Global Forklift Truck Market Growth 2024, Forecast To 2033
20 Feb, 2024
The forklift truck market has witnessed rapid growth, surging from $63.29 billion in 2023 to $69.73 billion in 2024, boasting a 10.2% CAGR. Historical growth is attributed to the manufacturing and construction industries and increased demand for e-commerce. The forecast anticipates rapid growth, reaching $106.48 billion in 2028, driven by the surge in demand for electric forklift trucks and the integration of IoT and telematics. Key trends include the development of autonomous and robotic forklifts, emphasis on ergonomic designs, and the use of lithium-ion batteries.
Global Forklift Truck Market Key Driver
The booming construction industry is a driving force behind the growth of the forklift truck market. Monthly construction output in the UK increased by 3.5% in November 2021. The construction industry in India is expected to reach $1.4 trillion by 2025. With the robust growth in construction activities, the forklift truck market is experiencing significant expansion.
Get A Free Sample Of The Global Forklift Truck Market ReportGlobal Forklift Truck Market Segments
The forklift truck market covered in this report is segmented –
1)By Product Type: Counterbalance, Warehouse
2)By Technology: Electric Power, Internal Combustion Engine
3)By Class: Class I, Class II, Class III, Class IV, Class V
4)By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the forklift truck market in 2023. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Forklift Truck Industry Players
Anhui HELI Co. Ltd.; Crown Equipment Corporation; Godrej & Boyce Mfg. Co. Ltd.; Hangcha Group Co. Ltd.; Hyster-Yale Materials Handling Inc.; Jungheinrich AG; Kion Group AG; Komatsu Ltd.; Mitsubishi Logisnext Co. Ltd.; Toyota Industries Corporation; Clark Material Handling Company; Combilift Ltd; Doosan Industrial Vehicle; EP Equipment; Hyundai Heavy Industries Co. Ltd; Lift Technologies Inc; Linde Material Handling; Lonking Machinery Co. Ltd.; The Raymond Corporation; UniCarriers Americas Corporation.; Manitou Group; Tailift Group; LiuGong Machinery Corporation; Lonking Holdings Limited; EP Equipment Co. Ltd.; Hubtex Maschinenbau GmbH & Co. KG; Hangzhou UN Forklift Co. Ltd.; Paletrans Equipamentos Ltda
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Forklift Truck Market Overview
A forklift truck refers to a powered industrial truck that consists of a small truck frame with a front-facing assembly for lifting and carrying the load. These trucks are used to lift and move objects over short distances. Forklifts are available in different specifications as per their weight carrying capacity and the requirements of the place of use, and may or may not require a driver for them to be operated.
Forklift Truck Global Market Report 2023 provides data on the global forklift truck market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The forklift truck market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.