Acknowledging the kind of traction gained by this market, recently published a study report asserts the global forklift truck market size was valued at $46.01 billion in 2021 and is projected to reach $82.40 billion by 2027, registering a phenomenal CAGR of 7.4% during the review period (2022 to 2027).
A forklift truck is a short-distance industrial machine with two horizontal prongs that is used to load, unload, and transport goods and materials. It is usually operated by a skilled machinist and powered by electric batteries or combustion engines. Forklift trucks are composed of various components such as a truck frame, counterweight, forklift, carriage, and hydraulic cylinders that aid in the efficient performance of a variety of industrial tasks. They are widely used in warehouses, factories, and dockyards in a variety of industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, due to these advantages.
One of the key factors driving the market growth is the expanding construction industry, which is accompanied by rapid industrialization. Forklift trucks are extremely cost-effective, user-friendly, powerful, and simple to maintain. As a result, they are widely used for a variety of industrial tasks as well as the handling of heavy construction materials such as wood, steel, and mortar. Furthermore, an increasing number of warehouse establishments in emerging economies is fueling the growth of the forklift truck market. These trucks are used in distribution centers and warehouses to lay and retrieve loads from storage racks, deliver components to assembly lines, and position materials for more efficient handling. Various product innovations, such as the development of hydrogen-powered fuel cell-powered forklift trucks, are also creating a positive outlook for market growth. These variants significantly reduce the carbon footprint while also improving overall operational efficiency. Other factors, such as technological advancements aimed at increasing productivity and extensive research and development (R&D), are expected to propel the market even further.
The global Forklift includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown Equipment, Hyster-Yale, Anhui Heli, Hangcha, Clark Material Handling, Doosan Corporation Industrial Vehicle, Komatsu, Lonking, Hyundai Heavy Industries, EP Equipment, Manitou, Paletrans Equipment, Combilift, Hubtex Maschinenbau, Godrej & Boyce, and others.
Godrej Material Handling unveilings Uno Electric Forklift Truck - Godrej & Boyce (G&B), the flagship company of the Godrej Group, has proclaimed that its business, Godrej Material Handling goals to capture a 30 percent market share of the counterbalance electric forklift market by 2024 start with the launch of the new Uno Electric Forklift Truck. With advanced ergonomics, augmented safety, improved visibility, and a longer runtime on every charge, the new Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne forklift category.
In July 2021, Hangcha has launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. these trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.
By Type, it is segmented into
By Applications, it is segmented into
All these factors greatly affect the Forklift Truck market growth. It further aims at providing a complete overview on a detailed assessment of significant features of different industries including sales volume, market revenue, and demand size, sales growth, pricing analysis, and changing market growth factors in regions such as Follows,
North America to Account for Important Portion in the Forklift Truck Market - North America is anticipated to witness the maximum growth in sales in the region during the forecast period (2022 - 2027). This expected growth is because of the presence of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional fork trucks.
Forecast Period 2022 to 2027 CAGR
CAGR of 7.4% during the review period (2022 to 2027).
Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown Equipment, Hyster-Yale, Anhui Heli, Hangcha, Clark Material Handling, Doosan Corporation Industrial Vehicle, Komatsu, Lonking, Hyundai Heavy Industries, EP Equipment, Manitou, Paletrans Equipment, Combilift, Hubtex Maschinenbau, Godrej & Boyce, and others.
2017 to 2021
2022 to 2027
Number of Pages
Yes, the report can be customized as per your needs
What is the study period of this market?
The Forklift truck Market is studied from 2017 - 2027.
What is the growth rate of Forklift truck Market?
The Forklift truck Market is growing at a CAGR of 7.4% over the next 5 years.
What regions does this Forklift truck Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
All our reports are custom made to your company's needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.