Forklift Industry Overview

The global forklift market size was valued at USD 65.16 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2030. The world is witnessing a significant increase in construction activities, highlighted by the expansion of road networks, the improvement of airports and seaports, and the modernization of rail systems. In the 2023-2024 annual budget of the Victoria state government in Australia, around AUD 9.3 billion (USD 6.18 billion) was projected to be allocated towards infrastructure and energy investments. This presents significant budget prospects for the construction industry within the state.

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The growing emphasis on sustainability and the rising environmental concerns have propelled the need for eco-friendly alternatives and triggered a paradigm shift from gas-fired or diesel-fired forklifts to electric forklifts. Governments across several countries are pursuing various initiatives to achieve a net-zero economy. For instance, in May 2023, the Federal Economic Development Agency for Southern Ontario announced an investment of USD 3.6 million in Stromcore Energy Inc., a forklift battery manufacturer, to add advanced manufacturing equipment and launch new products to promote a green economy. The company planned to introduce two energy-efficient products, namely Electric Cart, a zero-emission electric forklift designed in collaboration with Amazon.com, Inc., and Turbo Bank, an advanced AI-powered charger with enhanced efficiency. By assisting companies such as Stromcore Energy Inc., the government of Ontario is supporting green technology and manufacturing.

Efficient movement of goods and equipment is essential for developing and improving airports and seaports. Forklifts ensure seamless loading and unloading of cargo onto planes and ships, facilitating timely delivery of supplies and equipment for ongoing infrastructure projects. For instance, in June 2023, in New South Wales, NSW ports introduced a forty-year master plan for sustainable growth. The plan anticipates that population growth may triple the existing container trade at Port Botany and increase the volume of motor vehicles as well as machinery via Port Kembla.

In addition, the demand for construction materials would increase over the coming four decades to meet housing infrastructure demand, while the shift to renewable energy would drive cargo trade projects, such as offshore and onshore wind farm components. Forklifts are well-suited for navigating the bustling environments of airports and seaports, effectively organizing, and distributing goods within these important transportation hubs.

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• The global renewable energy market size was estimated at USD 1.21 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2030.
• The global steel market size was estimated at USD 1,469.04 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030.

Forklift Market Segmentation

Grand View Research has segmented the global forklift market based on class, power source, load capacity, electric battery type, end-use, and region.

Forklift Class Outlook (Volume Units; Revenue, USD Million, 2018 - 2030)

• Class 1
• Class 2
• Class 3
• Class 4/5

Forklift Power Source Outlook (Volume Units; Revenue, USD Million, 2018 - 2030)

• ICE
• Electric

Forklift Load Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Below 5 Ton
• 5-15 Ton
• Above 16 Ton

Forklift Electric Battery Type Outlook (Revenue, USD Million, 2018 - 2030)

• Li-ion
• Lead Acid

Forklift End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial
• Logistics
• Chemical
• Food Beverage
• Retail E-Commerce
• Others

Forklift Regional Outlook (Revenue, USD Billion; 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • AE
  • Saudi Arabia
  • South Africa

Key Companies profiled:

• Anhui Heli Co., Ltd.
• Clark Material Handling Company, (Clark Equipment Company)
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha Forklift
• Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.)
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Motor Corporation (Toyota Material Handling)

Key Forklift Company Insights

• Mitsubishi Logisnext Co., Ltd is engaged in developing, designing, and selling engine and electric-powered forklifts, local area networks, electric vehicles, automated warehouses, monorails, transportation robots, and other logistics equipment. The company has a strong market presence in North America, Europe, Asia Oceania, and China. For the company Asia is the most potential market for future growth.
• Jungheinrich AG is an intralogistics solutions provider offering a wide product portfolio comprising material handling equipment, digital solutions, automated systems, and related services, including rental services and aftermarket services. The company provides its customers with tailor-made solutions from a single source to help them expand their intralogistics services. The company has developed an automated intralogistics workflow using various automated warehouse equipment, mobile robots, and software.
• Combilift, BYD, Hangcha Forklift, UniCarriers Corporation, and Maximal Forklift are some of the emerging market participants in the forklift market.

Recent Developments

• In August 2023, Jungheinrich AG acquired Magazino, an automated solution provider. The acquisition helped the former company to strengthen its position in autonomous mobile robots and related software.
• In September 2023, Hangcha Forklift launched a high-voltage Lithium Battery based electric rough terrain forklift. The forklift ranges from 2.5-3.5 tons and features as reduced noise, zero-emission, and fast charging time.
• In May 2023, Toyota Material Handling announced the launch of three new forklift models. The new forklifts have features such as standard power steering, industrial tow tractor, automatic parking brake, side-entry end rider, and center rider stacker. These features offer the user enhanced performance, efficiency, and a comfortable operating environment in the cabin. The models fall between the 6,000-8,000 lbs. weight classes and are ideal for order picking and cross-warehouse transportation.

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