The global forklift truck market has experienced significant growth and transformation, driven by rise in the e-commerce sector, growth of the manufacturing industry, and rapid industrialization across the globe.
Allied Market Research published a report, titled, “Forklift Truck Market by Power Source (IC Engine Powered and Electric Powered), Class (Class 1, Class 2, Class 3, Class 4, Class 5, and Others), Load Capacity (Below 5 Ton, 5-15 Ton, and Above 16 Ton), and End User (Industrial, Construction, and Manufacturing): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the forklift truck market was valued at $46.1 billion in 2023, and is estimated to reach $89.8 billion by 2033, growing at a CAGR of 7.1% from 2024 to 2033.
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The ICE powered segment dominated the market during the forecast period
By power source, the ICE powered segment held the highest market share in 2023, as ICE forklifts are well-suited for handling heavy loads and long operations. Similarly, ICE powertrain forklifts can outperform electric models in majority of scenarios. In addition, ICE forklifts are majorly used in industries such as construction, manufacturing, and logistics, where large and heavy materials need to be moved regularly.
The class 4 segment to maintain its leadership status throughout the forecast period
By class, the class 4 segment held the highest market share in 2023, as they are equipped with internal combustion engines and cushion tires, which are ideal for smooth, indoor surfaces such as warehouses and distribution centers. Also, class 4 forklifts can navigate through tight spaces owing to their smaller turning radius as compared to other pneumatic tire forklifts. Moreover, class 4 forklifts are robust and can withstand heavy loads, making them suitable for industries such as manufacturing, construction, retail, and logistics.
The 5-15 ton segment to maintain its leadership throughout the forecast period
By load capacity, the 5-15 ton segment held the highest market share in 2023, in terms of revenue, as 5-15 ton range of forklifts are essential for use in industries that handle large and heavy loads such as in construction and material, ports and logistics, manufacturing, construction, mining, and others. In addition, the 5-15 ton segment offers flexible configuration of other attachments such as side shifters, clamps, or telescoping forks, making them adaptable to specific tasks.
The manufacturing segment to dominate the market throughout the forecast period
On the basis of end user, the manufacturing segment dominated the global market share in 2023, as forklifts help to streamline material handling processes, and improve operational efficiency in the manufacturing industry. Forklift trucks are also used in transporting raw materials and help move raw materials from storage areas to production lines quickly and safely. In addition, forklifts are used in transportation of finished goods to warehouses or shipping areas for distribution from the manufacturing facility.
Asia-Pacific is expected to dominate the market in 2033
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, owing to increase in demand from the e-commerce industry and growth of the manufacturing industry. Moreover, rise in manufacturing and construction industry in the region is further driving the market for forklift trucks in the region. For instance, as per the data by the IBEF India Brand Equity Foundation, India is the largest tractor manufacturer, second-largest bus manufacturer, and third-largest heavy truck manufacturer in the world. As per data, the total automobile annual production in India for 2023 was 25.9 million vehicles, which included two and four wheelers. Moreover, according to the data, the industry employed around 19 million people, and the share of the automotive industry in the country GDP increased from 2.77% in 1992 to 7.1% in 2023. The automotive industry in the Asia-Pacific region is expected to grow at a considerable growth rate, thus driving the demand for forklift trucks and other commercial vehicles during the forecast period.
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Leading Market Players: –
- Toyota Industries Corporation
- Mitsubishi Forklift Trucks
- Caterpillar
- Godrej & Boyce Mfg. Co. Ltd.
- Hyundai Material Handling
- Anhui Heli Co., Ltd.
- Komatsu
- Clark Equipment
- Crown Equipment Corporation
- Jungheinrich AG
The report provides a detailed analysis of these key players in the global forklift truck market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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