Press release
Forklift Truck Market Poised to Hit $119.73 Billion by 2029 with Accelerating Growth Trends
Forklift Truck
Forklift Truck Market Size Growth Forecast: What to Expect by 2025?
The market size for forklift trucks has seen significant growth in the past years. The projected growth is from $68.53 billion in 2024 to $75.17 billion in 2025, with a compound annual growth rate (CAGR) of 9.7%. The observed growth in the historic period can be linked to the expansion in manufacturing and construction sectors, the enlargement of warehouse and logistics operations, the integration of forklift trucks in material handling process, enhancements in forklift technology such as electric and fuel-efficient models, and a surge in demand for e-commerce.
How Will the Forklift Truck Market Size Evolve and Grow by 2029?
The forklift truck industry is set to experience significant expansion in the upcoming years, reaching $119.73 billion by 2029 with a CAGR of 12.3%. This growth during the predicted period is spurred by an increased interest for electric forklift trucks due to their environmentally friendly nature, incorporation of IoT and telematics for more efficient forklift fleet management, expansion of the e-commerce sector focusing on automated material handling, the use of hydrogen fuel cell technology in forklifts as a cleaner energy source, and the growth of construction and infrastructure projects. Key trends expected during this forecast period include the emergence of robotic and autonomous forklifts, a focus on ergonomic designs, utilization of lithium-ion batteries in electric forklifts, customized forklifts suiting specific industry applications and tasks, and the use of predictive maintenance technologies.
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What Drivers Are Propelling the Growth of Forklift Truck Market Forward?
The expansion of the construction sector is anticipated to fuel the growth of the forklift truck market. The construction sector encompasses residential, commercial, industrial, institutional, and infrastructure construction. Forklift trucks are utilized in the construction industry for numerous tasks, such as unloading pallets filled with blocks or bricks, steel joists, and various construction equipment and materials. They are particularly useful for transporting these items from the delivery truck to the construction site. For example, in February 2024, Eurostat, a government agency based in Luxembourg, reported that the average yearly building production in both the EU and the euro area increased by 0.1% and 0.2% respectively compared to 2022. As a result, the booming construction industry is propelling the growth of the forklift truck market.
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Which Emerging Trends Are Transforming the Forklift Truck Market in 2025?
In the forklift truck industry, the emergence of new product innovations is a notable trend. Major firms in this sector are concentrating on creating new technological breakthroughs to widen their market influence. For instance, Linde, a British firm renowned for their work in industrial gases and engineering, unveiled the E35-E50 Series 1254 electric counterbalance forklift in 2023. This range is designed for high performance but also prioritizes environmental conservation, employing cutting-edge lithium-ion battery technology to improve energy efficiency and minimize charging durations. With lifting capacities of 3.5 to 5.0 tonnes, these forklifts are fit for a range of industrial tasks.
What Are the Key Segments in the Forklift Truck Market?
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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Who Are the Key Players Shaping the Forklift Truck Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Forklift Truck Market?
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
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