What Is The Current and Historic Market Size Analysis Of The Forklift Market?
The forklift market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a significant expansion in the forklift market size. The market, which was valued at $63.85 billion in 2024, is projected to reach $72.11 billion in 2025, growing at a compound annual growth rate (CAGR) of 12.9%.
The increased use of electric forklifts, focus on zero emissions, efforts to enhance energy efficiency, acceptance of lithium battery-powered electric forklifts, and the growth of the construction industry have all contributed to this historical growth.
What Is The Forecast For The Forklift Market Size?
The forklift market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the forklift market is projected to experience a considerable expansion in the coming years, with expectations of reaching $115.88 billion by 2029, boasting a compound annual growth rate (CAGR) of 12.6%.
The foreseen augmentation during the forecast period can be credited to factors such as the burgeoning e-commerce sector, the surging need for automated and streamlined warehouses, escalated investments in infrastructure enhancement, the transportation of hefty construction materials across difficult terrains, and the proliferation of sizable building undertakings. Key trends during the forecast timeline include the rapid development in technology, customer productivity optimization through modular solutions, the need for connected forklift trucks to boost the sector, novel product introductions, and the incorporation of automation and robotics.
What Are The Essential Drivers Behind The Growth Of The Forklift Market?
The surging need for e-commerce is projected to fuel the expansion of the forklift market. E-commerce, a term for internet-based buying and selling of products and services, is increasingly demanded due to advancements in mobile technology, digital marketing, logistics, supply chain management, AI for personalized buying experiences, and deferred payment services. Forklifts amplify the operations of e-commerce by enhancing inventory control, accelerating order fulfillment, and refining warehouse designs, all while boosting safety and cost-effectiveness. Their adaptability and productivity are key to meeting the urgent requirements and high-speed rhythm of the e-commerce sector. For example, the International Trade Administration, a US governmental organization, revealed in November 2023 that ecommerce revenue in the UK is expected to increase at an average annual rate of 12.6% by 2025. The UK holds the position of the world's third-largest ecommerce market, trailing China and the U.S. As of January 2021, ecommerce accounted for 36.3% of the UK's total retail market, with expected earnings set to climb to $285.60 billion by 2025. Hence, the escalating demand for e-commerce is powering the development of the forklift market.
How Is The Global Forklift Market Divided Into Key Segments?
The forkliftmarket covered in this report is segmented –
1) By Propulsion: Electric, Internal Combustion Engine
2) By Fuel Type: Gasoline And Compressed Natural Gas (CNG) And liquefied Petroleum Gas (LPG), Diesel, Battery-Electric
3) By Class: Class 1, Class 2, Class 3, Class 4 Or 5
4) By Tonnage: Below 5 Ton, 5 Ton - 10 Ton, 11 Ton – 36 Ton, Above 36 Ton
5) By Application: Freight And Logistics, Wholesale And Retail Distribution, Manufacturing, Other Applications
Subsegments:
1) By Electric Forklifts: Lead-Acid Battery, Lithium-Ion Battery, Fuel Cell Electric Forklifts, Swappable Battery Systems
2) By Internal Combustion Engine Forklifts: Propane Forklifts, Diesel Forklifts, Gasoline Forklifts, Dual-Fuel Forklifts
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How Are Emerging Trends Reshaping The Dynamics Of The Forklift Market?
Leading businesses in the forklift industry are concentrating on the development of new technology like self-guided and remote-operated forklift systems, aimed at enhancing operational efficacy, curtailing labor expenses, and promoting warehouse and industrial safety. Such technology represents breakthroughs in material handling, allowing forklifts to function with little to no human involvement, which further boosts efficiency, safety, and financial viability. As an example, ArcBest Corporation, an American company specialized in freight transportation, logistics, and supply chain solutions, unveiled Vaux Smart Autonomy, a novel range of autonomous and remote-controlled forklifts in February 2024. This revolutionary system features autonomous mobile robots integrated with software enabling human operators to remotely direct their activities. These forklift machines are adaptable, working in both autonomous and manual settings, and come outfitted with sensors and cameras, ensuring efficient navigation in warehouse surroundings, carrying out duties like pallet loading, stacking, and general goods relocation.
Who Are the Key Players In The Forklift Market?
Major companies operating in the forklift market are:
• Caterpillar Inc.
• Toyota Industries Corporation
• Komatsu Ltd.
• Anhui Heli Co. Ltd.
• Kion Group AG
• TCM Corporation
• Noblelift Intelligent Equipment Co. Ltd.
• Jungheinrich AG
• Mitsubishi Logisnext Co. Ltd.
• Hyster-Yale Inc.
• Crown Equipment Corporation
• Hangcha Group Co. Ltd
• Manitou Group
• Doosan Group
• Hydrauliska Industri AB
• The Raymond Corporation
• Action Construction Equipment Ltd.
• Linde Material Handling Ltd.
• AUSA
• Clark Material Handling Company
• Conger Industries Inc.
What Are The Regional Insights Into The Forklift Market?
Asia-Pacific was the largest region in the forklift market in 2024. North America is expected to be the fastest-growing region in the market going forward. The regions covered in the forklift market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
