Forklift Market is expected to foresee significant growth. Asia-Pacific leads the Market!

Forklift Market is expected to grow at a CAGR of around 3% over the forecast period (2021-2027). The capacity of forklifts to easily lift and transfer things over a variety of paths without constraint is credited with their widespread acceptance. Growth in infrastructure and industrial operations, as well as the necessity for high-capacity systems for high production and yield of goods, are projected to drive global demand for these systems. For instance: In 2018, there were 1,489,523 industrial trucks shipped globally, of which 630,310 industrial trucks shipped in Asia region and 508,412 in Europe and 303,620 industrial trucks were shipped in America region. Africa and Oceania accounted for 19,164 and 28,017 industrial trucks shipment, respectively.

Furthermore, the demand for forklifts is being boosted by booming e-commerce and retail firms, thriving automotive component production, developing consumable goods industry, and rising construction industry. Furthermore, the use of forklifts for manufacturing and distribution processes is projected to be fueled by the introduction of severe regulatory criteria aimed at worker safety during products transportation, such as the EU’s ‘Health and Safety Directive.’

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Technological advancements and the availability of automated platforms such as monitoring, and tracking solutions are projected to benefit the market. The increased need for shelves, pallets, and racks in end-use applications, as well as these systems’ ability to reduce human efforts and enhance efficiency expected to drive the market growth over the forecast period.

In 2020, the coronavirus (COVID-19) pandemic slowed the growth of the forklift market. The temporary shutdown of industrial facilities because of government-imposed lockdown measures has resulted in a decrease in demand for forklifts. The market took a hit when large construction projects came to a halt. The market will regain traction in 2021 when lockdowns are relaxed in the second half of 2020, followed by the restoration of industrial operations. For instance: As per Jungheinrich financial reporting, company’s incoming orders by value were reduced by 12.3% to €1,811 million in the first half of 2020. Revenue fell 7.9% to €1,801 million. However, effective measures taken early in the Group to reduce costs and secure liquidity to successfully limit the pandemic impact on the business.

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Based on Power Source, the market is segmented into ICE and Electric. The ICE segment leads the Forklift Market. Based on Class, the Forklift market is segmented into Class 1, Class 2, Class 3, and Class 4/5. The Class 4/5 segment contributed the maximum market to the Forklift market. However, class 3 segment is expected to with the highest CAGR over the forecast period. Based on Application, the Forklift market is segmented into Construction, Industrial, Logistics and Others. Construction segment contributed the maximum market to the Forklift market. The factors can be attributed to the rise in demand for infrastructural development.

For a better understanding of the market adoption of Forklift trucks, the market is analyzed for the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. Asia-Pacific dominated the market in 2020.

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Some of the major players operating in the market include Komatsu Limited, Mitsubishi Nichiyu Forklift Corporation, Jungheinrich Group, Hyundai Heavy Industries, Toyota Industries Corporation, KION Group AG, Hyster-Yale Material Handling Inc., Crown Equipment Corporation, Anhui Forklift Truck Group Co., Ltd., Doosan Corporation, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions

Forklift Market Segmentation

Market Insight, by Power Source

• Internal Combustion Engine (ICE)
• Electric

Market Insight, by Class

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

Market Insight, by Application

• Construction
• Industrial• Logistics• Others

Market Insight, by Region

• North America Forklift Market
  • United States
  • Canada
  • Rest of North America
• Europe Forklift Market
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific Forklift Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of Forklift Market

Company Profiled

• Komatsu Limited
• Mitsubishi Nichiyu Forklift Corporation• Jungheinrich Group• Hyundai Heavy Industries• Toyota Industries Corporation• KION Group AG• Hyster-Yale Material Handling Inc.• Crown Equipment Corporation• Anhui Forklift Truck Group Co., Ltd.• Doosan Corporation