Report Code: CMI43870

Published Date: March 2024

Pages: 320+

Category: Automotive

Report Snapshot

CAGR: 13.8%
70.5B
2023
72.9B
2024
168.6B
2033

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Toyota Industries Corporation
  • KION Group AG
  • Jungheinrich AG
  • Mitsubishi Logisnext Co. Ltd.
  • Crown Equipment Corporation
  • Others

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Reports Description

Global Forklift Market was valued at USD 72.9 Billion in 2023 and is expected to reach USD 168.6 Billion by 2033, at a CAGR of 13.8% during the forecast period 2024 – 2033.

A forklift, often known as a lift truck, is a motorised industrial vehicle that lifts, moves, and transports heavy loads over short distances. Forklifts have forks that can be lifted and lowered to lift items and come in a variety of types, notably electric, gasoline, and propane-powered.

Forklift Market: Growth Factors

Significant increase in construction activities

A significant increase in construction activity feeds demand for forklifts, which play an important role in material handling on building sites. Forklifts are crucial for transferring large goods like steel beams, timber, concrete blocks and equipment around construction sites efficiently and safely.

As construction projects grow in size and complexity, forklifts become more necessary to optimise logistics, shorten construction timeframes, and boost productivity. Furthermore, the expanding trend of vertical construction, which includes skyscrapers and high-rise structures, needs the usage of forklifts to lift and move material to various heights.

The high demand for forklifts in the construction sector shows the industry’s vitality and emphasises the importance of these vehicles in assisting construction activities.  For instance, in construction, industrial forklifts serve to transport materials between sites and distances.

Pallets are frequently used on building sites to convey bricks and wood, as well as tile and other interior construction supplies. They transport easily when bundled together. When they arrive on-site, a forklift can assist in transporting them to their intended location. Because heavy-duty machinery such as telehandlers and front loaders may be equipped with fork attachments.

Growth in logistics sector

The growth in the logistics sector significantly propels the forklift market for several reasons. As the logistics business grows to meet rising global trade needs, there is an increased demand for efficient material handling equipment such as forklifts. Forklifts serve an important role in the warehouse process, allowing products to be moved, stacked, and retrieved quickly and precisely.

Furthermore, the introduction of new logistics technologies that include automation and warehouse management systems drives up demand for forklifts with modern amenities like IoT connection and autonomous capabilities.

Furthermore, the growth of e-commerce and the shift to omnichannel distribution channels increases the demand for forklifts to manage the complicated logistics of order fulfilment and distribution centres.

Overall, the rise in the logistics industry encourages continual innovation and investment in forklift technology to meet evolving industry requirements and optimize supply chain operations. For instance, the warehouse, industrial, and logistics (WIL) sectors are expected to be critical in realising India’s aim of being a $5 trillion economy by FY25.

The logistics sector in India is expected to account for 14.4% of GDP. The sector has evolved from a transportation and storage-focused activity to a highly specialised role that today includes end-to-end product management and planning, as well as additional services for last-mile distribution, predictive planning, and analytics, among other things.

Forklift Market: Restraints

Fluctuations in raw material

Raw material price fluctuations can have a substantial negative impact on the forklift industry in a variety of ways. Because forklifts are mostly made of steel and other metals, any increases in raw material prices have a direct influence on manufacturers’ manufacturing costs.

As a result, forklift costs may rise, discouraging consumers from acquiring new equipment or driving them to choose less expensive options. Furthermore, rising raw material costs can disrupt forklift manufacturers’ supply chains and inventory management, leading to production and delivery delays.

Companies may also struggle to sustain profit margins in the face of variable raw material costs, reducing their total market competitiveness. Overall, variations in raw material pricing present substantial issues for the forklift business, hurting both producers and customers.

Global Forklift Market 2024–2033 (By Power Source)

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Forklift Market: Opportunities

Rising autonomous vehicle technology

Autonomous vehicle technology is transforming the forklift market by increasing effectiveness, security, and profitability in industrial settings. Forklifts equipped with autonomous features that include cameras, sensors, and AI algorithms can explore warehouses, carry items, and complete jobs without the need for human interaction.

These enhanced capabilities improve material handling procedures, save labour costs, and reduce the likelihood of accidents and injuries. Furthermore, autonomous forklifts are flexible in operation, allowing them to adapt to changing conditions and processes.

As companies increasingly use automation to optimise operations, the demand for self-driving forklifts is growing. This trend is redefining the forklift market, as manufacturers focus on creating and incorporating autonomous technology into their vehicles to fulfil the changing demands of contemporary warehouses and distribution centres.

For instance, Cyngn Inc. stated that it has achieved significant progress in converting its DriveMod artificial intelligence-driven technology to allow self-driving forklifts. A continuing paid contract with a construction materials end user resulted in the addition of autonomous vehicle capabilities to BYD Motors LLC’s electric forklift.

Global Forklift Market 2024–2033 (By Class)

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Forklift Market: Segmentation Analysis

The global Forklift market is segmented by power source, class, end user, and region.  Based on the power source, the market is classified into IC engine powered and electric powered. IC engine power dominated the market in 2023 with a market share of 55.5% and is expected to keep its dominance during the forecast period 2024-2033.

IC engine-powered forklifts are important in pushing the forklift industry because of their adaptability, power, and dependability in a variety of industrial applications. Such forklifts operate by internal combustion engines that run on petrol, diesel, or liquid propane.

They’re equipped with a high torque and lifting capability, making them ideal for heavy-duty applications including lifting and carrying huge goods in warehouses, distribution facilities, and construction sites.

IC engine-powered forklifts are ideal for outdoor areas and applications where electric forklifts may be impractical owing to limited charging infrastructure or the necessity for continuous operation.

Furthermore, they provide a variety of refuelling alternatives and may function for extended periods without a recharge. As an outcome, IC engine-powered forklifts continue a popular choice for many industry operations.

Based on class, the market is classified into class 1, class 2, class 3, class 4, class 5, and others. Class 3 dominated the market in 2023 with a market share of 35.5% and is expected to keep its dominance during the forecast period 2024-2033.

Class 3 forklifts, referred to as electric motor-powered pallet jacks or pallet trucks, are a major driver of the forklift industry because of their adaptability, efficiency, and applicability for a variety of interior material handling applications.

These small and manoeuvrable robots are suitable for delivering palletized items in warehouses, distribution centres, and retail settings. With a growing emphasis on warehouse automation and e-commerce fulfilment, demand for Class 3 forklifts has risen.

Their electric engine provides benefits such as zero emissions, reduced noise levels, and cheaper running expenses as compared to internal combustion forklifts. Furthermore, developments in battery technology have increased their runtime and lowered charge periods, adding to their appeal.

Based on end user, the market is classified into retail & wholesale, logistics, automotive, food industry, and others. Retail & wholesale dominated the market in 2023 with a market share of 27.8% and is expected to keep its dominance during the forecast period 2024-2033.

The retail and wholesale industries propel the forklift industry because they rely heavily on effective material handling and logistical operations. Forklifts are essential in various industries because they make it easier to move and store items in warehouses, distribution centres, and retail stores.

Retailers and wholesalers use forklifts to handle palletized items, load and unload shipments, and properly organise inventories. Furthermore, the growth of e-commerce has increased the demand for forklifts at fulfilment centres to handle the increasing number of online orders.

Inventory management, space optimisation, and efficiency in operation drive the ongoing use and upgrade of forklifts in wholesale and retail businesses. As these industries continue to innovate and flourish, forklift demand is projected to stay robust, further boosting the market.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 72.9 Billion
Projected Market Size in 2033 USD 168.6 Billion
Market Size in 2023 USD 70.5 Billion
CAGR Growth Rate 13.8% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Power Source, Class, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Forklift Market: Regional Insight

By region, Forklift market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. The Asia-Pacific dominated the global Forklift market in 2023 with a market share of 40.3% and is expected to keep its dominance during the forecast period 2024-2033.

Several reasons contribute to Asia-Pacific’s dominance in the forklift industry. Growing industrialization and infrastructural growth in countries such as China, India, and Southeast Asia have raised demand for forklifts in the logistics, manufacturing, and construction industries.

The region’s thriving e-commerce business drives up the need for material handling equipment to help with warehouse operations and distribution. Furthermore, the expansion of manufacturing centres and port facilities in Asia-Pacific increases the demand for forklifts for cargo handling and transportation.

Furthermore, government measures supporting automated manufacturing and the adoption of modern technologies help to drive market expansion. In general, Asia-Pacific’s economic development, industrial expansion, and changing logistics landscape make it a vital player in the worldwide forklift industry.

Global Forklift Market 2024–2033 (By Billion)

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Forklift Market: Recent Developments

  • In September 2023, Hangcha Forklift launched a high-voltage lithium Battery based electrical rough terrain forklift. The forklift weighs 2.5-3.5 tonnes and has advantages such as decreased noise, zero emissions, and quick charging time.
  • In May 2023, Toyota Material Handling announced the introduction of three new forklift models. The new forklifts come equipped with standard power steering, an industrial tow tractor, an automated parking brake, a side-entry end rider, and a centre rider stacker. The versions weigh between 6,000 and 8,000 pounds and are perfect for order picking and cross-warehouse movement.
  • In January 2023, Crown Equipment Corporation disclosed the official debut of an electric counterbalance forklift. The C-B series includes electric forklifts with 80-volt motors.

List of the prominent players in the Forklift Market:

  • Toyota Industries Corporation
  • KION Group AG
  • Jungheinrich AG
  • Mitsubishi Logisnext Co. Ltd.
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling Inc.
  • Anhui Forklift Group Co.Ltd.
  • Hangcha Group Co. Ltd.
  • Clark Material Handling Company
  • Komatsu Ltd.
  • Doosan Corporation Industrial Vehicle
  • Hyundai Heavy Industries Co. Ltd.
  • Lonking Holdings Limited
  • Godrej & Boyce Mfg. Co. Ltd.
  • Manitou Group
  • UniCarriers Corporation
  • Combilift Ltd.
  • Xiamen XGMA Machinery Co. Ltd.
  • EP Equipment Co. Ltd.
  • Tailift Co. Ltd.
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Forklift Market is segmented as follows:

By Power Source

  • IC Engine Powered
  • Electric Powered

By Class

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

By End User

  • Retail & Wholesale
  • Logistics
  • Automotive
  • Food Industry
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Forklift Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Forklift Market: snapshot
  • Chapter 3. Global Forklift Market – Industry Analysis
    • 3.1 Forklift Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Significant increase in construction activities
      • 3.2.2 Growth in the logistics sector
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Power Source
      • 3.7.2 Market Attractiveness Analysis By Class
      • 3.7.3 Market Attractiveness Analysis By End User
  • Chapter 4. Global Forklift Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Forklift Market: Company Market Share, 2024
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Forklift Market – Power Source Analysis
    • 5.1 Global Forklift Market Overview: By Power Source
      • 5.1.1 Global Forklift Market Share, By Power Source, 2024 and – 2033
    • 5.2 IC Engine Powered
      • 5.2.1 Global Forklift Market by IC Engine Powered, 2024 – 2033 (USD Billion)
    • 5.3 Electric Powered
      • 5.3.1 Global Forklift Market by Electric Powered, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Forklift Market – Class Analysis
    • 6.1 Global Forklift Market Overview: By Class
      • 6.1.1 Global Forklift Market Share, By Class, 2024 and – 2033
    • 6.2 Class 1
      • 6.2.1 Global Forklift Market by Class 1, 2024 – 2033 (USD Billion)
    • 6.3 Class 2
      • 6.3.1 Global Forklift Market by Class 2, 2024 – 2033 (USD Billion)
    • 6.4 Class 3
      • 6.4.1 Global Forklift Market by Class 3, 2024 – 2033 (USD Billion)
    • 6.5 Class 4
      • 6.5.1 Global Forklift Market by Class 4, 2024 – 2033 (USD Billion)
    • 6.6 Class 5
      • 6.6.1 Global Forklift Market by Class 5, 2024 – 2033 (USD Billion)
    • 6.7 Others
      • 6.7.1 Global Forklift Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 7. Global Forklift Market – End User Analysis
    • 7.1 Global Forklift Market Overview: By End User
      • 7.1.1 Global Forklift Market Share, By End User, 2024 and – 2033
    • 7.2 Retail & Wholesale
      • 7.2.1 Global Forklift Market by Retail & Wholesale, 2024 – 2033 (USD Billion)
    • 7.3 Logistics
      • 7.3.1 Global Forklift Market by Logistics, 2024 – 2033 (USD Billion)
    • 7.4 Automotive
      • 7.4.1 Global Forklift Market by Automotive, 2024 – 2033 (USD Billion)
    • 7.5 Food Industry
      • 7.5.1 Global Forklift Market by Food Industry, 2024 – 2033 (USD Billion)
    • 7.6 Others
      • 7.6.1 Global Forklift Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 8. Forklift Market – Regional Analysis
    • 8.1 Global Forklift Market Regional Overview
    • 8.2 Global Forklift Market Share, by Region, 2024 & – 2033 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Forklift Market, 2024 – 2033 (USD Billion)
        • 8.3.1.1 North America Forklift Market, by Country, 2024 – 2033 (USD Billion)
    • 8.4 North America Forklift Market, by Power Source, 2024 – 2033
      • 8.4.1 North America Forklift Market, by Power Source, 2024 – 2033 (USD Billion)
    • 8.5 North America Forklift Market, by Class, 2024 – 2033
      • 8.5.1 North America Forklift Market, by Class, 2024 – 2033 (USD Billion)
    • 8.6 North America Forklift Market, by End User, 2024 – 2033
      • 8.6.1 North America Forklift Market, by End User, 2024 – 2033 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Forklift Market, 2024 – 2033 (USD Billion)
        • 8.7.1.1 Europe Forklift Market, by Country, 2024 – 2033 (USD Billion)
    • 8.8 Europe Forklift Market, by Power Source, 2024 – 2033
      • 8.8.1 Europe Forklift Market, by Power Source, 2024 – 2033 (USD Billion)
    • 8.9 Europe Forklift Market, by Class, 2024 – 2033
      • 8.9.1 Europe Forklift Market, by Class, 2024 – 2033 (USD Billion)
    • 8.10 Europe Forklift Market, by End User, 2024 – 2033
      • 8.10.1 Europe Forklift Market, by End User, 2024 – 2033 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Forklift Market, 2024 – 2033 (USD Billion)
        • 8.11.1.1 Asia Pacific Forklift Market, by Country, 2024 – 2033 (USD Billion)
    • 8.12 Asia Pacific Forklift Market, by Power Source, 2024 – 2033
      • 8.12.1 Asia Pacific Forklift Market, by Power Source, 2024 – 2033 (USD Billion)
    • 8.13 Asia Pacific Forklift Market, by Class, 2024 – 2033
      • 8.13.1 Asia Pacific Forklift Market, by Class, 2024 – 2033 (USD Billion)
    • 8.14 Asia Pacific Forklift Market, by End User, 2024 – 2033
      • 8.14.1 Asia Pacific Forklift Market, by End User, 2024 – 2033 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Forklift Market, 2024 – 2033 (USD Billion)
        • 8.15.1.1 Latin America Forklift Market, by Country, 2024 – 2033 (USD Billion)
    • 8.16 Latin America Forklift Market, by Power Source, 2024 – 2033
      • 8.16.1 Latin America Forklift Market, by Power Source, 2024 – 2033 (USD Billion)
    • 8.17 Latin America Forklift Market, by Class, 2024 – 2033
      • 8.17.1 Latin America Forklift Market, by Class, 2024 – 2033 (USD Billion)
    • 8.18 Latin America Forklift Market, by End User, 2024 – 2033
      • 8.18.1 Latin America Forklift Market, by End User, 2024 – 2033 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Forklift Market, 2024 – 2033 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Forklift Market, by Country, 2024 – 2033 (USD Billion)
    • 8.20 The Middle-East and Africa Forklift Market, by Power Source, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Forklift Market, by Power Source, 2024 – 2033 (USD Billion)
    • 8.21 The Middle-East and Africa Forklift Market, by Class, 2024 – 2033
      • 8.21.1 The Middle-East and Africa Forklift Market, by Class, 2024 – 2033 (USD Billion)
    • 8.22 The Middle-East and Africa Forklift Market, by End User, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Forklift Market, by End User, 2024 – 2033 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Toyota Industries Corporation
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 KION Group AG
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Jungheinrich AG
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Mitsubishi Logisnext Co. Ltd.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Crown Equipment Corporation
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Hyster-Yale Materials Handling Inc.
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Anhui Forklift Group Co.Ltd.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Hangcha Group Co. Ltd.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Clark Material Handling Company
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Komatsu Ltd.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Doosan Corporation Industrial Vehicle
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Hyundai Heavy Industries Co. Ltd.
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Lonking Holdings Limited
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Godrej & Boyce Mfg. Co. Ltd.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Manitou Group
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 UniCarriers Corporation
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 Combilift Ltd.
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 Xiamen XGMA Machinery Co. Ltd.
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 EP Equipment Co. Ltd.
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Tailift Co. Ltd.
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 Others.
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
List Of Figures

Figures No 1 to 29

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Toyota Industries Corporation
  • KION Group AG
  • Jungheinrich AG
  • Mitsubishi Logisnext Co. Ltd.
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling Inc.
  • Anhui Forklift Group Co.Ltd.
  • Hangcha Group Co. Ltd.
  • Clark Material Handling Company
  • Komatsu Ltd.
  • Doosan Corporation Industrial Vehicle
  • Hyundai Heavy Industries Co. Ltd.
  • Lonking Holdings Limited
  • Godrej & Boyce Mfg. Co. Ltd.
  • Manitou Group
  • UniCarriers Corporation
  • Combilift Ltd.
  • Xiamen XGMA Machinery Co. Ltd.
  • EP Equipment Co. Ltd.
  • Tailift Co. Ltd.
  • Others

FAQs

The restraints of the Forklift market is fluctuations in raw material.

The major driver for the Forklift market is significant increase in construction activities and growth in logistics sector.

The “IC Engine Powered” category dominated the market in 2023.

The key players in the market are Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Anhui Forklift Group Co.Ltd., Hangcha Group Co. Ltd., Clark Material Handling Company, Komatsu Ltd., Doosan Corporation Industrial Vehicle, Hyundai Heavy Industries Co. Ltd., Lonking Holdings Limited, Godrej & Boyce Mfg. Co. Ltd., Manitou Group, UniCarriers Corporation, Combilift Ltd., Xiamen XGMA Machinery Co. Ltd., EP Equipment Co. Ltd., Tailift Co. Ltd., Others.

“Asia-Pacific” had the largest share in the Forklift Market.

The global market is projected to grow at a CAGR of 13.8% during the forecast period, 2024-2033.

The Forklift Market size was valued at USD 72.9 Billion in 2024.

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