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Forklift Truck Market Growth to be Driven by Emerging Trends | $118.3 Billion by 2029
Forklift Truck Market
What is the Projected Market Size of the Forklift Truck Industry?
There has been robust growth in the forklift truck market in the past few years. The market will escalate from $68.53 billion in 2024 to $74.69 billion in 2025, marking a 9.0% compound annual growth rate (CAGR). The notable expansion during the historical period is the result of the rise in manufacturing and construction industries, the development of warehouse and logistics operations, adoption of forklift trucks for material handling, advancements in forklift technology such as electric and fuel-efficient models, and an increased demand due to e-commerce.
What Will Be the Size of the Forklift Truck Market by 2029?
The forklift truck sector is poised for quick expansion in the coming years, with a projected growth to $118.3 billion by 2029 at a compound annual growth rate of 12.2%. The anticipated expansion during this period can be credited to the rising demand for electric forklift trucks due to environmental concerns, the implementation of IoT and telematics to improve forklift fleet management, the thriving e-commerce sector with a spotlight on automated material handling, the acceptance of hydrogen fuel cell technology in forklifts to aid cleaner energy, and growth in construction and infrastructure projects. Some key trends to watch in this timeframe include the emergence of autonomous and robotic forklifts, a focus on ergonomic designs, the application of lithium-ion batteries in electric forklifts, the tailoring of forklifts for distinct industry functions and tasks, and the incorporation of predictive maintenance technologies.
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What Are the Key Drivers Accelerating Growth in the Forklift Truck Market?
The escalating progression of the construction industry is projected to fuel the expansion of the forklift truck market. The term "construction" encompasses the creation of residential, commercial, industrial, institutional, and infrastructure entities. These forklift trucks serve multiple functions in the construction sector, including unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, with a particular focus on transporting them from the delivery trucks to the construction premises. For example, data from Eurostat, a government agency based in Luxembourg, revealed in February 2024 that the average annual building production in the EU and the euro region saw an increase of 0.1% and 0.2% respectively, relative to 2022. Hence, the expanding construction industry is stimulating the growth of the forklift truck market.
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How Is the Forklift Truck Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Forklift Truck Market?
The trend of novel product innovations is gaining traction in the forklift truck industry. To increase their market share, primary companies in this sector are centred on pioneering new technological improvements. For example, in 2023, Linde, a UK-based industrial gases and engineering specialist, rolled out the E35-E50 Series 1254 electric counterbalance forklift. This series is developed not only for high-performance output but also for eco-friendliness, owing to the incorporation of advanced lithium-ion battery technology which boosts energy efficiency and minimizes charging times. With their lifting capacities of 3.5 to 5.0 tonnes, these forklifts are versatile for a range of industrial uses.
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Who Are the Leading Companies Driving 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
Which Is the Leading Region in the Global 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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