Forklift Truck Global Market Predicted to Augment and Reach over $106.48 Billion at a CAGR of 11.2% By 2028

The forklift truck global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Forklift Truck Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The forklift truck market size has grown rapidly in recent years. It will grow from $63.29 billion in 2023 to $69.73 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%.  The  growth in the historic period can be attributed to growth in the manufacturing and construction industries, expansion of warehouse and logistics operations, adoption of forklift trucks for material handling, advances in forklift technology, including electric and fuel-efficient models, increased demand for e-commerce.

The forklift truck market size is expected to see rapid growth in the next few years. It will grow to $106.48 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.  The growth in the forecast period can be attributed to surge in demand for electric forklift trucks for environmental sustainability, integration of iot and telematics for enhanced forklift fleet management, growth in the e-commerce industry, with a focus on automated material handling, adoption of hydrogen fuel cell technology in forklifts for cleaner energy, expansion of construction and infrastructure projects. Major trends in the forecast period include development of autonomous and robotic forklifts, emphasis on ergonomic designs, use of lithium-ion batteries for electric forklifts, customization of forklifts for specific industry applications and tasks, integration of predictive maintenance technologies.

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Scope Of Forklift Truck Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –
The growing construction industry is expected to propel the growth of the forklift truck market going forward. Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction. These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the growing construction industry is driving the growth of the forklift truck market.

Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The forklift truck market covered in this report is segmented –
1) By Product Type: Counterbalance, Warehouse
2) By Technology: Electric Power, Internal Combustion Engine
3) By Class: Class I, Class II, Class III, Class IV, Class V
4) By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users

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Regional Insights –
Asia-Pacific was the largest region in the forklift truck market in 2023. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –
Major companies operating in the forklift truck market report are Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, EP Equipment Co. Ltd., Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda

Table of Contents
1. Executive Summary
2. Forklift Truck Market Report Structure
3. Forklift Truck Market Trends And Strategies
4. Forklift Truck Market – Macro Economic Scenario
5. Forklift Truck Market Size And Growth
…..
27. Forklift Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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