Global Forklift Truck Market To Reach $95.51 Billion By 2032, Growing At A CAGR Of 7.49% Astute Analytica

(MENAFN- EIN Presswire)

The forklift truck market, valued at $49.86 billion in 2023, is expected to nearly double by 2032

CHICAGO, CA, UNITED STATES, September 12, 2024 /EINPresswire / -- The global forklift truck market , valued at $49.86 billion in 2023, is on a robust growth trajectory and is expected to reach a market valuation of $95.51 billion by 2032. This significant growth, representing a compound annual growth rate (CAGR) of 7.49% during the forecast period from 2024 to 2032, is driven by advancements in automation, increased demand across various industries, and ongoing investments in warehouse infrastructure.

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The forklift truck market is experiencing transformative changes due to the rising adoption of automation technologies and the expanding e-commerce sector, which demands more efficient and scalable warehouse solutions. Key market drivers include technological advancements in forklift designs, increased focus on energy-efficient models, and growing demand from industries such as manufacturing, logistics, and retail.

Market Dynamics

Driver: Expanding Manufacturing Industries Requiring Enhanced Logistics and Supply Chain Management

The expansion of manufacturing industries is a key driver for the forklift truck market, necessitating enhanced logistics and supply chain management. As of 2023, the global manufacturing output stands at approximately $44 trillion, highlighting the scale and importance of this sector. In China, the manufacturing sector has seen significant growth, contributing around $4.8 trillion to the national economy. The automotive industry alone produced over 92 million vehicles globally in 2023, each requiring efficient logistics and supply chain operations. In the United States, the manufacturing sector supports around 12.8 million jobs, emphasizing the need for efficient material handling solutions.

The complexity of global supply chains is increasing, with over 1.2 million manufacturing companies operating worldwide. The demand for advanced logistics solutions is further driven by the growth of the electronics manufacturing industry, which produced approximately 1.5 billion smartphones in 2023. The aerospace sector is also expanding, with 43,000 commercial aircraft in operation globally, each supported by intricate supply chains. To meet these demands, the forklift market is evolving, with approximately 1.4 million units sold globally in the past year. The Asia-Pacific region leads in manufacturing, with over 600,000 forklifts sold in 2023. This growth is paralleled by the increase in warehouse construction, with over 230 million square feet of new warehouse space built globally last year, underscoring the need for efficient material handling equipment.

In addition, the market is witnessing heightened interest in electric and hybrid forklift trucks as companies seek to reduce their carbon footprint and operational costs. The ongoing shift towards sustainable practices is expected to further fuel market growth.

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Key players in the forklift truck market are investing in research and development to introduce innovative solutions and stay ahead of the competition. As a result, the market is poised for substantial expansion, creating new opportunities for growth and development across the globe.

Top Players in Global Forklift Truck Market

.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

Market Segmentation Overview:

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
oThe U.S.
oCanada
oMexico
.Europe

oWestern Europe

U.K.
Germany
France
Spain
Italy
Rest of Western Europe

oEastern Europe

Poland
Russia
Rest of Eastern Europe

.Asia Pacific

oChina
oIndia
oJapan
oAustralia & New Zealand
oASEAN
oRest of Asia Pacific

.Middle East & Africa (MEA)

oUAE
oSaudi Arabia
oSouth Africa
oRest of MEA

.South America

oArgentina
oBrazil
oRest of South America

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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

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Aamir Beg
Astute Analytica
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