Forklift Trucks Market Share Projected to Reach USD 81.34 Billion by 2030

In a report published, the Forklift Trucks Market Share valued at USD 51.32 billion in the year 2023, is projected to reach a revised size of USD 81.34 billion by 2030, growing at a robust CAGR of 6.8% during the forecast period 2024-2030, and aided by fast industrialization and growing e-commerce industry.



Reasons for Market Growth and Euromonitor's Opportunity Assessments

A rise in manufacturing & warehousing due to increasing global industrial activities is leading to high demand for material handling equipment, thus driving the market rate. Over the years, Forklift trucks have been very important in increasing productivity, streamlining operations, and maintaining safety in the workplace. The rise of the e-commerce industry has further increased the demand for advanced warehousing systems, thus driving the use of forklift trucks. The forklift truck landscape has changed drastically due to technological developments. The trend towards electric-powered lift trucks is significant, as they are more efficient with lower emissions and operating costs compared to inner combustion engine versions. Technological advancements, such as autonomous forklifts and IoT integration, are opening up new business options for companies to design smart and connected material handling products.

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Segmentation Analysis

So, the forklift trucks market can be categorized into product type, technology, class, and end-user industries.

Type of Product: The report covers the market for counterbalance and warehouse forklifts. Counterbalance forklifts are found in many industries due to their versatility and capability for carrying heavy loads. Forklifts that belong in a warehouse such as an order picker, reach truck, pallet jack or stacker are important for the efficient operations of any facility that stores material.

by Technology: Forklift trucks are classified into electric-powered models and ICE (internal combustion engine) models. Driving Factors for this Electric Transportation Market Report — The electric driven division is developing considerably polled by raising natural worries and strict discharges laws compelling enterprises to embrace maintainable arrangements.

Based on design: Forklifts are divided into:

Class I: Electric motor powered rider trucks

Mast narrow aisle trucks, class II electric motor

Electric powered hand trucks but otherwise still class III

Class IV – Nonpassenger Vehicles — trucks with cushion tires driven by an internal combustion engine.

Class V: Pneumatic tire internal combustion engine trucks

Forklift Truck End-User Industries: The major forklift truck end-user industries comprise retail and wholesale, logistics, automotive, food industry and other industrial activities. In particular, the logistics sector has experienced an uptake in the use of forklifts for the effective management of complicated supply chain operations.

Country-Level Analysis

U.S. forklift market size was USD 9.11 billion in 2023 and is anticipated to register a CAGR of 11.0% during the forecast period 2024 to 2030. One major trend is the movement towards electric forklifts, which is very much encouraged by sustainability efforts and exponential developments in battery technology. The autonomous material handling solutions are being adopted by most of the companies to make their warehouses and manufacturing facilities more efficient and safe.

Germany: Being a manufacturing hub, Germany has a lot of requirement for forklift trucks from its industrial sectors. With its focus on automation and Industry 4.0 activities, advanced technologies have steadily become part of material handling equipment. The operational efficiency of the local market is challenged by the competition from international players and the high need for innovation to stay competitive.

China: The oldest & largest market in the Asia-pacific region for forklift trucks, China forklift truck market is buoyed by rapid industrialisation and urbanisation. Increased push of Infrastructure development and expanding manufacturing sector by the government has increasing demand for material handling solutions for the market. Meanwhile, support for carbon-neutral efforts in China have driven the adoption of electric forklifts.

Japan is a country where its professional localization is highly extolled, moreover, the greatest part is that Japan itself is a pioneer and established country in automation and robotics, therefore; the setting up of forklift truck market over here is very quick and fast. Due to the ageing workforce in this country, the industries are being forced to invest into autonomous and semi-autonomous forklifts if they wish to keep up production levels. Japanese manufacturers are concentrating on the development of compact, energy-efficient models to meet urban warehousing needs.

India: Due to its rapid economic growth and emerging manufacturing industry, India offers a lucrative opportunity for the forklift truck market. With the 'Make in India' campaign attracting industrial infrastructure investments, there has been a rise in demand for material handling equipment from 2022. The growth of the e-commerce industry is also helping to boost the expansion of the logistics sector, which in turn adds to the market growth.

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Competitor Analysis

The forklift truck market is fragmented in nature as it consists of a number of players competing to gain a larger market share. Notable companies include:

Toyota: One of the world's largest manufacturers, Toyota provides a full line of material handling equipment. In 2022, it introduced AI-based self-driving lift truck technology that is designed to improve operational efficiency and safety.

KION Group AG — A large German manufacturer of industrial trucks and supply chain solutions The firm has been working to broaden its range of products by making strategic acquisitions and investing in research and development.

Jungheinrich AG: Also based in Germany, Jungheinrich focuses on warehousing technology and material handling equipment. Ryder Solutions offers innovation, recently expanding their portfolio of energy-efficient solutions by adding lithium-ion batteries to their forklift range.

Mitsubishi Logisnext Co., Ltd.: As an integral supplier of a wide array of forklifts and warehouse equipment, Mitsubishi Logisnext emphasizes on harboring innovative technologies to satisfy changes in customer requirements.

An American company that has developed innovative material handling products, Crown Equipment Corporation has been investing in automation technologies to provide automated solutions such as autonomous forklifts as the demand for automated warehouses continues to grow.

These companies are involved with R&D activities to launch technologically advanced goods with an emphasis on automation and sustainability in order to cater to the changing requirements of different verticals.

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Conclusion

The global forklift trucks market is expected to garner significant growth during the upcoming years owing to the expanding industrial sector, technological advancement and the growing e-commerce industry. While optimising for efficiency and sustainability remains a top priority for industries across the globe, adoption of such advanced forklift solutions is expected to increase. Market participants are likely to leverage these opportunities by introducing innovation and expansion in their product portfolio to address the need of end users in different regions.

Explore More: Visit our website for Additional reports:

Electric Forklift Market https://www.maximizemarketresearch.com/market-report/electric-forklift-market/198700/ 

Forklift Tire Market https://www.maximizemarketresearch.com/market-report/global-forklift-tire-market/82240/ 

Autonomous Forklift Market https://www.maximizemarketresearch.com/market-report/global-autonomous-forklifts-market/77921/ 

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