Fortune Business Insights recently published “The Forklift Trucks Market Report 2024,”which provides detailed market analysis and critical insights to help clients gain a competitive advantage. This comprehensive study presents key findings for strategic advantage.

Forklift Trucks Market Share, Size & Industry Analysis, By Type (Class I, Class II, Class III, Class IV, and Class V), By End-User Industry (Mining, Manufacturing, Retail & Wholesale, Logistics, Construction, Automotive, Food & Beverages, Natural Resources, and Others (Chemicals)), and Regional Forecast, 2024 – 2032

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The competitive landscape for forklift trucks market is evaluated by analyzing key industry players, their production capacities and utilization rates, forklift trucks marketM’s production chain, manufacturer pricing, and global revenue generated by each manufacturer in the forklift trucks marketM sector.

Major companies of forklift trucks market:

  • Toyota Industries Corporation (Japan)
  • Anhui Heli Co. Ltd (China)
  • Cargotec Corporation (U.S.)
  • Clark Material Handling Company Inc (U.S.)
  • Crown Equipment Corporation (U.S.)
  • Hangcha Group Co. (China)
  • Hyster Yale Materials Handling Inc (U.S.)
  • Jungheinrich AG (Germany)
  • KION Group (Germany)
  • Mitsubishi Heavy Industries Ltd (Japan)

Examination of the market:

  • In 2023, the forklift trucks market was reached at 2,159.8 thousand units.
  • From 2023 to 2032, it is projected to expand at a CAGR of 9.8%.
  • By 2032, market value is anticipated to reach 4,904.9 thousand units.

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Key Drivers and restraints:

  • Driver: Increasing Demand for Efficient Material HandlingThe growing need for efficient material handling in industries such as warehousing, manufacturing, and logistics drives the demand for forklift trucks, which enhance productivity and streamline operations.
  • Driver: Expansion of E-Commerce and RetailThe rapid expansion of e-commerce and retail sectors boosts the need for forklift trucks to manage high volumes of inventory and facilitate smooth operations in distribution centers and warehouses.
  • Driver: Technological AdvancementsAdvancements in forklift truck technology, including electric models, automated systems, and enhanced safety features, contribute to market growth by offering improved performance and operational efficiency.
  • Restraint: High Initial CostsThe significant capital required for purchasing forklift trucks can be a barrier for small and medium-sized enterprises (SMEs) with limited budgets, impacting overall market penetration.
  • Restraint: Maintenance and Operating CostsForklift trucks require regular maintenance and incur operating costs, such as fuel or electricity, which can affect profitability and present challenges for businesses in managing operational expenses.

Regional atributes:

  • North America (By Type, End-User Industry, and Country)
    • U.S. (By Type)
    • Canada (By Type)
    • Mexico (By Type)
  • South America (By Type, End-User Industry, and Country)
    • Argentina (By Type)
    • Brazil (By Type)
    • Chile (By Type)
    • Colombia (By Type)
    • Peru (By Type)
    • Rest of South America
  • Europe (By Type, End-User Industry, and Country)
    • U.K. (By Type)
    • Germany (By Type)
    • France (By Type)
    • Italy (By Type)
    • Spain (By Type)
    • Rest of Europe
  • Asia Pacific (By Type, End-User Industry, and Country)
    • China (By Type)
    • India (By Type)
    • South Korea (By Type)
    • Taiwan (By Type)
    • Vietnam (By Type)
    • Australia (By Type)
    • Singapore (By Type)
    • Malaysia (By Type)
    • Indonesia (By Type)
    • Thailand (By Type)
    • Philippines (By Type)
    • Rest of Asia Pacific
  • Middle East & Africa (By Type, End-User Industry, and Country)
    • Israel (By Type)
    • Saudi Arabia (By Type)
    • United Arab Emirates (By Type)
    • South Africa (By Type)
    • Rest of the Middle East & Africa

Industry developments:

  • April 2023 – Jungheinrich AG introduced a mobile robot solution for intralogistics low-lift operations. The mobile robot EAE 212a was introduced at LogiMAT 2023 with easy integration, an enabled control system, and a tool chain.
  • April 2023 – Hangcha Group opened a new headquarter in Mexico, named Montacargas Hangcha de Mexico S de RL de CV. The new opening ceremony was strategized for expanding its offerings in the overseas market.
  • May 2023 – The Raymond Corporation, a part of Toyota Industries Corporation introduced electric forklifts for outdoor applications. The two new models with capacities of 4,000 and 11,000 pounds sit-down counterbalanced trucks offer enhanced performance with sustainable handling solutions.
  • January 2022 – Toyota Material Handling introduced 22 electric products under its portfolio of material handling products and solutions. The expanded lineup includes reach truck models, order pickers, and electric forklifts ranging from 3,000-17,500 pounds.
  • December 2021– KION Group opened a new manufacturing plant in China for the production of industrial forklift trucks. A total of USD 142 million had been invested in establishing a manufacturing facility and R&D center.

Table of Content :

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments – Merger, Acquisitions, and Partnerships
    • Porter’s Five Forces Analysis
    • SWOT Analysis
    • Technological Developments
    • Value Chain Analysis

TOC Continued…!

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