Forklift Market Research Report: By Class (Class 1, Class 2, Class 3, Class 4, Class 5), Product (Counterbalance, Warehouse), Engine Type (Internal Combustion Engine, Electric) - Global Industry Analysis and Growth Forecast to 2030

Market Outlook

The forklift market size is expected to grow from $33,878.7 million in 2019 to $42,519.4 million by 2030, at a CAGR of 2.8% during 2020–2030. The flourishing e-commerce industry and introduction of new and improved autonomous and electric forklifts are the primary driving forces for their adoption.

COVID-19 led to a significant reduction in the demand for forklifts in 2020. During the first six months of 2020, the leading factories were fully or partially closed, thereby having a negative impact on world economy. The economic slowdown will have a ripple effect on the automotive sector and supply chain for at least the entire 2021. Hence, it will be imperative for forklift and component manufacturers to reconsider their supply chain models, ranging from raw material procurement to finished goods delivery, and everything in between, in the immediate future.

Class 2 Forklifts To Display Fastest Growth

Class 2 forklifts are narrow-aisle models, including electric stand-up riders, order pickers, side loaders, and reach trucks. These forklifts are designed for faster operation and efficient space optimization. The increasing number of storage facilities and warehouses on account of the expanding e-commerce sector will, therefore, result in the fastest growth of the class 2 category in the forklift market.

Internal Combustion Engine (ICE) Forklifts Witnessed Higher Demand

The ICE category, under the engine type segment, generated the higher revenue in 2019 owing to the numerous benefits offered by ICE forklifts. This engine type offers utility for long hours, lower upfront cost, and greater haulage capacity, of over 35,000 pounds (~15,800 kg), which is why forklift with ICE engines are perfect for heavy-duty outdoor applications.

Demand for Warehouse Forklifts To Grow Faster

The warehouse category, under the product segment, will register the faster growth in the forklift industry during 2020–2030. This can be ascribed to the soaring demand for environment-friendly and cleaner forklifts in warehouses and industries. Moreover, the rising investments by the budding e-commerce sector in material handling equipment, including autonomous and electric forklifts, to streamline their warehousing and logistics operations, will amplify the usage of these vehicles.

Asia-Pacific (APAC) Generated Highest Revenue

In 2019, the APAC region emerged as the highest revenue contributor to industry players. Several businesses in the emerging economies of APAC are deploying forklifts to decrease labor costs and improve efficiency. The adoption rate of forklifts for repetitive material handling tasks in warehouses is increasing, as they are effective and reliable. The increasing number of warehouses in the region will, therefore, boost the forklift market growth in the future. Moreover, such vehicles are used in industrial applications to transport heavy materials around a huge building, such as a warehouse or factory.

Latin America, Middle East, & Africa (LAMEA) To Be Fastest-Growing Region

The LAMEA market for forklifts is still at a nascent stage, and it is expected to demonstrate the fastest growth in the foreseeable future due to the rapid industrialization in the underdeveloped countries and surging popularity of the warehousing concept in the region. Moreover, the growing opportunities in the e-commerce industry and changing consumption patterns will fuel the market growth in the region.

Spurring Preference for Electric Forklifts Is Key Market Trend

Considerable growth in warehousing and logistics activities has pulled the demand for electric or battery-operated forklifts, globally. Electric forklifts are available at a lower cost than ICE models, and unlike the ICE variants, the former have no tailpipe emissions. Battery-operated forklifts are increasingly becoming mainstream as they are available in multiple styles and configurations. In the coming years, there will be a robust demand for electric forklifts due to the increasing fuel prices, substantial demand for warehousing logistics, and stringent environmental protection policies.

Increasing E-Commerce Industry Size Magnifying Market Profits

The forklift market growth is being primarily driven by the boom in the e-commerce sector. Along with this, the expanding customer base and changing purchasing patterns and customer expectations will play a notable role in propelling the sales of forklifts. Traditional logistics is handicapped by the demanding delivery schedule, and to overcome this, online businesses are now focusing on upgrading their strategies. Companies are, therefore, making huge investments in electric and autonomous forklifts, for usage in warehouses, to speed up picking, loading, and material transfer processes.

Escalating Technological Innovations Propelling Market Growth

Advanced technologies, such as robotics and the industrial internet of things (IoT), are being increasingly adopted by the players operating in the market for forklifts. Such technologies are helping in enhancing the efficiency of warehouses, which is why their incorporation is expected to propel the demand for electric forklifts in the coming years. With the constant technological developments, market players are investing in automation technologies. For example, in April 2019, Hyster-Yale Materials Handling Inc. introduced a dual-mode pantograph robotic reach truck, which can drop and pick loads from locations as high as 30 feet and access double-deep storage autonomously.

Market Players Launching New Products and Services to Gain Competitive Edge

The global forklift market is highly concentrated, with the presence of large global players and few domestic players. In recent years, the major players in the market have taken several strategic measures, such as product launches, partnerships, and facility expansions, to gain a competitive edge in the industry. Key players including Toyota Industries Corp., KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling Inc., and Crown Equipment Corp. control key assets in the physical value chain, which gives them a competitive edge.

In December 2019, Crown Equipment Corp. launched the ESR 1000 Series reach trucks. The new forklifts, available with a lift height of up to 13,560 millimeters (mm) and load capacity of up to two tonnes, can optionally be configured to use lithium-ion batteries. Moreover, the new reach truck series includes a variety of innovations; for example, mast-lowering speeds can be doubled, by opting for Crown’s Xpress LowerTM technology.

In September 2019, Jungheinrich AG launched a completely redesigned modular web tool for the digital optimization of truck fleets and intralogistics processes. The cloud-based solution helps the user keep a keen eye on the efficiency and productivity of their fleet, for example, by analyzing the up-to-date information on operating hours and unit costs across all locations, regardless of the manufacturer.

In April 2019, Hyster-Yale Materials Handling Inc. launched the company’s first counterbalanced lift truck with a factory-integrated lithium-ion battery pack. Designing the Yale ERPVL around a space-saving lithium-ion battery pack reduced the truck weight, enabled better acceleration, and reduced the energy consumption compared to the heavier lead–acid battery alternatives

Key Players in Forklift Market include:

Market Size Breakdown by Segment

The research offers market size of the global forklift market for the period 2014–2030.

Based on Class

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5

Based on Product

• Counterbalance
• Warehouse

Based on Engine Type

• Internal Combustion Engine (ICE)
• Electric

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Spain
• APAC
  • China
  • Japan
  • South Korea
• LAMEA
  • Brazil
  • Mexico
  • South Africa
  • U.A.E.