Forklift Trucks Market Worth USD 100 Billion by 2030 Witnessing a CAGR of 7.8% - Report by Market Research Future (MRFR)

Forklift Trucks Market Insights and Industry Analysis by Technology (Electric Powered, and Internal Combustion Engine Powered), by Capacity (Below 5 tons and above 5 tons), By Application (Manufacturing, Logistic, Retail & Wholesale and others) and By Region, Competitive Market Size, Share, Trends, and Forecast to 2030

New York, New York, UNITED STATES

New York, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Forklift Trucks Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Forklift Trucks Market Information by Technology, Capacity, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 7.8% CAGR to reach USD 100 Billion by 2030.

Market Synopsis

Forklift trucks are strong; heavy-duty electric lift trucks frequently lift and carry large objects over short distances, like container products, crates, and other comparable parts. These trucks are frequently found in dockyards and warehousing facilities, used for loading and unloading cargo from vehicles and relocating packed cargo throughout the storage area. Due to a recent increase in demand for contemporary material handling equipment, the industry has seen noticeable growth. The trucks are used to lift the material and monitor the operator's performance and the mechanical and electrical systems. Due to the manufacturers' efforts in producing these technologically upgraded vehicles, there is a significant market potential for adopting modern technologies.

Additionally, the rise in the warehouse as a service industry, the manufacturers' implicit efforts, expenditures, and R&D activities all contribute to the lift truck market's growing volume sales (WaaS). Global industry output, fixed investment spending, power production, and mining activity are anticipated to grow due to rising consumer spending and expanding economies. Manufacturing and other sectors strongly emphasize luring sizable sums of foreign money.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 100 Billion
CAGR7.8% (2022–2030)
Base Year2021
Forecast Period2022–2030
Historical Data2020
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Technology, Capacity, Application, And Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversMany manufacturing outfits are automating their operations in the post pandemic world.
They’re investing heavily in research and development in the attempt to make more efficient forklift trucks.

Market Competitive Landscape:

The central contenders in the forklift trucks market are:

  • Toyota Industries Corporation (Japan)
  • Mitsubishi Nichiyu Forklift Corporation (Japan)
  • Crown Equipment Corporation (U.K)
  • The Raymond Corporation (U.S.)
  • KION Group AG (Germany)
  • Hyster-Yale Material handling Inc. (U.S.)
  • Jungheinrich Group (Germany)
  • Anhui HELI Co., Ltd (China)
  • Komastu Ltd. (Japan)
  • Kalmar Global (Finland).

Market U.S.P. Covered:

Market Drivers:

One of their biggest benefits is that electrically powered forklift trucks don't need fuel storage at the site where they are used. Companies also prefer electric material-handling vehicles because they are less expensive to operate and maintain in warehouses and emit a fraction of the pollution that forklift trucks generate. Electric-powered forklift trucks are becoming more and more common and have much potential, given how quickly technology is developing. These electric forklift trucks can load and unload large things from docks or the ground, making them ideal for indoor use. The e-commerce industry's advancements fuel the global expansion of the global forklift truck market. The market is also expected to grow due to rising investments in infrastructure industry developments and the rising usage of electric forklift trucks. Forklift truck safety concerns are projected to worsen, and the high cost of forklift truck maintenance is predicted to impede market expansion. Additionally, developing autonomous forklift trucks and manufacturing hydrogen fuel cell forklifts present participants in the forklift truck market with excellent growth prospects.

The e-commerce market is still expanding healthily. The need for warehouse space has increased as a result of the development in demand for consumer goods, which are then palletized and delivered in bulk to retail establishments. Numerous distribution tactics and warehouse systems are used to transfer the goods to the site without any harm. Forklift trucks are used in warehouses to properly put and arrange items or goods to save time and space.

Market Restraints:

Electricity is frequently used to power forklift trucks. They are pricey as a result. As a result, only the biggest and most successful businesses can afford to use them. This is a significant element limiting growth.

Browse In-depth Market Research Report (140 Pages) on Forklift Trucks

COVID 19 Analysis

COVID-19 is projected to be in effect for several years, but its effect on the market for forklift trucks is unpredictable. The COVID-19 breakout drove governments worldwide to enact strict lockdown measures and ban raw materials and parts import and export for the majority of 2020 and a few months of 2021. As a result, the supply of crucial raw materials used to make forklift trucks suddenly decreased. Additionally, factories that make forklift truck systems had to partially or entirely cease operations due to the statewide lockdown. The COVID-19 pandemic's negative effects led to delays in global operations and projects aimed at developing enhanced forklift truck systems. The manufacturing industry is anticipated to pick up steam in the upcoming years, sustaining demand for lift trucks. However, because manufacturing factories have been established there, there may be a delay in obtaining the essential components.

Market Segmentation

By application, the market includes manufacturing, logistic, and retail & wholesale. By technology, the market includes electric-powered and internal combustion engine powered. By capacity, the market includes below 5 tons and above 5 tons.

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Regional Insights

The forklift market was dominated by Asia-Pacific, which also had the biggest revenue share. Throughout the forecast period, the market is anticipated to expand slowly. The expansion can be linked to manufacturers' increasing propensity for factory automation. Additionally, forklifts improve production processes' operational effectiveness and workflow while streamlining supply chain distribution activities. Several regional players are concentrating on launching new items to draw in more clients and broaden their clientele. With the recently released product's hydrostatic drive technology, the forklift can constantly shuttle, increasing uptime and lowering maintenance costs.

A substantial portion of the global market's income is anticipated to come from Europe because of the continent's fast urbanization and the growing demand from chemical and food producers. Due to increased government attempts to create infrastructure, which have boosted the need for building activities and thus raised the demand for forklift trucks, France is a sizable market for forklift trucks.

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