Forklift Truck Market – By Type (Ware House and Counter Balance), By Engine Power (IC Engine Power and Electric Power), By Industry (Retail, Whole Sale, Logistics, Automotive, Food Industry, and Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Forklift trucks are used to transfer materials and goods for short distances. They are mostly used in warehouses and manufacturing industries. They are durable and come with a heavy range such as 2000kg to 5000kg high-end forklift trucks can weigh up 40 tonnes to 50 tonnes as well, depending on the capacity of the truck. Due to such a good range, their applicability is diverse and their adaptability is increasing with time. In addition to this, they are durable as compared to other traditional devices. With this equipment, the heavy goods and products can be easily shifted or located properly without any damage. The use of forklift trucks reduces accident risks on the premises. Moreover, it also improves the productivity of the process with high lifting capacity. These forklifts are mostly used by e-commerce companies and they are popular in the construction industry as well. Forklifts are powered by either electric battery power or IC engine power. The demand for the electrically powered forklift trucks is growing rapidly in the manufacturing, warehousing operations, e-commerce industry, and others. Forklift Trucks Market accounted 48.64 billion USD in 2020 and is expected to reach 89.4 billion USD by 2030 with a CAGR of 7% during the forecast period.

Market Segmentation:

On the basis of type, the market is segmented into warehouse and counterbalance. On the basis of the engine power, the market is segmented into IC engine power and electric power. On the basis of industry, the market is segmented into retail, wholesale, logistics, automotive, food industry, and other industries. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.  

Market Dynamics and Factors:

Rising the E-commerce sector and industrialization are some of the major factors driving the growth of the market. In addition to this, increasing urbanization leads to the growth in warehouse requirement which further supports the growth of the market. Increase in preference of the forklifts Owings to ease of use and proper utilization of space is further driving the market effectively. Growing popularity and adaptation of electrically powered devices or equipment is driving the market significantly. However, the high cost of electric forklift trucks is the restraining factor of the market. The provision of affordable electric forklift trucks is a challenge for the industry.

Geographic Analysis:

Asia Pacific has dominated the global forklift trucks market and expected to continue its supremacy during the forecast period with growing urbanization and industrialization in emerging countries such as China, India, and others. The growing need of electrically-powered forklift trucks will also assist the market growth.  Europe has the highest shares of the market after Asia Pacific and expected to experience significant growth, in upcoming years due to the growing automotive sector and growth in warehouse requirements. North America is the third most growing market after Asia Pacific and Europe, regions in North America such as Canada and Mexico are expected to experience rapid growth in years to come owing to an increase in the use of electrically powered forklift trucks in these developed regions. Also, advancement in technology in the region is the key factor supporting the growth of the market.

Competitive Scenario:

Key players in global forklift truck market, 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, Jungheinrich Ag, Kion Group Ag, Komatsu Ltd, Lonking Holdings Limited, Mitsubishi Logisnext Co Ltd, and Toyota Industries Corporation.

Forklift Truck Market Report Scope