Forklift Truck Market - Forecast (2024 - 2030)

Overview

Forklift Trucks Market is forecast to reach $67.1 billion by 2025, at a CAGR of 6.7% during 2020-2025. Increased demand from the various industry verticals such as retail, ecommerce, automotive, consumer goods and many other industries for loading and unloading of components and delivery of components from manufacturing area to assembly line and positioning of loads are the major reason which is increasing the sales of the market. In 2018, according to the World Industrial Truck Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. Similarly, North America has seen rise in the sales of these trucks across various verticals. Such increase in sales will drive the market in the forecast period.

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Key Takeaways

• Asia-Pacific dominates the Forklift Market owing due to rapid urbanization and industrialization and stringent regulatory norm on reducing environmental footprints.
• Electric Forklift trucks market is growing at highest CAGR of 5.5% due to rising deployment of advanced electrification technology in modern industries and due to increased demand for operational efficiency
• Forklift trucks is likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels.
• Major players in Forklift trucks are Anhui Heli Co Ltd, Clark Material Handling Company, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, and Toyota Industries Corporation.

?By Fuel Type - Segment Analysis

Electric powered Forklift market case is likely to register faster growth due to rising deployment of advanced electrification technology in modern industries. Increased demand for operational efficiency and the presence of strict regulations for reducing carbon emissions is driving the market for Electric Forklift segment. For instance in 2018, Environmental protection agency (EPA) made stringent rules to regulate engine emission in North America. Similarly India made commitment to reduce its carbon emission by 24% by 2020. These regulations are aiming at lowering down CO2 emissions. So, most of the manufacturers are deploying Electric powered Forklift with advanced technology in their manufacturing units for maximum efficiency and output.

End User - Segment Analysis

Retail & Logistics segment is estimated to grow at a highest CAGR of 6.54% during the forecast period 2020-2025. Owing to the immense change in the transportation and logistics industries, utilized for independent movement, lifting, and placement of discrete loads in a specific facility. To move the heavyweight objects the powered vehicles such as Forklift trucks are utilized by the manufacturing and production utilities. On the other hand the global market for Forklift trucks is likely to benefit immensely from the rapidly growing e-commerce sector around the world and with the technological advancement and economic level, the forklift truck is likely to grow over the forecast period.

?Geography - Segment Analysis

In 2018, APAC dominated the Forklift Truck market share with more than 35.52%, followed by North America and Europe. The economy of APAC is majorly influenced by the countries such as China and India. In these countries, with the rapid growth of urbanization and industrialization there is rise in sales of forklift trucks in various industry verticals such as e-commerce, retail and construction.? For Instance according to the World Industrial Truck Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. On the other hand the development of technologically advanced Forklift trucks in this region will enable an increase in the lift trucks market size in the forecast period.