Forklift Truck Market Share & Growth Analysis | 2023-2028

According to a research report by Stratview Research, the forklift truck market was estimated at USD 60.68 billion in 2022 and is likely to grow at a CAGR of 10.99% during 2023-2028 to reach USD 115.02 billion in 2028.
Market Dynamics
The growth of the forklift truck market is primarily driven by-
• Development in E-Commerce and Warehousing – The boom in e-commerce and online retail has led to a surge in demand for easy and efficient ways to move goods from storage to shipping. The warehouse and logistics industry has been highly benefited from the COVID-19 pandemic. Due to stringent policies of lockdown globally, there was a high rise in online buying. Forklift trucks are vital for shifting and moving goods efficiently, and owing to this, the need for forklift trucks is rapidly growing.
• Electric-powered forklift trucks gaining traction – With the rapid advancements in technology, the applications of electric-forklift trucks demand is growing rapidly. These e-trucks are preferred for indoor spaces and can load-unload heavy goods from the ground levels or the docks. Another significant advantage of using e-forklift trucks is that there is no need for fuel, which makes it a sustainable option.
• Rising investments in infrastructure – Governments across the globe are focusing on infrastructure development. Chinese regions are set to increase construction spending by $1.8 trillion in 2023. Increased investments in the real estate sector boost the need for forklift trucks simultaneously.
• Technological Advancements – The integration of industry 4.0 trends such as automation, etc. have revolutionized the forklift truck market. Automated guided vehicles (AGVs) and autonomous forklifts are now gaining traction in industries with repetitive material handling tasks. Toyota Material Handling Japan (TMHJ), a division of Toyota Industries Corporation, developed an automated guided forklift truck, in 2022, featuring world-first AI-based technology that automatically recognizes the location and position of trucks and loads and generates automated travel routes to perform loading operations. Amazon also leverages automated forklifts to lift and drop the items at their destination.
What is a forklift truck?
A forklift, also known as a forklift truck, is a vehicle with a power-operated forked platform attached to the front that is used to lift and move various materials over short distances. Some forklifts allow drivers to sit while driving and operating the machine, while others require them to stand. They are widely used in transporting materials and goods throughout the industry.
COVID-19 Impact
Forklift trucks, a sizeable market, also were unable to escape the pandemic and witnessed a decline in sales in 2020 amid the pandemic. The lockdowns and restrictions resulted in the shutting down of industries and warehouses and hence completely removing the need for material handling and inventory management. This directly impacted the forklift truck market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
Segments' Analysis
The market is segmented as diesel, battery-electric, and gasoline & LPG/CNG. The battery-electric fuel type segment is expected to register the fastest growth in the market during the forecast period. The growth of the segment is owing to the growing preference for fuel efficiency and increased focus on emission norms. Furthermore, high demand for battery-electric forklifts is expected to drive the segment’s growth due to low operating noise, quick charging, and suitability for use inside manufacturing facilities.
The market is segmented as manufacturing, wholesale & retail distribution, freight & logistics, and others. The manufacturing application type is estimated to account for the major share of the market during the forecast period. The segment’s growth is driven by infrastructure development in emerging economies. Furthermore, companies are focusing on increasing productivity by replacing human labor with machines, which is likely to boost the growth of the market during the forecast period.
Asia-Pacific accounted for the largest market share of more than 40% in 2022 and is projected to grow at a steady CAGR during the forecast period. The growth of the region’s market is owing to industrialization in China, Japan, and India. Furthermore, the region's robust manufacturing sector and demand for modern material handling equipment across industries are expected to fuel the market growth during the forecast period. In addition, companies are focusing on establishing manufacturing facilities in India, which will drive the forklift truck market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Leading Players Covered in the forklift truck market Report:
• General Electric Company
• Hella KGaA Hueck & Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Koninklijke Philips N.V.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Samsung Electronics
• Valeo
• Varroc.
To develop better customer understanding, the team at Stratview Research employ a range of quantitative and qualitative market research approaches. This report aims to help the users make use of the available data in a way, that profits the business and leads to growth.
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