Forklift Truck Market Poised to Attain Valuation of USD 95.51 Billion By 2032 | Astute Analytica
The forklift truck market is thriving, with robust e-commerce and construction demand. Technological advancements, like autonomous and IoT-connected units, drive efficiency and sustainability. Leading companies are innovating with hydrogen fuel cells and automation, ensuring continued growth and aligning with future market needs.
New Delhi, Aug. 20, 2024 (GLOBE NEWSWIRE) — The global forklift truck market is projected to hit the market valuation of US$ 95.51 billion by 2032 from US$ 49.86 billion in 2023 at a CAGR of 7.49% during the forecast period 2024–2032.
The forklift truck market is poised for significant growth, driven by emerging opportunities that promise to reshape the industry landscape. As of 2023, the global forklift market is valued at $55 billion, with projections indicating a growth to $75 billion by 2027. The rise of smart warehouses is a key opportunity, with over 26,000 smart warehouses currently in operation worldwide. These facilities are deploying an average of 120 forklifts each, highlighting the substantial demand for advanced material handling solutions. Additionally, the adoption of Internet of Things (IoT) technology in logistics is creating new avenues, with approximately 50 million IoT-enabled forklifts expected to be operational by 2025.
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The shift toward sustainability presents another promising opportunity for the forklift truck market. The global stock of electric forklifts has reached 2.1 million units, as companies seek eco-friendly alternatives to traditional fuel-powered models. The European market is at the forefront of this transition, with nearly 700,000 electric forklifts in operation. The demand for hydrogen fuel cell forklifts is also on the rise, with over 35,000 units deployed across various sectors globally. As countries continue to implement stringent emissions regulations, the market for sustainable forklifts is expected to grow, with Asia-Pacific projected to see the largest increase, adding 300,000 new units by 2027.
Technological advancements in automation and AI are enhancing forklift capabilities, offering significant opportunities for forklift truck market expansion. In 2023, global spending on AI-driven forklift technology reached $3 billion, enabling smarter and more efficient operations. The integration of AI in forklifts is expected to reduce operational costs by $1.5 billion annually across industries. The global demand for automated guided forklifts is on the rise, with around 150,000 units expected to be operational by 2025. Furthermore, the rental market for forklifts is expanding, valued at $35 billion in 2023, as companies seek flexible and cost-effective solutions. This dynamic landscape, fueled by innovation and sustainability, promises a bright future for the forklift truck market.
Key Findings in Forklift Truck Market
| Market Forecast (2032) | US$ 95.51 billion |
| CAGR | 7.49% |
| Largest Region (2023) | Asia Pacific (38.8%) |
| By Power Source | Electric Powered (65.5%) |
| By Class | Class 3 (36.4%) |
| By End Users | Retail & Wholesale (41.3%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Strong Focus on Sustainability and Operation Efficiency Driving Dominance of Retail & Wholesale Industry, Set to Contribute Over US$ 39.48 Billion in Revenue by 2032
In 2023, the retail and wholesale industries in the forklift truck market have increasingly turned to technological advancements to enhance forklift operations, driven by the integration of automation and smart technologies. Globally, the implementation of autonomous forklifts has seen a significant rise, with over 50,000 units utilized across various sectors. These technologically advanced forklifts are part of a broader trend, with the global logistics automation market reaching a valuation of $60 billion. Companies like Alibaba have pioneered the use of AI-driven forklifts in over 300 of their warehouses, emphasizing the shift toward automation. This trend is evident in the 2,000 smart warehouses Amazon has deployed, many featuring AI-enhanced forklifts. The adoption of IoT-connected forklifts has also increased, with more than 100 million IoT devices now being used for real-time data tracking in warehouses globally. This connectivity has led to a 40% reduction in operational downtime for companies utilizing these technologies.
Sustainability and energy efficiency have become critical factors influencing forklift demand in the retail and wholesale sectors across the forklift truck market. In 2023, over 70,000 electric forklifts were sold worldwide, reflecting the industry’s shift towards greener alternatives. The global push for sustainability is further supported by the fact that over 500 major retail chains have committed to carbon-neutral operations by 2030, accelerating the adoption of electric and hybrid forklifts. The energy-efficient forklift market is now valued at $9 billion, driven by advancements in battery technology and renewable energy integration. Retail giants like Walmart have invested in over 500 hydrogen-powered forklifts to reduce their carbon footprint. Furthermore, the use of telematics in forklifts is on the rise, with over 200,000 units globally equipped with such systems to optimize energy consumption. The focus on sustainability and technology-driven efficiency is reshaping the forklift truck industry’s landscape, ensuring that the retail and wholesale sectors remain at the forefront of innovation and environmental responsibility.
Sales of Class 3 Forklift Trucks to Stay at Top, Revenue Set to Grow at CAGR of 8.38%
Class 3 forklift trucks, or electric motor hand trucks, continue to be a cornerstone in the material handling industry due to their unparalleled efficiency and adaptability. These machines are crucial in industries where rapid turnover and high-volume goods movement are key, such as pharmaceuticals, electronics, and automotive parts. The global forklift truck market is valued at nearly $50 billion as of 2023, with Class 3 forklifts representing a significant share. The global shift towards sustainable practices has amplified the demand for electric forklifts, with Class 3 models standing out for their zero emissions and low noise levels. This environmental advantage makes them indispensable in indoor and urban settings where air quality and noise pollution are significant concerns. In 2023, the warehouse automation market is valued at approximately $15 billion, with Class 3 forklifts playing a pivotal role in optimizing operations and reducing labor costs.
The importance of Class 3 forklifts is further underscored by technological advancements such as IoT integration and telematics, providing real-time data analytics for enhanced fleet management. Around 60% of new forklifts produced in 2023 are equipped with IoT capabilities. The surge in online shopping has propelled the logistics sector to prioritize speed and efficiency, with Class 3 forklifts being integral to meeting these demands. Online retail sales are projected to reach $6 trillion globally in 2023.
The Asian forklift truck markets, particularly Japan and South Korea, are leading in innovative forklift technologies, offering models with improved battery life and faster charging capabilities. Japan has invested over $2 billion in forklift technology development this year. North America sees a growing trend in retrofitting older warehouse facilities with modern Class 3 forklifts to increase productivity. The retrofitting market for forklifts is estimated at $500 million in 2023. Manufacturers are focusing on ergonomic designs to improve operator comfort and safety, reducing workplace injuries. Injury rates in warehouses with ergonomic forklifts have decreased by 20% over the past five years. As businesses continue to emphasize sustainability and efficiency, the role of Class 3 forklifts in the global supply chain remains vital. The global supply chain industry is investing over $3 billion in sustainable technologies in 2023.
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Asia-Pacific: Leading the Charge
The Asia-Pacific region is the largest producer and consumer of forklift trucks globally, driven primarily by China, Japan, and India. China, as a manufacturing giant, benefits from a cost-effective workforce and government support. Japan contributes with advanced technology and key manufacturers. In 2023, the region’s forklift truck market was valued at approximately US$ 19.36 billion and is projected to reach US$ 33.16 billion by 2032 thanks to the expansion of warehouse activities fueled by booming retail and e-commerce industries. This has exponentially increased the demand for forklift trucks. Additionally, rising manufacturing and construction projects in the region are key drivers. In 2023, the Asia-Pacific region produced 612.75 thousand units of forklift trucks. The shift towards advanced machinery over conventional models is evident, with local manufacturers in China offering a wide range of affordable products. China’s production of over 2.4 million heavy trucks in 2023 showcases its manufacturing prowess. Increasing demand for hydrogen fuel cell and autonomous forklift trucks further fuels market growth. Major players like Toyota Industries and Komatsu Ltd. bolster the region’s market position. These factors collectively highlight the region’s leading role in the global forklift truck market.
India to Offer Most Lucrative Revenue Potential for Forklift Truck Market
As of 2023, the Indian forklift truck market is witnessing unprecedented growth, solidifying its position as a key player in the global material handling equipment industry. The country’s industrial output reached a staggering US$ 3 trillion, with the manufacturing sector contributing US$ 1 trillion, highlighting the increasing demand for efficient logistics solutions like forklifts. The e-commerce sector’s valuation hit US$ 85 billion, spurring the rapid expansion of warehousing facilities, which now number over 8,000 across the nation. In tandem, the warehousing sector saw an allocation of US$ 1.5 billion for technological upgrades, emphasizing the integration of advanced forklifts to streamline operations. The cumulative investment in the forklift industry reached US$ 500 million this year, with 200,000 units sold, marking a substantial increase in the adoption of electric models, which accounted for 120,000 units of the total sales. This shift aligns with the global push towards sustainability, as India’s electric vehicle market, including forklifts, amassed US$ 7.09 billion in revenue.
The government’s commitment to infrastructure is evident with a US$ 75 billion investment in the National Infrastructure Pipeline, fostering an environment ripe for forklift demand. The Make in India initiative further solidified its impact on the forklift truck market, with 50,000 manufacturing units established nationwide, necessitating robust logistics solutions. The influx of multinational corporations, such as KION and Toyota Material Handling, established 10 new facilities, bringing innovation and expertise. The rise in construction projects, numbering over 1,000 large-scale endeavors, also contributes to the forklift market’s expansion. Moreover, India’s strategic location with 7,500 kilometers of coastline boosts its logistics sector, facilitating the import and export of goods, thereby increasing the demand for forklifts at ports and terminals. With 500 smart city projects underway, the urbanization trend is expected to fuel further growth, positioning India as a lucrative market for forklift manufacturers worldwide.
Global Forklift Truck Market Key Players
- CLARK Material Handling Company
- Crown Gabelstapler GmbH & Co. KG
- Godrej & Boyce Manufacturing Company Limited
- Hyster-Yale Materials Handling, Inc.
- HD Hyundai Heavy Industries
- Jungheinrich AG
- KION GROUP AG
- Mitsubishi Forklift Trucks
- Toyota Industries Corporation
- Anhui Heli
- Other Prominent Players
Key Segmentation:
By Power Source
- IC Engine Powered
- Electric Powered
By Class
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Others
By End Use
- Retail & Wholesale
- Logistics
- Automotive
- Food Industry
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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