Product Code: GVR-4-68038-754-4
Forklift Market Growth & Trends:
The global forklift market is expected to reach USD 154.99 billion by 2030 and is anticipated to expand at a CAGR of 13.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The e-commerce industry has experienced significant growth due to factors such as increased disposable income, widespread internet access, and enhanced shopping convenience. This surge in online shopping, coupled with unpredictable shipping and shopping patterns, as well as direct-to-customer shipments, has led to a substantial increase in retail sales. Hence, this growth in retail sales has brought about a noticeable transformation in warehouse operations. Warehouses are tasked with fulfilling substantial orders for individual items. This shift necessitates greater efficiency among warehouse workers and forklifts in the processes of locating, selecting, and transporting goods within the warehouse space.
Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers.
Forklift suppliers are constantly upgrading the technologies used in forklifts to provide advanced features, such as operator assist, improved ergonomics, and onboard programming and diagnostics. For instance, in October 2022, Toyota Material Handling (TMH), a forklift manufacturer and warehousing solutions provider, launched an updated version of its 3-Wheel Electric Forklift featuring Toyota Assist's SEnS+ pedestrian detection technology to detect objects and pedestrians within the detection range. Other features included enhanced energy efficiency to allow for a 40% longer run time on a single charge, an auto power mode to detect slopes and automatically switch to a higher power mode to maintain speed, and a lithium-ion battery to minimize maintenance costs and reduce downtime for improved productivity. These enhancements were designed to enable operators to be more productive while incurring a lower cost of ownership over the forklift's lifespan.
Forklift Market Report Highlights:
- The class 3 led the market in 2023 in terms of revenue. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum.
- The below 5 segment is expected to register the highest CAGR over the period. The segment growth is owing to their versatility, compactness, and cost-effectiveness, among others making them a valuable asset for end-use industries seeking flexible and efficient material handling solutions.
- The lithium-ion segment is anticipated to register the highest CAGR over the forecast period. These batteries are broadly used in electric forklifts as they provide longer lifespan, higher energy density, and faster charging capabilities.
- Retail & e-commerce is expected to register the highest growth rate over the forecast period. As businesses strive to optimize their supply chain operations and enhance productivity, they invest in advanced warehousing facilities. As a result, the need for efficient forklifts has grown substantially.
- Asia Pacific dominated the market in 2023. Companies in the region are incorporating smart technologies such as IoT sensors, telematics, and AI-driven fleet management systems into forklifts. These innovations enable real-time monitoring, predictive maintenance, and optimized route planning, driving better decision-making and cost savings for end-use industries.
- In February 2023, Anhui Heli Co., Ltd. announced the launch of the H4 lithium battery forklift. The lithium-ion battery forklifts are included in the 1.5 tons - 3.8 tons category and have an ergonomic design, prioritizing operators' comfort, and enhanced efficiency. The product launch is expected to assist the company in expanding its electric forklift portfolio.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Methodology segmentation & scope
- 1.2. Information procurement
- 1.2.1. Purchased database.
- 1.2.2. GVR's internal database
- 1.2.3. Secondary sources & third-party perspectives
- 1.2.4. Primary research
- 1.3. Information analysis
- 1.3.1. Data analysis models
- 1.4. Market formulation & data visualization
- 1.5. Data validation & publishing
Chapter 2. Executive Summary
- 2.1. Forklift Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Forklift Market Variables, Trends & Scope
- 3.1. Market lineage outlook
- 3.2. Industry value chain analysis
- 3.3. Market dynamics
- 3.3.1. Market driver analysis
- 3.3.1.1. Increasing construction activities and port development
- 3.3.1.2. Increasing demand from e-commerce sector
- 3.3.2. Market challenge analysis
- 3.3.2.1. Fluctuating prices of raw material
- 3.3.3. Market opportunity analysis
- 3.3.3.1. Introduction of autonomous vehicle technology for material handling
- 3.4. Business environment analysis tools
- 3.4.1. Porter's five forces analysis
- 3.4.2. PESTEL analysis
Chapter 4. Forklift Market Class Outlook
- 4.1. Forklift market share by class, 2023 & 2030 (Volume Units; USD Million)
- 4.2. Class 1
- 4.2.1. Class 1 Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
- 4.3. Class 2
- 4.3.1. Class 2 Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
- 4.4. Class 3
- 4.4.1. Class 3 Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
- 4.5. Class4/5
- 4.5.1. Class 4/5 Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
Chapter 5. Forklift Market Power Source Outlook
- 5.1. Forklift market share by power source, 2023 & 2030 (Volume Units; USD Million)
- 5.2. Electric
- 5.2.1. Electric Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
- 5.3. ICE
- 5.3.1. ICE Forklift Market estimates and forecast, 2018 - 2030 (Volume Units; USD Million)
Chapter 6. Forklift Market Load Capacity Outlook
- 6.1. Forklift market share by load capacity, 2023 & 2030 (USD Million)
- 6.2. Below 5 Ton
- 6.2.1. Below 5 Ton Forklift Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.3. 5-15 Ton
- 6.3.1. 5-15 Ton Forklift Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.4. Above 16 Ton
- 6.4.1. Above 16 Ton Forklift Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 7. Forklift Market Electric Battery Type Outlook
- 7.1. Forklift market share by electric battery type, 2023 & 2030 (USD Million)
- 7.2. Li-ion
- 7.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.3. Lead Acid
- 7.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 8. Forklift Market End Use Outlook
- 8.1. Forklift market share by end use, 2023 & 2030 (USD Million)
- 8.2. Industrial
- 8.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.3. Logistics
- 8.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4. Chemical
- 8.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5. Food & Beverage
- 8.5.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6. Retail & E-Commerce
- 8.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7. Others
- 8.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 9. Forklift Market: Regional Outlook
- 9.1. Forklift Market Share by Region, 2023 & 2030 (USD Million)
- 9.2. North America
- 9.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.2.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.2.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.2.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.2.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.2.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.2.7. U.S.
- 9.2.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.2.7.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.2.7.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.2.7.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.2.7.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.2.7.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.2.8. Canada
- 9.2.8.1. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.2.8.2. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.2.8.3. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.2.8.4. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.2.8.5. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.3. Europe
- 9.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.3.2. Market Estimates and Forecast by Class, 2018 - 2030 (USD Million)
- 9.3.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (USD Million)
- 9.3.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.3.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.3.7. U.K.
- 9.3.7.1. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.3.7.2. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.3.7.3. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.7.4. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.3.7.5. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.3.8. Germany
- 9.3.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.3.8.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.3.8.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.3.8.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.8.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.3.9. France
- 9.3.9.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.3.9.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.3.9.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.3.9.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.9.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.3.10. Italy
- 9.3.10.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.3.10.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.3.10.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.3.10.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.10.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.3.11. Spain
- 9.3.11.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.3.11.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.3.11.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.3.11.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.3.11.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4. Asia Pacific
- 9.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.2. Market Estimates and Forecast by Class, 2018 - 2030 (USD Million)
- 9.4.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (USD Million)
- 9.4.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.4.7. China
- 9.4.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.7.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.4.7.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.4.7.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.7.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4.8. India
- 9.4.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.8.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.4.8.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.4.8.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.8.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4.9. Japan
- 9.4.9.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.9.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.4.9.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.4.9.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.9.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4.10. Australia
- 9.4.10.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.10.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.4.10.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.4.10.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.10.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.4.11. South Korea
- 9.4.11.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.4.11.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.4.11.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.4.11.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.4.11.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.5. Latin America
- 9.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.5.2. Market Estimates and Forecast by Class, 2018 - 2030 (USD Million)
- 9.5.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (USD Million)
- 9.5.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.5.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.5.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.5.7. Brazil
- 9.5.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.5.7.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.5.7.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.5.7.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.5.7.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.5.8. Mexico
- 9.5.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.5.8.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.5.8.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.5.8.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.5.8.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.5.9. Argentina
- 9.5.9.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.5.9.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.5.9.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.5.9.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.5.9.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.6. Middle East & Africa
- 9.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.6.2. Market Estimates and Forecast by Class, 2018 - 2030 (USD Million)
- 9.6.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (USD Million)
- 9.6.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.6.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.6.6. Market Estimates and Forecast by End-use, 2018 - 2030 (USD Million)
- 9.6.7. U.A.E.
- 9.6.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.6.7.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.6.7.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.6.7.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.6.7.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.6.8. Saudi Arabia
- 9.6.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.6.8.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.6.8.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.6.8.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.6.8.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
- 9.6.9. South Africa
- 9.6.9.1. Market Estimates and Forecast, 2018 - 2030 (USD Million)
- 9.6.9.2. Market Estimates and Forecast by Class, 2018 - 2030 (Volume Units; USD Million)
- 9.6.9.3. Market Estimates and Forecast by Power Source, 2018 - 2030 (Volume Units; USD Million)
- 9.6.9.4. Market Estimates and Forecast by Load Capacity, 2018 - 2030 (USD Million)
- 9.6.9.5. Market Estimates and Forecast by Electric Battery Type, 2018 - 2030 (USD Million)
Chapter 10. Competitive Landscape
- 10.1. Company Categorization
- 10.2. Company Market Share Analysis, 2022
- 10.3. Company Heat Map Analysis
- 10.4. Strategy Mapping
- 10.5. Company Profiles (Overview, Financial Performance, Product Benchmarking)
- 10.5.1. Anhui Heli Co., Ltd.
- 10.5.1.1. Company Overview
- 10.5.1.2. Financial Performance
- 10.5.1.3. Product Benchmarking
- 10.5.1.4. Recent Developments
- 10.5.2. Clark Material Handing Company, (Clark Equipment Company)
- 10.5.2.1. Company Overview
- 10.5.2.2. Financial Performance
- 10.5.2.3. Product Benchmarking
- 10.5.2.4. Recent Developments
- 10.5.3. Crown Equipment Corporation
- 10.5.3.1. Company Overview
- 10.5.3.2. Financial Performance
- 10.5.3.3. Product Benchmarking
- 10.5.3.4. Recent Developments
- 10.5.4. Doosan Corporation
- 10.5.4.1. Company Overview
- 10.5.4.2. Financial Performance
- 10.5.4.3. Product Benchmarking
- 10.5.4.4. Recent Developments
- 10.5.5. Hangcha Forklift
- 10.5.5.1. Company Overview
- 10.5.5.2. Financial Performance
- 10.5.5.3. Product Benchmarking
- 10.5.5.4. Recent Developments
- 10.5.6. Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
- 10.5.6.1. Company Overview
- 10.5.6.2. Financial Performance
- 10.5.6.3. Product Benchmarking
- 10.5.6.4. Recent Developments
- 10.5.7. Jungheinrich AG
- 10.5.7.1. Company Overview
- 10.5.7.2. Financial Performance
- 10.5.7.3. Product Benchmarking
- 10.5.7.4. Recent Developments
- 10.5.8. KION Group AG
- 10.5.8.1. Company Overview
- 10.5.8.2. Financial Performance
- 10.5.8.3. Product Benchmarking
- 10.5.8.4. Recent Developments
- 10.5.9. Komatsu Ltd.
- 10.5.9.1. Company Overview
- 10.5.9.2. Financial Performance
- 10.5.9.3. Product Benchmarking
- 10.5.9.4. Recent Developments
- 10.5.10. Mitsubishi Logisnext Co., Ltd.
- 10.5.10.1. Company Overview
- 10.5.10.2. Financial Performance
- 10.5.10.3. Product Benchmarking
- 10.5.10.4. Recent Developments
- 10.5.11. Toyota Motor Corporation (Toyota Material Handling)
- 10.5.11.1. Company Overview
- 10.5.11.2. Financial Performance
- 10.5.11.3. Product Benchmarking
- 10.5.11.4. Recent Developments