PUBLISHER: IMARC | PRODUCT CODE: 1642643
PUBLISHER: IMARC | PRODUCT CODE: 1642643
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.
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.
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.