Home / Transport & Logistics / Forklift Trucks Market By Product Type (Reach Forklift Truck, Counterbalance Forklift Truck, Others), By Engine Type (Electric, Diesel, Gasoline & LPG/CNG), By End-user (Manufacturing, Logistics, Food Industry, Wholesale & Retail, Mining & Construction, Others), By Vehicle Class (Class I, Class II, Class III, Class IV, Class V) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Forklift Trucks Market By Product Type (Reach Forklift Truck, Counterbalance Forklift Truck, Others), By Engine Type (Electric, Diesel, Gasoline & LPG/CNG), By End-user (Manufacturing, Logistics, Food Industry, Wholesale & Retail, Mining & Construction, Others), By Vehicle Class (Class I, Class II, Class III, Class IV, Class V) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027


Published: Dec 2019

Key Market Insights

“Rising demand for modern material handling equipment will boost the market”

The global forklift trucks market is growing competently, expected to grow at a CAGR of 4.7% during the estimated period from 2019 to 2027, starting from US$ 33.81 Bn in 2018. 

Global growth in the e-commerce logistics industry and growing demand for modern material handling equipment will boost the forklift trucks market growth. Growing investments in the manufacturing, mining, and construction industry will also boost the market demand. The growth of retail industry worldwide will also boost the demand for forklift trucks. Increased adoption of forklift trucks in the distribution centers for loading, unloading, removal and placement of goods from racks and others will boost the market demand. 

Forklift Trucks Market

End-user Analysis

“Rising infrastructural development worldwide will spur revenue growth” 

In 2018, the manufacturing segment is anticipated to be dominant. The manufacturing segment contributed to nearly 28% of the global revenue share in the same year. The increased need for forklift trucks and growing infrastructural development are the major factors for the dominance of the manufacturing segment. Rising adoption of electric & autonomous forklift trucks will also boost the segment growth.

“The growing e-commerce industry worldwide will boost the wholesale & retail segment” 

The wholesale & retail segment will grow with the fastest CAGR owing to rapid growth in the e-commerce industry worldwide. The global e-commerce industry was valued at around US$ 2.8 Tn in 2018 and is expected to grow at a CAGR of nearly 5% in years to come. The growing number of warehouses and distribution centers will boom the segment growth. 

Regional Analysis

“Developed manufacturing industry will boost the demand in Europe”

In 2018, Europe led the forklift trucks market followed by Asia Pacific and North America. Europe has around 32% of the global market revenue share in the same year. The region was dominant in 2018 owing to the developed manufacturing industry and growing government investments and initiatives to improve and augment the manufacturing sector. 

“The growing adoption of forklift trucks in the warehouses will boost the market in Asia Pacific”

Asia Pacific will grow with the highest CAGR during the forecast period due to the rapid increase in the e-commerce industry and the rising number of warehouses. The growing mining & construction industry, logistics industry, automotive industry, manufacturing industry and infrastructural development will also boost the market in the region. 

Increased Technological Developments by Market Players will boost the Industry 

Major manufacturers are focusing on new product launches with increased technical innovations such as touchscreen LED and others. Acquisitions and regional expansion along with new product development will be the key factor in the industry. 

List of Companies Covered:

  • Toyota Industries Corporation
  • Hyundai Heavy Industries
  • Mitsubishi Nichiyu Forklift Co., Ltd
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling Inc.
  • Hangcha Group Co., Ltd.
  • Clark Material Handling International, Inc.
  • Kion Group AG
  • Jungheinrich AG
  • Hyster-Yale Materials Handling
  • Anhui Forklift Truck
  • Doosan Industrial Vehicle
  • Komatsu Ltd.
  • Godrej & Boyce Manufacturing

Key Industry Development: 

  • In April 2019, Hyundai Heavy Industries became the first company to launch a driverless forklift truck. The self-driving forklift truck can be remotely controlled and can determine optimal routes. 

Historical & Forecast Period 

This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027

Market Segmentation

 

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 Product Type (2017–2027; US$ Bn)
 • Reach Forklift Truck
 • Counterbalance Forklift Truck
 • Others (Rough Terrain, Side Loader, Telescopic Handler, etc.)

 Engine Type (2017–2027; US$ Bn)
 • Electric
 • Diesel
 • Gasoline & LPG/CNG

 End-user (2017–2027; US$ Bn)
 • Manufacturing
 • Logistics
 • Food Industry
 • Wholesale & Retail
 • Mining & Construction
 • Others (Agriculture, Natural Resources, etc.)

 Vehicle Class (2017–2027; US$ Bn)
 • Class I
 • Class II
 • Class III
 • Class IV
 • Class V

 Geography Segment (2017–2027; US$ Bn)
 • North America (U.S. and Rest of North America)
 • Europe (U.K., Germany, France, and Rest of Europe)
 • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
 • Rest of World (Middle East & Africa (MEA), Latin America)

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall forklift trucks market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.

Key questions answered in this report 

  • What are the current market trends and dynamics in the forklift trucks market and valuable opportunities for emerging players?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which product type segment holds a larger market share and why?
  • Are low and middle-income economies investing in the forklift trucks market?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

TABLE 1 Market Snapshot: Global Forklift Trucks (FT) Market
TABLE 2 Global FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 3 Global FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 4 Global FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 5 Global FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 6 Global FT Market, by Geography, 2017–2027 (US$ Bn)
TABLE 7 North America FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 8 North America FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 9 North America FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 10 North America FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 11 North America FT Market, by Country, 2017–2027 (US$ Bn)
TABLE 12 Europe FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 13 Europe FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 14 Europe FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 15 Europe FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 16 Europe FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 18 Asia Pacific FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 19 Asia Pacific FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 20 Asia Pacific FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 21 Asia Pacific FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 22 RoW FT Market, by Product Type, 2017–2027 (US$ Bn)
TABLE 23 RoW FT Market, by Engine Type, 2017–2027 (US$ Bn)
TABLE 24 RoW FT Market, by End-user, 2017–2027 (US$ Bn)
TABLE 25 RoW FT Market, by Vehicle Class, 2017–2027 (US$ Bn)
TABLE 26 RoW FT Market, by Tire Assembly, 2017–2027 (US$ Bn)
TABLE 27 RoW FT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 28 Toyota Industries Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 29 Hyundai Heavy Industries: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 30 Mitsubishi Nichiyu Forklift Co., Ltd: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 31 Crown Equipment Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 32 Hyster-Yale Materials Handling, Inc.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 33 Hangcha Group Co., Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 34 Clark Material Handling international, Inc..: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 35 Kion Group AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 36 Jungheinrich AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 37 Anhui Forklift Truck: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 38 Doosan Industrial Vehicle: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 39 Komatsu Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 40 Godrej & Boyce Manufacturing: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments

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