Global Forklift Market 2022-2028

Global Forklift Market Size, Share & Trends Analysis Report by Type (Electric Forklift, Internal Combustion, and Automated Guided Forklift) by Application (Warehousing, Retail & E-Commerce, Freight & Logistics, and Others) Forecast Period (2022-2028)

The global forklift market is anticipated to grow at a substantial CAGR of 8.2% during the forecast period. Rising applications of a forklift in manufacturing and warehouse facilities coupled with significant growth in automotive and steel industries across the globe. The forklift can perform some additional functions along with lifting and transporting cargo such as removing snow, lifting individuals, and so forth which further supports its adoption in snowy countries. Increasing adoption of electric forklifts is also one of the major factors for augmenting the market growth in the future. Moreover, the multi-functionality of the forklifts can be another factor that may spur theirusage in various verticals. However, there are some factors such as the high cost of battery-operated and fuel cell forklifts and the availability of forklift alternatives that may hamper the market growth in the forecast period.According to Occupational Safety and Health Administration (OSHA, 2018), roughly around 85 mortalityand 34,900 serious injuries happened due to forklift accidents. Furthermore, approximately out of 850,000 forklifts present in the US, 11% of them are involved in an accident. Thus, an increase in safety issues and accidents related to forklift trucks is anticipated to hamper the growth of the forklift truck market.

The global forklift market is segmented based on type and applications. Based on types, the market is segmented into electric forklifts, internal combustion forklifts, and automated guided forklifts. The electric forklift market is expected to contribute significant market share owing to their lower maintenance cost and on-road price as compared to IC forklifts. By application, the market is segmented into warehousing, retail & e-commerce, freight & logistics,and other applications such as food and beverage, chemical, and other.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.North America is projected to hold a prominent share during the forecast period owing to the existing large vehicle market with high competitiveness in the North Americanforklift market, as some market players have a niche and better technologies. With the presence of major companies in the US, this expected expansion is expected. These companies are investing heavily in the adoption of innovative and modern forklift trucks rather than traditional forklift trucks. For instance, in January 2020, Toyota Material Handling completed the merger of its two forklift divisions, namely Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM), to form a solitary unit named Toyota Material Handling, Inc. (TMH). The integration of both units would allow Toyota Material Handling to streamline, simplify, and strengthen the overall customer experience.

The major companies serving the global forklift market include Komatsu, Ltd., KION Group AG, Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., Mitsubishi Nichiyu Forklift Co., Ltd., Toyota Industries Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, Mitsubishi Logisnext Americas Inc. launched a new electric pneumatic UniCarrier Forklift. The 3-wheeled and 4-wheeled trucks would be available in North, Central, and South America.

Research Methodology

The market study of the global forklift market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of the market size andintended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global ForkliftMarket Research and Analysis by Type

2. Global ForkliftMarket Research and Analysis by Application

The Report Covers

• Comprehensive research methodology of the global forklift market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global forkliftmarket.
• Insights about market determinants that are stimulating the global forklift market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.