Forklift trucks are heavy-duty powered industrial trucks that are primarily used to transport or store bulky materials short distances. They are equipped with a long mast, tines, and a powerful hydraulic system and come in various capacities for lifting heavy loads. Forklift trucks find major applications in distribution centers, warehouses, and manufacturing facilities for lifting, moving, stacking, and tiering materials like pallets of products, boxes, or crates.
The global forklift truck market is estimated to be valued at US$ 44.71 Bn in 2024 and is expected to exhibit a CAGR of 11 over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased adoption in warehousing and logistics sector
The key trend fueling the growth of the forklift truck market is the increased adoption of forklift trucks in the warehousing and logistics sector. Forklift trucks have become indispensable equipment for warehouses and distribution centers as they help streamline operations and improve productivity by efficiently transporting goods within facilities. With the booming e-commerce industry worldwide, the demand for warehousing and logistics infrastructure is growing rapidly. This has created increased demand for forklift trucks from third-party logistics companies and logistics service providers operating warehouses. The growing warehousing and transportation business in developing countries is further expected to drive the adoption of forklift trucks over the forecast period.
Segment Analysis
The forklift truck market is dominated by the internal combustion engine (ICE) segment. ICE forklifts are preferred for their flexibility and ability to handle heavy loads with ease across various industrial applications. Their lower pricing compared to electric forklifts has also boosted adoption. However, the electric forklift segment is growing rapidly as companies focus on reducing carbon emissions and noise pollution in factories and warehouses. Electric forklifts are best suited for indoor operations within closed spaces as they emit zero exhaust and pose no risk of carbon monoxide poisoning.
Key Takeaways
The global forklift truck market is expected to witness high growth. The global forklift truck market is estimated to be valued at US$ 44.71 Bn in 2024 and is expected to exhibit a CAGR of 11 over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region is projected to continue its dominance during the forecast period. Countries like China, India and Japan are witnessing exponential growth of their manufacturing and construction industries. Increasing foreign direct investments in supply chain and logistics hubs will further augment demand.
Key players
Key players operating in the forklift truck market are Toyota Industries Corporation Group, KION Group AG, Hyster-Yale Materials Handling Inc., Jungheinrich AG, Mitsubishi Logisnext Co. Ltd. Toyota Industries Corporation is the market leader known for its diverse product portfolio and strong global distribution network.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it