Growing E-commerce Sector Drives Up the Forklift Truck Market

According to the report by Triton, the global forklift truck market is anticipated to show an uptrend at a CAGR of 7.62% throughout the forecast period. The market attained $66.03 billion in 2021.

A recent study by Triton Market Research titled Global Forklift Truck Market includes the Global Analysis and Forecasts by Power Source (Electric Motor, Internal Combustion Engine), End-user (Logistics, Automotive, Manufacturing, Retail & Wholesale, Food Industry, Other End-users), Class (Class 1, Class 2, Class 3, Class 4, Class 5), Product Type (Counterbalance Forklift, Warehouse Forklift), and Regional Outlook (Asia-Pacific, Europe, Latin America, North America, Middle East and Africa).

Forklift trucks are widely used across industries for lifting, transporting, and handling goods and materials, including automotive, logistics, and construction. They come in various types, such as counterbalance forklift and warehouse forklift.

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Triton's research report highlights that the global forklift truck market is anticipated to surge at a CAGR of 7.62%, reaching a revenue worth $106.26 billion by 2028.

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Due to the rising disposable income and increasing customer demands for faster and more efficient delivery, the e-commerce industry is expanding at an unprecedented rate, prompting the adoption of advanced warehouse, fulfillment, and logistics solutions to increase productivity while lowering operational costs. This has increased the demand for forklift trucks to efficiently load and unload various goods in the warehouses. Thus, the thriving e-commerce warehouse industry is anticipated to drive the growth of the forklift truck market.

However, the availability of a limited number of raw material suppliers is one of the major factors limiting the market's growth. Forklift truck OEMs rely on several suppliers for forklift truck components, such as diesel, gasoline, and alternative fuel engines. These raw materials are sourced from various countries, and their supply is primarily vulnerable to fluctuations in commodity markets and exchange rates. Such fluctuations have a negative impact on the supply chain and will present a significant challenge to the key vendors operating in the forklift market during the forecast period.

The forklift truck market is divided into power source, end-user, class, and product type. Based on power source the market is divided into electric motor and internal combustion engine. The end-user segment is divided into logistics, automotive, manufacturing, retail & wholesale, food industry, and other end-users. The class segment includes class 1, class 2, class 3, class 4, and class 5. Lastly, based on product type the market consists of counterbalance forklift and warehouse forklift.

The Asia-Pacific leads the forklift truck market globally. The region's stronghold is due to the introduction of new eco-friendly and fuel-efficient forklifts by leading manufacturers. For instance, HELI, a forklift truck manufacturer in China, launched a new eco-friendly and noiseless heavy-duty electric forklift with a loading capacity of 10 tons. In addition, key features include high stability, high efficiency & comfort, and energy saving. Such advancements create numerous opportunities for the studied market across the region.

Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich AG, Crown Equipment Corporation, Kion Group AG, Komatsu Ltd, Clark Material Handling Company, Lonking Holdings Limited, Toyota Industries Corporation, Godrej & Boyce Manufacturing Company Limited, Doosan Group, Hangcha Group Co, Anhui Heli Co Ltd, Mitsubishi Logisnext Co Ltd, and Ep Equipment Co Ltd are the leading players in the forklift truck market.

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Question & Answer: Global Forklift Truck Market

Question 1: What factors drive the growth of the global forklift truck market?
Answer: Due to the rising disposable income and increasing customer demands for faster and more efficient delivery, the e-commerce industry is expanding at an unprecedented rate, prompting the adoption of advanced warehouse, fulfillment, and logistics solutions to increase productivity while lowering operational costs. This has increased the demand for forklift trucks to efficiently load and unload various goods in the warehouses. Thus, the thriving e-commerce warehouse industry is anticipated to drive the growth of the forklift truck market.

Question 2: What factors are limiting the global forklift truck market's growth?
Answer: The availability of a limited number of raw material suppliers is one of the major factors limiting the market's growth. Forklift truck OEMs rely on several suppliers for forklift truck components, such as diesel, gasoline, and alternative fuel engines. These raw materials are sourced from various countries, and their supply is primarily vulnerable to fluctuations in commodity markets and exchange rates. Such fluctuations have a negative impact on the supply chain and will present a significant challenge to the key vendors operating in the forklift market during the forecast period.

Question 3: Which region leads the forklift truck market globally?
Answer: The Asia-Pacific leads the forklift truck market globally. The region's stronghold is due to the introduction of new eco-friendly and fuel-efficient forklifts by leading manufacturers. For instance, HELI, a forklift truck manufacturer in China, launched a new eco-friendly and noiseless heavy-duty electric forklift with a loading capacity of 10 tons. In addition, key features include high stability, high efficiency & comfort, and energy saving. Such advancements create numerous opportunities for the studied market across the region.

Question 4: Which are the leading players in the global forklift truck market?
Answer: Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich AG, Crown Equipment Corporation, Kion Group AG, Komatsu Ltd, Clark Material Handling Company, Lonking Holdings Limited, Toyota Industries Corporation, Godrej & Boyce Manufacturing Company Limited, Doosan Group, Hangcha Group Co, Anhui Heli Co Ltd, Mitsubishi Logisnext Co Ltd, and Ep Equipment Co Ltd are the leading players in the forklift truck market.

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