Forklift Market Size By Product (Counterbalance, Warehouse), By Fuel (Diesel, 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), COVID-19 Impact Analysis, COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2023-2032

Industry Statistics

Forklift Market size surpassed USD 80 billion in 2022 and is projected to register 8% CAGR during 2032 to 2032, owing to the demand created by the growing e-commerce sector.
 

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Rising popularity of online shopping in recent years has further elevated the importance of seamless supply chain processes for companies, driving them to augment their logistics and warehousing capabilities. As e-commerce flourishes globally due to rapid digitalization, increasing disposable incomes of customers and the convenience of procuring goods online, retailers are also being encouraged to expand their warehouse capacities. The rising need for efficient operations across expansive storage facilities, the global forklift market is likely to witness an sustainable rise.
 

High initial investment and maintenance costs might hamper forklift industry growth

A forklift fleet entails high initial investment and maintenance costs and the costs of each truck varies depending on the capacity, fuel types and even tires. Such factors are likely to have a negative influence on the market and product demand. For instance, an electric forklift costs 50% more than an Internal Combustion Engine powered forklift, making it difficult for OEMs and SEMs to procure and implement energy-efficient systems. These fleets require industries to invest in advanced hardware, software and technologies, which results in higher operational costs compared to the vehicle’s unit cost.
 

Versatile lift capabilities to foster counterbalance forklift product segment progress

The counterbalance forklift market is slated to observe 5% growth during 2023 to 2032, fueled by the vehicle’s versatile lift capabilities. These forklifts are able to lift and move a variety of different weight ranges and can be fitted with various kinds of attachments, like rotators, clamps and carpet poles. Having two forks in the front, these kinds of lift trucks give users the ability to drive close to the load in order to pick it up and can be used for indoor & outdoor functions.
 

Strict emission norms to elevate the demand for electric lift trucks

The electric segment is poised to attain 10% gains through 2032. Increasing restrictions on fossil fuel-powered vehicles due to their emissions are fostering the demand for more eco-friendly solutions. This is pushing forklift manufacturers to develop environmentally friendly battery powered lift trucks. Many world governments are also offering various incentives to encourage customers to switch to battery-electric fleets.
 

Enhanced maneuverability to fuel Class II lift truck industry expansion

The Class II type lift trucks held over 10% of the forklift market share in 2022. The Class II segment is comprised of electric narrow aisle lift trucks that have enhanced maneuverability, which allows them to efficiently operate in tight spaces. These models are typically used in warehouses and distribution centers to handle pallets, move inventory and also keep the warehouse organized. The compact size of Class II forklifts also reduces the need to expand warehouse storage footprint to store the vehicles.
 

Frequent need to move inventory to augment the share of logistics sector

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The logistics sector captured around 20% of the forklift industry share in 2022, as the sector heavily relies on lift trucks to move heavy goods on a frequent basis. With forklifts, logistics firms are able to reduce the time taken for goods to reach the market. The use of machines in warehouses ensures smooth and fast movement of inventory and heavy loads, which is beneficial for logistics firms as their day-to-day operation involves moving large product volumes from storage to transport and vice versa.
 

Strong industry player presence to bolster North America business scenario

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The North America forklift market revenue crossed USD 10 billion in 2022 and is pegged to foresee notable growth on the back of the strong industry player presence. The region is home to prominent lift truck firms such as Clark International Ltd., Crown Equipment Corporation, Yale Material Handling Corporation, and Caterpillar Inc,. These firms are increasingly investing towards product innovations to expand their regional existence.
 

North America also boasts of a robust manufacturing sector with many new initiatives focusing on expanding it to help the economy recover from the pandemic slump. In the U.S., President Joe Biden-led administration recently implemented a number of policies to strengthen domestic manufacturing, which will see demand and new growth opportunities in the industry.
 

Novel product launches to shape the competitive landscape

Major forklift market players include the likes of Godrej and Boyce Group, Hyundai Heavy Industries Co., Ltd., Lonking Forklift Co., Ltd., Doosan Industrial Vehicle America Corp., Anhui Heli Co., Ltd., Mitsubishi Nichiyu Forklift Co., Ltd., Kion Group AG, Toyota Industries Corporation, Komatsu Ltd., Clark Material Handling Company, Cargotec Oyj, Crown Equipment Corporation, Jungheinrich AG, Konecranes, Manitou Group and Paletrans Equipment among others. Many are working on improving their product offerings to deliver more efficient and durable trucks that conform to the global sustainability standards.
 

Additionally, in December 2022, American forklift manufacturer, CLARK Material Handling Company launched a new four-wheel electric forklift SEC20-35, the latest addition to the firm’s S-SERIES lineup. The truck can handle as much as 7,000 pounds of weight and offers performance and durability similar to its fossil fuel-powered counterpart.
 

Impact of COVID-19 on the global forklift market trends

As forklifts play an important role in warehousing and logistics, the industry saw a severe dip at the start of the pandemic, where lockdowns brought global economies and supply chains to a grinding halt. The pandemic also saw a rise in inventory backlogs due to a halt in production and sales as many consumers clamped down on spending. With reduced logistics, the use of lift trucks also dropped, affecting business development. Now, with economies taking strong steps towards their economic recovery, supply chains are being un-clogged by industries resuming operations. This, combined with global net-zero emissions goals, are influencing the demand for novel lift trucks such as those powered by an electric battery.
 

This market research report on forklift includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and shipments in Thousand Units from 2018 to 2032 for the following segments:

Market, By Product:

• Warehouse
• Counterbalance

Market, By Fuel type:

• Diesel
• Electric
• Gasoline & LPG/CNG

Market, By Class:

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

Market, By End-Use:

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

The above information has been provided for the following regions and countries:

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