Forklifts Market Scope and Size by 2031
The Forklifts Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Forklifts Market report delivers an extensive analysis categorized by Product Type, By Class, By Engine Power, and By Tonnage. It includes a regional breakdown highlighting significant markets and countries, providing a global perspective. Market evaluations are presented in US dollars (US$), offering insights into market dynamics, growth trends, and competitive landscapes across various segments. This information empowers stakeholders to identify opportunities and make informed decisions in the growing forklift industry.
Purpose of the ReportThe report Forklifts Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Forklifts Market Segmentation
Type:- Warehouse Type
- Counterbalance Type
- Class I
- Class II
- Class III
- Class IV
- Class V
- Class VI
- IC Engine Power
- Electric Engine Power
- Less than 5 ton
- 5-10 ton
- 11-36 ton
- Above 36 ton.
- Less than 5 ton
- 5-10 ton
- 11-36 ton
- Above 36 ton.
Strategic Insights
Forklifts Market Growth Drivers- Raising demand across different industries: Amongst these is the growth of e-commerce, which has driven a need for efficient warehousing and logistical solutions. Indeed, the U.S. Department of Commerce reports that sales from e-commerce grew by 16.1% in the year 2020, encouraging companies to invest in material handling equipment like forklifts to efficiently handle their inventory and quickly fulfill orders.
- Growth of the construction and infrastructure: growing Infrastructure projects in various parts of the globe is another critical driver of forklifts market size. To date, such estimates are there from the World Bank that an investment in infrastructure totaling $3.7 trillion was required annually around the world, thus raising demand for forklifts on every construction site to handle various materials.
- Changes in technology: Technological transformation also favor forklifts market growth. Electric and hybrid forklifts have higher applications, and emphasis on sustainability is increasing. As noted by the U.S. Department of Energy, electric fork lifters ensure energy consumption is reduced by as much as 50% when their diesel counterparts are in operation.
- Changing Consumer Preferences: It also reveals changes in consumer preferences and technological improvement emerging in the trends of forklifts markets. A key trend in this regard is an increased shift toward electric forklifts. Environmental concern is on the rise, and hence companies are increasingly switching towards electric models that can ensure low-level emission and noise. As per a survey carried out by MHI, 52% of companies are believed to be considering electrification for their fleets of forklifts.
Not so surprisingly, automation and robotics are increasingly becoming intertwined with forklift operations. AGVs and robotic forklifts now emerge in most warehouses and distribution centers as ways to raise efficiency and lower labor costs. According to studies, automated solutions can raise warehouse productivity by as much as 30-40%.
- IoT Technology usage: IoT technology usage is also one of the factors that changes the forklifts market dynamics. The connected forklifts with sensors will enable real-time data regarding performance, maintenance, and operational efficiency. A report from Deloitte says that 50% of companies in the material handling sector are set to invest in IoT technologies within the next few years.
- Training for operators and safety programs: Interest also continues to grow in training for operators and safety programs. With greater attention being paid to workplace safety issues, many firms are starting to look for comprehensive forklift operator training in both the skills and knowledge of safety procedures that improve operational efficiency and reduce accident rates.
- capitalizing on transitioning into electric and hybrid forklifts: Multiple opportunities are available in the forklift market to invest in. First, an investor may consider capitalizing on transitioning into electric and hybrid forklifts. The growing orientation of businesses toward sustainability will ensure that the investment is going to yield a high return on investment in the manufacturers of eco-friendly models. The impetus toward greener solutions corresponds to worldwide regulatory and consumer trends.
- Integration of Internet of Things technologies: The integration of Internet of Things technologies also opens up opportunities. The companies offering connected forklifts, capabilities in real-time monitoring, and data analytics will attract interest from businesses focused on optimization in the sphere of fleet management and reducing downtime. That technology can help save so much that would render it an attractive investment area.
- Reduction in workplace accidents: The focus on training and safety programs provides an avenue for investment. While companies are focusing on the safety of employees, investment in those companies that offer comprehensive solutions related to training would yield good returns, thus underlining commitments within the industry to reduction in workplace accidents and enhancements in operational efficiencies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Forklifts Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Forklifts Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 6.5% during 2023–2031
The drivers for the forklifts market include growing demand from e-commerce, increased worldwide investments in construction, technological advances toward electric models, and greater workplace safety regulations that require upgraded equipment for higher efficiency with reduced environmental impact.
The key trends include sustaining electric forklifts, growing adoption of automation and robotics in operations, integrating IoT technology for real-time monitoring, and increased emphasis on comprehensive operator training and safety programs that improve efficiency.
Leading companies in forklifts market are - TOYOTA INDUSTRIES CORPORATION, KION GROUP AG, Hyster Yale Materials Handling Inc, Jungheinrich AG, Mitsubishi Nichiyu Forklift Co Ltd, Crown Equipment Corporation, Clark Material Handling Company, Anhui Heli Co Ltd, Komatsu Ltd
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Forklifts Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Forklifts Market - By Type
3.2.2 Forklifts Market - By Class
3.2.3 Forklifts Market - By Engine Power
3.2.4 Forklifts Market - By Tonnage
3.2.5 Forklifts Market - By Application
3.2.6 Forklifts Market - By Region
3.2.6.1 By Countries
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South America - PEST Analysis
4 Forklifts Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Forklifts Market Analysis- Global
5.1 Global Forklifts Market Overview
5.2 Global Forklifts Market Forecasts and Analysis
6 Forklifts Market Revenue and Forecasts to 2028 - Type
6.1 Overview
6.2 Type Market Forecasts and Analysis
6.3 Warehouse Type Market
6.3.1 Overview
6.3.2 Warehouse Type Market Forecasts and Analysis
6.4 Counterbalance Type Market
6.4.1 Overview
6.4.2 Counterbalance Type Market Forecasts and Analysis
7 Forklifts Market Revenue and Forecasts to 2028 - Class
7.1 Overview
7.2 Class Market Forecasts and Analysis
7.3 Class I Market
7.3.1 Overview
7.3.2 Class I Market Forecasts and Analysis
7.4 Class II Market
7.4.1 Overview
7.4.2 Class II Market Forecasts and Analysis
7.5 Class III Market
7.5.1 Overview
7.5.2 Class III Market Forecasts and Analysis
7.6 Class IV Market
7.6.1 Overview
7.6.2 Class IV Market Forecasts and Analysis
7.7 Class V Market
7.7.1 Overview
7.7.2 Class V Market Forecasts and Analysis
7.8 Class VI Market
7.8.1 Overview
7.8.2 Class VI Market Forecasts and Analysis
8 Forklifts Market Revenue and Forecasts to 2028 - Engine Power
8.1 Overview
8.2 Engine Power Market Forecasts and Analysis
8.3 IC Engine Power Market
8.3.1 Overview
8.3.2 IC Engine Power Market Forecasts and Analysis
8.4 Electric Engine Power Market
8.4.1 Overview
8.4.2 Electric Engine Power Market Forecasts and Analysis
9 Forklifts Market Revenue and Forecasts to 2028 - Tonnage
9.1 Overview
9.2 Tonnage Market Forecasts and Analysis
9.3 Less Than 5 Ton Forklift Market
9.3.1 Overview
9.3.2 Less Than 5 ton Forklift Market Forecasts and Analysis
9.4 5-10 Ton Forklift Market
9.4.1 Overview
9.4.2 5-10 Ton Forklift Market Forecasts and Analysis
9.5 11-36 Ton Forklift Market
9.5.1 Overview
9.5.2 11-36 Ton Forklift Market Forecasts and Analysis
9.6 Above 36 Ton Forklifts Market
9.6.1 Overview
9.6.2 Above 36 Ton Market Forecasts and Analysis
10 Forklifts Market Revenue and Forecasts to 2028 - Application
10.1 Overview
10.2 Application Market Forecasts and Analysis
10.3 Warehouse Market
10.3.1 Overview
10.3.2 Warehouse Market Forecasts and Analysis
10.4 Logistics Market
10.4.1 Overview
10.4.2 Logistics Market Forecasts and Analysis
10.5 Automotive Market
10.5.1 Overview
10.5.2 Automotive Market Forecasts and Analysis
10.6 Manufacturing Market
10.6.1 Overview
10.6.2 Manufacturing Market Forecasts and Analysis
10.7 Food Industry Market
10.7.1 Overview
10.7.2 Food Industry Market Forecasts and Analysis
11 Forklifts Market Revenue and Forecasts to 2028 - Geographical Analysis
11.1 North America
11.1.1 North America Forklifts market overview
11.1.2 North America Forklifts Market Forecasts and Analysis
11.1.2.1 North America Market Forecasts and Analysis - By Countries
11.1.2.1.1 US market
11.1.2.1.2 Canada market
11.1.2.1.3 Mexico market
11.1.2.2 North America Market Forecasts and Analysis - By Type
11.1.2.3 North America Market Forecasts and Analysis - By Class
11.1.2.4 North America Market Forecasts and Analysis - By Engine Power
11.1.2.5 North America Market Forecasts and Analysis - By Tonnage
11.1.2.6 North America Market Forecasts and Analysis - By Application
11.2 Europe
11.2.1 Europe Forklifts market overview
11.2.2 Europe Forklifts Market Forecasts and Analysis
11.2.2.1 Europe Market Forecasts and Analysis - By Countries
11.2.2.1.1 France market
11.2.2.1.2 Germany market
11.2.2.1.3 Italy market
11.2.2.1.4 Spain market
11.2.2.1.5 UK market
11.2.2.2 Europe Market Forecasts and Analysis - By Type
11.2.2.3 Europe Market Forecasts and Analysis - By Class
11.2.2.4 Europe Market Forecasts and Analysis - By Engine Power
11.2.2.5 Europe Market Forecasts and Analysis - By Tonnage
11.2.2.6 Europe Market Forecasts and Analysis - By Application
11.3 Asia pacific (APAC)
11.3.1 Asia Pacific Forklifts market overview
11.3.2 Asia Pacific Forklifts Market Forecasts and Analysis
11.3.2.1 Asia Pacific Market Forecasts and Analysis - By Countries
11.3.2.1.1 Australia market
11.3.2.1.2 China market
11.3.2.1.3 India market
11.3.2.1.4 Japan market
11.3.2.2 Asia Pacific Market Forecasts and Analysis - By Type
11.3.2.3 Asia Pacific Market Forecasts and Analysis - By Class
11.3.2.4 Asia Pacific Market Forecasts and Analysis - By Engine Power
11.3.2.5 Asia Pacific Market Forecasts and Analysis - By Tonnage
11.3.2.6 Asia Pacific Market Forecasts and Analysis - By Application
11.4 Middle East and Africa (MEA)
11.4.1 Middle East and Africa Forklifts market overview
11.4.2 Middle East and Africa Forklifts Market Forecasts and Analysis
11.4.2.1 Middle East and Africa Market Forecasts and Analysis - By Countries
11.4.2.1.1 South Africa market
11.4.2.1.2 Saudi Arabia market
11.4.2.1.3 UAE market
11.4.2.2 Middle East and Africa Market Forecasts and Analysis - By Type
11.4.2.3 Middle East and Africa Market Forecasts and Analysis - By Class
11.4.2.4 Middle East and Africa Market Forecasts and Analysis - By Engine Power
11.4.2.5 Middle East and Africa Market Forecasts and Analysis - By Tonnage
11.4.2.6 Middle East and Africa Market Forecasts and Analysis - By Application
11.5 South America (SAM)
11.5.1 South America Forklifts market overview
11.5.2 South America Forklifts Market Forecasts and Analysis
11.5.2.1 South America Market Forecasts and Analysis - By Countries
11.5.2.1.1 Brazil market
11.5.2.2 South America Market Forecasts and Analysis - By Type
11.5.2.3 South America Market Forecasts and Analysis - By Class
11.5.2.4 South America Market Forecasts and Analysis - By Engine Power
11.5.2.5 South America Market Forecasts and Analysis - By Tonnage
11.5.2.6 South America Market Forecasts and Analysis - By Application
12 Industry Landscape
12.1 Mergers & acquisitions
12.2 Market Initiatives
12.3 New developments
12.4 Investment scenarios
13 Competitive Landscape
13.1 Competitive Product mapping
13.2 Market Positioning/ Market Share
14 Forklifts Market, Key Company Profiles
14.1 TOYOTA INDUSTRIES CORPORATION
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Kion Group AG
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Hyster-Yale Materials Handling, Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Jungheinrich AG
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Mitsubishi Nichiyu Forklift Co., Ltd.
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Crown Equipment Corporation
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Clark Material Handling Company
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Anhui Heli Co., Ltd.
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Komatsu Ltd.
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Hangcha Group Co. Ltd.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15 Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
15.3 Research Methodology
1. TOYOTA INDUSTRIES CORPORATION
2. KION GROUP AG
3. Hyster-Yale Materials Handling, Inc.
4. Jungheinrich AG
5. Mitsubishi Nichiyu Forklift Co., Ltd.
6. Crown Equipment Corporation
7. Clark Material Handling Company
8. Anhui Heli Co., Ltd.
9. Komatsu Ltd.
10. Hangcha Group Co. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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