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Forklift Market revenue to reach $200 Bn by 2032
- Published Date: December 20, 2022
Forklift Market size is anticipated to exceed a valuation of USD 200 billion by 2032, according to the recent research report by Global Market Insights Inc.
The rising adoption of technologies such as automation, mobility, and advanced power sources in the field will foster forklift market growth. Forklifts are increasingly incorporating advanced technologies like IoT and RFID to help businesses improve operational efficiencies while reducing labor requirements. Through sophisticated automation and mobile fleet management, warehouse management can be streamlined without additional personnel. This will outline the business scenario by elevating the demand for automated forklifts in industries such as manufacturing, automotive and aerospace among others.
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Strong investments from e-commerce firms to drive warehouse sector
The warehouse segment accounted for more than 35% of the forklift market share in 2022, fueled by increasing investments from top retail companies towards development and expansion strategies. Forklifts increase productivity as well as profitability for retailers by helping enhance accuracy and efficiency of distribution center operations at reduced costs. With online shopping growing at a rapid rate, demand from e-commerce companies are increasingly investing towards more lift truck fleets to streamline logistics and effectively move bulky goods across their warehouse facilities.
Higher efficiency in outdoor operations to augment diesel fuel segment size
The diesel segment is poised to reach a valuation of over USD 45 billion by 2032, due to the enhanced performance of diesel-powered lift trucks, which offer better fuel efficiency, adaptability, higher power output, lower maintenance costs and the ability to operate in rough terrain or outdoor spaces. This fuel type is likely to witness steady demand from the global construction and military sectors. These lift trucks are also extensively used to transport materials at refineries and outdoor factories.
Browse key industry insights spread across 350 pages with 476 market data tables and 28 figures & charts from the report, “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” in detail along with the table of contents:
Surging construction projects to boost Class V forklift market share
The Class V type forklifts, which refers to ICE lift trucks that incorporate pneumatic tires, is poised to grow at over 5% CAGR between 2023 and 2032. These lift trucks are primarily used in outdoor applications, due to their rugged nature and higher durability, which makes then highly suited for locations such as construction sites, lumberyards and several other outdoor avenues. With the resumption of heavy industries post the COVID-19 pandemic slump is likely to foresee strong demand from heavy-duty applications.
Rising online shopping trend to foster retail and e-commerce industry outlook
The retail & e-commerce business overview is slated to observe 10% growth during 2023 to 2032, owing to rapidly rising trend of online shopping worldwide. The number of online shoppers has gone up tremendously since the advent of the COVID-19 pandemic, with the resulting demand leading a rise in inventory storage and warehouses, creating more opportunities for the forklift market. For large retailers and e-commerce businesses, technological advancements in forklifts, such as automation and sensor integration, will further ease inventory management, driving further revenue growth.
Rapid industrial sector development to shape Asia Pacific market
The APAC forklift industry is poised to attain 10% gains through 2032, amid rapid growth of the region’s industrial sector, particularly in countries such as India, China, and Japan. Many government organizations are also supporting the development of these industries with the help of favorable initiatives and incentives. The region is also home to a booming e-commerce market, because of the presence of large online shopping firms, such as Alibaba and JD.com in China and Flipkart and Amazon in India, which is creating a high demand for forklifts in regional warehouses.
Business expansion efforts to outline the competitive landscape
Major forklift market players are Clark Material Handling Company, Godrej and Boyce Group, Hyundai Heavy Industries Co., Ltd., Lonking Forklift Co., Ltd., Hubtex Maschinenbau GmbH & Co. KG, Mitsubishi Nichiyu Forklift Co., Ltd., Kion Group AG, Anhui Heli Co., Ltd., Toyota Industries Corporation, Komatsu Ltd., Hangcha Group Co., Ltd., Cargotec Oyj, Doosan Industrial Vehicle America Corp., Combilift Ltd., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Konecranes, Crown Equipment Corporation, Manitou Group, and Paletrans Equipment. To capitalize on the expanding landscape, many lift truck manufacturers are focusing on expanding their operations to more markets.