IMARC Group, a leading market research company, has recently released a report titled “Forklift Trucks Market Report by Product Type (Counterbalanced Forklift Trucks, Warehouse Forklift Trucks), Technology (Electricity Powered, Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V), Application (Non-Industrial, Industrial), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global forklift trucks market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global forklift trucks market size reached US$ 65.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 96.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.
Global Forklift Trucks Market Trends:
The increasing adoption of e-commerce, which requires efficient warehousing solutions to handle high order volumes and fast delivery times is impelling the market growth.
Additionally, government initiatives to modernize infrastructure and enhance supply chain efficiency are boosting demand for advanced material-handling equipment. Besides this, the rising automation in warehouses, which demands advanced forklifts to integrate with robotic systems and automated storage solutions is aiding in market expansion.
Furthermore, the expansion of global trade and cross-border logistics spurring the need for reliable material handling equipment to streamline international supply chains is propelling the market forward.
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Factors Affecting the Growth of the Forklift Trucks Industry:
· Industrial growth and urbanization:
As economies grow, there is an increased demand for efficient warehousing and material handling solutions. Industrial sectors such as manufacturing, construction, and logistics require robust material handling equipment to manage the rising volume of goods and raw materials. Urbanization further compounds this demand, as the growth of cities and industrial hubs necessitates the construction of new facilities and the expansion of existing ones. This urban expansion leads to increased construction activity, which in turn drives the need for forklifts to handle construction materials and equipment efficiently.
Additionally, industrial growth often correlates with increased consumer demand, leading to higher inventory levels and requiring more advanced and reliable forklift solutions to manage the supply chain effectively.
· Technological Advancements:
Technological advancements have significantly impacted the forklift truck market by enhancing the efficiency, safety, and functionality of these vehicles. Modern forklifts are increasingly equipped with advanced technologies such as automation, telematics, and electric powertrains. Automated forklifts, including those with autonomous navigation and robotic capabilities, are becoming more prevalent, reducing the need for manual operation and increasing operational efficiency. Telematics systems provide real-time data on forklift performance, maintenance needs, and fleet management, allowing companies to optimize their operations and reduce downtime. The shift towards electric forklifts, driven by environmental regulations and the desire for lower operational costs, also represents a significant technological advancement strengthening the market growth.
· Supply Chain and Logistics Optimization:
As global trade and e-commerce continue to expand, companies are focusing on improving their supply chain efficiency to remain competitive. Forklifts play a vital role in this optimization by streamlining material handling processes, increasing storage capacity, and reducing labor costs. Modern supply chains require sophisticated logistics solutions, including automated material handling systems and real-time inventory management.
Forklifts are integral to these systems, facilitating the movement of goods within warehouses, distribution centers, and manufacturing facilities. Companies are investing in advanced forklift technology to enhance their logistics capabilities, improve accuracy, and boost throughput, which in turn drives demand for more advanced and versatile forklift trucks.
Forklift Trucks Market Report Segmentation:
By Product Type:
· Counterbalanced Forklift Trucks
· Warehouse Forklift Trucks
Counterbalanced forklift trucks represent the largest segment as they offer versatile and stable handling for a wide range of material handling tasks.
By Technology:
· Electricity Powered
· Internal Combustion Engine Powered
Internal combustion engine powered are favored for their robustness, high lifting capacity, and ability to operate in diverse environments, particularly outdoors.
By Class:
· Class I
· Class II
· Class III
· Class IV
· Class V
Class V accounts for the majority of the market share because they are known for their heavy-duty performance and high load capacities and are widely used in demanding industrial applications.
By Application:
Non-Industrial
· Warehouses and Distribution Centers
· Construction Sites
· Dockyards
· Snow Plows
Industrial
· Manufacturing
· Recycling Operations
Non-industrial stores dominate the market as they utilize forklifts extensively for managing inventory and facilitating efficient store operations.
Regional Insights:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
Asia Pacific leads the market due to its rapid industrialization, urbanization, and growth in the manufacturing and logistics sectors.
Competitive Landscape with Key Players:
The competitive landscape of the forklift trucks market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Clark Material Handling Company
· Crown Equipment Corporation
· Godrej & Boyce
· Hyster-Yale Materials Handling Inc.
· Hyundai Heavy Industries Co. Ltd.
· Jungheinrich
· KION Group
· Mitsubishi Forklift Trucks
· Toyota Industries Corporation
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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