Forklift Market Surge to reach $84.5 billion by 2027

The global forklift market was valued at USD 58.9 billion in 2022 and is expected to reach USD 84.5 billion by 2027, at a CAGR of 7.5 % during the forecast period 2022-2027. The base year for the report is 2021, and the forecast period is from 2022 to 2027. The market would witness growth owing to driving factors such as stringent emission norms, increasing need for sustainable material handling equipment for intralogistics operations, and the growing warehouse and logistics industries worldwide.

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DRIVER: Increasing demand for lean and automated warehouses to increase operational efficiency

A lean warehouse reduces the consumption of resources without a reduction in productivity. For instance, a lean warehouse is optimized to avoid the unnecessary travel of empty forklifts, inappropriate material handling, storage practices, and bottlenecks of forklifts at the loading/unloading areas. Automation in warehouses is aided by automated forklifts, which can automatically travel and pick up/drop materials. The warehouse automation market grew from USD 9.95 billion in 2016 to USD 15.59 billion in 2021.

OPPORTUNITY: Modular solutions to optimize customer productivity

Forklifts are designed for general material handling operations. But each customer's requirements differ. For instance, customers who are not only the owner but also the operator of their forklifts expect a more spacious and luxurious cabin. Customers who steer more in their operations require a more conventional steering system. But mass-producing forklifts with such unique requirements is not a viable option. Manufacturers may even lose customers because they do not find their requirements. To overcome this, modular solutions can be offered to customers according to their requirements to optimize productivity. These modular products are expected to provide customers with enhanced flexibility in meeting their requirements. For instance, customers who require their forklifts to work for more shifts or even throughout the day can opt for an electric powertrain with a larger battery capacity. This reduces the total cost of ownership in the long run and increases productivity. Customers are benefited from the right features at the right cost and use them for the right applications.

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North America is the fastest growing market for forklifts during the forecast period

The rising concerns over carbon footprint and increasing investments by several major players are expected to boost the market growth for electric forklifts in the North American market. Factors such as the established ecosystem for industrial and manufacturing companies with their warehousing capabilities make the region an attractive market for forklift suppliers. Moreover, an extensive 3PL network has led to the growth of the warehousing sector in North America. The region also has an increasing demand for automated storage and retrieval systems. The consumer goods industries in the US and Canada produce various goods. Thus, efficient handling and right order fulfillment are critical components of supply chain operations. High-tonnage capacity forklifts are used in large industries such as manufacturing and automotive. North Americas growing automobile industry requires material handling solutions to transport chassis, car bodies in paint shops, engines, and other components. Forklifts are important for handling eccentric-shaped loads, and hence their adoption in the region is growing.

Key Market Players & Start-ups

The forklift market is led by globally established players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co. Ltd. (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US).

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This release was published on openPR.