Forklift Trucks Market Size to grow at a CAGR of 7.3%, US$ 105 billion by 2031 - Adroit Market Research

Adroit Market Research
Adroit Market Research

The forklift trucks market is poised for the e-commerce industry to witness rapid penetration of mega warehouses and technological improvements in lift trucks.

Dallas, Texas, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global forklift trucks market growth is anticipated to thrive during the upcoming years. The market is expected to grow much faster approximately US$ 105 Bn by 2031 and grow at an annualized growth rate of 7.3% year-on-year through the forecast period 2022-2031.

Material handling in the manufacturing, warehousing, distribution, consumption, and disposal sectors are defined as the movement of protection, storage, and control of materials. Forklift trucks have become as essential part of every industry.

Looking forward, future demand is expected to be affected by structural factors including the rise of e-commerce and mega warehouses to fulfill online orders, which have implications for demand for forklift trucks. The industry is versatile, responding to the changing needs of forklift users in other industries. Looking at the growth in the various classes of forklifts, it is easy to see how larger forklifts are the most popular but Class 2 forklifts experienced the highest growth in 2021.

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Electric Motor Narrow Aisle Trucks and their ability to function in very tight spaces is one reason why demand for this type of truck has increased more recently. Additionally, the growth in warehousing and storage will continue to drive demand for Electric Motor Narrow Aisle Trucks.

This report centers about the top players in global forklift trucks marketplace:

  • Crown Equipment Corporation

  • EP Equipment

  • Hangcha

  • Hyster-Yale Material Handling, Inc.

  • Jungheinrich AG

  • Kion Group AG

  • Komatsu Ltd.

  • Lonking Machinery Co., Ltd.

  • Mitsubishi Logisnext Co., Ltd.

The key industries that benefit from forklift truck are repair services, maintenance, training, logistics, distribution, retail, leasing, and other support services. The orders of forklift trucks has doubled in recent years due to rapid expansions of the aforementioned sectors. Moreover, the rise in upgrading and replacement of age-old capital equipment have boosted the demand of forklifts further driving the global forklift trucks market.

Owing to benefits such as streamlined operations, reduced costs, better transport of goods and service, increased efficiency of operations, reliability and versatility of lift trucks further making them operate in a wide range of indoor and outdoor environments, the forklift trucks is experiencing rapid adoption thus fostering remarkable progress of global forklift trucks market.

Some notable forces driving the global forklift trucks market are growth of e-commerce industry leading to rapid installation of mega warehouses, rising online food delivery business, and technological advancements in lift trucks.

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The forklift truck market is widely developed in the North American region especially the US economy. The steady growth of design, manufacturing, distributing, and servicing industry has driven the global forklift truck market. The increasing consumer spending, growing demand for forklifts, other industrial trucks, and associated services throughout US is driving the revenue share of US in global forklift trucks market.

The top employing industries of industrial truck operators include warehousing and storage, employment services, grocery wholesalers, general freight trucking, and building material and supplies dealers. Warehousing and storage industry is the top consumer industrial trucks by industry.

The global forklift trucks market is classified into lift and transport goods, tow luggage carts and move goods about the facilities, tack pallets and organize stock, deliver materials and supplies to locations such as rooftops on the basis of application. Among these, the lift and transport goods segment witnessed highest demand for forklift trucks globally contributing majorly to the growth of global forklift trucks market.

Innovations In Global Forklift Trucks Market:

  • The technology advancements in the global forklifts trucks industry have played crucial role in meeting the growing demands of material handling in various sectors.

  • Automated Guided Vehicles is one of the latest advancements. These trucks are capable of navigating tight quarters and are equipped with very narrow aisle operations. This has dramatically reduced the number of accidents and damage caused to goods.

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Table of content:

1.    Introduction
2.    Research Methodology
3.    Market Outlook
4.    Forklift Trucks Market by Type, 2022-2029 (USD Billion)
            4.1.    Class I
            4.2.    Class II
            4.3.    Class III
            4.4.    Class IV
            4.5.    Class V
5.    Forklift Trucks Market by End-User, 2022-2029 (USD Billion)
            5.1.    Retail & Wholesale
            5.2.    Logistics
            5.3.    Automotive
            5.4.    Food Industry
6.    Forklift Trucks Market by Region, 2022-2029 (USD Billion)
            6.1.          North America
                        6.1.1.    US
                        6.1.2.    Canada
            6.2.    Europe
                        6.2.1.    UK
                        6.2.2.    Germany
                        6.2.3.    France
                        6.2.4.    Rest of Europe
            6.3.    Asia Pacific
                        6.3.1.    China
                        6.3.2.    Japan
                        6.3.3.    India
                        6.3.4.    Rest of Asia Pacific
            6.4.    South America
                        6.4.1.    Brazil
                        6.4.2.    Mexico
                        6.4.3.    Rest of South America
            6.5.    Middle East & Africa
7.    Competitive Landscape
8.    Company Profile
9.    Appendix

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