April 24, 2024

Forklift Market Size to Worth Around US$ 27.89 Billion by 2027

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global forklift market size is expected to register revenues worth USD 27.89 billion by the end of 2027, growing at an exceptional CAGR of approximately 3.02% between 2020 and 2027.

Forklift Market

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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 the fast delivery of products to customers. Furthermore, adoption of robotic forklifts is providing prominent opportunities to the seller and dealers of the 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.

Forklift Market Report Scope
Report CoverageDetails
Market SizeUSD 27.89 Billion by 2027
Growth RateCAGR of 3.1% from 2021 to 2027
Bae Year2020
Historic Data2017 to 2020
Forecast Period2021 to 2027
Segments CoveredType, Propulsion, Operation, Application
Regional ScopeNorth America, Europe, Asia Pacific, MEAN, Latin America

However, the high cost of electric-powered forklifts due to the implementation of lithium-ion batteries is estimated to hamper the market growth. Meanwhile, government regulation for gas emissions also forced manufacturers to shift their trend toward electric-powered vehicles. This encourages the forklift market players to develop a cost-effective solutions in the coming years.

Forklift Market Report Highlights
  • The Asia Pacific held a prominent market position in terms of revenue share and is expected to flourish with the highest growth rate during the forecast period. The prime factor supporting the regional growth is the 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.
  • The rough terrain type segment dominated the global forklift market in 2019 with a significant revenue share. Their advanced feature and high load-carrying capacity have made them a preferred choice in the industry. They have vertical towers that can lift loads directly upward. In addition, they are designed with a pneumatic tire that makes 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 emissions. Furthermore, battery-driven vehicles are more vulnerable to automation compared to diesel and internal combustion engine-powered vehicles.
  • By application, the industrial segment held the largest market revenue in 2019 due to the significant adoption of industrial automation tools and equipment. However, the logistics segment exhibits the fastest growth rate in the near future attributed to the accelerating trend for online shopping and e-commerce business. Presently, in a busy lifestyle common public prefers online shopping for saving their time and effort.
  • Autonomous forklifts are the preferred choices in the industrial and construction sector to reduce the workforce and therefore reduce the overall labor cost. However, many industries are still using manual forklifts for their internal operations.

Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicles. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.

This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably.

Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials, and a company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Some of the prominent players in the forklift market include:
  • 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

Segments Covered in the Report

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

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

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Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.

This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global forklift market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the forklift market.

The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.

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 2021-2027 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 Contents

Chapter 1. Introduction

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Market Variables and Scope

Chapter 5. Market Dynamics Analysis and Trends

Chapter 6. Competitive Landscape

Chapter 7. Global Forklift Market, By Type

Chapter 8. Global Forklift Market, By Operation

Chapter 9. Global Forklift Market, By Propulsion Type

Chapter 10. Global Forklift Market, By Class Type

Chapter 11. Global Forklift Market, By Application Type

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

Chapter 13. Company Profiles

Chapter 14. Research Methodology

Chapter 15. Appendix

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