Forklift Truck Market Size, Share, Trends, Growth Outlook

Forklift Truck Market is estimated to increase at a growth rate of 11.6% CAGR over the forecast period from 2024 to 2030.

The global Forklift Truck Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Type (Counterbalance Forklift Trucks, Walkie Trucks, Reach Trucks, Off-Road Forklifts, Truck-Mounted Forklifts, Articulated Trucks, Others), By Horsepower (Up to 150HP, 150 to 250HP, 250 to 350HP, 350 to 450HP, Above 450HP), By Engine Capacity (Up to 4L, 4 to 6L, 6 to 8L, Above 8L), By Power (Diesel Engine, LP Gas Engine), By Application (Factories, Warehouses, Stations, Ports, Airports, Distribution Centers, Others).

An Introduction to Global Forklift Truck Market, 2024

The Forklift Truck Market is witnessing steady growth and technological advancement in 2024, driven by the increasing demand for efficient, versatile, and ergonomic material handling solutions in various industries such as warehousing, logistics, manufacturing, and construction. Forklift trucks, also known as lift trucks or powered industrial trucks, are essential equipment used for lifting, moving, and stacking materials and goods in warehouses, distribution centers, and industrial facilities. With advancements in electric propulsion, ergonomic design, and connectivity features, forklift truck manufacturers offer a diverse range of products that provide enhanced safety, productivity, and operator comfort compared to traditional internal combustion engine models. Moreover, the integration of advanced technologies such as lithium-ion batteries, regenerative braking systems, and telematics platforms enables forklift trucks to operate more efficiently, reduce energy consumption, and provide real-time monitoring and fleet management capabilities. Additionally, the customization options and specialized attachments available for forklift trucks allow operators to handle a wide variety of loads and tasks, including pallet handling, order picking, and container handling, increasing operational flexibility and efficiency. As industries continue to prioritize automation, safety, and sustainability in their material handling operations, the Forklift Truck Market remains essential, offering innovative solutions to meet the evolving needs of modern warehouses and industrial facilities.

Forklift Truck Competitive Landscape

The global Forklift Truck market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Forklift Truck Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Forklift Truck Market Industry include- Anhui Heli, Caterpillar Inc, Clark Material Handling Company Inc, Crown Equipment Corp , Doosan Industrial Vehicles Co. Ltd, Hangcha Group Co., Hyster-Yale Materials Handling Inc , Jungheinrich AG, KION Group AG , Komatsu Ltd, Mitsubishi Forklift Trucks, Toyota Industries Corp .

Forklift Truck Market Trend: Adoption of Electric Forklift Trucks

The most prominent trend in the forklift truck market is the increasing adoption of electric forklift trucks. As industries prioritize sustainability and seek to reduce carbon emissions, there is a growing shift towards electric-powered forklifts over their diesel and gasoline counterparts. Electric forklift trucks offer several advantages, including lower operating costs, reduced noise levels, and zero emissions, making them ideal for indoor applications and environmentally sensitive areas. With advancements in battery technology and charging infrastructure, electric forklifts are becoming more viable and cost-effective alternatives, driving significant growth in the electric forklift truck segment of the market.

Forklift Truck Market Driver: Warehouse Automation and E-commerce Growth

A key driver shaping the forklift truck market is the increasing demand for warehouse automation and the growth of e-commerce. As online shopping continues to surge and supply chain operations become more complex, there is a rising need for efficient material handling equipment such as forklift trucks to support warehouse operations. Forklifts play a crucial role in loading, unloading, and moving goods within warehouses and distribution centers, enabling faster order fulfillment and logistics efficiency. Moreover, the trend towards warehouse automation, including the use of automated guided vehicles (AGVs) and robotic forklifts, is driving the adoption of advanced forklift technologies such as integrated sensors, telematics, and fleet management systems, further fueling market growth.

Forklift Truck Market Opportunity: Expansion into Emerging Markets and Aftermarket Services

An opportunity for growth in the forklift truck market lies in the expansion into emerging markets and aftermarket services. As industrialization accelerates in emerging economies and logistics infrastructure improves, there is a growing demand for material handling equipment such as forklift trucks to support manufacturing, construction, and logistics operations. By establishing a presence in emerging markets and partnering with local distributors, forklift manufacturers can tap into new customer segments and capitalize on the increasing adoption of forklifts in these regions. Additionally, offering aftermarket services such as maintenance, repair, and spare parts supply presents an opportunity to generate recurring revenue and build long-term customer relationships, further driving growth and profitability in the forklift truck market.

Forklift Truck Market Segmentation

By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
OthersGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Forklift Truck Companies

Anhui Heli
Caterpillar Inc
Clark Material Handling Company Inc
Crown Equipment Corp
Doosan Industrial Vehicles Co. Ltd
Hangcha Group Co.
Hyster-Yale Materials Handling Inc
Jungheinrich AG
KION Group AG
Komatsu Ltd
Mitsubishi Forklift Trucks
Toyota Industries Corp
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Forklift Truck Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Forklift Truck Market Size Outlook, $ Million, 2021 to 2030
3.2 Forklift Truck Market Outlook by Type, $ Million, 2021 to 2030
3.3 Forklift Truck Market Outlook by Product, $ Million, 2021 to 2030
3.4 Forklift Truck Market Outlook by Application, $ Million, 2021 to 2030
3.5 Forklift Truck Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Forklift Truck Industry
4.2 Key Market Trends in Forklift Truck Industry
4.3 Potential Opportunities in Forklift Truck Industry
4.4 Key Challenges in Forklift Truck Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Forklift Truck Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Forklift Truck Market Outlook by Segments
7.1 Forklift Truck Market Outlook by Segments, $ Million, 2021- 2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

8 North America Forklift Truck Market Analysis and Outlook To 2030
8.1 Introduction to North America Forklift Truck Markets in 2024
8.2 North America Forklift Truck Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Forklift Truck Market size Outlook by Segments, 2021-2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

9 Europe Forklift Truck Market Analysis and Outlook To 2030
9.1 Introduction to Europe Forklift Truck Markets in 2024
9.2 Europe Forklift Truck Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Forklift Truck Market Size Outlook by Segments, 2021-2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

10 Asia Pacific Forklift Truck Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Forklift Truck Markets in 2024
10.2 Asia Pacific Forklift Truck Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Forklift Truck Market size Outlook by Segments, 2021-2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

11 South America Forklift Truck Market Analysis and Outlook To 2030
11.1 Introduction to South America Forklift Truck Markets in 2024
11.2 South America Forklift Truck Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Forklift Truck Market size Outlook by Segments, 2021-2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

12 Middle East and Africa Forklift Truck Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Forklift Truck Markets in 2024
12.2 Middle East and Africa Forklift Truck Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Forklift Truck Market size Outlook by Segments, 2021-2030
By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
Anhui Heli
Caterpillar Inc
Clark Material Handling Company Inc
Crown Equipment Corp
Doosan Industrial Vehicles Co. Ltd
Hangcha Group Co.
Hyster-Yale Materials Handling Inc
Jungheinrich AG
KION Group AG
Komatsu Ltd
Mitsubishi Forklift Trucks
Toyota Industries Corp

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Type
Counterbalance Forklift Trucks
Walkie Trucks
Reach Trucks
Off-Road Forklifts
Truck-Mounted Forklifts
Articulated Trucks
Others
By Horsepower
Up to 150HP
150 to 250HP
250 to 350HP
350 to 450HP
Above 450HP
By Engine Capacity
Up to 4L
4 to 6L
6 to 8L
Above 8L
By Power
Diesel Engine
LP Gas Engine
By Application
Factories
Warehouses
Stations
Ports
Airports
Distribution Centers
Others