Forklift Market: Understanding the Key Product Segments and their Future

A forklift, also known as forklift truck, or a fork truck or lift truck is an industrial vehicle used to lift and move materials from one place to another for short and medium distances in manufacturing and warehouse operations. Their main use are in material handling applications.

Forklifts are used in general manufacturing, warehousing, auto industry, lumber yards, retail, brick or stone distribution, heavy-duty manufacturing, shipping and freight and paper rolling industries among others.

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By tonnage capacity the market is segmented into less than 5 tones, 5 to 10 tones, 11 to 36 tones and greater than 36 tones. By application the market is segmented into manufacturing, warehousing and distribution, freight & logistics and others. By fuel type the market is segmented into gasoline, diesel, electric battery, compressed natural gas (CNG) and liquid propane gas (LPG). By class the market is segmented into class 1, class 2, class 3, class 4, class 5, class 6 and class 7.

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By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a major forklift market. The U.S is the largest market in this region which a market share of approx. seventy percent in whole of America in 2013. Canada and Mexico are other major markets in this region. Europe is the second largest forklift market in the world. Germany is the largest market in this region. Europe had the highest y-o-y growth in shipment and order of forklifts compared to North America and Latin America in 2015.

Asia Pacific is the largest forklift market in the world. China is the largest market in the region. Japan, India, South Korea, Australia are other major markets in this region. In Asia Pacific there was a decrease in y-o-y of shipment and order of forklifts in 2015 due to decrease in sale of Chinese forklift manufacturers.

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As per Industrial Truck Association the top forklift manufacturing firms are Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (the U.S), Hyster-Yale Materials Handling, Inc. (the U.S.), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), UniCarriers Americas (the U.S), Anhui HELI Co. Ltd Limited (China), Komatsu Ltd. (Japan), Clark Material Handling Company (the U.S), Doosan Industrial Vehicle America Corp. (the U.S), Hangcha Group Co., Ltd. (China), Hyundai Heavy Industries (South Korea), Combilift (Ireland) and Lonking Holdings Limited (China) among others.

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