Forklift Market Size By Product (Counterbalance, Warehouse), By Fuel Type (Diesel, Battery-Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End-Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Feb 2020  |  Report ID: GMI1371  |  Authors: Ankita Bhutani, Saloni Gankar

Report Format: PDF   |   Pages: 300   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Forklift Market size exceeded USD 50 billion in 2019 and is set to grow at around 10.5% CAGR between 2020 and 2026. The global industry shipments are projected to exceed 3 million units by 2026. The market growth is due to the increasing deployment of these equipment for enhancing safety & security of workers while performing tasks of lifting and transporting heavy loads.
 

Forklift Market

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Growing adoption of online shopping among consumers and rising investment by leading retail players for expansion & development are major factors propelling the forklift demand for the e-commerce industry. With rise in the expansion of new warehouses and distribution centers by leading e-commerce giants, the demand for advanced systems to transport and load products will increase, augmenting market revenue.
 

Increasing trend of online shopping has augmented the demand for advanced material handling equipment in warehouse centers. In 2018, the global e-commerce spending was reported at USD 2.3 trillion and is estimated to reach USD 4.5 trillion by 2021. E-commerce and 3PL companies in the market are increasingly deploying forklifts in warehouse and distribution centers to provide fast delivery of products to customers.
 

Moreover, rise in the number of construction activities coupled with increasing infrastructure investments will drive forklift trucks market growth. Several government authorities are focusing on developing infrastructure and are undertaking new construction projects for the overall economic development. In October 2018, the Europe Commission announced an investment of USD 775 million in 49 projects for the development of innovative and sustainable infrastructure across all transport modes in the region. Such infrastructure development projects will drive the market demand for lift trucks for transporting and lifting heavy loads.
 

Forklift Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 50 billion
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 10.5% 2026 Value Projection: USD 100 billion
Pages: 300 Tables, Charts & Figures: 534
Geographies covered (21): U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, South Korea, Australia, Brazil, Argentina, Chile, Colombia, UAE, Saudi Arabia, South Africa
Segments covered: Product, Fuel Type, Class and End-Use
Companies covered (19): Anhui Heli Co., Ltd., Clark Material Handling Company, Crown Equipment Corporation, Combilift Ltd., Doosan Industrial Vehicle America Corp., Godrej and Boyce Group, Hangcha Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Hubtex Maschinenbau GmbH & Co. KG, Hyundai Heavy Industries Co., Ltd., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Konecranes, Lonking Forklift Co., Ltd., Manitou Group, Mitsubishi Nichiyu Forklift Co., Ltd., Paletrans Equipment, Toyota Industries Corporation
Growth Drivers:
  • Rising expansion of e-commerce and logistics industries globally
  • Stringent emission norms are driving the demand for electric forklifts
  • Need for automation for enhancing productivity
  • Improving industrial sector in South America
  • Demand for forklifts from aviation industry in MEA
Pitfalls & Challenges:
  • High cost of fuel cell and battery-operated forklifts
  • Lack of trained operators
  • Stringent emission and safety regulations

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Counterbalance forklifts are being increasingly implemented in transport and logistics industries

U.S. Forklift Market

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In 2019, counterbalance trucks accounted for over 60% forklift market share. Features, such as enhanced performance, high efficiency, and effective maneuverability, are driving market value. LPG counterbalance equipment are mainly preferred in transport and logistics operations, as they operate in indoor and outdoor environment without the need for recharging or refueling.
 

Several market players are introducing advanced forklifts to enable operators to work efficiently and rapidly. In November 2019, Linde Material Handling, a KION Group AG company, developed IC counterbalance trucks in conjunction with Industry 4.0. to increase safety and productivity in logistics applications to cater to the rising market demand.
 

Stringent emission norms for diesel vehicles across the globe are increasing demand for electric forklift in the market

Electric forklift market is expected to depict a rise in revenue owing to the implementation of stringent environmental and pollution control norms associated with LPG and diesel forklifts. The equipment produces zero smog-forming, particle- and greenhouse-gas emissions, increasing their demand across various industries worldwide. The stage V standards, adopted by the EU Parliament in 2016, have set stricter limits on emissions of particulate matter (PM) from non-road engines and equipment.
 

Increasing adoption of lithium ion batteries in these trucks is helping industries reduce downtown time and improve productivity over long distance barriers. With the expansion of warehouse spaces, usage of electric forklifts that can transfer heavy goods and reduce mishandling is increasing. These vehicles are being majorly used in warehouses to speed up processes, such as order picking, transporting, and loading products, driving market growth.
 

Growing automation demand from Asia Pacific in logistics and material handling industries

Forklift Market Share

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The rise in the automated manufacturing activities in Asia Pacific will augment forklift truck sales. The need for safe working environments in industrial facilities and developments in areas such as wireless technologies, robotics, and flexible electronics will fuel the regional material handling equipment market demand.
 

The region is witnessing a high demand for advanced technologies, such as big data analytics and IoT in logistics, to manage the operational requirements, changing the way several businesses handle their operations.
 

Increasing trend of Class III forklift trucks across several industries

Class III type will register high market growth over the forecast timeline owing to the increasing demand for battery-powered trucks in manufacturing and warehouse activities. These vehicles use electric motors, making them ideal for applications where air quality and fuel fumes are a concern. They can quickly unload delivery trucks and are preferred for short distances and in small warehouses.
 

The forklift truck is designed with rider and walk-behind options to accommodate different aisle widths and pallet sizes. The versatility of equipment is increasing their deployment in indoor applications. Moreover, recent developments, such as hydrogen battery-powered electric forklifts, are helping industries to save costs and increasing productivity.
 

High demand for advanced forklifts from the durable manufacturing sector

In the durable manufacturing sector, the equipment is implemented for moving and handling bulk products reliably and safely. They are highly efficient & durable and designed to handle varying material weights and sizes. Several companies are deploying these vehicles to help operators in moving and lifting heavy weight products, reducing damage with careful handling. The rising trend of advanced technologies, such as AGVs, will further drive the market adoption of automated vehicles across manufacturing sector, propelling the forklift industry growth.
 

Companies are undertaking strategic initiatives to penetrate untapped markets

Industry players are focusing on strategic alliances with other market players, such as collaboration, merger, and acquisition activities, to deliver enhanced service capabilities to their customers. For instance, in June 2018, Hyster-Yale Materials Handling, Inc. acquired Zhejiang Maximal Forklift Co., Ltd. for USD 90 million to expand its presence in global utility and standard market segments, mainly in the China.
 

Major industry leaders partaking in the forklift market share include Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, KION Group AG, Hangcha Group Co., Ltd., Jungheinrich AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Anhui Heli Co., Ltd., Doosan Industrial Vehicle, Godrej & Boyce, Hyundai Heavy Industries, and Clark Material Handling, Lonking Forklift Co., Ltd., Manitou Group, Combilift Ltd., and Konecranes.
 

The forklift market analysis report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments:
 

Market Outlook By Product

  • Counterbalance
  • Warehouse

Market Outlook By Fuel Type

  • Diesel
  • Battery-electric
  • Gasoline & LPG/CNG

Market Analysis By Class

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V

Market Overview By End-Use

  • Chemical
  • Food & beverage
  • Industrial
  • Logistics
  • Retail & E-commerce
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
       

Frequently Asked Questions (FAQ) :

Globally, more than 3 million forklift units are expected to be shipped by 2026, says a GMI report.
According to the report, the worldwide forklift market size is set to grow at around 10.5% CAGR between 2020 and 2026.
In 2019, counterbalance forklift trucks accounted for more than 60% industry share.

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Premium Report Details

  • Published Date: Feb 2020
  • Pages: 300
  • Tables: 508
  • Charts / Figures: 26
  • Companies covered: 19
  • Countries covered: 21

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