Forklift Market Size to Grow at a CAGR of 5.8% in the Forecast Period of 2023-2028
The ‘Global Forklift Market Share, Size, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global forklift market, assessing the market on the basis of its segments like class, type, technology, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Forklift Market Analysis, Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.8%
The global forklift market is expected to register growth during the forecast period on account of the thriving e-commerce industry across the globe coupled with changes observed in warehouse operations over the past few years. This is further expected to lead to an improved demand for forklifts to transmit heavy loads and work in narrow and tight places.
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The surging e-commerce industry is expected to upsurge in the number of warehouses along with the requirement to proficiently manage the supply chain in warehouses. There is an increasing focus of warehouse owners on reducing operational costs, increasing productivity inside warehouse plants, and increasing transparency. Forklifts like narrow-aisle and stand-up riders’ forklifts increase operational accuracy and provide improved navigation in narrow aisles, mezzanines, and tiers.
Flourishing construction activities all over the world are also likely to propel the demand for forklifts as they can work on rough terrains while transporting heavy building materials over long distances. With the rising popularity of electric forklifts among chemical producers as well as recycling centre owners, the forklift market growth is likely to fuel across the globe.
Forklift Industry Definition and Major Segments
A forklift, lift truck, or forklift truck is a powered industrial vehicle that is specially constructed to lift materials as well as move them over short distances. It is generally employed to unload and load goods in numerous industries that utilise warehouses along with other large storage amenities. They increase operator safety as well as productivity while offering comfort during material handling.
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Based on class, the market is segmented into:
• Class 1
• Class 2
• Class 3
• Class 4 and 5
By type, the market is classified into:
• Counterbalance Type
• Warehouse Type
Based on technology, the market is segmented into:
• IC Engine
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Forklift Market Trends
The forklift market is likely to spur across the globe over the coming years due to evolving technologies. Geographically, the Asia Pacific region is expected to hold significant growth in the market share over the forecast period. This is due to the surging preference of producers toward plant automation.
Going further, forklifts aid in streamlining supply chain distribution activities while increasing operational efficiency as well as the workflow of production processes. The surging focus of numerous market players on the introduction of new products to attract new consumers is likely to propel the market growth of forklifts. For example, Komatsu Ltd., a construction equipment manufacturing company announced the launch of FH100-160-1 forklifts.
Meanwhile, the Europe region is likely to register considerable growth in the forklift market on account of the increasing demand from food and chemical manufacturers coupled with rapid urbanisation.
New forklifts use a hydrostatic drive system, which lets the forklift shuttle constantly, offering more uptime and reduced maintenance costs. The growing construction activities in nations like Germany, France, and the United Kingdom are likely to fuel the market demand for forklifts. This is due to their usage for tasks such as unloading pallets and steel joists, among other construction materials.
Key Market Players
The major players in the global forklift market report are:
- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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