Forklift

Forklift Market Size, Growth Insight, Trends and Forecasts to 2027

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The global forklift market value is expected to reach US$ 27.89 Billion by the end of 2027, decelerating at a CAGR of 3.02% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

The study provides the overall revenue of the global forklift market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

The global forklift market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the forklift industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Why Forklift?

A forklift is a small vehicle equipped with power-operated forked platform that helps in moving vehicle from one place to another. Forklifts use mainly two types of energy source that are electricity or combustion engine. They are generally used in warehouses and distribution centers for lifting & transporting goods. They are among the prime equipment for industrial automation. Presently, electric-driven forklifts are given more emphasis as they are environment-friendly and have zero-gas emission.

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Growth Factors

Increasing safety concern of workers in the manufacturing and construction sites drives the market growth significantly. Demand for innovative material handling system for loading and transportation of products boost the market growth. Third party logistics (3PL) companies are rapidly installing forklifts in distribution centers and warehouses for fast delivery of products to the customers. Furthermore, adoption of robotic forklift is providing prominent opportunities to the seller and dealers of forklifts market. These robotic or autonomous forklifts have inbuilt sensors that can self-locate or track their route. They need not to be programmed for a specific track.

However, high cost of electric-powered forklift due to implementation of lithium-ion batteries estimated to hamper the market growth. Meanwhile, government regulation for gas emission also forced manufacturers to shift their trend towards electric powered vehicle. This encourages the forklift market players to develop cost-effective solution in the coming years.

Report Highlights

  • Asia Pacific held prominent market position in terms of revenue share and expected to flourish with the highest growth rate during the forecast period. The prime factor supporting the regional growth are rising trend for industrial automation and rising e-commerce business in the region. Europe is the other important region that seeks lucrative growth opportunities in the coming years.
  • Rough terrain type segment dominated the global forklift market in 2019 with significant revenue share. Their advanced feature and high load carrying capacity has made them a preferred choice in industry. They have vertical towers that can lift loads directly upward. In addition, they are designed with pneumatic tire that make them fit to work on any type of surface.
  • Electric forklift offers the highest growth aspect among other types of propulsion in the global forklift market owing to stringent government norms for harmful gas emission. Furthermore, battery-driven vehicle are more vulnerable for automation compared to diesel and internal combustion engine powered vehicles.
  • By application, industrial segment held the largest market revenue in 2019 due to significant adoption of industrial automation tools and equipment. However, logistics segment exhibits the fastest growth rate in the near future attributed to accelerating trend for online shopping and e-commerce business. Presently, in busy lifestyle common public prefer online shopping for saving their time and efforts.
  • Autonomous forklifts are the preferred choices in the industrial and construction sector to reduce workforce and therefore reducing the overall labor cost. However, many industries are still using manual forklifts for their internal operations.

Regional Snapshots

The Asia Pacific and Europe are the most promising regions in the global forklift market. Rising initiatives for industrial automation in the region along with prominent growth in the manufacturing sector drives the market growth in the regions. Furthermore, significant growth of e-commerce platform in the regions offer new market opportunities during the forecast period. As per United Nation Economic and Social Commission for Asia and the Pacific (UNESCAP), e-commerce platform exhibits a growth rate of 28% during the forecast period in the Asia Pacific region. Several industry players are also implementing autonomous forklift for reducing the workforce size and thus reducing the labor cost.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global forklift market are as follows:

  • Komatsu Ltd.
  • Hyster-Yale Material Handling Inc.
  • Mitsubishi Forklift Corporation
  • Hyundai Heavy Industries Ltd
  • Toyota Industries Corporation
  • KION Group AG
  • Anhui Heli Co. Ltd
  • Crown Equipment Corporation
  • Comblift Limited
  • Hubtex Maschinenbau GmbH & Co. KG
  • Clark Material Handling Company
  • Hangcha Group Co. Ltd
  • Doosan Industrial Vehicle America Corporation.
  • Manitou Group
  • Konecranes
  • Lonking Forklift Co.
  • Godgej & Boyce Group
  • Unicarriers Americas

Market Segmentation

By Type

  • Counterbalanced
  • Side Loaders
  • Rough Terrain
  • Powered Pallets
  • Telescopic Handler
  • Others

By Propulsion

  • Gasoline
  • Diesel
  • Hybrid Electric
  • Electric

By Operation

  • Manual
  • Autonomous

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4
  • Class-5 & Above

By Application

  • Industrial
  • Logistics
  • Construction
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Some of the key highlights covered in the report include:

Market Demand-Supply Analysis – The report covers detailed insights into demand and supply forces prevailing in the global forklift market. It examines trends and factors influencing demand for forklift globally and gauges the impact of the same on the production.

Pricing Analysis – The report presents an exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.

Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.

Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for forklift across the world.

Competitive Analysis – Some of the leading market players are profiled in the report on forklift. The report offers an estimation of share individually help by the market players and determines the impact of some of their popular strategies.

COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.

Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.

Why should you invest in this report?

If you are aiming to enter the global forklift market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for forklift are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Forklift Market, By Type

7.1. Forklift Market, by Type, 2020-2027
7.1.1. Counterbalanced
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Side Loaders
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Rough Terrain
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Powered Pallets
7.1.4.1. Market Revenue and Forecast (2016-2027)
7.1.5. Telescopic Handler
7.1.5.1. Market Revenue and Forecast (2016-2027)
7.1.6. Others
7.1.6.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Forklift Market, By Operation

8.1. Forklift Market, by Operation, 2020-2027
8.1.1. Class
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Manual
8.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Forklift Market, By Propulsion Type

9.1. Forklift Market, by Propulsion Type, 2020-2027
9.1.1. Gasoline
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Diesel
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Hybrid Electric
9.1.3.1. Market Revenue and Forecast (2016-2027)
9.1.4. Electric
9.1.4.1. Market Revenue and Forecast (2016-2027)

Chapter 10. Global Forklift Market, By Class Type

10.1. Forklift Market, by Class Type, 2020-2027
10.1.1. Class 1
10.1.1.1. Market Revenue and Forecast (2016-2027)
10.1.2. Class 2
10.1.2.1. Market Revenue and Forecast (2016-2027)
10.1.3. Class 3
10.1.3.1. Market Revenue and Forecast (2016-2027)
10.1.4. Class 4
10.1.4.1. Market Revenue and Forecast (2016-2027)
10.1.5. Class-5 & Above
10.1.5.1. Market Revenue and Forecast (2016-2027)

Chapter 11. Global Forklift Market, By Application Type

11.1. Forklift Market, by Propulsion Type, 2020-2027
11.1.1. Industrial
11.1.1.1. Market Revenue and Forecast (2016-2027)
11.1.2. Logistics
11.1.2.1. Market Revenue and Forecast (2016-2027)
11.1.3. Construction
11.1.3.1. Market Revenue and Forecast (2016-2027)
11.1.4. Others
11.1.4.1. Market Revenue and Forecast (2016-2027)

Chapter 12. Global Forklift Market, Regional Estimates and Trend Forecast

12.1. North America
12.1.1. Market Revenue and Forecast, by Type (2016-2027)
12.1.2. Market Revenue and Forecast, by Operation (2016-2027)
12.1.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.1.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.1.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.1.6. U.S.
12.1.6.1. Market Revenue and Forecast, by Type (2016-2027)
12.1.6.2. Market Revenue and Forecast, by Operation (2016-2027)
12.1.6.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.1.6.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.1.6.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.1.7. Rest of North America
12.1.7.1. Market Revenue and Forecast, by Type (2016-2027)
12.1.7.2. Market Revenue and Forecast, by Operation (2016-2027)
12.1.7.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.1.7.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.1.7.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Type (2016-2027)
12.2.2. Market Revenue and Forecast, by Operation (2016-2027)
12.2.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.2.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.2.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.2.6. UK
12.2.6.1. Market Revenue and Forecast, by Type (2016-2027)
12.2.6.2. Market Revenue and Forecast, by Operation (2016-2027)
12.2.6.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.2.6.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.2.6.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.2.7. Germany
12.2.7.1. Market Revenue and Forecast, by Type (2016-2027)
12.2.7.2. Market Revenue and Forecast, by Operation (2016-2027)
12.2.7.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.2.7.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.2.7.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.2.8. France
12.2.8.1. Market Revenue and Forecast, by Type (2016-2027)
12.2.8.2. Market Revenue and Forecast, by Operation (2016-2027)
12.2.8.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.2.8.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.2.8.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.2.9. Rest of Europe
12.2.9.1. Market Revenue and Forecast, by Type (2016-2027)
12.2.9.2. Market Revenue and Forecast, by Operation (2016-2027)
12.2.9.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.2.9.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.2.9.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Type (2016-2027)
12.3.2. Market Revenue and Forecast, by Operation (2016-2027)
12.3.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.3.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.3.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.3.6. India
12.3.6.1. Market Revenue and Forecast, by Type (2016-2027)
12.3.6.2. Market Revenue and Forecast, by Operation (2016-2027)
12.3.6.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.3.6.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.3.6.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.3.7. China
12.3.7.1. Market Revenue and Forecast, by Type (2016-2027)
12.3.7.2. Market Revenue and Forecast, by Operation (2016-2027)
12.3.7.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.3.7.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.3.7.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.3.8. Japan
12.3.8.1. Market Revenue and Forecast, by Type (2016-2027)
12.3.8.2. Market Revenue and Forecast, by Operation (2016-2027)
12.3.8.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.3.8.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.3.8.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.3.9. Rest of APAC
12.3.9.1. Market Revenue and Forecast, by Type (2016-2027)
12.3.9.2. Market Revenue and Forecast, by Operation (2016-2027)
12.3.9.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.3.9.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.3.9.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Type (2016-2027)
12.4.2. Market Revenue and Forecast, by Operation (2016-2027)
12.4.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.4.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.4.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.4.6. GCC
12.4.6.1. Market Revenue and Forecast, by Type (2016-2027)
12.4.6.2. Market Revenue and Forecast, by Operation (2016-2027)
12.4.6.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.4.6.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.4.6.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.4.7. North Africa
12.4.7.1. Market Revenue and Forecast, by Type (2016-2027)
12.4.7.2. Market Revenue and Forecast, by Operation (2016-2027)
12.4.7.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.4.7.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.4.7.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.4.8. South Africa
12.4.8.1. Market Revenue and Forecast, by Type (2016-2027)
12.4.8.2. Market Revenue and Forecast, by Operation (2016-2027)
12.4.8.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.4.8.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.4.8.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.4.9. Rest of MEA
12.4.9.1. Market Revenue and Forecast, by Type (2016-2027)
12.4.9.2. Market Revenue and Forecast, by Operation (2016-2027)
12.4.9.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.4.9.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.4.9.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Type (2016-2027)
12.5.2. Market Revenue and Forecast, by Operation (2016-2027)
12.5.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.5.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.5.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.5.6. Brazil
12.5.6.1. Market Revenue and Forecast, by Type (2016-2027)
12.5.6.2. Market Revenue and Forecast, by Operation (2016-2027)
12.5.6.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.5.6.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.5.6.5. Market Revenue and Forecast, by Application Type (2016-2027)
12.5.7. Rest of LATAM
12.5.7.1. Market Revenue and Forecast, by Type (2016-2027)
12.5.7.2. Market Revenue and Forecast, by Operation (2016-2027)
12.5.7.3. Market Revenue and Forecast, by Propulsion Type (2016-2027)
12.5.7.4. Market Revenue and Forecast, by Class Type (2016-2027)
12.5.7.5. Market Revenue and Forecast, by Application Type (2016-2027)

Chapter 13. Company Profiles

13.1. Komatsu Ltd.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Hyster-Yale Material Handling Inc.
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Mitsubishi Forklift Corporation
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Hyundai Heavy Industries Ltd
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Toyota Industries Corporation
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. KION Group AG
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Anhui Heli Co. Ltd
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Crown Equipment Corporation
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Comblift Limited
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Hubtex Maschinenbau GmbH & Co. KG
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
13.11. Clark Material Handling Company
13.11.1. Company Overview
13.11.2. Product Offerings
13.11.3. Financial Performance
13.11.4. Recent Initiatives
13.12. Hangcha Group Co. Ltd
13.12.1. Company Overview
13.12.2. Product Offerings
13.12.3. Financial Performance
13.12.4. Recent Initiatives
13.13. Doosan Industrial Vehicle America Corporation.
13.13.1. Company Overview
13.13.2. Product Offerings
13.13.3. Financial Performance
13.13.4. Recent Initiatives
13.14. Manitou Group
13.14.1. Company Overview
13.14.2. Product Offerings
13.14.3. Financial Performance
13.14.4. Recent Initiatives
13.15. Konecranes
13.15.1. Company Overview
13.15.2. Product Offerings
13.15.3. Financial Performance
13.15.4. Recent Initiatives
13.16. Lonking Forklift Co.
13.16.1. Company Overview
13.16.2. Product Offerings
13.16.3. Financial Performance
13.16.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions

Chapter 15. Appendix

15.1. About Us
15.2. Glossary of Terms

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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