Forklift Truck Market Growth Opportunities & Forecast [2031]

Report Description

Forklift Truck Market Outlook 2031

The global forklift truck market size was valued at USD 49.09 Billion in 2022 and is expected to surpass USD 103.15 Billion by 2031, expanding at a CAGR of 8.6% during the forecast period, 2023–2031. The market growth is attributed to the increasing adoption of forklift trucks for heavy lifting, loading, and unloading materials in various industries.

Forklift trucks, also known as lift trucks, are powerful vehicles primarily designed to carry, load, and unload heavy industrial goods over a short distance. A forklift truck normally has two horizontal forks attached in the front of the vehicle that handles the loading and unloading of containers including crates and corrugated boxes.

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Forklift trucks are highly economical, user-friendly, powerful, and easy to maintain. As a result, they are widely used for performing various industrial tasks and handling heavy construction materials, such as wood, steel, and mortar. This heavy vehicle is primarily operated by a trained driver and is either run by electric-powered or combustion engines.

Lift trucks are widely deployed in warehousing and logistics operations especially in dockyards, at railroad freight centers, and on construction sites. Apart from distribution centers, forklifts are largely used in manufacturing and recycling operations as these vehicles can handle multiple industrial tasks. To ensure effective material handling across industries, forklift trucks are available in different load capacities.

COVID-19 Impact on the Global Forklift Truck Market

The market report finds that the COVID-19 pandemic had adversely impacted the global forklift truck market due to the sharp decline in construction activities and regional trade across the globe. During the pandemic, various warehousing and logistic service providers had to shut down their operations as governments abruptly started closing their ports, railways, and air transport to prevent the virus spread.

Moreover, the prolonged lockdown restrictions, imposed by governments in different countries, forced to shut manufacturing units across industries. This resulted in a sharp decline in the demand for heavy vehicles, especially forklift trucks during the pandemic.

With the rapid subsiding of COVID-19 cases globally, the majority of governments began lifting their lockdown restrictions which led to the reopening of industries and construction activities. The rebound of logistic operations and gradual economic recovery worldwide, due to the rising operation of manufacturing units across industries, are likely to regain the demand for forklift trucks in the coming years.

Forklift Truck Market Dynamics 

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global forklift truck market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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What are the Key Factors Driving the Global Forklift Truck Market?

As a major material handling equipment, forklift trucks are extensively used across industries such as automotive & electrical engineering, retail & wholesale, transportation & logistics, food industry.

The massive industrial use of these trucks is largely influenced by the rapid expansion of warehousing facilities and logistic operations globally, impacted by the rapid development of airports, power plants, and railway networks across countries.

Moreover, the rising investment in the construction activities and infrastructure development, especially in developing countries plays a crucial role in the increasing demand for material handling equipment.

The construction and Infrastructure sector is rapidly increasing across the globe, especially in emerging economies such as India and China. Governments are taking initiatives and rising investments in infrastructure developments for efficient and smart equipment can fuel the demand for forklift trucks in the global market.

The rising demand for forklift trucks in the infrastructure sector is owing to the demand for modern material-handling equipment. The trucks are used for lifting the material and used for monitoring and tracking the performance of the operator and monitoring the mechanical and power systems.

Which Key Factors are Restraining the Growth of the Global Forklift Truck Market?

Forklift trucks are used to lift and transfer heavy materials that are widely used in container goods, and warehouse operations. The high maintenance cost associated with these forklift trucks can hinder the global market.

The surging need for daily maintenance of forklift trucks as these are heavily used for a day shift and due to the heavy use, trucks need to be regularly serviced. Ideally, workers should do the maintenance of the forklift truck at the beginning of each shift. This includes inspecting for leaks, fire conditions, and obvious damage.

What are the Growth Opportunities in the Global Forklift Truck Market?

Increasing production of hydrogen fuel cell forklifts can produce lucrative opportunities for the global forklift truck market. Hydrogen fuel cell forklifts combine the sustainability of an electric forklift trucks with the practicality and short refueling time of an internal combustion engine.

These trucks run on hydrogen, usually take 2-3 minutes to fully refuel and have zero emission. These variants aid in reducing the carbon footprint significantly and enhancing the overall operational efficiency.

Scope of Forklift Truck Market

The global forklift truck market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
 

Forklift Truck Market Segment Insights 

On the basis of engine type, the global market is divided into electric-powered and internal combustion engine powered. The electric-powered type has dominated the global market with a major revenue share in 2021 and is expected to grow at a significant rate due to the increasing use of electric vehicle considering increasing emission norms.

Electric ones are the eco-friendly alternative for diesel and gasoline forklift trucks. Electric vehicles incur low maintenance compared to combustion engine ones.

Increasing technological advancements in battery technology and the advantage of less maintenance owing to the fewer mechanical components. Electric ones are cheaper and easier to maintain. Electric forklift helps to reduce the carbon footprint as they produce zero emissions and help to improve the environmental impact.

The combustion engine-powered type is likely to register a considerable CAGR during the forecast period owing to the wide use of combustion engines in forklift trucks. These trucks offer higher load capacity and greater power compared to electric ones. Combustion ones are versatile as they can be used for a wide range of jobs and environments without compromising their ability to operate safely.

What Key Factors Contribute to the Rapid Expansion of the Class Segment?

In terms of class, the global forklift truck market is categorized as Class I, class II, class III, class IV, class V, Class VI, and Class VII.

The class III segment is projected to account for a large market share during the assessment period owing to the rising demand for electric motor trucks or hand-rider trucks for various industrial applications. Class III forklifts are mainly battery-powered and hand-controlled trucks in which the operator directly controls the lift and steers the truck.

Tow tractors, electric pallet jacks, and stackers are the main categories of the class III forklifts, which are available in both walk-behind (walkie) and rider models. These truck models are largely suitable for moving loads and unloading materials to a staging area and are widely equipped with robotic technology for efficient loading and unloading operations, especially in warehouses.

Electric motor rider forklifts come under the class I segment. The class I segment is expected to register a considerable CAGR in the coming years due to the wide use of electric motor rider forklifts in the loading and unloading, handling of pallets, general warehousing, and food and retail storage.

Forklift trucks that come under the class I segment are either sit-down or stand-on models. The class I segment forklifts can be fitted with either pneumatic or cushion tires, pneumatic tires can be used in outdoor applications while cushion tires are suited for smooth indoor floors.

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Which Major Factors Influence the Substantial Growth of the End-user Segment?

On the basis of end-users, the global market is segregated into automotive & electrical engineering, retail & wholesale, transportation & logistics, the food industry, and others.

The food industry segment held a major share of the market in 2021 and is projected to register a considerable CAGR during the forecast period. The segment growth is attributed to the wide adoption of forklifts in various food warehousing and processing facilities, impacted by the rapid expansion of the commercial food and beverage sector globally.

The food industry generally needs powerful material handling equipment as these types of equipment are actively exposed to frequent product turnaround, corrosive fluids, washdowns, and cold storage.

Forklifts can withstand the tough environment of food processing facilities and ensure seamless food production procedures as these vehicles are designed to be effective in diverse processing environments.

The transportation & logistics segment is anticipated to account for a major market share in the coming years due to the increasing use of forklift trucks to load and unload trucks and transport goods. These trucks help to increase the productivity of companies and lessened their labor costs. Forklift trucks are used in every logistics facility to deliver faster, transport easier, and processes faster.

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Regional Analysis

In terms of region, the global forklift truck market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of Asia Pacific is expected to dominate the market during the projected period owing to the increasing use of forklift trucks in the consumer goods and industrial sectors.

The growing construction industry, along with rapid industrialization, is one of the key factors driving the growth of the market. Furthermore, an increasing number of warehouse establishments across emerging economies is also providing a boost to the forklift trucks market growth.

In Asia Pacific, the rapid expansion of various industries in emerging economies such as China and India can increase the demand for forklift trucks for heavy lifting, consumer goods, and other work. China is emerging as one of the largest manufacturing hubs across the globe. Increasing the establishment of warehousing and manufacturing units in the country can boost the demand for these trucks in the coming years.

The market of North America is anticipated to expand at a rapid pace during the forecast period due to the steady demand for forklift trucks in the warehousing units and construction sector. The presence of e-commerce and retail companies such as Amazon, eBay, Apple, Walmart, Kroger, and others in the region can boost the further demand for forklift trucks.

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