Press release
Construction Industry Growth Fuels Expansion Of Forklift Truck Market Driver: Leading Transformation in the Forklift Truck Market in 2025
Forklift Truck Market Size
The expansion of the construction sector is poised to drive the growth of the forklift truck market. Construction operations include residential, commercial, industrial, institutional, and infrastructure projects. For a myriad of tasks such as offloading pallets of blocks or bricks, steel joists and other construction equipment and materials, particularly for transporting them from delivery trucks to construction sites, forklift trucks are utilized. For instance, data from Eurostat, a government agency based in Luxembourg, revealed that the average yearly construction output in both the European Union and euro area elevated by 0.1% and 0.2% respectively in February 2024, in comparison to 2022. Consequently, the burgeoning construction sector is fueling the rise of the forklift truck market.
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What is the future CAGR of the forklift truck market, and how will it impact industry expansion?
The size of the forklift truck market has experienced significant growth in recent times. The market is projected to expand from $68.53 billion in 2024 to $75.17 billion in 2025, with a compound annual growth rate (CAGR) of 9.7%. The historical growth can be traced back to the expansion of manufacturing and construction sectors, widening of warehouse and logistics operations, the utilisation of forklift trucks for material management, advancements in forklift technology such as electric and fuel-saving models, and a surge in demand attributed to e-commerce.
In the coming years, the forklift truck market is predicted to experience swift expansion. Projections put its worth at $119.73 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. This forecasted growth can be credited to a rise in demand for electric forklift trucks to support environmental sustainability, sophisticated fleet management through the application of IoT and telematics, the burgeoning e-commerce sector's focus on automated material handling, the use of hydrogen fuel cell technology for cleaner energy in forklifts, and the growth of construction and infrastructure projects. Some distinctive trends for the forecast period are the creation of autonomous and robotic forklifts, emphasis on ergonomic designs, resorting to lithium-ion batteries for electric forklifts, customizing forklifts to fit industry-specific applications and tasks, and capitalizing on predictive maintenance technologies.
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What are the most significant trends transforming the forklift truck market today?
Product innovation is seen as an important emerging trend in the forklift truck market. Major industry players are focusing on rolling out technological improvements to expand their market presence. For example, in 2023, the UK-based industrial gas and engineering company, Linde, introduced the E35-E50 Series 1254 electric counterbalance forklift. The series is geared towards both high performance and eco-friendliness, employing upgraded lithium-ion battery technology for increased energy efficiency and shorter charging times. With lifting capacities between 3.5 and 5.0 tonnes, these forklifts are adaptable to a variety of industrial uses.
Which key market segments comprise the forklift truck market and drive its revenue growth?
The forklift truck market covered in this report is segmented -
1) By Product Type: Counterbalance, Warehouse
2) By Technology: Electric Power, Internal Combustion Engine
3) By Class: Class I, Class II, Class III, Class IV, Class V
4) By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
Subsegments:
1) By Counterbalance Forklifts: Electric Counterbalance Forklifts, Internal Combustion Counterbalance Forklifts
2) By Warehouse Forklifts: Reach Trucks, Pallet Jacks, Order Pickers, Stackers
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What regions are at the forefront of forklift truck market expansion?
Asia-Pacific was the largest region in the forklift truck market in 2024. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the forklift truck market?
Major companies operating in the forklift truck market include Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda
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What Is Covered In The Forklift Truck Global Market Report?
•Market Size Forecast: Examine the forklift truck market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the forklift truck market for a structured understanding.
•Key Players Overview: Analyze major players in the forklift truck market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the forklift truck market.
•Segment Contributions: Evaluate how different segments drive overall growth in the forklift truck market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the forklift truck market.
•Industry Challenges: Identify potential risks and obstacles affecting the forklift truck market.
•Competitive Landscape: Review strategic developments in the forklift truck market, including expansions, agreements, and new product launches.
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