Global Forklift Truck Market Size, Share And Forecast

(MENAFN- Straits Research) Forklift trucks are robust and heavy-duty electric lift trucks commonly used to lift and transport big things over short distances, such as container goods, crates, and other components. These trucks are widely seen in dockyards, warehousing, and recycling operations. They execute tasks including loading and unloading items from cars and moving packed goods around the storage space. The global forklift truck industry is growing due to advancements in e-commerce. Furthermore, the market's expansion is expected to be aided by increased infrastructure investment. Electric or gasoline-powered lift trucks are available. In addition, due to advantages such as environmental friendliness and less noise, the use of electrically powered forklift trucks has recently increased.
Market Dynamics
Growth in E-Commerce Industry to Drive the Global Forklift Truck Market
The e-commerce market is still expanding at a robust pace. Increased demand for consumer products has increased the need for warehouse space to keep products before they are sent in bulk to retail establishments via pallet loads and cases. Various distribution tactics and warehouse technologies are used to get the products to the right place without causing any damage. Forklift trucks are used in warehouses to properly put and arrange items or goods to save time and space.
These vehicles come in various variants, including counterbalanced sit-down riders, swing-reach turrets, and order pickers, as well as a variety of power options, including electric, natural gas, diesel, and gasoline. As a result, the increase in e-commerce is propelling the worldwide forklift truck market forward.
Production of Hydrogen Fuel Cell Forklifts to Provide Opportunities for the Global Forklift Truck Market
Electric-powered forklifts have become more prevalent in recent years, and manufacturers have made significant attempts to outperform internal combustion (IC) engines. Concerns about the environment and the scarcity of natural resources such as natural gas, oil, and coal are driving the demand for long-term and sustainable renewable energy solutions.
Regarding material handling equipment, factories, and automobiles, hydrogen fuel stands out as a fantastic alternative to traditional power sources. Trucks that use hydrogen fuel cells are more environmentally friendly since they reduce air pollution, noise, and carbon emissions. Leading forklift truck manufacturers are releasing new ranges of forklifts with fuel cell technology due to the benefits offered by fuel cell forklifts, resulting in significant growth for industry players.
Regional Insights
By region, the global forklift truck market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region
and is estimated to grow at a CAGR of 5.9%. The Asia-Pacific forklift truck market is growing due to new models with improved performance. Warehouse space, which is used to store raw materials, packing materials, and semi-finished and finished goods, is growing worldwide. This area is used by forklift trucks to transfer items and place oversized pallets into pallet racks. Furthermore, these lift trucks come in various varieties, including warehouse forklift trucks, electric forklift trucks, counterbalance trucks, and others, providing market players with a significant opportunity.
North America is the fastest-growing region. The sale of forklift trucks in North America is growing remarkably owing to rising demand in warehousing and other industries such as automotive, retail, and others. Thus, increasing demand for the forklift truck market is propelling the market's growth and creating lucrative growth opportunities for the players operating in the market.
Europe is the second-largest region. It is estimated to reach an expected value of USD 29 billion by 2030 at a CAGR of 7.9%. It comprises countries such as the United Kingdom, Germany, France, Italy, and the rest of Europe. Due to the launch of new forklift models and technical advancements in forklifts, the forklift truck market in this region is expected to grow at a healthy rate. In the manufacturing industry, forklift trucks provide numerous advantages for transferring and handling big goods, lowering operating costs, and increasing efficiency. Furthermore, the rising manufacturing industry in Europe will support the growth of the European forklift market and provide attractive prospects for market participants.
Key Highlights

The global forklift truck market was valued at USD 50 billion in 2021 and is projected to reach USD 95 billion by 2030, registering a CAGR of 7.5% during the forecast period (2022-2030).
By power source, the global forklift truck market is bifurcated into IC engine-powered and electric-powered. The IC engine-powered segment was the highest contributor to the market, growing at a CAGR of 7% during the forecast period. Leading forklift manufacturers have unveiled a new line of IC engines with advanced and novel features. Crown Equipment, for example, one of the world's top forklift manufacturers, has added a diesel option to its Crown C-5 Series. As a result, the introduction of internal combustion engine-driven forklifts with additional features creates a significant potential opportunity for forklift industry competitors.
By class, the global forklift truck market is categorized into class 1, class 2, class 3, class 4, class 5, and others. The class 4 segment was the highest contributor to the market, growing at a CAGR of 3.8% during the forecast period. The most common trucks in the material handling business are Class 4 trucks, sometimes known as internal combustion engine trucks. The expansion of this segment is fueled by benefits such as reduced product/equipment damage, increased productivity, fewer workplace accidents, and improved warehouse traffic management. The expansion of industrial warehouses and manufacturing facilities is likely to give several prospects for market expansion in the future.
By end-user, the global forklift truck market is divided into retail & wholesale, logistics, automotive, food industry, and others. The retail & wholesale segment was the highest contributor to the market, growing at a CAGR of 4.4% during the forecast period. Forklift trucks are highly productive, efficient trucks perfect for the continually changing wholesale and retail industries. To satisfy the rising needs of merchants, these trucks are customized and supplied with various options. They help with the integrated manufacture of AC motors, controllers, and related software. Forklifts are suitable for wholesale because their design efficiency allows them to transport more goods per hour on a single battery charge. The use of forklifts in the retail and wholesale industries provides for effective and quick loading and unloading of trailers with minimal product damage, which drives the growth of the forklift truck market in the retail and wholesale industries.

Market News

In March 2022, Komatsu Ltd. Launched the PC01E-1 electric micro excavator, developed jointly with Honda Motor Co., Ltd., as a rental model, in Japan.
In June 2022, Komatsu Ltd. and its wholly-owned subsidiary Komatsu Chile S.A. have announced plans to deploy Komatsu FrontRunner, an Autonomous Haulage System (AHS), on 62 930E ultra-class haul trucks at Los Bronces, a Chilean open-pit copper mine operated by Anglo American, by 2024. Komatsu's autonomous technology will be showcased at the mining site.

Global Forklift Truck Market: Segmentation
By Power Source

IC Engine Powered
Electric Powered

By Class

Class 1
Class 2
Class 3
Class 4
Class 5
Others

By End-user

Retail & Wholesale
Logistics
Automotive
Food Industry
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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