Home > Industrial Machinery > Material Handling Equipment > Forklift Market

Forklift Market Trends

Report ID: GMI1371
Published Date: Jan 2024
Report Format: PDF

Download Free Sample

Forklift Market Trends

The strides in autonomous forklift technology are fostering lucrative growth in the forklift business. The advancements, marked by increased automation and AI integration, enhance efficiency, and reduce dependency on manual labor. Safety innovations in the forklift industry involve the integration of advanced features to enhance workplace safety. This includes technologies such as obstacle detection systems, automatic braking, and proximity sensors to prevent collisions. Additionally, improved visibility features, ergonomic designs, and operator training programs contribute to accident reduction. These safety measures protect workers and equipment and align with regulatory standards, making forklifts equipped with these innovations more attractive to industries prioritizing a secure and efficient working environment.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of forklift was worth USD 81 billion in 2023 and is estimated to register over 6.5% CAGR between 2024 and 2032, due to the rising number of investments for development.

The counterbalance forklift accounted for around 60% of the market share in 2023 owing to the ongoing electrification worldwide.

Asia Pacific region dominated around 50% revenue share of the forklift industry in 2023 and is set to exhibit robust growth through 2032, owing to the presence of a major manufacturing hub coupled with rapid industrialization across countries, including China and India.

Some of the top forklift firms are Clark Material Handling International, Inc., Doosan Industrial Vehicle, Hyundai Heavy Industries, Crown Equipment Corp., Godrej & Boyce Manufacturing, Hyundai Heavy Industries, Hyster-Yale Materials Handling, Inc, KION Group AG, Komatsu Ltd., and Lonking Forklift Co., Ltd.,