Forklift Truck Market: Growth Forecasts, 2023-2030

Triton's report estimates the global forklift truck market reached $68,393.39 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.08% by 2030.

A recent study by Triton Market Research titled Global Forklift Truck Market includes the Global Analysis and Forecasts by Power Source (Electric Motor, Internal Combustion Engine), End-user (Logistics, Automotive, Manufacturing, Retail & Wholesale, Food Industry, Other End-users), Class (Class 1, Class 2, Class 3, Class 4, Class 5), Product Type (Counterbalance Forklift, Warehouse Forklift), and Regional Outlook (Asia-Pacific, Europe, Latin America, North America, Middle East and Africa).

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Forklift trucks are widely used across industries for lifting, transporting, and handling goods and materials, including automotive, logistics, and construction. They come in various types, such as counterbalance forklift and warehouse forklift.

Triton's research report highlights that the global forklift truck market is anticipated to surge at a CAGR of 7.62%, reaching a revenue worth $106.26 billion by 2028.

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The e-commerce business is growing at an unprecedented rate, driven by rising disposable income and customer demand for faster and more efficient delivery. As a result, enhanced fulfillment, warehousing, and logistics systems that increase output while decreasing costs have become standard. As a result, forklift trucks are becoming increasingly important for efficiently loading and unloading diverse items in warehouses. Forklift truck sales are expected to increase as a result of the expanding e-commerce warehousing business.

Nonetheless, a major barrier to the market's growth is the lack of raw material suppliers. Forklift truck OEMs source parts from several sources for engines such as gasoline, diesel, and alternative fuels. These essential resources are sourced from many countries, and their availability is mostly influenced by fluctuations in the commodities markets and exchange rates. These variances have a detrimental effect on the supply chain and, over the course of the projection period, represent a substantial danger to the key suppliers to the forklift industry.

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There are four segments in the forklift truck market: power source, end-user, class, and product type. The market is split between internal combustion engines and electric motors based on the power source. The logistics, automotive, manufacturing, retail & wholesale, food industry, and other end-users segments comprise the end-user segment. Class 1, Class 2, Class 3, Class 4, and Class 5 are included in the class segment. Finally, the market is made up of warehouse forklifts and counterbalance forklifts based on product type.

Asia-Pacific is the leading region in the world for forklift truck sales. Leading manufacturers have brought in cutting-edge, fuel-efficient, and ecologically friendly forklifts, turning the region into a stronghold. For instance, the Chinese forklift maker HELI has introduced a brand-new heavy-duty electric forklift that is eco-friendly and noiseless. It can support 10 tons of load. Exceptional stability, reduced energy usage, and increased comfort and energy efficiency are some noteworthy benefits. Such advancements provide up a number of opportunities for the industry under investigation as well as the neighborhood.

Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich AG, Crown Equipment Corporation, Kion Group AG, Komatsu Ltd, Clark Material Handling Company, Lonking Holdings Limited, Toyota Industries Corporation, Godrej & Boyce Manufacturing Company Limited, Doosan Group, Hangcha Group Co, Anhui Heli Co Ltd, Mitsubishi Logisnext Co Ltd, and Ep Equipment Co Ltd are the leading players in the forklift truck market.

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Question & Answer: Global Forklift Truck Market

Question 1: What factors drive the growth of the global forklift truck market?
Answer: Due to the rising disposable income and increasing customer demands for faster and more efficient delivery, the e-commerce industry is expanding at an unprecedented rate, prompting the adoption of advanced warehouse, fulfillment, and logistics solutions to increase productivity while lowering operational costs. This has increased the demand for forklift trucks to efficiently load and unload various goods in the warehouses. Thus, the thriving e-commerce warehouse industry is anticipated to drive the growth of the forklift truck market.

Question 2: What factors are limiting the global forklift truck market's growth?
Answer: The availability of a limited number of raw material suppliers is one of the major factors limiting the market's growth. Forklift truck OEMs rely on several suppliers for forklift truck components, such as diesel, gasoline, and alternative fuel engines. These raw materials are sourced from various countries, and their supply is primarily vulnerable to fluctuations in commodity markets and exchange rates. Such fluctuations have a negative impact on the supply chain and will present a significant challenge to the key vendors operating in the forklift market during the forecast period.

Question 3: Which region leads the forklift truck market globally?
Answer: The Asia-Pacific leads the forklift truck market globally. The region's stronghold is due to the introduction of new eco-friendly and fuel-efficient forklifts by leading manufacturers. For instance, HELI, a forklift truck manufacturer in China, launched a new eco-friendly and noiseless heavy-duty electric forklift with a loading capacity of 10 tons. In addition, key features include high stability, high efficiency & comfort, and energy saving. Such advancements create numerous opportunities for the studied market across the region.

Question 4: Which are the leading players in the global forklift truck market?
Answer: Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich AG, Crown Equipment Corporation, Kion Group AG, Komatsu Ltd, Clark Material Handling Company, Lonking Holdings Limited, Toyota Industries Corporation, Godrej & Boyce Manufacturing Company Limited, Doosan Group, Hangcha Group Co, Anhui Heli Co Ltd, Mitsubishi Logisnext Co Ltd, and Ep Equipment Co Ltd are the leading players in the forklift truck market.

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