Forklift Truck Market

2021-2030 Analysis and Review Forklift Truck Market

Forklift Truck Market

Forklift Truck Market By Power Source (Internal Combustion Engine, Electric-powered engine), By Product (Warehouse Forklift, Counterbalance Forklift), By Class (Electric motor rider trucks, Electric motor narrow aisle trucks, Electric motor hand trucks, Internal combustion engine trucks, Electric & internal combustion engine tractors(class 5)), By End User (Retail & Wholesale, Logistics, Automotive, Food Industry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

30-03-2022 REP-HC-139307 109 pages Format

Global forklift truck market is estimated to grow at a CAGR of 3.4% during forecast period (2022-2030). Global forklift truck market is primarily driven by increasing e-commerce business and growing warehouse space. Companies in e-commerce industry are investing huge capital to expand their business and improve their operations, due to significant raise in sale during the pandemic.

Forklift Truck Market

Electric Powered Engine Forklifts to Grow the Highest Rate

Global forklift truck market has been segmented on the basis of class, product type, power source and end-users. Electric powered engine in power source segment is expected to grow at highest rate in terms of revenue, with CAGR of around 3.8% during the forecast period. Adoption of electric powered forklift truck is increasing due to its cost-effective trait over the year and low carbon emission. Electric powered forklift truck majorly has application in e-commerce and warehouses to lift material from one place to another. Growing e-commerce industry is expected to increase the adoption of electric powered forklift truck across the globe.

Warehouse Forklifts to Evidence Highest Growth Owing to Booming E-Commerce Industry

Warehouse forklift is expected to rise at a highest CAGR of 3.6% in the forecast period. Global warehouse forklift truck market is primarily driven by increasing growth of e-commerce industry. Companies operating in e-commerce industry are increasingly investing in developing stronger distribution chains by expanding their warehouses to increase the speed of delivery time. The increasing number of warehouses is expected to supplement the growth of global warehouse forklift market during the forecast period as these trucks are used in warehouses for lifting, transporting and handling goods.

Retail and Wholesale Segment to Remain as The Largest End User Segment

Retail and wholesale in the end-user segment lead the global forklift truck market by capturing market share of over 29.81% in 2020. Retail and wholesale market is anticipated to rise at a CAGR of 3.6% during forecast period. Forklift trucks have application in retail and wholesale for picking, relocating and arranging the retail goods at appropriate places in the factory or store. Growth in global retail & wholesale industry is expected to boost the adoption of forklift trucks and thereby, drive the global forklift truck market growth by retail & wholesale end user segment. The growth in retail sector is expected to create lucrative opportunities for the growth in the retail and wholesale market.

Asia is a Market Leader by Revenues and Growth

Geographically, the forklift truck market has been segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Asia Pacific is expected to account for largest market share i.e. 36.37% in terms of revenue in 2020. Asia Pacific forklift truck market growth is justified towards the fact of escalating construction sector, establishment & expansion of warehouses and surging e-commerce industry. Furthermore, Asia is one of the largest importer of oil and gas, chemicals and other petrochemicals; increasing the traffic at ports, hence necessitating adoption of forklift trucks to effectively manage goods and materials at sea ports.

Focus on Innovation and Collaborations to Enhance Market Share Among Competitors

Product launch is the primary strategy adopted by companies in global forklift truck system market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in global forklift truck market. Strategic partnership allows the companies to share their resources to serve their respective self-interest. Though M&A is also noticeable in the forklift trucks market. The top companies include Toyota Industry Corp, Kion group, Mitsubishi Logisnext Co. Ltd, Crown Equipment Corporation, and Jungheinrich Group.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues andCAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies, and primary research. The scope of the market is limited to the following segments of product categories and region.

By Power Source (2020-2030; US$ Mn)

  • Internal Combustion Engine
  • Electric-powered engine
  • By Product Type(2020-2030; US$ Mn)
  • Warehouse Forklift
  • Counterbalance Forklift

By Class (2020-2030; US$ Mn)

  • Electric motor rider trucks (class 1)
  • Electric motor narrow aisle trucks (class 2)
  • Electric motor hand trucks (class 3)
  • Internal combustion engine trucks (solid/cushion trucks) (class 4)
  • Electric & internal combustion engine tractors (class 5)

By End User (2020-2030; US$ Mn)

  • Retail & Wholesale
  • Logistics
  • Automotive
  • Food Industry
  • Others

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global forklift trucks market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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