Forklift Truck Global Market Report 2023

“Forklift Truck Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on forklift truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
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Where is the largest and fastest growing market for forklift truck? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The forklift truck market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Product Type: Counterbalance; Warehouse

2) By Technology: Electric Power; Internal Combustion Engine

3) By Class: Class I; Class II; Class III; Class IV; Class V

4) By End-User: Retail and Wholesale; Logistics; Automotive; Food Industry; Other End Users

Companies Mentioned: Anhui HELI Co.Ltd; Crown Equipment Corporation; Godrej & Boyce Mfg. Co. Ltd.; Hangcha Group Co. Ltd.; Hyster-Yale Materials Handling Inc.,

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the forklift truck market are: Anhui HELI Co.Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd., Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd., Lift Technologies Inc., Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, and UniCarriers Americas Corporation.

The global forklift truck market grew from $56.56 billion in 2022 to $62.16 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The forklift truck market is expected to grow to $89.74 billion in 2027 at a CAGR of 9.6%.

The forklift truck market consists of sales of forks, tilt cylinder, side shift lever, tilt lever, and more. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

A forklift truck refers to a powered industrial truck that consists of a small truck frame with a front-facing assembly for lifting and carrying the load. These trucks are used to lift and move objects over short distances. Forklifts are available in different specifications as per their weight carrying capacity and the requirements of the place of use, and may or may not require a driver for them to be operated.

Asia-Pacific was the largest region in the forklift truck market in 2022. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main product types in the forklift truck market are counterbalance, warehouse. The counterbalance forklifts are used to lift a wide range of weights, ranging from 1.8 t to 48 t. It refers to a forklift that has a heavy counterweight to offset the load that is being carried in the front. The different technologies include electric power and IC engines, and they are available in various classes such as class I, class II, class III, class IV, and class V. It is employed in retail and wholesale, logistics, automotive, the food industry, and other end users.

The growing construction industry is expected to propel the growth of the forklift truck market going forward. Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction. These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the growing construction industry is driving the growth of the forklift truck market.

New product innovations have emerged as the key trend gaining popularity in the forklift truck market. Major companies operating in the forklift truck sector are focused on developing new technological advancements to increase their market share. For instance, in April 2020, Toyota Material Handling, a subsidiary of Toyota Industries, a Japan-based manufacturer of automobiles, launched electric forklifts that are designed by using unique alternating current (AC) motors that help to control overall energy and operational costs for superior operability. They have a capacity of 3,000 and 3,500 pounds each to increase productivity. In comparison to earlier models, this electric forklift truck can travel and lift objects at speeds that are up to 27% faster and has a runtime that is up to 12% longer.

In July 2022, Alta Group, a US-based provider of industrial forklifts, acquired Yale Industrial Trucks for an undisclosed amount. This transaction opens up new overseas markets for Alta's business while connecting its current U.S. regions. The purchase of YIT is in line with Alta's expansion strategy, which involves entering new areas that have significant prospects to extend the scope of Alta's operations. Yale Industrial Trucks is a Canada-based manufacturer of materials handling and warehouse lift equipment including forklifts, narrow aisle trucks and motorized hand trucks.

The countries covered in the forklift truck market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The forklift truck market research report is one of a series of new reports from The Business Research Company that provides forklift truck market statistics, including forklift truck industry global market size, regional shares, competitors with a forklift truck market share, detailed forklift truck market segments, market trends and opportunities, and any further data you may need to thrive in the forklift truck industry. This forklift truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.