GLOBAL FORKLIFT TRUCK MARKET 2022-2028

Building & Construction | Construction Materials

GLOBAL FORKLIFT TRUCK MARKET 2022-2028

Market by Product Type, Power Source, Class, End-user, and Regional Outlook | Forecast 2022-2028

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Forklifts, also known as lift trucks, help move materials from one place to another. They are employed in warehouses, ports, logistics, etc. Moreover, they can carry the load at a specific maximum weight and forward center of gravity. This has led companies to introduce an innovative range of forklifts with features such as powerful engines, increased lifting capacity, comfort, and fuel efficiency. 

According to Triton Market Research’s analysis, the Global Forklift Truck Market is likely to reach $106.26 billion by 2028, with a CAGR of 7.62% from $66.03 billion in 2021 during the forecast period 2022-2028.

 

Click here to check out our blog on the Global Forklift Truck Market

MARKET PERFORMANCE: DRIVERS, CHALLENGES, AND TRENDS

Factors such as growth in infrastructure projects globally, warehouse expansions, and the thriving e-commerce industry are driving market growth. Customers using e-commerce services expect to receive their products quickly and in perfect condition. This places massive demand on the e-commerce warehouses to pick, pack, and ship the products at the earliest, thereby raising the demand for material handling equipment. In this regard, the warehouse & distribution center operations must be highly efficient to deliver products in a specified duration and ensure easy exchange methods. This is increasing the demand for forklift trucks as they are useful in moving goods in and around the warehouse. Companies such as Amazon, Alibaba, Walmart, and other retail players are expanding their fleets of forklift trucks.

However, the volatile cost of raw materials is a challenge for the studied market. OEMs depend on a limited number of suppliers for components used in forklift trucks, such as gasoline, diesel, and alternative fuel engines. Moreover, the shortage of rare earth metals, such as lithium, cobalt, and manganese, further impacts forklift trucks’ adoption. Further, manufacturers are subject to various legal and government regulations across different countries. Companies must comply with business and investment approvals and adhere to import and export regulations. Changes in these regulations can harm the financial position of a company and its performance.

Nevertheless, the fuel efficiency and low carbon emissions of forklift trucks are expected to create growth opportunities in the global market. The logistics & transport industry is working towards introducing greener solutions as the manufacturers have become more aware of environmental problems. As a result, they are working towards introducing battery-based and electric-based forklifts as they are zero-emission trucks.



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KEY GEOGRAPHIES COVERED:

      North America: United States and Canada

      Europe: United Kingdom, France, Germany, Spain, Italy, Belgium, and Rest of Europe

      Asia-Pacific: China, Japan, India, South Korea, ASEAN Countries, Australia & New Zealand, and Rest of Asia-Pacific

      Latin America: Brazil, Mexico, and Rest of Latin America

      Middle East and Africa: United Arab Emirates, Saudi Arabia, Turkey, and Rest of Middle East & Africa

SEGMENTATION ANALYSIS - FORKLIFT TRUCK MARKET:

•         Market by Product Type:

o        Warehouse Forklift

o        Counterbalance Forklift

•         Market by Power Source:

o        Internal Combustion Engine

The internal combustion engine (ICE) leads the power source segment. ICE is ideal for outdoor applications and has extensive usage in the iron, steel, automobile manufacturing, and shipbuilding industry. ICE-powered forklifts that include counterbalance forklift trucks are also used on the seaports to load and unload the containers. Substantial investment in the development of ports drives the adoption of ICE-powered forklift trucks.

o        Electric Motor

•         Market By Class:

o        Class 1

o        Class 2

o        Class 3

o        Class 4

o        Class 5

•         Market by End-user:

o        Retail & Wholesale

Retail & Wholesale is the fastest-growing category in the end-user segment. Forklift trucks used in the segment are deployed for elating and relocating industrial goods from one place to another. Forklift trucks of varied sizes are being used to quickly transfer different quantities of retail items or packages from one place to another. Moreover, they are used to pick up, relocate, and arrange the goods in the factory or store. Growth in the retail and wholesale industries is predicted to increase forklift truck adoption, thus driving the retail & wholesale segment.

o        Logistics

o        Manufacturing

o        Automotive

o        Food Industry

o        Other End-users


COMPETITIVE LANDSCAPE 

The forklift truck market by company profile helps dive into data about the key players in this industry. The strategic initiatives for each of the companies considered have been covered in detail.

Product Launch (January 2022): Doosan Corporation

Doosan added the sophisticated heavy-lifting D70S-9 range to its new 9-Series, Euro Stage V compatible IC engine counterbalance forklift trucks.

Product Launch (January 2022): Toyota Material Handling

Toyota Material Handling UK launched its new Traigo 80 80-volt range of electric counterbalance forklifts designed for indoor and heavy-duty outdoor use.

 

KEY BENEFITS OF THE REPORT:

      Triton Market Research has a collective experience of 25-30 years in the industry, with its analysts and experts encompassing the most infallible research methodology for its market intelligence and industry analysis.

 

      Our research methodology helps in achieving a broader consensus of the market size, shape, and industry trends within each industry segment.

 

      The strategy adopted in designing the research methodology includes the amalgamation of the information assembled from primary and secondary sources, with the assistance of analytical tools to construct the forecast and predictive models.

 

      The scope of the market report comprises the current scenario of the global forklift truck market, along with the detailed overview of the industry outlook, market dynamics, segmentation analysis, regional outlook, and competitive landscape for the period 2022-2028.

 

FAQs:

Q 1) Which major segments are covered in the forklift truck market?

The major segments covered in the forklift truck market are product type, power source, class, and end-user.

Q 2) Which is the leading power source in the forklift truck market?

Internal combustion engine (ICE) is the leading category in the power source segment.

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Table of Content

1. GLOBAL FORKLIFT TRUCK MARKET - SUMMARY

2. INDUSTRY OUTLOOK

2.1. IMPACT OF COVID-19 ON THE FORKLIFT TRUCK MARKET

2.2. KEY INSIGHTS

2.2.1. FUEL EFFICIENCY AND LOW CARBON EMISSIONS

2.2.2. COUNTERBALANCE FORKLIFT HOLDS THE HIGHEST SHARE IN THE PRODUCT TYPE SEGMENT

2.3. PORTER’S FIVE FORCES ANALYSIS

2.3.1. THREAT OF NEW ENTRANTS

2.3.2. THREAT OF SUBSTITUTES

2.3.3. BARGAINING POWER OF BUYERS

2.3.4. BARGAINING POWER OF SUPPLIERS

2.3.5. THREAT OF COMPETITIVE RIVALRY

2.4.  KEY IMPACT ANALYSIS

2.4.1. COST

2.4.2. TYPE OF ENGINE 

2.4.3. PAYLOAD CAPACITIES   

2.4.4. LIFT HEIGHT

2.5. MARKET ATTRACTIVENESS INDEX

2.6. VENDOR SCORECARD

2.7. REGULATORY FRAMEWORK

2.8. KEY MARKET STRATEGIES

2.8.1. ACQUISITIONS

2.8.2. PRODUCT LAUNCHES

2.8.3. CONTRACTS & AGREEMENTS

2.9. MARKET DRIVERS

2.9.1. GROWTH IN INFRASTRUCTURE PROJECTS

2.9.2. WAREHOUSE EXPANSIONS

2.9.3. THRIVING E-COMMERCE INDUSTRY

2.10. MARKET CHALLENGE

2.10.1. VOLATILE COST OF RAW MATERIALS

2.11. MARKET OPPORTUNITIES

2.11.1. INCREASED GOVERNMENT EXPENDITURE IN EMERGING ECONOMIES

2.11.2. RISING INVESTMENTS IN AUTONOMOUS FORKLIFT TRUCKS

3. GLOBAL FORKLIFT TRUCK MARKET OUTLOOK - BY PRODUCT TYPE

3.1. WAREHOUSE FORKLIFT

3.2. COUNTERBALANCE FORKLIFT

4. GLOBAL FORKLIFT TRUCK MARKET OUTLOOK - BY POWER SOURCE

4.1. INTERNAL COMBUSTION ENGINE

4.2. ELECTRIC MOTOR

5. GLOBAL FORKLIFT TRUCK MARKET OUTLOOK - BY CLASS

5.1. CLASS 1

5.2. CLASS 2

5.3. CLASS 3

5.4. CLASS 4

5.5. CLASS 5

6. GLOBAL FORKLIFT TRUCK MARKET OUTLOOK - BY END-USER

6.1. RETAIL & WHOLESALE

6.2. LOGISTICS

6.3. MANUFACTURING

6.4. AUTOMOTIVE

6.5. FOOD INDUSTRY

6.6. OTHER END-USERS

7. GLOBAL FORKLIFT TRUCK MARKET – BY REGIONAL OUTLOOK

7.1. NORTH AMERICA

7.1.1. MARKET BY PRODUCT TYPE

7.1.2. MARKET BY POWER SOURCE

7.1.3. MARKET BY CLASS

7.1.4. MARKET BY END-USER

7.1.5. COUNTRY ANALYSIS

7.1.5.1. UNITED STATES

7.1.5.2. CANADA

7.2. EUROPE

7.2.1. MARKET BY PRODUCT TYPE

7.2.2. MARKET BY POWER SOURCE

7.2.3. MARKET BY CLASS

7.2.4. MARKET BY END-USER

7.2.5. COUNTRY ANALYSIS

7.2.5.1. UNITED KINGDOM

7.2.5.2. GERMANY

7.2.5.3. FRANCE

7.2.5.4. SPAIN

7.2.5.5. ITALY

7.2.5.6. BELGIUM

7.2.5.7. REST OF EUROPE

7.3. ASIA-PACIFIC

7.3.1. MARKET BY PRODUCT TYPE

7.3.2. MARKET BY POWER SOURCE

7.3.3. MARKET BY CLASS

7.3.4. MARKET BY END-USER

7.3.5. COUNTRY ANALYSIS

7.3.5.1. CHINA

7.3.5.2. JAPAN

7.3.5.3. INDIA

7.3.5.4. SOUTH KOREA

7.3.5.5. ASEAN COUNTRIES

7.3.5.6. AUSTRALIA & NEW ZEALAND

7.3.5.7. REST OF ASIA-PACIFIC

7.4. LATIN AMERICA

7.4.1. MARKET BY PRODUCT TYPE

7.4.2. MARKET BY POWER SOURCE

7.4.3. MARKET BY CLASS

7.4.4. MARKET BY END-USER

7.4.5. COUNTRY ANALYSIS

7.4.5.1. BRAZIL

7.4.5.2. MEXICO

7.4.5.3. ARGENTINA

7.4.5.4. REST OF LATIN AMERICA

7.5. MIDDLE EAST AND AFRICA

7.5.1. MARKET BY PRODUCT TYPE

7.5.2. MARKET BY POWER SOURCE

7.5.3. MARKET BY CLASS

7.5.4. MARKET BY END-USER

7.5.5. COUNTRY ANALYSIS

7.5.5.1. UNITED ARAB EMIRATES

7.5.5.2. SAUDI ARABIA

7.5.5.3. EGYPT

7.5.5.4. SOUTH AFRICA

7.5.5.5. REST OF MIDDLE EAST & AFRICA

8. COMPETITIVE LANDSCAPE

8.1. HANGCHA GROUP CO LTD

8.2. KION GROUP AG

8.3. ANHUI HELI CO LTD   

8.4. CLARK MATERIAL HANDLING COMPANY   

8.5. CROWN EQUIPMENT CORPORATION         

8.6. TOYOTA INDUSTRIES CORPORATION        

8.7. MITSUBISHI LOGISNEXT CO LTD  

8.8. JUNGHEINRICH AG     

8.9. EP EQUIPMENT CO LTD       

8.10. HYSTER-YALE MATERIALS HANDLING INC       

8.11. HYUNDAI HEAVY INDUSTRIES CO LTD

8.12. KOMATSU LTD 

8.13. LONKING HOLDINGS LIMITED         

8.14. GODREJ & BOYCE MANUFACTURING COMPANY LIMITED    

8.15. DOOSAN GROUP

9. RESEARCH METHODOLOGY & SCOPE

9.1. RESEARCH SCOPE & DELIVERABLES

9.2. SOURCES OF DATA

9.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1: GLOBAL FORKLIFT TRUCK MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 2: VENDOR SCORECARD

TABLE 3: REGULATORY FRAMEWORK

TABLE 4: GLOBAL FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 5: GLOBAL FORKLIFT TRUCK MARKET BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 6: GLOBAL FORKLIFT TRUCK MARKET BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 7: GLOBAL FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 8: GLOBAL FORKLIFT TRUCK MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 9: NORTH AMERICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 10: NORTH AMERICA FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 11: NORTH AMERICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 12: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 13: NORTH AMERICA FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 14: EUROPE FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 15: EUROPE FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 16: EUROPE FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 17: EUROPE FORKLIFT TRUCK MARKET, BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 18: EUROPE FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 19: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 20: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 21: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 22: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 23: ASIA-PACIFIC FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 24: LATIN AMERICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 25: LATIN AMERICA FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 26: LATIN AMERICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 27: LATIN AMERICA FORKLIFT TRUCK MARKET, BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 28: LATIN AMERICA FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 29: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 30: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 31: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 32: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 33: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

List of Figures

FIGURE 1: MARKET ATTRACTIVENESS INDEX

FIGURE 2: GLOBAL FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2021 & 2028 (IN %)

FIGURE 3: GLOBAL FORKLIFT TRUCK MARKET, BY WAREHOUSE FORKLIFT, 2022-2028 (IN $ MILLION)

FIGURE 4: GLOBAL FORKLIFT TRUCK MARKET, BY COUNTERBALANCE FORKLIFT, 2022-2028 (IN $ MILLION)

FIGURE 5: GLOBAL FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2021 & 2028 (IN %)

FIGURE 6: GLOBAL FORKLIFT TRUCK MARKET, BY INTERNAL COMBUSTION ENGINE, 2022-2028 (IN $ MILLION)

FIGURE 7: GLOBAL FORKLIFT TRUCK MARKET, BY ELECTRIC MOTOR, 2022-2028 (IN $ MILLION)

FIGURE 8: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS, 2021 & 2028 (IN %)

FIGURE 9: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS 1, 2022-2028 (IN $ MILLION)

FIGURE 10: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS 2, 2022-2028 (IN $ MILLION)

FIGURE 11: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS 3, 2022-2028 (IN $ MILLION)

FIGURE 12: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS 4, 2022-2028 (IN $ MILLION)

FIGURE 13: GLOBAL FORKLIFT TRUCK MARKET, BY CLASS 5, 2022-2028 (IN $ MILLION)

FIGURE 14: GLOBAL FORKLIFT TRUCK MARKET, BY END-USER, 2021 & 2028 (IN %)

FIGURE 15: GLOBAL FORKLIFT TRUCK MARKET, BY RETAIL & WHOLESALE, 2022-2028 (IN $ MILLION)

FIGURE 16: GLOBAL FORKLIFT TRUCK MARKET, BY LOGISTICS, 2022-2028 (IN $ MILLION)

FIGURE 17: GLOBAL FORKLIFT TRUCK MARKET, BY MANUFACTURING, 2022-2028 (IN $ MILLION)

FIGURE 18: GLOBAL FORKLIFT TRUCK MARKET, BY AUTOMOTIVE, 2022-2028 (IN $ MILLION)

FIGURE 19: GLOBAL FORKLIFT TRUCK MARKET, BY FOOD INDUSTRY, 2022-2028 (IN $ MILLION)

FIGURE 20: GLOBAL FORKLIFT TRUCK MARKET, BY OTHER END-USERS, 2022-2028 (IN $ MILLION)

FIGURE 21: GLOBAL FORKLIFT TRUCK MARKET, BY REGIONAL OUTLOOK, 2021 & 2028 (IN %)

FIGURE 22: UNITED STATES FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 23: CANADA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 24: UNITED KINGDOM FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 25: GERMANY FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 26: FRANCE FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 27: SPAIN FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 28: ITALY FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 29: BELGIUM FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 30: REST OF EUROPE FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 31: CHINA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 32: JAPAN FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 33: INDIA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 34: SOUTH KOREA FORKLIFT TRUCK MARKET, 2022-2028 (IN $ MILLION)

FIGURE 35: ASEAN COUNTRIES FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 36: AUSTRALIA & NEW ZEALAND FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 37: REST OF ASIA-PACIFIC FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 38: BRAZIL FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 39: MEXICO FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 40: REST OF LATIN AMERICA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 41: UNITED ARAB EMIRATES FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 42: SAUDI ARABIA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 43: TURKEY FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 44: SOUTH AFRICA FORKLIFT TRUCK MARKET, 2022-2028 (IN $ MILLION)

FIGURE 45: REST OF MIDDLE EAST & AFRICA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

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