NORTH AMERICA FORKLIFT TRUCK MARKET 2023-2030

Building & Construction | Construction Materials

NORTH AMERICA FORKLIFT TRUCK MARKET 2023-2030

Market by Power Source, Type, End-user, and Country Outlook | Forecast 2023-2030

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According to a report by Triton Market Research, the North American forklift truck market is expected to experience a CAGR of 8.00% in revenue and 5.12% in volume during the forecast period 2023 to 2030.


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The countries researched in the region are:

•         United States

•         Canada

Growing demand in various industries such as warehousing, automotive, and retail are among the key factors driving market growth and providing profitable opportunities for companies. The continuous advancement of technology and automation impacts the production of forklifts in North America. In this regard, integrating advanced features such as electric drives, telematics, and autonomous functions has significantly impacted the production process. These technological advancements have led to the development of more efficient, safer, and environmentally friendly forklifts, prompting manufacturers to upgrade their production capabilities to meet the demand.

The US captures the largest share in the forklift truck market. This is mainly owing to the thriving e-commerce sector and advanced infrastructure. The increased demand for warehouses during the pandemic and the rise in new facilities have created affluent opportunities for the market. Forklifts play a critical role in managing the loading, unloading, and transfer of goods in these warehouses, supporting the growing need for warehousing.

The manufacturing industry includes the food and pharmaceutical sectors. Electric lift trucks help operators handle products efficiently and accurately in the pharmaceutical industry. In the food industry, forklift trucks transport food packets to specific locations. Forklift trucks with different capacities and power types are employed to carry various weights of food packets and arrange them in the factory. They are preferred due to their advanced ergonomics and low emissions, making them suitable for the food industry.

The forklift truck market is segmented into three - by end user, power source, and type. The end-user segment is further divided into retail and e-commerce, construction, manufacturing, and other end-users.

Leading companies such as Komatsu Ltd, Doosan Corporation, Crown Equipment Corporation, Mitsubishi Logisnext Co Ltd, and Hyster-Yale Materials Handling Inc are prominently mentioned in the market report.

Crown Equipment Corporation is a leading global manufacturer of electric and IC engine-powered forklifts and components. With a robust network of 22 manufacturing facilities and over 500 retail locations in 84 countries, Crown offers a comprehensive global manufacturing, sales, and service infrastructure. The company’s commitment to in-house manufacturing extends to 85% of its forklift components, ensuring quality control. However, focusing on the material handling equipment industry carries risks, as it is susceptible to cyclical demand and economic fluctuations, which could impact Crown’s performance.


Key deliverables of the report:

      Market CAGR during the forecasting years 2023-2030

      Detailed data highlighting key insights, industry components, and market strategies

      Comprehensive information and estimation of the forklift truck market revenue growth in North America and its influence on the parent market

      In-depth study of forthcoming trends in consumer behavioral patterns

      A meticulous analysis of the competitive landscape, vendor scorecard, and Porter’s Five Forces

      A wide-ranging study of factors that will challenge the NA forklift truck market’s growth during the upcoming years

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Table of Content

1. NORTH AMERICA FORKLIFT TRUCK MARKET- SUMMARY

2. INDUSTRY OUTLOOK

2.1. IMPACT ANALYSIS ON THE FORKLIFT TRUCK MARKET

2.1.1. COVID-19 IMPACT

2.2. PORTER’S FIVE FORCES ANALYSIS

2.2.1. THREAT OF NEW ENTRANTS

2.2.2. THREAT OF SUBSTITUTES

2.2.3. BARGAINING POWER OF BUYERS

2.2.4. BARGAINING POWER OF SUPPLIERS

2.2.5. THREAT OF COMPETITIVE RIVALRY

2.3. MARKET MATURITY ANALYSIS

2.4. INDUSTRY COMPONENTS

2.4.1. SUPPLIERS

2.4.2. MANUFACTURERS

2.4.3. DISTRIBUTORS

2.4.4. END-USER

2.5. KEY BUYING IMPACT ANALYSIS

2.5.1. COST

2.5.2. ENGINE TYPE

2.5.3. PAYLOAD CAPACITIES

2.5.4. LIFT HEIGHT

2.6. KEY MARKET STRATEGIES

2.6.1. PRODUCT LAUNCHES

2.6.2. BUSINESS DIVESTITURES & EXPANSIONS

2.7. MARKET DRIVERS

2.7.1. GROWING DEMAND FROM THE E-COMMERCE SECTOR

2.7.2. TRANSITION TOWARD AUTOMATION OF MANUFACTURING PLANTS

2.8. MARKET CHALLENGES

2.8.1. STRINGENT TRAINING AND EMISSIONS REGULATIONS

2.8.2. FLUCTUATING PRICE OF RAW MATERIALS

2.9. MARKET OPPORTUNITIES

2.9.1. RISING DEMAND FOR ELECTRIC FORKLIFTS

2.9.2. INTRODUCTION OF AUTONOMOUS VEHICLE TECHNOLOGY FOR MATERIAL HANDLING

2.10. ANALYST PERSPECTIVE

3. NORTH AMERICA FORKLIFT TRUCK MARKET – BY POWER SOURCE

3.1. IC ENGINE POWERED

3.2. ELECTRIC POWERED

4. NORTH AMERICA FORKLIFT TRUCK MARKET – BY TYPE

4.1. CLASS 1

4.2. CLASS 2

4.3. CLASS 3

4.4. CLASS 4 & 5

5. NORTH AMERICA FORKLIFT TRUCK MARKET – BY END-USER

5.1. RETAIL & E-COMMERCE

5.2. CONSTRUCTION

5.3. MANUFACTURING

5.4. OTHER END-USERS

6. NORTH AMERICA FORKLIFT TRUCK MARKET – BY COUNTRY OUTLOOK

6.1. NORTH AMERICA

6.1.1. COUNTRY ANALYSIS

6.1.1.1. UNITED STATES

6.1.1.1.1. UNITED STATES FORKLIFT TRUCK MARKET FORECAST & PROSPECTS

6.1.1.2. CANADA

6.1.1.2.1. CANADA FORKLIFT TRUCK MARKET FORECAST & PROSPECTS

7. COMPETITIVE LANDSCAPE

7.1. TOYOTA INDUSTRIES CORPORATION

7.1.1. OVERVIEW

7.1.2. PORTFOLIO

7.1.3. KEY STRENGTHS

7.1.4. KEY CHALLENGE

7.2. KION GROUP AG

7.2.1. OVERVIEW

7.2.2. PORTFOLIO

7.2.3. KEY STRENGTH

7.2.4. KEY CHALLENGE

7.3. HYSTER-YALE MATERIALS HANDLING INC

7.3.1. OVERVIEW

7.3.2. PORTFOLIO

7.3.3. KEY STRENGTH

7.3.4. KEY CHALLENGE

7.4. KOMATSU LTD

7.4.1. OVERVIEW

7.4.2. PORTFOLIO

7.4.3. KEY STRENGTH

7.4.4. KEY CHALLENGE

7.5. JUNGHEINRICH AG

7.5.1. OVERVIEW

7.5.2. PORTFOLIO

7.5.3. KEY STRENGTH

7.5.4. KEY CHALLENGE

7.6. MITSUBISHI LOGISNEXT CO LTD

7.6.1. OVERVIEW

7.6.2. PORTFOLIO

7.6.3. KEY STRENGTH

7.6.4. KEY CHALLENGE

7.7. HANGCHA GROUP CO LTD

7.7.1. OVERVIEW

7.7.2. PORTFOLIO

7.7.3. KEY STRENGTHS

7.7.4. KEY CHALLENGE

7.8. DOOSAN CORPORATION

7.8.1. OVERVIEW

7.8.2. PORTFOLIO

7.8.3. KEY STRENGTH

7.8.4. KEY CHALLENGE

7.9. CROWN EQUIPMENT CORPORATION

7.9.1. OVERVIEW

7.9.2. PORTFOLIO

7.9.3. KEY STRENGTH

7.9.4. KEY CHALLENGE

7.10. CLARK MATERIAL HANDLING COMPANY

7.10.1. OVERVIEW

7.10.2. PORTFOLIO

7.10.3. KEY STRENGTH

7.10.4. KEY CHALLENGE

8. RESEARCH METHODOLOGY & SCOPE

8.1. RESEARCH SCOPE & DELIVERABLES

8.2. SOURCES OF DATA

8.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1:  NORTH AMERICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)

TABLE 2:  LIST OF PRODUCT LAUNCHES

TABLE 3:  LIST OF BUSINESS DIVESTITURES & EXPANSIONS

TABLE 4:  NORTH AMERICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2023-2030 (IN $ MILLION)

TABLE 5:  NORTH AMERICA FORKLIFT TRUCK MARKET, BY TYPE, 2023-2030 (IN $ MILLION)

TABLE 6:  NORTH AMERICA FORKLIFT TRUCK MARKET, BY END-USER, 2023-2030 (IN $ MILLION)

TABLE 7:  NORTH AMERICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)

List of Figures

FIGURE 1: MARKET MATURITY ANALYSIS

FIGURE 2: INDUSTRY COMPONENTS

FIGURE 3: KEY BUYING IMPACT ANALYSIS

FIGURE 4: NORTH AMERICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2022 & 2030 (IN %)

FIGURE 5: NORTH AMERICA FORKLIFT TRUCK MARKET, BY IC ENGINE POWERED, 2023-2030 (IN $ MILLION)

FIGURE 6: NORTH AMERICA FORKLIFT TRUCK MARKET, BY ELECTRIC POWERED, 2023-2030 (IN $ MILLION)

FIGURE 7: NORTH AMERICA FORKLIFT TRUCK MARKET, BY TYPE, 2022 & 2030 (IN %)

FIGURE 8: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CLASS 1, 2023-2030 (IN $ MILLION)

FIGURE 9: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CLASS 2, 2023-2030 (IN $ MILLION)

FIGURE 10: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CLASS 3, 2023-2030 (IN $ MILLION)

FIGURE 11: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CLASS 4 & 5, 2023-2030 (IN $ MILLION)

FIGURE 12: NORTH AMERICA FORKLIFT TRUCK MARKET, BY END-USER, 2022 & 2030 (IN %)

FIGURE 13: NORTH AMERICA FORKLIFT TRUCK MARKET, BY RETAIL & E-COMMERCE, 2023-2030 (IN $ MILLION)

FIGURE 14: NORTH AMERICA FORKLIFT TRUCK MARKET, BY CONSTRUCTION, 2023-2030 (IN $ MILLION)

FIGURE 15: NORTH AMERICA FORKLIFT TRUCK MARKET, BY MANUFACTURING, 2023-2030 (IN $ MILLION)

FIGURE 16: NORTH AMERICA FORKLIFT TRUCK MARKET, BY OTHER END-USERS, 2023-2030 (IN $ MILLION)

FIGURE 17: NORTH AMERICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022 & 2030 (IN %)

FIGURE 18: UNITED STATES FORKLIFT TRUCK MARKET 2023-2030 (IN $ MILLION)

FIGURE 19: CANADA FORKLIFT TRUCK MARKET 2023-2030 (IN $ MILLION)

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