents the Global Forklift Truck Market report sectioned by Product Type (Warehouse Forklift, Counterbalance Forklift), Power Source (Internal Combustion Engine, Electric Motor), Class (Class 4, Class 2, Class 1, Class 3, Class 5) End-user (Retail & Wholesale, Logistics, Manufacturing, Automotive, Food Industry, Other End-users), and Regional Outlook (Europe, Asia-Pacific, Latin America, Middle East and Africa, North America). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Key Impact Analysis, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research’s report suggests that the global forklift truck market is anticipated to witness progress at a CAGR of 7.62% throughout the forecast period 2022-2028.

Forklifts are motorized vehicles that lift and place discrete loads in a specific facility. They have forks for precise pallet-based unit loading and can be used with various platforms such as grippers, platforms, and clamps.

E-commerce is expected to grow significantly over the forecast period, increasing demand for warehouse automation. Forklifts are often used in warehouses to load and unload goods. Their benefits have led various companies to invest in advancing warehouse facilities. For instance, Flipkart announced a $2.5 billion net investment in India to improve logistics and warehousing capabilities. Similarly, IKEA announced a $1 billion investment in its warehouse expansion in India. Such high investments in logistics are expected to fuel the forklift truck market’s growth.

However, the volatile cost of raw materials increases the operational costs for manufacturers, which is anticipated to negatively impact the market during the forecast period.

Globally, the Asia-Pacific is estimated to be the fastest-growing region in the forklift truck market. The expanding construction sector, the establishment and expansion of warehouses, and the rising e-commerce industry have elevated the demand for forklift trucks. They are primarily used in construction, e-commerce, manufacturing utilities, and ports to transfer goods efficiently. Hence, the use of these trucks for various production applications is anticipated to drive the growth of the studied market in the region.

The established companies thriving in the forklift truck market are Mitsubishi Logisnext Co Ltd, Hyundai Heavy Industries Co Ltd, Komatsu Ltd, Doosan Group, Kion Group AG, Toyota Industries Corporation, Anhui Heli Co Ltd, Clark Material Handling Company, Hyster-Yale Materials Handling Inc, Lonking Holdings Limited, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Jungheinrich AG, Hangcha Group Co, and Crown Equipment Corporation.

The threat of new entrants in the market is expected to remain moderate over the forecast period. E-commerce is a significant emerging market with the widespread adoption of small and large parcel lifts and effective warehouse management. This trend is expected to soar over the forecast period, owing to the rise in the availability of electric forklift trucks with heavy payload capacities at a more effective cost. This is anticipated to increase forklift adoption and attract more companies to enter the market.