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PUBLISHER: IMARC | PRODUCT CODE: 1642643

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PUBLISHER: IMARC | PRODUCT CODE: 1642643

Forklift Trucks Market Report by Product Type, Technology, Class, Application, and Region 2025-2033

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The global forklift trucks market size reached USD 68.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 97.8 Billion by 2033, exhibiting a growth rate (CAGR) of 4.1% during 2025-2033. The rising adoption of fuel-efficient vehicles, the increasing number of warehouse establishments, and the burgeoning e-commerce sector represent some of the key factors driving the market.

Rising Adoption of Fuel-Efficient Vehicles Impelling Market Growth

The rising adoption of fuel-efficient vehicles currently represents one of the primary drivers resulting in the increasing sales of forklift trucks. Fuel-efficient vehicles comprise advanced technologies, such as hybrids, clean diesel engines, flexible-fuel ethanol vehicles, and turbocharged direct injection systems. In addition, key manufacturers are rapidly introducing modifications to engines and hydraulic systems to enhance the efficiency of vehicles.

Forklift Trucks Market Trends:

At present, the rising adoption of forklift trucks in the construction industry for handling heavy materials, such as wood, steel, and mortar, represents one of the key factors supporting the growth of the market. Besides this, the growing demand for forklift trucks due to the increasing number of warehouse establishments across the globe is offering a positive market outlook. Additionally, there is a rise in the need for fuel-efficient vehicles among the masses around the world. This, coupled with the increasing demand for fuel-cell-powered or battery-powered electric forklift trucks to offer enhanced efficiency, is propelling the growth of the market. Apart from this, the rising demand for forklift trucks due to the thriving e-commerce industry worldwide is offering lucrative growth opportunities to industry investors. Moreover, the increasing utilization of forklift trucks in the distribution centers for laying and retrieving loads from storage racks and delivering components to assembly lines and positioning materials is positively influencing the market. In addition, the rising concern to reduce the carbon footprint in the environment worldwide is contributing to the growth of the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with numerous players in the forklift trucks industry. The volume of new entrants in the industry is moderate, as top players can pose a threat to emerging companies by acquiring small vendors in the market. In addition, the product differentiation is low as the product supplied by players generally remains the same.

What are Forklift Trucks?

Forklift trucks, also known as fork trucks, refer to industrial machines comprised of the truck frame, counterweight, forklift, carriage, and hydraulic cylinders. They are usually operated by trained machinists and either powered by internal combustion engines (ICE) or electric batteries. They are cost-effective, user-friendly, powerful, easy to use and maintain, and assist in loading, unloading, and transporting goods and materials over short distances efficiently. Besides this, they aid in enhancing overall operational efficiency by performing multiple industrial and non-industrial tasks. As a result, forklift trucks are widely employed in the automotive, aerospace, transportation, manufacturing, and construction industries across the globe.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the forklift trucks industry and imposed unprecedented challenges on numerous countries. Due to the lockdown, many production plants shut down their manufacturing operations. There were disruptions in supply chains due to the shortage of raw materials across the globe. In addition, several restrictions from central and state authorities on borders and road movements have impacted the domestic supply chains for a short period of time. Warehouse and distribution activities of various goods have been impacted due to trade impediments. The rapid spread of the COVID-19 impacted the demand for forklift trucks from various industries and in return, posed a negative impact on the profit margin of forklift trucks. Apart from this, various construction projects have been canceled or delayed amid the pandemic. Many countries also have limited ocean shipments from severely impacted countries due to the outbreak. However, after the reopening of lockdown and various businesses, the demand for forklift trucks is increasing around the world.

Global Forklift Trucks Industry Segmentation:

Product Type Insights:

  • Counterbalanced Forklift Trucks
  • Warehouse Forklift Trucks

Technology Insights:

  • Electricity Powered
  • Internal Combustion Engine Powered

Class Insights:

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V

Application Insights:

  • Non-Industrial
  • Warehouses and Distribution Centers
  • Construction Sites
  • Dockyards
  • Snow Plows
  • Industrial
  • Manufacturing
  • Recycling Operations

Regional Insights:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa
  • The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for forklift trucks. Some of the factors driving the Asia Pacific forklift trucks market included the rising demand of forklift trucks due to the low manufacturing costs, rapid expansion of supply chain network, favorable government initiatives for the adoption of forklift trucks, replacement of traditional forklift trucks, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global forklift trucks market. Some of the companies covered in the report include:

  • Clark Material Handling Company
  • Crown Equipment Corporation
  • Godrej & Boyce
  • Hyster-Yale Materials Handling Inc.
  • Hyundai Heavy Industries Co. Ltd.
  • Jungheinrich
  • KION Group
  • Mitsubishi Forklift Trucks
  • Toyota Industries Corporation
  • Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

  • 1. What is the market size for the global forklift trucks market?
  • 2. What is the global forklift trucks market growth?
  • 3. What are the global forklift trucks market drivers?
  • 4. What are the key industry trends in the global forklift trucks market?
  • 5. What is the impact of COVID-19 on the global forklift trucks market?
  • 6. What is the global forklift trucks market breakup by product type?
  • 7. What is the global forklift trucks market breakup by technology?
  • 8. What is the global forklift trucks market breakup by class?
  • 9. What is the global forklift trucks market breakup by application?
  • 10. What are the major regions in the global forklift trucks market?
  • 11. Who are the key companies/players in the global forklift trucks market?
Product Code: SR112024A2011

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Forklift Trucks Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Forecast

6 Market Breakup by Product Type

  • 6.1 Counterbalanced Forklift Trucks
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 Warehouse Forklift Trucks
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast

7 Market Breakup by Technology

  • 7.1 Electricity Powered
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Internal Combustion Engine Powered
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast

8 Market Breakup by Class

  • 8.1 Class I
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Class II
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Class III
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast
  • 8.4 Class IV
    • 8.4.1 Market Trends
    • 8.4.2 Market Forecast
  • 8.5 Class V
    • 8.5.1 Market Trends
    • 8.5.2 Market Forecast

9 Market Breakup by Application

  • 9.1 Non-Industrial
    • 9.1.1 Market Trends
    • 9.1.2 Major Types
      • 9.1.2.1 Warehouses and Distribution Centers
      • 9.1.2.2 Construction Sites
      • 9.1.2.3 Dockyards
      • 9.1.2.4 Snow Plows
    • 9.1.3 Market Forecast
  • 9.2 Industrial
    • 9.2.1 Market Trends
    • 9.2.2 Major Types
      • 9.2.2.1 Manufacturing
      • 9.2.2.2 Recycling Operations
    • 9.2.3 Market Forecast

10 Market Breakup by Region

  • 10.1 North America
    • 10.1.1 United States
      • 10.1.1.1 Market Trends
      • 10.1.1.2 Market Forecast
    • 10.1.2 Canada
      • 10.1.2.1 Market Trends
      • 10.1.2.2 Market Forecast
  • 10.2 Asia Pacific
    • 10.2.1 China
      • 10.2.1.1 Market Trends
      • 10.2.1.2 Market Forecast
    • 10.2.2 Japan
      • 10.2.2.1 Market Trends
      • 10.2.2.2 Market Forecast
    • 10.2.3 India
      • 10.2.3.1 Market Trends
      • 10.2.3.2 Market Forecast
    • 10.2.4 South Korea
      • 10.2.4.1 Market Trends
      • 10.2.4.2 Market Forecast
    • 10.2.5 Australia
      • 10.2.5.1 Market Trends
      • 10.2.5.2 Market Forecast
    • 10.2.6 Indonesia
      • 10.2.6.1 Market Trends
      • 10.2.6.2 Market Forecast
    • 10.2.7 Others
      • 10.2.7.1 Market Trends
      • 10.2.7.2 Market Forecast
  • 10.3 Europe
    • 10.3.1 Germany
      • 10.3.1.1 Market Trends
      • 10.3.1.2 Market Forecast
    • 10.3.2 France
      • 10.3.2.1 Market Trends
      • 10.3.2.2 Market Forecast
    • 10.3.3 United Kingdom
      • 10.3.3.1 Market Trends
      • 10.3.3.2 Market Forecast
    • 10.3.4 Italy
      • 10.3.4.1 Market Trends
      • 10.3.4.2 Market Forecast
    • 10.3.5 Spain
      • 10.3.5.1 Market Trends
      • 10.3.5.2 Market Forecast
    • 10.3.6 Russia
      • 10.3.6.1 Market Trends
      • 10.3.6.2 Market Forecast
    • 10.3.7 Others
      • 10.3.7.1 Market Trends
      • 10.3.7.2 Market Forecast
  • 10.4 Latin America
    • 10.4.1 Brazil
      • 10.4.1.1 Market Trends
      • 10.4.1.2 Market Forecast
    • 10.4.2 Mexico
      • 10.4.2.1 Market Trends
      • 10.4.2.2 Market Forecast
    • 10.4.3 Others
      • 10.4.3.1 Market Trends
      • 10.4.3.2 Market Forecast
  • 10.5 Middle East and Africa
    • 10.5.1 Market Trends
    • 10.5.2 Market Breakup by Country
    • 10.5.3 Market Forecast

11 SWOT Analysis

  • 11.1 Overview
  • 11.2 Strengths
  • 11.3 Weaknesses
  • 11.4 Opportunities
  • 11.5 Threats

12 Value Chain Analysis

13 Porters Five Forces Analysis

  • 13.1 Overview
  • 13.2 Bargaining Power of Buyers
  • 13.3 Bargaining Power of Suppliers
  • 13.4 Degree of Competition
  • 13.5 Threat of New Entrants
  • 13.6 Threat of Substitutes

14 Competitive Landscape

  • 14.1 Market Structure
  • 14.2 Key Players
  • 14.3 Profiles of Key Players
    • 14.3.1 Clark Material Handling Company
      • 14.3.1.1 Company Overview
      • 14.3.1.2 Product Portfolio
    • 14.3.2 Crown Equipment Corporation
      • 14.3.2.1 Company Overview
      • 14.3.2.2 Product Portfolio
    • 14.3.3 Godrej & Boyce
      • 14.3.3.1 Company Overview
      • 14.3.3.2 Product Portfolio
    • 14.3.4 Hyster-Yale Materials Handling Inc.
      • 14.3.4.1 Company Overview
      • 14.3.4.2 Product Portfolio
      • 14.3.4.3 Financials
    • 14.3.5 Hyundai Heavy Industries Co. Ltd.
      • 14.3.5.1 Company Overview
      • 14.3.5.2 Product Portfolio
    • 14.3.6 Jungheinrich
      • 14.3.6.1 Company Overview
      • 14.3.6.2 Product Portfolio
      • 14.3.6.3 Financials
      • 14.3.6.4 SWOT Analysis
    • 14.3.7 KION Group
      • 14.3.7.1 Company Overview
      • 14.3.7.2 Product Portfolio
      • 14.3.7.3 Financials
    • 14.3.8 Mitsubishi Forklift Trucks
      • 14.3.8.1 Company Overview
      • 14.3.8.2 Product Portfolio
      • 14.3.8.3 Financials
    • 14.3.9 Toyota Industries Corporation
      • 14.3.9.1 Company Overview
      • 14.3.9.2 Product Portfolio
      • 14.3.9.3 Financials
      • 14.3.9.4 SWOT Analysis
Product Code: SR112024A2011

List of Figures

  • Figure 1: Global: Forklift Trucks Market: Major Drivers and Challenges
  • Figure 2: Global: Forklift Trucks Market: Sales Value (in Billion USD), 2019-2024
  • Figure 3: Global: Forklift Trucks Market: Breakup by Product Type (in %), 2024
  • Figure 4: Global: Forklift Trucks Market: Breakup by Technology (in %), 2024
  • Figure 5: Global: Forklift Trucks Market: Breakup by Class (in %), 2024
  • Figure 6: Global: Forklift Trucks Market: Breakup by Application (in %), 2024
  • Figure 7: Global: Forklift Trucks Market: Breakup by Region (in %), 2024
  • Figure 8: Global: Forklift Trucks Market Forecast: Sales Value (in Billion USD), 2025-2033
  • Figure 9: Global: Forklift Trucks (Counterbalanced) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 10: Global: Forklift Trucks (Counterbalanced) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 11: Global: Forklift Trucks (Warehouse) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 12: Global: Forklift Trucks (Warehouse) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 13: Global: Forklift Trucks (Electricity Powered) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 14: Global: Forklift Trucks (Electricity Powered) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 15: Global: Forklift Trucks (Internal Combustion Engine Powered) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 16: Global: Forklift Trucks (Internal Combustion Engine Powered) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 17: Global: Forklift Trucks (Class I) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 18: Global: Forklift Trucks (Class I) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 19: Global: Forklift Trucks (Class II) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 20: Global: Forklift Trucks (Class II) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 21: Global: Forklift Trucks (Class III) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 22: Global: Forklift Trucks (Class III) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 23: Global: Forklift Trucks (Class IV) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 24: Global: Forklift Trucks (Class IV) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 25: Global: Forklift Trucks (Class V) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 26: Global: Forklift Trucks (Class V) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 27: Global: Forklift Trucks (Non-Industrial) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 28: Global: Forklift Trucks (Non-Industrial) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 29: Global: Forklift Trucks (Industrial) Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 30: Global: Forklift Trucks (Industrial) Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 31: North America: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 32: North America: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 33: United States: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 34: United States: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033'
  • Figure 35: Canada: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 36: Canada: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 37: Asia Pacific: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 38: Asia Pacific: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 39: China: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 40: China: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 41: Japan: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 42: Japan: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 43: India: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 44: India: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 45: South Korea: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 46: South Korea: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 47: Australia: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 48: Australia: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 49: Indonesia: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 50: Indonesia: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 51: Others: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 52: Others: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 53: Europe: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 54: Europe: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 55: Germany: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 56: Germany: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 57: France: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 58: France: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 59: United Kingdom: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 60: United Kingdom: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 61: Italy: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 62: Italy: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 63: Spain: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 64: Spain: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 65: Russia: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 66: Russia: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 67: Others: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 68: Others: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 69: Latin America: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 70: Latin America: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 71: Brazil: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 72: Brazil: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 73: Mexico: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 74: Mexico: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 75: Others: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 76: Others: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 77: Middle East and Africa: Forklift Trucks Market: Sales Value (in Million USD), 2019 & 2024
  • Figure 78: Middle East and Africa: Forklift Trucks Market Forecast: Sales Value (in Million USD), 2025-2033
  • Figure 79: Global: Forklift Trucks Industry: SWOT Analysis
  • Figure 80: Global: Forklift Trucks Industry: Value Chain Analysis
  • Figure 81: Global: Forklift Trucks Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Global: Forklift Trucks Market: Key Industry Highlights, 2024 and 2033
  • Table 2: Global: Forklift Trucks Market Forecast: Breakup by Product Type (in Million USD), 2025-2033
  • Table 3: Global: Forklift Trucks Market Forecast: Breakup by Technology (in Million USD), 2025-2033
  • Table 4: Global: Forklift Trucks Market Forecast: Breakup by Class (in Million USD), 2025-2033
  • Table 5: Global: Forklift Trucks Market Forecast: Breakup by Application (in Million USD), 2025-2033
  • Table 6: Global: Forklift Trucks Market Forecast: Breakup by Region (in Million USD), 2025-2033
  • Table 7: Global: Forklift Trucks Market: Competitive Structure
  • Table 8: Global: Forklift Trucks Market: Key Players
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