Automotive and Transportation

Forklift Market is Expected to Reach USD 147.91 billion by 2030

Jun 2023

Automotive and Transportation

As per the report published by Kings Research, The global Forklift Market was valued at USD 56.26 Billion in 2022 and is projected to reach USD 147.91 Billion by 2030, growing at a CAGR of 12.84% from 2023 to 2030.

The forklift industry is experiencing several trends that are fueling innovation and growth. One proliferating trend is the growing demand for electric forklifts due to their lower maintenance costs and efficiency. Many forklift manufacturers are shifting towards electrical models and developing new technologies to enhance their performance.

Another trend is the increasing popularity of intelligent forklifts, which can navigate complex environments and perform tasks autonomously using advanced sensors and artificial intelligence (AI). Rental and lease options are on the rise as well, as more companies seek to reduce costs and improve flexibility. This trend is driven by the rise of e-commerce and the need for companies to quickly adapt to changing market conditions.

In addition, forklift manufacturers are focusing on developing new technologies that make their equipment safer and more efficient to keep up with the increasing demand for productivity. These include features like automatic braking systems, advanced sensors, and improved visibility. The forklift market is also observing a rise in investments by governments, and the real estate sector, which is expected to continue since more companies are turning towards advanced logistics and warehousing solutions. Overall, the forklift industry is undergoing significant changes due to new technologies and market demands that continue to shape industry trends. As such, many companies and stakeholders are taking advantage of these trends to drive efficiency and increase profitability.

Key Insights

  • Based on the fuel type, the gasoline & LPG/CNG segment is anticipated to emerge as the fastest-growing segment with a CAGR of 13.6% over the forecast period
  • Based on tonnage, the above 36 Ton segment generated the highest revenue of USD 26.85 billion in 2022
  • Based on application, the freight & logistics segment generated the highest revenue of USD 34.7 billion in 2022
  • Based on region, Asia-Pacific achieved the highest market revenue of USD 24.2 billion in 2022

Zebra Technologies and Qualcomm Ventures have Expanded their Product Offerings through Funding

February 2023: Third Wave Automation (TWA), a provider of autonomous forklifts, has announced a new strategic investment from Zebra Technologies and Qualcomm Ventures, bringing the total funding to USD 70 million. This investment will help TWA accelerate the development of innovations and expand its product offerings.

Growing Demand from the Warehouse Sector to Augment Market Growth

The increasing demand for material handling equipment in the warehousing sector is augmenting the forklift market growth fueled by a growing logistics sector that utilizes high-performance forklifts to handle cargo. In warehouses, logistical organizations rely on forklifts to transfer inventory efficiently, particularly counterbalance forklifts, pallet stackers, and forklifts with tight aisles. As the demand for machines that can navigate constrained spaces to move inventory increases, the market is expected to gain traction. All of these factors contribute to the market growth during the forecast period.

Increased Investment in Infrastructure Development to Create New Market Opportunities

Infrastructure development initiatives launched by various governments around the world are driving up demand for forklifts fueled by increased investment in real estate. Additionally, rising government investments and improving infrastructure globally are expected to boost the forklift demand during the projection period. For example, the Indian government plans to invest USD 1.35 trillion from 2021 to 2025 in infrastructure development across the country, as announced by the Indian prime minister in August 2021, in a bid to strengthen the economy. As a result, the global forklift market share is likely to gain momentum due to increased investment in infrastructure development and the benefits of forklift material handling capacity.

North America is Exhibiting the Fastest CAGR in the Market

North America is the fastest-growing region in the market acquiring a CAGR of 14.54% by 2030 owing to the active participation of major players who are heavily investing in advanced and modern forklifts instead of traditional ones. The demand for electric forklifts is expected to continue growing during the forecast period. These market participants are investing significantly in the development of state-of-the-art forklifts, rather than conventional ones, and are poised for growth throughout the projected period.

Toyota Material Handling, for instance, holds the largest market share in the U.S., which can be attributed to the company's extensive customer base, research and development efforts, and numerous manufacturing plants spread throughout the country. The company is focused on boosting its sales, while also prioritizing employee safety and reducing operating costs.

Increasing Focus On Strategic Partnerships and Acquisitions for Sustainability Growth

The forklift industry is fragmented with key players such as Jungheinrich AG, KION GROUP AG, Mitsubishi Electric Corporation, Toyota, Hyster-Yale Group, Inc., Raymond West, CLARK, Crown Equipment Corporation, Doosan Corporation, Hangcha Forklift. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position. 

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