Global Forklift Market Size, Share & Trends Analysis Report By 2032

According to Vantage Market Research, the Global Forklift Market is estimated to be valued at USD 111.2 Billion by 2032 at an exponential CAGR of 7.2% in the next eight years.

Increasing industrialization and manufacturing activities across the globe need consistent and adaptable material handling equipment like forklifts to modernize operations and meet production requirements. This growing demand for sustainability in material handling practices is propelling the growth of the forklift market. For instance, to gain the industry's commitment towards sustainability, Doosan launched its two new ranges of high-capacity electric counterbalance forklift trucks within the NXE Series.

Furthermore, the forklift market is experiencing a transformative shift with the integration of autonomous technology. Automated forklift trucks are developing effectiveness in lean operations by reducing manual operations and streamlining material handling processes. For example, Mitsubishi Logisnext's advanced autonomous forklifts utilize laser-guided systems to navigate warehouse layouts and employ obstacle-detection technology for seamless operation. Additionally, Mitsubishi Heavy Industries (MHI) Group's innovative ΣSynX solution represents a new frontier in logistics automation and intelligence, promising further warehouse efficiency and productivity advancements.

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Top Companies in Global Forklift Market

• Mitsubishi Logisnext Co. Ltd.
• KION Group AG
• Toyota Material Handling
• Jungheinrich AG
• Crown Equipment Corporation
• Hyster-Yale Materials Handling Inc.
• Komatsu Ltd.
• Hangcha Forklift
• Doosan Corporation
• Clark Construction

Forklift Market Dynamics

Every year, regulations designed to reduce CO2 emissions are becoming more stringent across various industries. Transitioning from diesel, propane, or gasoline-powered internal combustion engine (ICE) forklifts to zero-emission alternatives presents significant advantages. In late 2022, the California Air Resources Board approved amendments to the Off-Road Diesel Fleet Regulation. These amendments target the reduction of criteria pollutants and toxins emitted by off-road diesel vehicles operating within California. This regulatory push emphasizes the growing importance of eco-friendly solutions in the forklift market. Forklift manufacturers increasingly focus on developing zero-emission models in response to regulatory burden and market demand. For instance, the Kalmar Heavy Electric Forklift is designed to lift 18–33 tonne loads with zero emissions at the source.

Additionally, the significant advancements in forklift technology, particularly the widespread adoption of lithium-ion batteries, propel the market's growth. These batteries offer extended lifespan, reducing replacements and minimizing waste, thus lowering environmental impact. Faster charging times enhance operational efficiency, allowing for more daily working hours. For example, Mitsubishi Logisnext Americas group has introduced its novel Triathlon Lithium-ion battery and charger offerings for the UniCarriers product range. Furthermore, integrating regenerative braking systems and advanced energy management systems in electric forklifts further boosts efficiency and sustainability within the logistics industry. These technological innovations improve operational efficiency and align with the industry's shift towards greener practices, driving the growth of the forklift market globally.

Key Highlights

• By Class, the class 3 segment accounted to have a revenue share of 38% in 2023
• By Propulsion, the electric segment dominated the market with revenue share of 65%
• By Battery Type, Lead Acid battery led the market with revenue share of 66%
• The market was ruled by Asia Pacific in 2023 with a revenue share of 48%
• Europe will likely witness considerable market growth in the coming years

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Top Trends in Forklift Market

• There is a rising move towards electric forklifts due to their lesser emissions, reduced noise levels, and minimum operating costs compared to traditional internal combustion engine (ICE) forklifts. This trend aligns with the more significant thrust for sustainability in material handling operations.
• Augmented reality technology is being employed to improve forklift operation. Trainees can use AR headsets to simulate driving a forklift in a virtual environment, allowing them to practice driving and managing techniques safely.
• Constant focus on safety measures has incorporated advanced safety features in forklifts, such as collision detection systems, proximity sensors, and automatic emergency braking. These inventions help reduce the risk of workplace accidents and injuries.
• Hydrogen fuel cell technology is gaining momentum as an alternative power source for forklifts, providing fast refuelling times and extended operating ranges compared to electric forklifts. This trend addresses the limitations of battery charging infrastructure and range borders for electric forklifts.

Global Forklift Market Segmentation

By Class

·???????? Class 1

·???????? Class 2

·???????? Class 3

·???????? Class 4/5

By Propulsion

·???????? Internal Combustion Engine (ICE)

·???????? Electric

By Tonnage Capacity

·???????? Below 5 Ton

·???????? 5-15 Ton

·???????? 11-36 Tons

·???????? Above 16 Ton

By Operation

·???????? Manual

·???????? Autonomous

By Battery Type

·???????? Li-ion

·???????? Lead Acid

By Product Type

·???????? Warehouse

·???????? Counterbalance

By Tire Type

·???????? Cushion

·???????? Pneumatic

By Industry

·???????? 3PL

·???????? Food & Beverage

·???????? Automotive

·???????? Metals & Heavy Machinery

·???????? Paper & Pulp

·???????? Semiconductors & Electronics

·???????? E-Commerce

·???????? Aviation

·???????? Healthcare

·???????? Chemical

·???????? Other Industries

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Highlights from Segments

Class Analysis

• The class 3 segment accounted for a revenue share of 38% in 2023. Class 3 forklifts work well in the fast-paced e-commerce environment because they can move palletized goods efficiently over short distances.
• In automated warehouse systems, class 3 forklifts are essential because they are frequently combined with conveyor systems, automated storage and retrieval systems (AS/RS), and other automated material handling equipment to improve productivity and streamline processes.
• Technological developments, such as incorporating sophisticated battery management systems, onboard diagnostics, and telematics systems, are helping class 3 forklifts perform better.

Propulsion Analysis

• The electric segment dominated the forklift market with a revenue share of 65% in 2023.
• The need for greener and more sustainable material handling solutions is rising as environmental concerns become more widely known. Since electric forklifts emit no emissions when in use, they are a desirable choice for companies trying to lower their carbon footprint and adhere to strict emissions standards.
• Electric forklifts are often more powerful and faster at accelerating than internal combustion engine forklifts. This makes them ideal for heavy-duty material handling jobs in various industrial environments.

Battery Type Analysis

• The Lead Acid segment led the market with a revenue share of 66% in 2023. Lead-acid batteries are known for being reliable as well as durable. They have a track record of dependability and endurance in forklift applications and can tolerate a broad range of working conditions, including very high temperatures.
• Lead-acid batteries fulfil safety and environmental regulations and are regulated by stringent rules. Furthermore, data centers, business buildings, and organizations utilize lithium-ion batteries as backup power sources.

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Recent Development of the Global Forklift Market

• In November 2023, the KION Group introduced its fuel cell systems designed for use in its industrial trucks. The international intralogistics has created a 24-volt system tailored for warehouse trucks, capable of producing up to 5,000 fuel cell systems annually at its new production line in the Hamburg plant. A substantial investment of over €11 million is being made to advance this technology. Additionally, plans will expand the fuel cell portfolio by including a 48-volt system in the coming years.
• In August 2023, Mitsubishi Logisnext Americas (Logisnext), a prominent global manufacturer and supplier of material handling, automation, and fleet solutions, marked the commencement of construction for its new manufacturing plant in Houston, Texas. This advanced facility is designed to enhance production capabilities, meeting the rising demand for electric lift trucks and warehouse products.
• In May 2023, Toyota Material Handling (TMH), a pioneer in material handling advancements, is introducing three new electric forklift models, expanding its extensive range of material handling products and solutions. The latest electric product release includes a Side-Entry End Rider, a Center Rider Stacker, and an Industrial Tow Tractor. These additions provide customers with enhanced efficiency, versatility, and top-notch performance, emphasizing operator comfort as part of the company's commitment to delivering industry-leading solutions.
• June 2023: Cyngn Inc.has made advancement in adapting DriveMod to facilitate autonomous functionalities in forklifts. This progress stems from Cyngn's continuous development efforts, supported by a paid contract with a distinct end-user within the building materials sector. Through this collaboration, Cyngn successfully integrated AI-powered autonomous vehicle capabilities onto an electric BYD forklift.

Key Questions Answered in Forklift Market Report

• What is the current size and growth rate of the Forklift market?
• What are the key drivers and challenges affecting the market?
• How is the Forklift market segmented (e.g., by class, propulsion, tonnage capacity, operation, battery type, product type, tire type, industry)?
• What are the market trends within each segment?
• What are the key factors influencing the demand for Forklift?
• How are regulatory changes impacting the market?
• Who are the major players in the Forklift market?
• What is the market share of each player?
• How are consumer preferences and behaviors impacting the Forklift market?

Regional Analysis

Asia pacific accounted to have the maximum revenue share of 48% in 2023.

China, India, Japan, and South Korea are leading the way in the fast industrialization of the Asia-Pacific region. The need for material handling equipment, particularly forklifts, has expanded as a result of the growth of the manufacturing, construction, and logistics sectors.

The Asia-Pacific region is home to several nations that are making significant investments in the construction of roads, trains, ports, and airports. These facilities require forklifts as necessary equipment for loading and unloading freight, which is why the forklift market is expanding.

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