Forklift Truck Market

Forklift Truck Market by Engine Type (Electric Powered and Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V, Class VI, and Class VII), End-user (Automotive & Electrical Engineering, Retail & Wholesale, Transportation & Logistics, Food Industry, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: CM-4864
  • Author: Growth Market Reports
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  • No. Of Pages: 187
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The global forklift truck market size was around USD 45.2 Bn in 2021 and is expected to surpass USD 83.3 Bn by 2030, at a CAGR of 8.6% during the forecast period, 2022–2030. The market growth is attributed to the increasing adoption of forklift trucks for heavy lifting, loading and unloading materials in various industries.

forklift-truck-market-outlook

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.

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.

Market Dynamics of the Global Forklift Truck Market

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.

forklift-truck-market-dynamics

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

Increasing Demand for Material Handling Equipment Across Industries

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.

Rising Governments and Private Investments in Infrastructure Developments

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?

High Maintenance Cost of Forklift Truck

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?

Production of Hydrogen Fuel Cell Forklifts

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 the Global 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.
 

Attributes

Details

Report Title

Forklift Truck Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Engine Type (Electric Powered and Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V, Class VI, and Class VII), and End-user (Automotive & Electrical Engineering, Retail & Wholesale, Transportation & Logistics, Food Industry, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Toyota Material Handling India (Toyota Industries Corporation); Crown Equipment Corporation; EP Equipment; Hyster-Yale Material Handling, Inc.; Jungheinrich AG; Kion Group AG; MITSUBISHI HEAVY INDUSTRIES, LTD.; Hyundai Heavy Industries; Anhui Forklift Truck; Doosan Industrial Vehicle; Hangcha Forklift; Godrej & Boyce Manufacturing; Komatsu Ltd.; and Lonking Machinery Co., Ltd.

 

Market Segment Insights of the Global Forklift Truck Market

Why is the Electric Powered Segment More Prevalent than the Internal Combustion Engine Powered Segment?

A Better and Eco-Friendly Alternative for Combustion Engine-based Forklift Trucks

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?

Rising demand for Class III forklift trucks for various industrial applications

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.

forklift-truck-market-by-class

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

Increasing adoption of forklifts in various food warehousing and processing facilities

On the basis of end-user, 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.

forklift-truck-market-by-end-user

Why is Asia Pacific dominating the Global Forklift Truck Market?

Rapid Adoption of Forklift Trucks in Construction and Warehousing Units

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.

forklift-truck-market-regions

Segments

The global forklift truck market has been segmented on the basis of

Engine Type

  • Electric Powered
  • Internal Combustion Engine Powered

Class

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V
  • Class VI
  • Class VII

End-user

  • Automotive & Electrical Engineering
  • Retail & Wholesale
  • Transportation & Logistics
  • Food Industry
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Toyota Material Handling India (Toyota Industries Corporation)
  • Crown Equipment Corporation
  • EP Equipment
  • Hyster-Yale Material Handling, Inc.
  • Jungheinrich AG
  • Kion Group AG
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Hyundai Heavy Industries
  • Anhui Forklift Truck
  • Doosan Industrial Vehicle
  • Hangcha Forklift
  • Godrej & Boyce Manufacturing
  • Komatsu Ltd.
  • Lonking Machinery Co., Ltd.

Competitive Landscape

Key players competing in the global forklift truck market are Toyota Material Handling India (Toyota Industries Corporation); Crown Equipment Corporation; EP Equipment; Hyster-Yale Material Handling, Inc.; Jungheinrich AG; Kion Group AG; MITSUBISHI HEAVY INDUSTRIES, LTD.; Hyundai Heavy Industries; Anhui Forklift Truck; Doosan Industrial Vehicle; Hangcha Forklift; Godrej & Boyce Manufacturing; Komatsu Ltd.; British Industrial Truck Association (BITA), and Lonking Machinery Co., Ltd. Some of these major companies adopted various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

  • On October 5, 2021, a US-based manufacturer and provider of forklifts, Mitsubishi Logisnext Americas group, launched the MXS3 and MXS4 Series 3-wheel and 4-wheel electric pneumatics forklifts.
  • On August 23, 2022, a US-based company Hyster launched an integrated lithium-ion battery powered lift truck to meet the demands of the fast-paced trucking industry. The J40XNL supports workflows common in trucking terminals, like loading and unloading trailers, with a strategic open-space design that prioritizes operator comfort and reduces the truck weight to improve acceleration and reduce energy consumption.
  • On July 7, 2022, a US-based company, Toyota Material Handling acquired another US-based company, PennWest which has been a respected part of the Toyota dealer network for years.
forklift-truck-by-key-players
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Forklift Truck Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Forklift Truck Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Forklift Truck Market - Supply Chain
  4.5. Global Forklift Truck Market Forecast
     4.5.1. Forklift Truck Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Forklift Truck Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Forklift Truck Market Absolute $ Opportunity
5. Global Forklift Truck Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Forklift Truck Market Size and Volume Forecast by End Users
     5.3.1. Automotive & Electrical Engineering
     5.3.2. Retail & Wholesale
     5.3.3. Transportation & Logistics
     5.3.4. Food Industry
     5.3.5. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Forklift Truck Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Forklift Truck Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Forklift Truck Demand Share Forecast, 2019-2026
7. North America Forklift Truck Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Forklift Truck Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Forklift Truck Market Size and Volume Forecast by End Users
     7.4.1. Automotive & Electrical Engineering
     7.4.2. Retail & Wholesale
     7.4.3. Transportation & Logistics
     7.4.4. Food Industry
     7.4.5. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Forklift Truck Demand Share Forecast, 2019-2026
8. Latin America Forklift Truck Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Forklift Truck Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Forklift Truck Market Size and Volume Forecast by End Users
     8.4.1. Automotive & Electrical Engineering
     8.4.2. Retail & Wholesale
     8.4.3. Transportation & Logistics
     8.4.4. Food Industry
     8.4.5. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Forklift Truck Demand Share Forecast, 2019-2026
9. Europe Forklift Truck Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Forklift Truck Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Forklift Truck Market Size and Volume Forecast by End Users
     9.4.1. Automotive & Electrical Engineering
     9.4.2. Retail & Wholesale
     9.4.3. Transportation & Logistics
     9.4.4. Food Industry
     9.4.5. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Forklift Truck Demand Share Forecast, 2019-2026
10. Asia Pacific Forklift Truck Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Forklift Truck Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Forklift Truck Market Size and Volume Forecast by End Users
     10.4.1. Automotive & Electrical Engineering
     10.4.2. Retail & Wholesale
     10.4.3. Transportation & Logistics
     10.4.4. Food Industry
     10.4.5. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Forklift Truck Demand Share Forecast, 2019-2026
11. Middle East & Africa Forklift Truck Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Forklift Truck Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Forklift Truck Market Size and Volume Forecast by End Users
     11.4.1. Automotive & Electrical Engineering
     11.4.2. Retail & Wholesale
     11.4.3. Transportation & Logistics
     11.4.4. Food Industry
     11.4.5. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Forklift Truck Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Forklift Truck Market: Market Share Analysis
  12.2. Forklift Truck Distributors and Customers
  12.3. Forklift Truck Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Toyota Material Handling India (Toyota Industries Corporation)
     12.4.2. Crown Equipment Corporation
     12.4.3. EP Equipment
     12.4.4. Hyster-Yale Material Handling, Inc.
     12.4.5. Jungheinrich AG
     12.4.6. Kion Group AG
     12.4.7. MITSUBISHI HEAVY INDUSTRIES, LTD.
     12.4.8. Hyundai Heavy Industries
     12.4.9. Anhui Forklift Truck
     12.4.10. Doosan Industrial Vehicle
     12.4.11. Hangcha Forklift
     12.4.12. Godrej & Boyce Manufacturing
     12.4.13. Komatsu Ltd.
     12.4.14. Lonking Machinery Co., Ltd.

The global forklift truck market has been segmented on the basis of

Engine Type

  • Electric Powered
  • Internal Combustion Engine Powered

Class

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V
  • Class VI
  • Class VII

End-user

  • Automotive & Electrical Engineering
  • Retail & Wholesale
  • Transportation & Logistics
  • Food Industry
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Toyota Material Handling India (Toyota Industries Corporation)
  • Crown Equipment Corporation
  • EP Equipment
  • Hyster-Yale Material Handling, Inc.
  • Jungheinrich AG
  • Kion Group AG
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Hyundai Heavy Industries
  • Anhui Forklift Truck
  • Doosan Industrial Vehicle
  • Hangcha Forklift
  • Godrej & Boyce Manufacturing
  • Komatsu Ltd.
  • Lonking Machinery Co., Ltd.

Key players competing in the global forklift truck market are Toyota Material Handling India (Toyota Industries Corporation); Crown Equipment Corporation; EP Equipment; Hyster-Yale Material Handling, Inc.; Jungheinrich AG; Kion Group AG; MITSUBISHI HEAVY INDUSTRIES, LTD.; Hyundai Heavy Industries; Anhui Forklift Truck; Doosan Industrial Vehicle; Hangcha Forklift; Godrej & Boyce Manufacturing; Komatsu Ltd.; British Industrial Truck Association (BITA), and Lonking Machinery Co., Ltd. Some of these major companies adopted various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

  • On October 5, 2021, a US-based manufacturer and provider of forklifts, Mitsubishi Logisnext Americas group, launched the MXS3 and MXS4 Series 3-wheel and 4-wheel electric pneumatics forklifts.
  • On August 23, 2022, a US-based company Hyster launched an integrated lithium-ion battery powered lift truck to meet the demands of the fast-paced trucking industry. The J40XNL supports workflows common in trucking terminals, like loading and unloading trailers, with a strategic open-space design that prioritizes operator comfort and reduces the truck weight to improve acceleration and reduce energy consumption.
  • On July 7, 2022, a US-based company, Toyota Material Handling acquired another US-based company, PennWest which has been a respected part of the Toyota dealer network for years.
forklift-truck-by-key-players

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FAQ Section

Some frequently asked quetions about this report!

The global forklift truck market size was around USD 45.2 Bn in 2021 and is expected to surpass USD 83.3 Bn by 2030, at a CAGR of 8.6% during the forecast period, 2022–2030.

Based on engine type, the electric-powered type has dominated the global market with a major revenue share in 2021.

The key drivers of the market include the increasing adoption of forklift trucks for heavy lifting, loading, and unloading materials in various industries.

Asia Pacific is likely to dominate the global forklift truck market during the forecast period due to the increasing use of forklift trucks in the consumer goods and industrial sector.

The global forklift truck market key market players are Toyota Material Handling India (Toyota Industries Corporation); Crown Equipment Corporation; EP Equipment; Hyster-Yale Material Handling, Inc.; Jungheinrich AG; and Kion Group AG.