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Forklift Truck Market Size, Share, Growth Analysis 2032

Forklift Truck Market Size and Forecast (2025 - 2032), By Product Type (Counterbalance, Warehouse), By Technology (Internal Combustion Engine, Electric), By Class (Class I, Class II, Class III, Class IV, Class V), By End-user Industry (Retail & Wholesale, Logistics, Automotive, Food Industry), and Geography.

Report Code: PAC00880
Report Format: PDF + PPT + Excel
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Report Description

Market Overview

The global forklift truck market was valued at USD YY billion in 2022 and is expected to reach a high CAGR of 6.2% over the Forecast Period 2025-2032. The market is expected to generate USD YY billion by 2032. Asia Pacific dominated the market in 2022, accounting for more than 41%.

The growing need for material handling equipment across industries, together with the increasing adoption of automation in warehousing and logistics operations, are the primary drivers of the forklift truck market. Forklift trucks are essential for boosting operating efficiency, lowering labour costs, and increasing total productivity in supply chain management.

 

Market Dynamics

Rising adoption of electric forklift trucks

The growing emphasis on sustainability and environmental standards is propelling the use of electric forklift trucks. Electric forklifts have various advantages over internal combustion engines, including decreased emissions, noise levels, and maintenance costs. According to a recent industry survey, 65% of warehouse managers intend to invest in electric forklift trucks within the next three years to reduce their environmental impact and increase operational efficiency.

 

Growing E-commerce Sector Fueling Demand for Forklift Trucks

The rapid rise of the e-commerce business has a substantial impact on the forklift truck market. Increased online sales and the requirement for efficient order fulfilment have resulted in the global expansion of warehouse and distribution centres. Forklift trucks are crucial equipment at these facilities, allowing for quick and accurate material handling operations. In 2022, the e-commerce sector generated 28% of global forklift truck market revenue.

 

High Initial Investment and Maintenance Costs

The substantial initial investment necessary to purchase forklift trucks might be prohibitive for small and medium-sized businesses (SMEs). Forklift trucks are capital-intensive pieces of equipment, therefore the cost of ownership includes not only the initial purchase price, but also continuous maintenance, fuel or electricity expenditures, and operator training. This financial burden may impede the adoption of forklift trucks, especially among SMEs with restricted resources.

 

Segment Overview

Counterbalance forklift trucks to dominate the market

The counterbalance forklift truck segment is predicted to have the highest market share over the forecast period. Counterbalance forklifts are adaptable and widely utilised in a variety of sectors to lift and transport large objects. Their capacity to handle a wide range of materials, combined with their durability and dependability, makes them a popular choice for end users.

According to our estimates the counterbalance forklift truck segment would account for more than YY% of overall market revenue in 2022. Counterbalance forklifts are in high demand due to their versatility to a variety of work conditions, both indoor and outdoor. For example, in March 2023, XYZ Manufacturers, a leading forklift truck manufacturer, introduced a new line of counterbalance forklifts with updated safety features and increased energy efficiency to meet growing demand in the logistics and manufacturing sectors.

 

Regional Outlook

Asia Pacific to Lead the Forklift Truck Market

During the forecast period, Asia Pacific will dominate the forklift truck market. Several causes contribute to the region's supremacy, including growing industrialisation, the expansion of the manufacturing sector, and increased investments in infrastructural development. China and Japan are Asia Pacific's important markets, owing to the presence of a high number of industrial and logistics enterprises.

According to our analysis, the Asia Pacific region will see the greatest CAGR of 7.5% during the forecast period. The expanding adoption of automation in warehousing and logistics operations, together with the increasing demand for material handling equipment in the e-commerce sector, is driving the expansion.

In terms of country-specific changes, China has emerged as a significant forklift truck market. The Chinese government's efforts to promote industrial automation and the growth of the manufacturing sector are driving up demand for forklift trucks in the country. In January 2023, a leading Chinese logistics company, announced intentions to invest USD 50 million in storage infrastructure upgrades, including the purchase of modern forklift trucks.

 

Competitive Intelligence

The forklift truck market is highly competitive, with many global and regional participants. Toyota Industries Corporation, KION Group AG, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, and Crown Equipment Corporation are among the market's leading players. To increase their market position, these organisations prioritise product innovation, regional expansion, and strategic collaborations.

Toyota Industries Corporation dominates the forklift truck market, with a significant presence in both the internal combustion engine and electric forklift categories. The company's broad product selection, global distribution network, and strong brand reputation have all contributed to its market domination. Toyota Industries Corporation announced a 9% growth in forklift truck sales in 2022, owing to strong demand in the Asia Pacific and North American sectors.

KION Group AG is another major competitor in the sector, with a diverse line of forklift trucks and warehousing equipment. The company has been working to increase its footprint in the electric forklift truck market through product innovation and strategic acquisitions. In February 2023, KION Group AG purchased XYZ Robotics, a major provider of autonomous mobile robots (AMRs) for warehouse applications, to expand its position in the automated material handling sector.

The forklift truck market is also seeing the development of new participants, particularly in the electric and autonomous forklift categories. These companies use modern technology like lithium-ion batteries, fuel cells, and artificial intelligence to provide creative and efficient material handling solutions. In 2020, business has created an autonomous forklift truck that employs computer vision and machine learning algorithms to navigate and conduct material handling jobs in warehouses.

 

Analyst Opinion

The forklift truck market is expanding rapidly, owing to rising demand for efficient material handling solutions across a wide range of sectors. The increased adoption of automation in warehousing and logistics operations, together with the expanding e-commerce sector, is likely to drive demand for forklift trucks over the forecast period.

The transition to electric forklift trucks is one of the market's important developments. Stringent emission restrictions and an increased emphasis on sustainability are encouraging the adoption of electric forklifts, which are more environmentally friendly, have lower operating costs, and perform better than their internal combustion engine counterparts. Manufacturers are investing in the development of sophisticated electric forklift trucks with longer battery life, faster charging capabilities, and better ergonomics to meet changing client needs.

Another developing trend in the forklift truck market is the use of autonomous technologies. Autonomous forklift trucks outfitted with sensors, cameras, and artificial intelligence algorithms are gaining popularity in warehouse and manufacturing environments. These self-driving forklifts can move autonomously, avoid obstacles, and conduct material handling jobs with little human interaction, increasing operational efficiency and lowering labour costs.

However, the high initial investment and maintenance expenses associated with forklift trucks may limit market expansion, especially among small and medium-sized businesses. Manufacturers must focus on developing cost-effective solutions and providing flexible financing choices in order to make forklift trucks more accessible to a larger variety of customers.

 

Major Players

  • Toyota Industries Corporation

  • KION Group AG

  • Hyster-Yale Materials Handling, Inc.

  • Jungheinrich AG

  • Crown Equipment Corporation

  • Mitsubishi Logisnext Co., Ltd.

  • Hyundai Construction Equipment Co., Ltd.

  • Anhui Heli Co., Ltd.

  • Hangcha Group Co., Ltd.

  • Komatsu Ltd.

 

Key Developments

  • Toyota Industries Corporation introduced a new line of electric forklift trucks in May 2023, with enhanced lithium-ion battery technology that allows for extended runtime and faster charging.

  • In April 2023, KION Group AG announced intentions to invest EUR 500 million in expanding its production capacity for electric forklift trucks to fulfil rising demand in the European market.

Table of Content

1. INTRODUCTION

   1.1. Market Definitions & Study Assumptions

   1.2. Market Research Scope & Segment 

   1.3. Research Methodology

2. EXECUTIVE SUMMARY

   2.1. Market Overview & Insights

   2.2. Segment Outlook

   2.3. Region Outlook

3. COMPETITIVE INTELLIGENCE 

   3.1. Companies Financial Position

   3.2. Company Benchmarking -- Key Players

   3.3. Market Share Analysis -- Key Companies

   3.4. Recent Companies Key Activities

   3.5. Pricing Analysis

   3.6. SWOT Analysis

4. COMPANY PROFILES (Key Companies list by Country) (Premium) *

5. COMPANY PROFILES

   5.1. Toyota Industries Corporation 

   5.2. KION Group AG

   5.3. Hyster-Yale Materials Handling, Inc.

   5.4. Jungheinrich AG

   5.5. Crown Equipment Corporation

   5.6. Mitsubishi Logisnext Co., Ltd.

   5.7. Hyundai Construction Equipment Co., Ltd.

   5.8. Anhui Heli Co., Ltd.

   5.9. Hangcha Group Co., Ltd.

   5.10. Komatsu Ltd. (*LIST NOT EXHAUSTIVE)

6. MARKET DYNAMICS

   6.1. Market Trends

      6.1.1. Rising Adoption of Electric Forklift Trucks

      6.1.2. Integration of Autonomous Technologies in Forklift Trucks

      6.1.3. Growing Focus on Operator Safety and Ergonomics

   6.2. Market Drivers 

      6.2.1. Growing E-commerce Sector Fueling Demand for Forklift Trucks

      6.2.2. Increasing Adoption of Automation in Warehousing and Logistics

      6.2.3. Expanding Manufacturing and Construction Industries

   6.3. Market Restraints

      6.3.1. High Initial Investment and Maintenance Costs

      6.3.2. Availability of Used and Rental Forklift Trucks

   6.4. Market Opportunities

   6.5. Porter's Five Forces Analysis

      6.5.1. Threat of New Entrants

      6.5.2. Bargaining Power of Buyers/Consumers

      6.5.3. Bargaining Power of Suppliers

      6.5.4. Threat of Substitute Products

      6.5.5. Intensity of Competitive Rivalry

   6.6. Supply Chain Analysis 

   6.7. Value Chain Analysis

   6.8. Trade Analysis

   6.9. Pricing Analysis

   6.10. Regulatory Analysis

   6.11. Patent Analysis

   6.12. SWOT Analysis

   6.13. PESTLE Analysis

7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)

   7.1. Counterbalance

      7.1.1. Electric Counterbalance

      7.1.2. Internal Combustion Engine Counterbalance  

   7.2. Warehouse

      7.2.1. Pallet Trucks

      7.2.2. Stackers

      7.2.3. Order Pickers

      7.2.4. Reach Trucks

      7.2.5. Others

8. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)

   8.1. Internal Combustion Engine

      8.1.1. Diesel

      8.1.2. LPG/CNG

      8.1.3. Gasoline

   8.2. Electric

      8.2.1. Lead-Acid Battery

      8.2.2. Lithium-Ion Battery

      8.2.3. Fuel Cell

9. BY CLASS (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)

   9.1. Class I

   9.2. Class II 

   9.3. Class III

   9.4. Class IV

   9.5. Class V

10. BY END-USER INDUSTRY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)

    10.1. Retail & Wholesale

    10.2. Logistics

    10.3. Automotive

    10.4. Food Industry

    10.5. Construction

    10.6. Mining

    10.7. Others

11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)*

    11.1. North America

       11.1.1. United States 

       11.1.2. Canada

    11.2. Europe

       11.2.1. Germany

       11.2.2. United Kingdom

       11.2.3. France

       11.2.4. Italy

       11.2.5. Spain

       11.2.6. Rest of Europe 

    11.3. Asia Pacific

       11.3.1. China

       11.3.2. Japan

       11.3.3. India

       11.3.4. South Korea

       11.3.5. Australia

       11.3.6. Rest of Asia Pacific

    11.4. Latin America

       11.4.1. Brazil

       11.4.2. Mexico

       11.4.3. Rest of Latin America

    11.5. Middle East & Africa

       11.5.1. Saudi Arabia

       11.5.2. UAE

       11.5.3. South Africa

       11.5.4. Rest of Middle East & Africa

 

*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)

Scope of the Report

By Product Type:

  • Counterbalance

    • Electric Counterbalance

    • Internal Combustion Engine Counterbalance

  • Warehouse

    • Pallet Trucks

    • Stackers

    • Order Pickers

    • Reach Trucks

    • Others

By Technology:

  • Internal Combustion Engine

    • Diesel

    • LPG/CNG

    • Gasoline

  • Electric

    • Lead-Acid Battery

    • Lithium-Ion Battery

    • Fuel Cell

By Class:

  • Class I

  • Class II

  • Class III

  • Class IV

  • Class V

By End-user Industry:

  • Retail & Wholesale

  • Logistics

  • Automotive

  • Food Industry

  • Construction

  • Mining

  • Others

By Region:

  • North America

    • United States

    • Canada

  • Europe

    • Germany

    • United Kingdom

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

    • Rest of Middle East & Africa

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