Categories: Automotive

Forklift Market Size Surpass Around US$ 32.39 Billion by 2032

The forklift market size accounted for USD 24.06 billion in 2022 and is estimated to achieve a market size of USD 32.39 billion by 2032, growing at a CAGR of 3.02% from 2023 to 2032.

Why Forklift?

A forklift is a small vehicle equipped with power-operated forked platform that helps in moving vehicle from one place to another. Forklifts use mainly two types of energy source that are electricity or combustion engine. They are generally used in warehouses and distribution centers for lifting & transporting goods. They are among the prime equipment for industrial automation. Presently, electric-driven forklifts are given more emphasis as they are environment-friendly and have zero-gas emission.

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Forklift Market Growth Factors

Increasing safety concern of workers in the manufacturing and construction sites drives the market growth significantly. Demand for innovative material handling system for loading and transportation of products boost the market growth. Third party logistics (3PL) companies are rapidly installing forklifts in distribution centers and warehouses for fast delivery of products to the customers. Furthermore, adoption of robotic forklift is providing prominent opportunities to the seller and dealers of forklifts market. These robotic or autonomous forklifts have inbuilt sensors that can self-locate or track their route. They need not to be programmed for a specific track.

However, high cost of electric-powered forklift due to implementation of lithium-ion batteries estimated to hamper the market growth. Meanwhile, government regulation for gas emission also forced manufacturers to shift their trend towards electric powered vehicle. This encourages the forklift market players to develop cost-effective solution in the coming years.

Report Highlights

Asia Pacific held prominent market position in terms of revenue share and expected to flourish with the highest growth rate during the forecast period. The prime factor supporting the regional growth are rising trend for industrial automation and rising e-commerce business in the region. Europe is the other important region that seeks lucrative growth opportunities in the coming years.
Rough terrain type segment dominated the global forklift market in 2019 with significant revenue share. Their advanced feature and high load carrying capacity has made them a preferred choice in industry. They have vertical towers that can lift loads directly upward. In addition, they are designed with pneumatic tire that make them fit to work on any type of surface.
Electric forklift offers the highest growth aspect among other types of propulsion in the global forklift market owing to stringent government norms for harmful gas emission. Furthermore, battery-driven vehicle are more vulnerable for automation compared to diesel and internal combustion engine powered vehicles.
By application, industrial segment held the largest market revenue in 2019 due to significant adoption of industrial automation tools and equipment. However, logistics segment exhibits the fastest growth rate in the near future attributed to accelerating trend for online shopping and e-commerce business. Presently, in busy lifestyle common public prefer online shopping for saving their time and efforts.
Autonomous forklifts are the preferred choices in the industrial and construction sector to reduce workforce and therefore reducing the overall labor cost. However, many industries are still using manual forklifts for their internal operations.

Regional Snapshots

The Asia Pacific and Europe are the most promising regions in the global forklift market. Rising initiatives for industrial automation in the region along with prominent growth in the manufacturing sector drives the market growth in the regions. Furthermore, significant growth of e-commerce platform in the regions offer new market opportunities during the forecast period. As per United Nation Economic and Social Commission for Asia and the Pacific (UNESCAP), e-commerce platform exhibits a growth rate of 28% during the forecast period in the Asia Pacific region. Several industry players are also implementing autonomous forklift for reducing the workforce size and thus reducing the labor cost.

Key Players & Strategies

The global forklift market is highly competitive owing to significant investment by manufacturers towards product development and enhancement. For instance, in May 2016, Jungheinrich announced the first forklift powered by lithium-ion battery having battery capacity of 480 and 360 ampere hour. Similarly, in February 2016, Crown Equipment Corporation announced to launch a new forklift with higher level of safety, flexibility, and efficiency under Crown WAV 60 series. Furthermore, forklift manufacturers borrow automation technology from Automatic Guided Vehicle (AGV) and automotive sectors to implement the fully automation process by understanding how forklift driver operate a forklift. Companies in the forklift market also adopt inorganic growth strategies to retain their market position.

Some of the key players operating in the market are Komatsu Ltd., Hyster-Yale Material Handling Inc., Mitsubishi Forklift Corporation, Hyundai Heavy Industries Ltd, Toyota Industries Corporation, KION Group AG, Anhui Heli Co. Ltd, Crown Equipment Corporation, Comblift Limited, HubtexMaschinenbau GmbH & Co. KG, Clark Material Handling Company, Hangcha Group Co. Ltd, Doosan Industrial Vehicle America Corporation., Manitou Group, Konecranes, Lonking Forklift Co., Godgej & Boyce Group, and Unicarriers Americas among others.