Forklift Market Size, Share, Growth, Company Analysis, Consumption and Forecast, 2020 2026

The Global Forklift Market size exceeded USD 51 billion in 2019 and expected to exceed US$ 101 Bn by 2026; and market is anticipated to grow at around 10.4% CAGR between 2020 and 2026.

The global industry shipments are projected to exceed 3 million units by 2026. The market growth is due to the increasing deployment of these equipment for enhancing safety & security of workers while performing tasks of lifting and transporting heavy loads.

Growing adoption of online shopping among consumers and rising investment by leading retail players for expansion & development are major factors propelling the forklift demand for the e-commerce industry. With rise in the expansion of new warehouses and distribution centers by leading e-commerce giants, the demand for advanced systems to transport and load products will increase, augmenting market revenue.

The rising market penetration of advanced technologies in logistics and e-commerce industries is driving the automated forklift market demand. Incorporation of new technologies, such as ERP systems, RFID, and Zone Control, is transforming the equipment into intelligent systems that can track the entire supply chain processes. Market players are actively investing in R&D and developing technologically advanced products to enhance operational efficiency and reduce logistics costs. The industry is witnessing an inclination toward the automated picking and palletizing equipment.

Increasing trend of online shopping has augmented the demand for advanced material handling equipment in warehouse centers. In 2018, the global e-commerce spending was reported at USD 2.3 trillion and is estimated to reach USD 4.5 trillion by 2021. E-commerce and 3PL companies in the market are increasingly deploying forklifts in warehouse and distribution centers to provide fast delivery of products to customers.

Warehouse forklifts are increasingly used in storage and distribution centers

Warehouse forklift market segment is expected to witness substantial growth over the forecast timeline. The equipment is widely used for loading/unloading pallets and balanced materials, as well as removing and moving goods from delivery vehicles. Several retailers are increasingly deploying these vehicles in warehouses and distribution centers to enhance work safety. The replacement of traditional physical labor by automated industrial trucks for performing warehousing operations saves time, labor resources, and provides increased performance. The other market segment by product type includes counterbalance.

Rising urbanization and the ubiquitous e-commerce sector are driving the forklift market growth

Several retail companies are experiencing high pressure to meet the ever-increasing market demand of their customers and to operate efficiently. Companies are actively implementing several advanced solutions in their warehouses and distribution centers owing to the rapid changes in customer preferences. The implementation of the equipment in warehouse and storage facility helps companies in transporting heavy goods and supplying goods from one place to another with lesser efforts.

Growing need to reduce emissions from equipment powered with diesel engines

The class I forklift industry is driven by the increasing adoption in food & beverage, retail, and general merchandise industries for loading & unloading tractor-trailers and handling pallets. Several government administrations are adopting stringent standards to reduce emissions from non-road diesel engines, encouraging the adoption of electric vehicles among industries. The equipment is quieter and create no emissions, making them a popular choice for indoor applications. The other market segments by class includes class II, class III, class IV, class V, class VI and class VII.

LPG-based forklifts market is witnessing high demand owing to rising environmental concerns

LPG-powered equipment is fast, strong, and long-running, and have low environmental impacts. The usage of LPG significantly reduces harmful emissions such as nitrogen, sulfur, CO2, and suspended particulate matters. Several logistics and manufacturing companies prefer LPG trucks owing to the benefits of lower upfront & maintenance costs, easy refueling, lesser emissions, and efficient power & flexibility in comparison with diesel lift trucks. Daily inspection and servicing of fluid levels in the equipment will lower the maintenance costs of LPG forklifts. The other market segments by fuel type includes electric and Internal Combustion Engine (ICE).

Online shopping trends are driving the demand automated forklifts in warehouses

Rise in online shopping among consumers is compelling retailers to provide fast, accurate, and efficient customer services for delivering products. Warehouse managers are increasingly automating their facilities to improve the accuracy and efficiency of tasks such as storage & retrieval, carton picking, palletizing and de/palletizing, and material transport. Online retailers are implementing automated forklifts in warehouse centers for transporting inventory and finished goods to different places. The other market segments by end-use type includes 3PL, durable manufacturing, e-commerce, food & beverage, general merchandise.

In April 2017, Plug Power, a hydrogen fuel cell company, announced its partnership with Amazon. With this partnership, Amazon plans to replace its battery-operated forklifts with the Plug Power’s fuel-cell lift truck. Amazon invested USD 70 million to purchase and deploy hydrogen fuel cell-powered equipment at its 11 fulfilment centers.

The growing demand for low-cost services is propelling the U.S. market demand

The U.S. forklift market will expand at 7% CAGR over the forecast timeline, with the ongoing expansion of the e-commerce sector. In 2018, Amazon Inc. generated over USD 235 billion via retail e-commerce sales in the U.S. High labor costs in the U.S. stress the need for high-performance material handling solutions to reduce time consumption and enhance productivity.

Increasing government investments for the overall economic development of the country have led to the market demand for technologically advanced solutions. As manufacturing and construction sectors continue to grow with the recovering U.S. economy, the market demand for a variety of materials handling equipment has risen. The equipment plays a vital role in transporting heavy materials throughout a work area.

Moreover, rise in the number of construction activities coupled with increasing infrastructure investments will drive forklift trucks market growth. Several government authorities are focusing on developing infrastructure and are undertaking new construction projects for the overall economic development. In October 2018, the Europe Commission announced an investment of USD 775 million in 49 projects for the development of innovative and sustainable infrastructure across all transport modes in the region. Such infrastructure development projects will drive the market demand for lift trucks for transporting and lifting heavy loads.

In 2019, counterbalance trucks accounted for over 60% forklift market share. Features, such as enhanced performance, high efficiency, and effective maneuverability, are driving market value. LPG counterbalance equipment are mainly preferred in transport and logistics operations, as they operate in indoor and outdoor environment without the need for recharging or refueling.

Several market players are introducing advanced forklifts to enable operators to work efficiently and rapidly. In November 2019, Linde Material Handling, a KION Group AG company, developed IC counterbalance trucks in conjunction with Industry 4.0. to increase safety and productivity in logistics applications to cater to the rising market demand.

Electric forklift market is expected to depict a rise in revenue owing to the implementation of stringent environmental and pollution control norms associated with LPG and diesel forklifts. The equipment produces zero smog-forming, particle- and greenhouse-gas emissions, increasing their demand across various industries worldwide. The stage V standards, adopted by the EU Parliament in 2016, have set stricter limits on emissions of particulate matter (PM) from non-road engines and equipment.

Increasing adoption of lithium ion batteries in these trucks is helping industries reduce downtown time and improve productivity over long distance barriers. With the expansion of warehouse spaces, usage of electric forklifts that can transfer heavy goods and reduce mishandling is increasing. These vehicles are being majorly used in warehouses to speed up processes, such as order picking, transporting, and loading products, driving market growth.

The rise in the automated manufacturing activities in Asia Pacific will augment forklift truck sales. The need for safe working environments in industrial facilities and developments in areas such as wireless technologies, robotics, and flexible electronics will fuel the regional material handling equipment market demand.

The region is witnessing a high demand for advanced technologies, such as big data analytics and IoT in logistics, to manage the operational requirements, changing the way several businesses handle their operations.

Class III type will register high market growth over the forecast timeline owing to the increasing demand for battery-powered trucks in manufacturing and warehouse activities. These vehicles use electric motors, making them ideal for applications where air quality and fuel fumes are a concern. They can quickly unload delivery trucks and are preferred for short distances and in small warehouses.

The forklift truck is designed with rider and walk-behind options to accommodate different aisle widths and pallet sizes. The versatility of equipment is increasing their deployment in indoor applications. Moreover, recent developments, such as hydrogen battery-powered electric forklifts, are helping industries to save costs and increasing productivity.

Class III type will register high market growth over the forecast timeline owing to the increasing demand for battery-powered trucks in manufacturing and warehouse activities. These vehicles use electric motors, making them ideal for applications where air quality and fuel fumes are a concern. They can quickly unload delivery trucks and are preferred for short distances and in small warehouses.

The forklift truck is designed with rider and walk-behind options to accommodate different aisle widths and pallet sizes. The versatility of equipment is increasing their deployment in indoor applications. Moreover, recent developments, such as hydrogen battery-powered electric forklifts, are helping industries to save costs and increasing productivity.

Industry players are focusing on strategic alliances with other market players, such as collaboration, merger, and acquisition activities, to deliver enhanced service capabilities to their customers. For instance, in June 2018, Hyster-Yale Materials Handling, Inc. acquired Zhejiang Maximal Forklift Co., Ltd. for USD 90 million to expand its presence in global utility and standard market segments, mainly in the China.

Major industry leaders partaking in the forklift market share include Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, KION Group AG, Hangcha Group Co., Ltd., Jungheinrich AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Anhui Heli Co., Ltd., Doosan Industrial Vehicle, Godrej & Boyce, Hyundai Heavy Industries, and Clark Material Handling, Lonking Forklift Co., Ltd., Manitou Group, Combilift Ltd., and Konecranes.


Market Outlook By Product

Market Outlook By Fuel Type
Gasoline & LPG/CNG

Market Analysis By Class
Class I
Class II
Class III
Class IV
Class V

Market Overview By End-Use
Food & beverage
Retail & E-commerce

The above information is provided on a regional and country basis for the following:

North America
Asia Pacific
South America

The Forklift market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Forklift market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Forklift market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Forklift market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Forklift market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Forklift capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Forklift by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Forklift market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Forklift market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Forklift market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Forklift industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Forklift market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Forklift market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Forklift market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Forklift market. These factors have benefited the growth of the global market for Forklift. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Forklift. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Forklift are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.

Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

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