Forklift Market Revenue Will Reach $ 27.89 Billion By 2027

The forklift market size is projected to reach a revenue of US$ 27.89 billion by 2027 and is expected to register a CAGR of 3.02% from 2020 to 2027, According to Precedence Research. The research report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global forklift market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. This research report evaluates the forklift market on a global and regional level.

A forklift is a small vehicle equipped with power-operated forked platform that helps in moving vehicle from one place to another. Forklifts use mainly two types of energy source that are electricity or combustion engine. They are generally used in warehouses and distribution centers for lifting & transporting goods. They are among the prime equipment for industrial automation. Presently, electric-driven forklifts are given more emphasis as they are environment-friendly and have zero-gas emission.

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Growth Factors

Increasing safety concern of workers in the manufacturing and construction sites drives the market growth significantly. Demand for innovative material handling system for loading and transportation of products boost the market growth. Third party logistics (3PL) companies are rapidly installing forklifts in distribution centers and warehouses for fast delivery of products to the customers. Furthermore, adoption of robotic forklift is providing prominent opportunities to the seller and dealers of forklifts market. These robotic or autonomous forklifts have inbuilt sensors that can self-locate or track their route. They need not to be programmed for a specific track.

However, high cost of electric-powered forklift due to implementation of lithium-ion batteries estimated to hamper the market growth. Meanwhile, government regulation for gas emission also forced manufacturers to shift their trend towards electric powered vehicle. This encourages the forklift market players to develop cost-effective solution in the coming years.

Market Scope:

The forklift market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenarios and forecasts (revenue/volume) and categorizes the market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report Highlights

Asia Pacific held prominent market position in terms of revenue share and expected to flourish with the highest growth rate during the forecast period. The prime factor supporting the regional growth are rising trend for industrial automation and rising e-commerce business in the region. Europe is the other important region that seeks lucrative growth opportunities in the coming years.

Rough terrain type segment dominated the global forklift market in 2019 with significant revenue share. Their advanced feature and high load carrying capacity has made them a preferred choice in industry. They have vertical towers that can lift loads directly upward. In addition, they are designed with pneumatic tire that make them fit to work on any type of surface.

Electric forklift offers the highest growth aspect among other types of propulsion in the global forklift market owing to stringent government norms for harmful gas emission. Furthermore, battery-driven vehicle are more vulnerable for automation compared to diesel and internal combustion engine powered vehicles.

By application, industrial segment held the largest market revenue in 2019 due to significant adoption of industrial automation tools and equipment. However, logistics segment exhibits the fastest growth rate in the near future attributed to accelerating trend for online shopping and e-commerce business. Presently, in busy lifestyle common public prefer online shopping for saving their time and efforts.

Autonomous forklifts are the preferred choices in the industrial and construction sector to reduce workforce and therefore reducing the overall labor cost. However, many industries are still using manual forklifts for their internal operations.

Regional Snapshots

The Asia Pacific and Europe are the most promising regions in the global forklift market. Rising initiatives for industrial automation in the region along with prominent growth in the manufacturing sector drives the market growth in the regions. Furthermore, significant growth of e-commerce platform in the regions offer new market opportunities during the forecast period. As per United Nation Economic and Social Commission for Asia and the Pacific (UNESCAP), e-commerce platform exhibits a growth rate of 28% during the forecast period in the Asia Pacific region. Several industry players are also implementing autonomous forklift for reducing the workforce size and thus reducing the labor cost.

Key Players & Strategies

The global forklift market is highly competitive owing to significant investment by manufacturers towards product development and enhancement. For instance, in May 2016, Jungheinrich announced the first forklift powered by lithium-ion battery having battery capacity of 480 and 360 ampere hour. Similarly, in February 2016, Crown Equipment Corporation announced to launch a new forklift with higher level of safety, flexibility, and efficiency under Crown WAV 60 series. Furthermore, forklift manufacturers borrow automation technology from Automatic Guided Vehicle (AGV) and automotive sectors to implement the fully automation process by understanding how forklift driver operate a forklift. Companies in the forklift market also adopt inorganic growth strategies to retain their market position.

Some of the key players operating in the market are Komatsu Ltd., Hyster-Yale Material Handling Inc., Mitsubishi Forklift Corporation, Hyundai Heavy Industries Ltd, Toyota Industries Corporation, KION Group AG, Anhui Heli Co. Ltd, Crown Equipment Corporation, Comblift Limited, HubtexMaschinenbau GmbH & Co. KG, Clark Material Handling Company, Hangcha Group Co. Ltd, Doosan Industrial Vehicle America Corporation., Manitou Group, Konecranes, Lonking Forklift Co., Godgej & Boyce Group, and Unicarriers Americas among others.

Market Segmentation

By Type

Counterbalanced
Side Loaders
Rough Terrain
Powered Pallets
Telescopic Handler
Others

By Propulsion

Gasoline
Diesel
Hybrid Electric
Electric

By Operation

Manual
Autonomous

By Class

Class 1
Class 2
Class 3
Class 4
Class-5 & Above

By Application

Industrial
Logistics
Construction
Others

Regional Segmentation

North America (U.S. and Canada)

Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

Latin America (Brazil and Rest of Latin America)

Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global forklift market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for forklift are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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