Forklift Trucks Market size to grow by 357 thousand units from 2022 to 2027|APAC to contribute 52% of the market share – Technavio

NEW YORK, Oct. 22, 2023 /PRNewswire/ — The forklift trucks market size is estimated to grow by 357 thousand units from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.32% during the forecast period. However, the growth momentum will progress. APAC held the largest share of the global market, and the market in the region is estimated to witness an incremental growth of 52% during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Forklift Trucks Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on class type (class III, class V, class I, class II, and class IV), type (electric and internal combustion engine), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The market share growth by the class III segment will be significant during the forecast period. This segment of the global forklift trucks market contains electric hand rider trucks and pallet jacks. Moreover, this type of forklift truck is hand controlled through a steering tiller and is available as either counterbalanced or straddle-type walk-behind stackers. About 5 tons are the load capacity of these forklift trucks. Ideally suited for short distances and small warehouses, the class III forklift trucks may be powered by lithium-ion batteries, and these forklifts find advanced applications in warehouses and production plants that need intermediate logistics options between the unloading and storage operations. Their compatibility with other heavy material handling equipment makes them a viable choice for small-scale construction applications. As class III forklift trucks do not use non-renewable fuel sources, their adoption is anticipated to grow rapidly during the forecast period. 

Geography Overview

By geography, the global forklift trucks market is segmented into APAC, Europe, North America, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global forklift trucks market.

• APAC is projected to contribute 52% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The forklift trucks market in APAC is primarily driven by the rapid growth of key industries such as the construction and e-commerce industries in emerging economies. Japan has been a traditionally strong market for forklift trucks, and emerging markets such as India and China are witnessing steady growth in construction activity. Forklift trucks are finding increased application in the construction market.

Insights on the market contribution of various segments, including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Forklift Trucks Market – Market Dynamics

Key factor driving market growth

The key factor driving the growth of the global forklift truck market is the rapid growth in the construction sector. Over the last few years, the growth in global construction activity has fostered the growth of the global forklift trucks market. Advanced economies such as the US and Western Europe witnessed fast growth in building construction and renovation in 2019. Due to the implementation of the Energy Efficiency Directive (EED) formulated by the EC in 2012, Western Europe experienced the renovation of public buildings, with the desire to achieve zero building emissions by 2020. However, government policies such as India’s Make in India and China’s BRI will continue to drive the growth of commercial construction and infrastructural development. Further, the flexibility and functional speed delivered by forklift trucks for applications in the construction sector, particularly for repeated material handling tasks, will boost growth in the adoption of forklifts in the construction sector, thereby fueling the growth of the global forklift trucks market during the forecast period.

Leading trends influencing the market 

The primary trend in the global forklift truck market is fuel-cell-powered forklift trucks. The introduction of forklifts powered by hydrogen fuel cells is an influential development in forklift truck technology. With manufacturers of forklift trucks increasingly emphasizing R&D. For instance, several vendors, such as Toyota Industries and KION GROUP, are coming up with fuel-cell-powered forklift truck models. Apart from significantly lowering the carbon footprint of forklift trucks, fuel cell-powered forklifts improve operational efficiency owing to the less downtime involved. Moreover, hydrogen fuel cells need to be replaced only once in ten years, as opposed to lead batteries that need replacement every 3-4 years.  Furthermore, unlike battery-powered forklift trucks that experience a drop in their performance toward the end of the charge cycle, fuel cell-powered forklift truck delivers constant performance throughout a charge cycle. Hydrogen is derived from natural gas that is priced much lower than crude oil, making hydrogen fuel less expensive than diesel and LPG. Therefore due to factors such as improved performance, less need for maintenance, and environmental benefits, fuel cell-powered forklift trucks are expected to find increased demand during the forecast period.

Major challenges hindering the market growth

The shortage of skilled operators is a major challenge that may impede the global forklift truck market growth. Training of personnel with relevant expertise for the operation of a forklift truck is required due to the problems encountered when carrying out material and logistics operations in different end-user industries. In the US, OSHA issued a rule with effect from November 2017, making it compulsory for every forklift operator in a workplace to be trained and certified to operate forklift trucks. Moreover, workers are finding it increasingly challenging to find experienced operators to cater to the growing demand in end-user industries. The shortage of skilled and experienced operators is mainly due to the over-dependence on the existing certified forklift operators, leading to higher wages and overuse of these operators. Furthermore, such kind of shortages contributes to the delay and loss in the profitability of projects. Therefore the lack of skilled operators for forklift trucks will continue to pose a significant challenge to the growth of the global forklift trucks market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Forklift Trucks Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the forklift trucks market between 2023 and 2027
• Precise estimation of the forklift trucks market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the forklift trucks market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of forklift trucks market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Class Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (thousand units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global forklift trucks market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global forklift trucks market 2017 – 2021 (thousand units)

• 4.2 Class Type Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – Class Type Segment 2017 – 2021 (thousand units)

• 4.3 Type Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 (thousand units)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (thousand units)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (thousand units)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Class Type

• 6.1 Market segments 
• Exhibit 30: Chart on Class Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Class Type – Market share 2022-2027 (%)

• 6.2 Comparison by Class Type 
• Exhibit 32: Chart on Comparison by Class Type
• Exhibit 33: Data Table on Comparison by Class Type

• 6.3 Class III – Market size and forecast 2022-2027
• Exhibit 34: Chart on Class III – Market size and forecast 2022-2027 (thousand units)
• Exhibit 35: Data Table on Class III – Market size and forecast 2022-2027 (thousand units)
• Exhibit 36: Chart on Class III – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Class III – Year-over-year growth 2022-2027 (%)

• 6.4 Class V – Market size and forecast 2022-2027
• Exhibit 38: Chart on Class V – Market size and forecast 2022-2027 (thousand units)
• Exhibit 39: Data Table on Class V – Market size and forecast 2022-2027 (thousand units)
• Exhibit 40: Chart on Class V – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Class V – Year-over-year growth 2022-2027 (%)

• 6.5 Class I – Market size and forecast 2022-2027
• Exhibit 42: Chart on Class I – Market size and forecast 2022-2027 (thousand units)
• Exhibit 43: Data Table on Class I – Market size and forecast 2022-2027 (thousand units)
• Exhibit 44: Chart on Class I – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Class I – Year-over-year growth 2022-2027 (%)

• 6.6 Class II – Market size and forecast 2022-2027
• Exhibit 46: Chart on Class II – Market size and forecast 2022-2027 (thousand units)
• Exhibit 47: Data Table on Class II – Market size and forecast 2022-2027 (thousand units)
• Exhibit 48: Chart on Class II – Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Class II – Year-over-year growth 2022-2027 (%)

• 6.7 Class IV – Market size and forecast 2022-2027
• Exhibit 50: Chart on Class IV – Market size and forecast 2022-2027 (thousand units)
• Exhibit 51: Data Table on Class IV – Market size and forecast 2022-2027 (thousand units)
• Exhibit 52: Chart on Class IV – Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Class IV – Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Class Type 
• Exhibit 54: Market opportunity by Class Type (thousand units)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 55: Chart on Type – Market share 2022-2027 (%)
• Exhibit 56: Data Table on Type – Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 57: Chart on Comparison by Type
• Exhibit 58: Data Table on Comparison by Type

• 7.3 Electric – Market size and forecast 2022-2027
• Exhibit 59: Chart on Electric – Market size and forecast 2022-2027 (thousand units)
• Exhibit 60: Data Table on Electric – Market size and forecast 2022-2027 (thousand units)
• Exhibit 61: Chart on Electric – Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Electric – Year-over-year growth 2022-2027 (%)

• 7.4 Internal combustion engine – Market size and forecast 2022-2027 
• Exhibit 63: Chart on Internal combustion engine – Market size and forecast 2022-2027 (thousand units)
• Exhibit 64: Data Table on Internal combustion engine – Market size and forecast 2022-2027 (thousand units)
• Exhibit 65: Chart on Internal combustion engine – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Internal combustion engine – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 67: Market opportunity by Type (thousand units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 74: Data Table on APAC – Market size and forecast 2022-2027 (thousand units)
• Exhibit 75: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 78: Data Table on Europe – Market size and forecast 2022-2027 (thousand units)
• Exhibit 79: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 North America – Market size and forecast 2022-2027
• Exhibit 81: Chart on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 82: Data Table on North America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 83: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 86: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (thousand units)
• Exhibit 87: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 89: Chart on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 90: Data Table on South America – Market size and forecast 2022-2027 (thousand units)
• Exhibit 91: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027
• Exhibit 93: Chart on China – Market size and forecast 2022-2027 (thousand units)
• Exhibit 94: Data Table on China – Market size and forecast 2022-2027 (thousand units)
• Exhibit 95: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027
• Exhibit 97: Chart on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 98: Data Table on US – Market size and forecast 2022-2027 (thousand units)
• Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 (thousand units)
• Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 (thousand units)
• Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 (thousand units)
• Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027
• Exhibit 109: Chart on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 110: Data Table on UK – Market size and forecast 2022-2027 (thousand units)
• Exhibit 111: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Anhui Heli Co. Ltd. 
• Exhibit 120: Anhui Heli Co. Ltd. – Overview
• Exhibit 121: Anhui Heli Co. Ltd. – Key offerings

• 12.4 BYD Electronic Co. Ltd. 
• Exhibit 122: BYD Electronic Co. Ltd. – Overview
• Exhibit 123: BYD Electronic Co. Ltd. – Business segments
• Exhibit 124: BYD Electronic Co. Ltd. – Key news
• Exhibit 125: BYD Electronic Co. Ltd. – Key offerings
• Exhibit 126: BYD Electronic Co. Ltd. – Segment focus

• 12.5 Cargotec Corp. 
• Exhibit 127: Cargotec Corp. – Overview
• Exhibit 128: Cargotec Corp. – Business segments
• Exhibit 129: Cargotec Corp. – Key news
• Exhibit 130: Cargotec Corp. – Key offerings
• Exhibit 131: Cargotec Corp. – Segment focus

• 12.6 Caterpillar Inc. 
• Exhibit 132: Caterpillar Inc. – Overview
• Exhibit 133: Caterpillar Inc. – Business segments
• Exhibit 134: Caterpillar Inc. – Key offerings
• Exhibit 135: Caterpillar Inc. – Segment focus

• 12.7 Crown Equipment Corp. 
• Exhibit 136: Crown Equipment Corp. – Overview
• Exhibit 137: Crown Equipment Corp. – Product / Service
• Exhibit 138: Crown Equipment Corp. – Key offerings

• 12.8 CVS FERRARI Spa 
• Exhibit 139: CVS FERRARI Spa – Overview
• Exhibit 140: CVS FERRARI Spa – Product / Service
• Exhibit 141: CVS FERRARI Spa – Key offerings

• 12.9 Hyster Yale Materials Handling Inc.
• Exhibit 142: Hyster Yale Materials Handling Inc. – Overview
• Exhibit 143: Hyster Yale Materials Handling Inc. – Business segments
• Exhibit 144: Hyster Yale Materials Handling Inc. – Key offerings
• Exhibit 145: Hyster Yale Materials Handling Inc. – Segment focus

• 12.10 Jungheinrich AG 
• Exhibit 146: Jungheinrich AG – Overview
• Exhibit 147: Jungheinrich AG – Business segments
• Exhibit 148: Jungheinrich AG – Key offerings
• Exhibit 149: Jungheinrich AG – Segment focus

• 12.11 KION GROUP AG 
• Exhibit 150: KION GROUP AG – Overview
• Exhibit 151: KION GROUP AG – Business segments
• Exhibit 152: KION GROUP AG – Key news
• Exhibit 153: KION GROUP AG – Key offerings
• Exhibit 154: KION GROUP AG – Segment focus

• 12.12 Komatsu Mining Corp. 
• Exhibit 155: Komatsu Mining Corp. – Overview
• Exhibit 156: Komatsu Mining Corp. – Business segments
• Exhibit 157: Komatsu Mining Corp. – Key offerings
• Exhibit 158: Komatsu Mining Corp. – Segment focus

• 12.13 Konecranes 
• Exhibit 159: Konecranes – Overview
• Exhibit 160: Konecranes – Business segments
• Exhibit 161: Konecranes – Key offerings
• Exhibit 162: Konecranes – Segment focus

• 12.14 Mitsubishi Heavy Industries Ltd. 
• Exhibit 163: Mitsubishi Heavy Industries Ltd. – Overview
• Exhibit 164: Mitsubishi Heavy Industries Ltd. – Business segments
• Exhibit 165: Mitsubishi Heavy Industries Ltd. – Key news
• Exhibit 166: Mitsubishi Heavy Industries Ltd. – Key offerings
• Exhibit 167: Mitsubishi Heavy Industries Ltd. – Segment focus

• 12.15 Royal Terberg Group BV 
• Exhibit 168: Royal Terberg Group BV – Overview
• Exhibit 169: Royal Terberg Group BV – Product / Service
• Exhibit 170: Royal Terberg Group BV – Key offerings

• 12.16 SANY Group 
• Exhibit 171: SANY Group – Overview
• Exhibit 172: SANY Group – Product / Service
• Exhibit 173: SANY Group – Key offerings

• 12.17 Toyota Industries Corp. 
• Exhibit 174: Toyota Industries Corp. – Overview
• Exhibit 175: Toyota Industries Corp. – Business segments
• Exhibit 176: Toyota Industries Corp. – Key news
• Exhibit 177: Toyota Industries Corp. – Key offerings
• Exhibit 178: Toyota Industries Corp. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 179: Inclusions checklist
• Exhibit 180: Exclusions checklist

• 13.3 Currency conversion rates for USUSD
• Exhibit 181: Currency conversion rates for USUSD

• 13.4 Research methodology 
• Exhibit 182: Research methodology
• Exhibit 183: Validation techniques employed for market sizing
• Exhibit 184: Information sources

• 13.5 List of abbreviations 
• Exhibit 185: List of abbreviations

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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