What is the current size and annual growth rate of the forklift market?
The forklift market size has grown rapidly in recent years. It will grow from $63.85 $ billion in 2024 to $72.11 $ billion in 2025 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to the increasing adoption of electric forklifts, the rising focus on net zero emissions, the rising need for improving energy efficiency, the adoption of lithium battery-powered electric forklifts, and the expansion of the construction industry.
The forklift market size is expected to see rapid growth in the next few years. It will grow to $115.88 $ billion in 2029 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to the growing e-commerce industry, growing demand for automated and lean warehouses, increasing investments in infrastructure development, challenging terrain and Transport & Logisticsation of heavy construction supplies, and expansion of large building projects. Major trends in the forecast period include rapidly growing technological advancements, modular solutions to optimize customer productivity, demand for connected forklift trucks to uplift the industry, product innovations, and integrating automation and robotics.
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Which major factors have contributed to the expansion of the forklift market?
The rising demand for e-commerce is expected to propel the growth of the forklift market going forward. E-commerce, short for electronic commerce, refers to the buying and selling of goods and IT & Communication Technology over the Internet. The demand for e-commerce is due to mobile technology, digital marketing, logistics, and supply chain management advances, AI to personalize the buying experience, and buy-now-pay-later IT & Communication Technology. Forklifts enhance e-commerce operations by improving inventory management, speeding up order fulfillment, and optimizing warehouse layouts while increasing safety and cost efficiency. Their versatility and efficiency are crucial to meeting the high demands and fast-paced nature of the e-commerce industry. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, ecommerce revenues in the UK are anticipated to grow at an annual average rate of 12.6% by 2025. The UK ranks as the third-largest ecommerce market globally, following China and the U.S. As of January 2021, consumer ecommerce represented 36.3% of the total retail market in the UK, with revenues expected to rise to $285.60 billion by 2025. Therefore, the growing demand for e-commerce is driving the growth of the forklift market.
How is the forklift market segmented?
The forkliftmarket covered in this report is segmented –
1) By Propulsion: Electric, Internal Combustion Engine
2) By Fuel Type: Gasoline And Compressed Natural Gas (CNG) And liquefied Petroleum Gas (LPG), Diesel, Battery-Electric
3) By Class: Class 1, Class 2, Class 3, Class 4 Or 5
4) By Tonnage: Below 5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, Above 36 Ton
5) By Application: Freight And Logistics, Wholesale And Retail Distribution, Manufacturing, Other Applications
Subsegments:
1) By Electric Forklifts: Lead-Acid Battery, Lithium-Ion Battery, Fuel Cell Electric Forklifts, Swappable Battery Systems
2) By Internal Combustion Engine Forklifts: Propane Forklifts, Diesel Forklifts, Gasoline Forklifts, Dual-Fuel Forklifts
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Who are the top competitors in the forklift market?
Major companies operating in the forklift market are Caterpillar Inc., Toyota Industries Corporation, Komatsu Ltd., Anhui Heli Co. Ltd., Kion Group AG, TCM Corporation, Noblelift Intelligent Equipment Co. Ltd., Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Hyster-Yale Inc., Crown Equipment Corporation, Hangcha Group Co. Ltd, Manitou Group, Doosan Group, Hydrauliska Industri AB, The Raymond Corporation, Action Construction Equipment Ltd., Linde Material Handling Ltd., AUSA, Clark Material Handling Company, Conger Industries Inc.
Which key trends are expected to influence the forklift market in the coming years?
Major companies operating in the forklift market are focusing on developing innovative technology, such as autonomous and remote-controlled forklift technology, to enhance operational efficiency, reduce labor costs, and improve safety in warehouses and industrial settings. Autonomous and remote-controlled forklift technology refers to advanced systems and innovations in material handling that enable forklifts to operate with minimal or no direct human intervention, enhancing efficiency, safety, and cost-effectiveness. For instance, in February 2024, ArcBest Corporation, a US-based company that provides freight Transport & Logisticsation, logistics, and supply chain solutions, launched Vaux Smart Autonomy, a new line of autonomous and remote-controlled forklifts. This innovative system integrates autonomous mobile robots with software that allows human operators to control them remotely. The forklifts can operate in autonomous and manual modes, equipped with sensors and cameras to navigate warehouse environments effectively, loading and stacking pallets and moving other goods.
Which regional trends are influencing the forklift market, and which area dominates the industry?
Asia-Pacific was the largest region in the forklift market in 2024. North America is expected to be the fastest-growing region in the market going forward. The regions covered in the forklift market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Forklift Market Report 2025 Offer?
The forklift market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A forklift is a powered industrial truck that lifts and moves materials over short distances. They are designed to handle heavy loads, Transport & Logistics pallets, and perform tasks that would be difficult or dangerous for manual labor alone. Forklifts are critical in modern logistics and industrial operations, contributing to streamlined workflows and effective material management.
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