Market Insights

The forklift truck market was estimated at USD 53.7 billion in 2021 and is likely to grow at a CAGR of 11.24% during 2022-2028 to reach USD 115.02 billion in 2028.

What is a forklift truck?

A forklift, also known as a forklift truck, is a vehicle with a power-operated forked platform attached to the front that is used to lift and move various materials over short distances. Some forklifts allow drivers to sit while driving and operating the machine, while others require them to stand. They are widely used in the transportation of materials and goods throughout the industry.

Market Dynamics

The growth of the forklift truck market is primarily driven by-

• The growing construction industry, accompanied by rapid industrialization,
• Highly cost-effective, user-friendly, powerful, and simple to maintain,
• A growing number of warehouse establishments in emerging economies.

Segment Analysis

The report provides detailed insights about the segment and attractive opportunities in each segment. Market segmentation helps businesses learn about the target customers, minimize risk by figuring out which products are the most likely to earn a profit, and find the best ways to promote and deliver those products to the market.

This report is segmented specifically by the following –

The market is segmented as diesel, battery-electric, and gasoline & LPG/CNG. The battery-electric fuel type segment is expected to register the fastest growth in the market during the forecast period. The growth of the segment is owing to the growing preference for fuel efficiency and increased focus on emission norms. Furthermore, high demand for battery-electric forklifts is expected to drive the segment’s growth due to low operating noise, quick charging, and suitability for use inside manufacturing facilities.

The market is segmented as manufacturing, wholesale & retail distribution, freight & logistics, and others. The manufacturing application type is estimated to account for the major share of the market during the forecast period. The segment’s growth is driven by infrastructure development in emerging economies. Furthermore, companies are focusing on increasing productivity by replacing human labor with machines, which is likely to boost the growth of the market during the forecast period. 

Asia-Pacific accounted for the largest market share of more than 43% in 2021 and is projected to grow at a steady CAGR during the forecast period. The growth of the region’s market is owing to industrialization in China, Japan, and India. Furthermore, the region's robust manufacturing sector and demand for modern material handling equipment across industries are expected to fuel the market growth during the forecast period. In addition, companies are focusing on establishing manufacturing facilities in India, which will drive the forklift truck market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

The Forklift Truck Market report is the outcome of thorough analysis of the factors impacting the market size and forecast. Several articles, whitepapers, annual reports, and millions of data are analysed to derive meaningful insights related to the market. Exploratory and in-depth primary interviews are conducted with the industry veterans to gain vital insights that are critical for market analysis and forecasting.

Key Players

According to the report, below given is a list of key players active in the Forklift Truck Market -

• General Electric Company
• Hella KGaA Hueck & Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Koninklijke Philips N.V.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Samsung Electronics
• Valeo
• Varroc.

About Stratview Research
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