Home > HVAC & Construction > Forklift Market
Forklift Market size exceeded USD 50 billion in 2020 and is expected to grow at over 9% CAGR from 2021 to 2027. The global industry shipments are projected to exceed 2 million units by 2027.
A forklift is an industrial vehicle with a pronged device attached that can be lowered or raised for insertion under a load for moving or lifting it. It is used for transporting and hoisting heavy objects for operations in industrial facilities, warehouses, distribution centers and outdoor environments. These vehicles are powered by different fuel types depending on the light-duty or heavy-duty application requirements.
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The expanding construction industry globally will spur the demand for robust forklifts that can be employed in harsh outdoor environments. Several government organizations are focusing on boosting the existing infrastructure for overall economic development. For instance, the South African Government aims to spend USD 60 billion by 2027 on the country’s transportation infrastructure. Such large-scale construction projects will propel the demand for forklifts that ensure fast transfer of heavy materials.
The coronavirus (COVID-19) pandemic hampered the forklift market growth in 2020. Stringent lockdown measures imposed by government organizations resulted in the temporary closure of industrial facilities resulting in the decline in the demand for forklifts. The market witnessed a dip due to the halts in major construction projects. However, with the relaxations in lockdowns in the second half of 2020, followed by the resumption of industrial activities, the market will regain traction in 2021.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 50 billion |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 9% |
2027 Value Projection: | USD 90 billion |
Historical Data for: | 2017 to 2020 |
No. of Pages: | 350 |
Tables, Charts & Figures: | 504 |
Segments covered: | Product, Fuel Type, Class, End-Use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The e-commerce market has witnessed growth as people preferred online shopping to reduce over-crowding in retail stores and to ensure social distancing. This will boost the demand for forklifts from the e-commerce sector, as online retailers employ high-quality forklifts in distribution facilities to streamline material handling operations.
The India forklift market revenue is forecast to expand at around 13% CAGR through 2027 owing to the increasing demand for material handling equipment across the warehouse industry. Developing logistics sector employing high performance forklifts for handling goods is also driving the industry statistics. According to India Brand Equity Foundation (IBEF), the annual investments in the logistics sector will reach USD 500 billion by 2025.
Logistic companies employ warehouse forklifts for the efficient movement of inventory. Counterbalance forklifts, narrow-aisle forklifts, and pallet stackers will witness high demand for implementation in warehouses. The market will gain traction with the increasing demand for machines that can easily maneuver through constricted spaces to move inventory.
In 2020, the global Class III forklift industry size valued at over USD 15 billion and is likely to expand at 10% CAGR from 2021 to 2027. The increasing demand for forklifts in warehouses for material handling applications is poised to boost the market statistics. Class III lift trucks include electric motor hand and hand rider trucks. These trucks are battery powered and come in both ride-on and walk-behind variations. High maneuverability makes them ideally suited for use in small warehouses.
The U.S. forklift market is set to register more than 8% CAGR till 2027 propelled by the growing retail & e-commerce sectors in the region employing high performance material handling equipment to automate warehouses. In August 2020, the Census Bureau of the Department of Commerce, announced that in the 2020 second quarter e-commerce estimate increased 44.5% from the second quarter of 2019. High demand for machines to place goods at heights in racks is increasing.
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The Germany forklift market demand will achieve above a 7% growth rate from 2021 to 2027 driven by the developed automotive manufacturing sector in the region. Large automotive manufacturers in the region, such as BMW AG and Mercedes-Benz, employ high-performance forklifts to carry heavy automotive parts and large metal sheets. These companies focus on maximizing productivity by replacing human labor with machines. This will boost the electric forklift industry growth, as automotive manufacturers use the equipment to carry heavy vehicle parts in indoor environments.
There will be a high demand for compact electric forklifts that ensure zero harmful emissions, low operating noise, fast charging, and long battery life, ideal for operating inside automotive manufacturing facilities.
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Asia Pacific accounted for around 40% of the forklift market revenue share in 2020 and is anticipated to grow rapidly through 2027. Developing industrial sector in several countries including China, Japan, India, and South Korea attributed to favorable government initiatives is propelling the regional market growth. China has a strong manufacturing sector and exports products to several economies globally. Chinese manufacturers use advanced machines at factories to boost productivity. The industry sector in South Korea represented around 33% of the GDP in 2020, according to World Bank. As industries adopt forklifts to cater to the varied material handling demands, the market will witness significant growth.
The players operating in the industry are introducing new products with advanced features to capture a large market share and strengthen the product portfolio. They are focusing on introducing trucks to cater to specific end-user demands across different sectors. For instance, in June 2020, Hyster-Yale Group Inc. launched a counterbalanced, sit-down, Class V forklift for customers seeking a cost-effective, practical solution. The vehicle employs a durable overhead guard with profiled steel to offer visibility and protection. The mast is engineered to minimize blind spots. Increasing competition amongst companies will encourage them to launch new solutions.
Key forklift market participants include Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., KION Group AG, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corporation, Hangcha Group Co., Ltd., Anhui Heli Co., Ltd., Komatsu Ltd., Hyundai Heavy Industries, Doosan Industrial Vehicle, Clark Material Handling, Godrej & Boyce Manufacturing Company Ltd., Lonking Forklift Co., Ltd., Manitou Group, and Combilift Ltd.
This market research report on forklift includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027 for the following segments:
The above information has been provided for the following regions and countries: