The global forklift truck market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. One of the key factors that are driving the market includes the rising technological advancement in most industries. Advancements such as the Internet of Things (IoT), automation, connectivity features, and others are thriving across most sections of the industries which makes the process far easier, more accurate, and safer compared to the traditional way. Such development also occurred in the forklift truck section which can easily transfer products to the destined place safely. This has increased its demand among user industries in recent years. For instance, in September 2021, Cargotec-owned Kalmar secured a large order for 15 medium electric forklift trucks from SEAC, a supplier of concrete products to the French construction industry. The forklifts will be deployed across SEAC’s 11 manufacturing facilities in France. The order was booked in Cargotec's 2021 third-quarter order intake, with the delivery of the machines scheduled to take place during the first quarter of 2022. 

Segmental Outlook 

The global forklift truck market is segmented based on the power-train type, class, and end-user vertical. Based on the power-train type, the market is segmented into an internal combustion engine (ICE), and an electric motor. Based on the class, the market is sub-segmented into class I, class II, class III, and class IV. Based on the end-user vertical, the market is sub-segmented into industrial, construction, and manufacturing. The above-mentioned segments can be customized as per the requirements. Based on the power-train type, the electric motor segment is anticipated to grow significantly in the market owing to the rapid advancement in the electric motor technologies while based on end-user vertical, the construction segment is anticipated to grow significantly during the forecast period owing to the government initiatives for constructing big, and complex infrastructures.

The Electric Motor Segment is Anticipated to Grow Significantly in the Global Forklift Truck  Market

Based on the power-train type, the electric motor segment is anticipated to grow significantly in the market during the forecast period owing to the rapid advancement in electric motor technologies. The market is inclining on electrically-powered forklift trucks due to their growing popularity and applications. Such forklifts are much suitable for the applications of sensors and actuators for performing autonomous work. Another advantage of using an electrically-powered forklift includes the rising requirement for storing fuel for them at the place of operation which improves the maintenance much more affordable than the ICE forklift trucks. Many forklift truck market players are active in the field and are continuously launching new models to stay abreast of their competition. For instance, in October 2019, Toyota Industries Corp., launched the Traigo 80 heavy-duty (HD) electric forklift. Later, in April 2020, the company launched 2 new models of its lineup of sit-down counterbalance, four-wheeled electric forklift trucks. These new 3,500-pound and 3,000-pound models are anticipated to show up to 27% faster lift, travel, and lower speeds, along with increased run-time by 12%, as compared to the outgoing models. 

Regional Outlooks

The global forklift truck market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. North America is anticipated to hold the prominent share in the market owing to the presence of key market players while the Asia-Pacific region is anticipated to grow significantly during the forecast period owing to the rising industrialization in the emerging countries in the region.

Global Forklift Truck Market Growth, by Region 2022-2028

The North America Region is Anticipated to Hold the Prominent Share in the Global Forklift Truck Market

North America is anticipated to hold a prominent share in the market during the forecast period owing to the presence of key market players such as Cummins Inc., Schaefer Inc., Raytheon, Enersys, Arotech, and others in the US. These companies are involved in making substantial investments in adopting modern and advanced forklift trucks instead of conventional fork trucks. Such forklift trucks that are driven by alternative energy sources such as hydrogen are also contributing to the global forklift trucks market. Governments across the region are supporting the growth of the market via various policies and incentives. The Chicago government regulations are initiating materials handling companies for innovating which resulted in the launch of, 2021’s GOOD DESIGN award-winning, two new products of Hyster Yale in its research and development initiatives, showcasing the company’s first counterbalanced electrically-powered forklift truck with a factory-integrated lithium-ion battery pack. 

Market Players Outlook

The major companies serving the global forklift truck market include Godrej & Boyce Manufacturing Co. Ltd., Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co., Ltd., KION GROUP AG, Toyota Industries Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, KION GROUP AG established a new plant of forklift trucks in China and played the foundation stone for further plants of supply chain solutions. The total volume produced around was $147 million for the upcoming production of supply chain solutions and industrial trucks in Jinan. The plan is to create more than 1,000 new jobs at the site.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global forklift truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.