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Global Forklift Trucks Market (2024 Edition): Analysis By Value and Volume, Power Source (IC Engine, Electric), By Class, By End User Industry, By Region, By Country: Market Insights and Forecast (2019-2029)

Executive Summary

Azoth Analytics has released a research report titled "Global Forklift Trucks Market (2024 Edition)" which provides a complete analysis of the Global Forklift Trucks industry in terms of market segmentation By Power Source (IC Engine and Electric), By Class (Class 1, Class 2, Class 3, Class 4 and Other Class), By End User Industry (Retail, Logistics, Automotive, Food Industry and Other End User Industries) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.

The Global Forklift Trucks market showcased growth at a CAGR of 3.3% during 2019-2022. The market was valued at USD 50.72 Billion in 2022 which is expected to reach USD 100.04 Billion in 2029. Forklift trucks are utilized in a wide range of industries, including manufacturing, logistics, construction, retail, agriculture, and more. Forklift trucks are essential and are in high demand for efficient material handling within warehouses, manufacturing facilities, distribution centres, and other industrial settings. Their ability to lift, move, and stack loads with precision significantly enhances operational efficiency and also makes the operation organized which makes it time efficient. Furthermore, the boom in e-commerce has driven the demand for forklift trucks, especially in fulfilment centres and warehouses. Forklifts play a crucial role in the quick and accurate movement of goods.

The Global Forklift Trucks Market is expected to grow in the forecast period and is expected to cross the USD 100 Billion mark in 2029. The versatility of forklifts makes them indispensable for material handling in different operational settings. Forklifts contribute to the overall operational optimization of businesses by improving material handling efficiency, reducing downtime, and enhancing the speed of various processes.

The expansion of industrial sectors, such as manufacturing, logistics, e-commerce, and construction, has led to increased demand for forklift trucks. These industries require efficient material handling and movement of goods, driving the need for forklifts. The rapid growth of online shopping and e-commerce has significantly increased the demand for efficient warehousing and distribution centres. Forklift trucks play a vital role in managing inventory, loading/unloading trucks, and organizing storage spaces.

Additionally, due expansion of e-commerce and global supply chains has led to an increased demand for warehousing and logistics services. Forklift trucks play a pivotal role in these operations by facilitating the movement of goods, loading and unloading trucks, and optimizing warehouse space. Furthermore, Forklifts are widely used in manufacturing processes to transport raw materials, components, and finished products. Their versatility makes them valuable for various tasks, including loading and unloading production lines, moving materials between workstations, and handling heavy loads.

The automotive manufacturing industry generated approximately USD 2.52 trillion in revenue in 2022. Forklift trucks are extensively used in automotive manufacturing plants for material handling tasks. They play a crucial role in moving raw materials, components, and finished goods within the manufacturing facility, contributing to the efficiency of production processes. Forklift trucks are utilized in automotive warehouses and distribution centres for the efficient handling of spare parts, components, and finished vehicles. The high demand for automotive products necessitates robust logistics and warehouse operations, driving the need for forklifts.

The high demand for the automotive industry has had a significant impact on the forklift trucks market. This is because many automotive manufacturers require forklifts to transport and handle heavy components and materials in their production processes. As a result, there has been an increase in the demand for forklifts, which has led to an increase in prices. Additionally, the high demand has also led to a shortage of forklifts in some areas, making it difficult for manufacturers to meet customer demand. However, this shortage has also led to an increase in the development of new forklift models and technologies, such as electric and hybrid forklifts, which are more environmentally friendly and offer better performance. Overall, the high demand for the automotive industry has had a positive impact on the forklift trucks market, leading to increased innovation and investment in the industry.



Scope of the Report

• The report analyses the Forklift Trucks Market by Value (USD Billion) and Volume (Million Units).

• The report presents the analysis of the Forklift Trucks Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.

• The report analyses the Forklift Trucks Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa).

• The report analyses the Forklift Trucks Market by Country (United States, Canada, Brazil, Germany, France, United Kingdom, Italy, China, Japan, India).

• The report analyses the Forklift Trucks Market By Power Source (IC Engine and Electric)

• The report analyses the Forklift Trucks Market By Class (Class 1, Class 2, Class 3, Class 4 and Other Class).

• The report analyses the Forklift Trucks Market By End User Industry (Retail, Logistics, Automotive, Food Industry and Other End User Industries).

• The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Power Sources, by mode of operation & by end users.

• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.

• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include of are Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co Ltd, Crown Equipment Corp., Hyster-yale Materials Handling Inc., Manitou Group SA, Cargotec, Anhui Heli Co Ltd and Hangcha Group Co Ltd


1. Market Background

1.1 Scope and Product Outlook

1.2 Executive Summary

1.3 Research Methodology

2. Analyst Recommendations

3. Global Forklift Trucks Market: Historic and Forecast (2019-2029)

3.1 Impact Analysis of Macro Economic Factors on Global Forklift Trucks Market

3.2 Forklift Penetration In Some Regions

3.3 Global Forklift Trucks Market: Dashboard

3.4 Global Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

3.5 Global Forklift Trucks Market: Volume Million Units

3.6 Global Forklift Trucks Market: Market Value Assessment

3.7 Assessment: Degree of Impact of COVID-19 on Global Forklift Trucks Market

3.8 Global Forklift Trucks Market Segmentation: By Power Source

3.8.1 Global Forklift Trucks Market, By Power Source Overview

3.8.2 Global Forklift Trucks Market Size, By IC Engine, By Value, 2019H-2029F (USD Million & CAGR)

3.8.3 Global Forklift Trucks Market Size, By Electric, By Value, 2019H-2029F (USD Million & CAGR)

3.9 Global Forklift Trucks Market Segmentation: By Class

3.9.1 Global Forklift Trucks Market, By Class Overview

3.9.2 Global Forklift Trucks Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)

3.9.3 Global Forklift Trucks Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)

3.9.4 Global Forklift Trucks Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)

3.9.4 Global Forklift Trucks Market Size, By Class 4, By Value, 2019H-2029F (USD Million & CAGR)

3.9.6 Global Forklift Trucks Market Size, By Other Class, By Value, 2019H-2029F (USD Million & CAGR)

3.10 Global Forklift Trucks Market Segmentation: By End User Industry

3.10.1 Global Forklift Trucks Market, By End User Industry Overview

3.10.2 Global Forklift Trucks Market Size, By Retail, By Value, 2019H-2029F (USD Million & CAGR)

3.10.3 Global Forklift Trucks Market Size, By Logistics, By Value, 2019H-2029F (USD Million & CAGR)

3.10.4 Global Forklift Trucks Market Size, By Automotive, By Value, 2019H-2029F (USD Million & CAGR)

3.10.5 Global Forklift Trucks Market Size, By Food Industry, By Value, 2019H-2029F (USD Million & CAGR)

3.10.6 Global Forklift Trucks Market Size, By Other End User Industries, By Value, 2019H-2029F (USD Million & CAGR)

4. Forklift Trucks Market, Regional Analysis

4.1 Regional Coverage of the Study

4.2 Regional Snapshot

5. Americas Forklift Trucks Market: Historic and Forecast (2019-2029)

5.1 Americas Forklift Trucks Market: Snapshot

5.2 Americas Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

5.3 Americas Forklift Trucks Market: Volume Million Units

5.4 Americas Forklift Trucks Market: Key Factors

5.5 Americas Forklift Trucks Market: Segment Analysis

5.6 Americas Forklift Trucks Market Segmentation: By Power Source

5.6.1 Americas Forklift Trucks Market, By Power Source Overview

5.6.2 Americas Forklift Trucks Market Size, By IC Engine, By Value, 2019H-2029F (USD Million & CAGR)

5.6.3 Americas Forklift Trucks Market Size, By Electric, By Value, 2019H-2029F (USD Million & CAGR)

5.7 Americas Forklift Trucks Market Segmentation: By Class

5.7.1 Americas Forklift Trucks Market, By Class Overview

5.7.2 Americas Forklift Trucks Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)

5.7.3 Americas Forklift Trucks Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)

5.7.4 Americas Forklift Trucks Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)

5.7.5 Americas Forklift Trucks Market Size, By Class 4, By Value, 2019H-2029F (USD Million & CAGR)

5.7.6 Americas Forklift Trucks Market Size, By Other Class, By Value, 2019H-2029F (USD Million & CAGR)

5.8 Americas Forklift Trucks Market Segmentation: By End User Industry

5.8.1 Americas Forklift Trucks Market, By End User Industry Overview

5.8.2 Americas Forklift Trucks Market Size, By Retail, By Value, 2019H-2029F (USD Million & CAGR)

5.8.3 Americas Forklift Trucks Market Size, By Logistics, By Value, 2019H-2029F (USD Million & CAGR)

5.8.4 Americas Forklift Trucks Market Size, By Automotive, By Value, 2019H-2029F (USD Million & CAGR)

5.8.5 Americas Forklift Trucks Market Size, By Food Industry, By Value, 2019H-2029F (USD Million & CAGR)

5.8.6 Americas Forklift Trucks Market Size, By Other End User Industries, By Value, 2019H-2029F (USD Million & CAGR)

5.9 Americas Forklift Trucks Market Segmentation: By Country

5.9.1 Americas Forklift Trucks Market, by Country Overview

5.9.2 United States Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

5.9.2.1 United States Forklift Trucks Market, By Power Source

5.9.2.2 United States Forklift Trucks Market, By Class

5.9.2.3 United States Forklift Trucks Market, By End User Industry

5.9.3 Canada Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

5.9.3.1 Canada Forklift Trucks Market, By Power Source

5.9.3.2 Canada Forklift Trucks Market, By Class

5.9.3.3 Canada Forklift Trucks Market, By End User Industry

5.9.4 Brazil Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

5.9.4.1 Brazil Forklift Trucks Market, By Power Source

5.9.4.2 Brazil Forklift Trucks Market, By Class

5.9.4.3 Brazil Forklift Trucks Market, By End User Industry

5.9.5 Rest of Americas Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

5.9.5.1 Rest of Americas Forklift Trucks Market, By Power Source

5.9.5.2 Rest of Americas Forklift Trucks Market, By Class

5.9.5.3 Rest of Americas Forklift Trucks Market, By End User Industry

6. Europe Forklift Trucks Market: Historic and Forecast (2019-2029)

6.1 Europe Forklift Trucks Market: Snapshot

6.2 Europe Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.3 Europe Forklift Trucks Market: Volume Million Units

6.4 Europe Forklift Trucks Market: Key Factors

6.5 Europe Forklift Trucks Market: Segment Analysis

6.6 Europe Forklift Trucks Market Segmentation: By Power Source

6.6.1 Europe Forklift Trucks Market, By Power Source Overview

6.6.2 Europe Forklift Trucks Market Size, By IC Engine, By Value, 2019H-2029F (USD Million & CAGR)

6.6.3 Europe Forklift Trucks Market Size, By Electric, By Value, 2019H-2029F (USD Million & CAGR)

6.7 Europe Forklift Trucks Market Segmentation: By Class

6.7.1 Europe Forklift Trucks Market, By Class Overview

6.7.2 Europe Forklift Trucks Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)

6.7.3 Europe Forklift Trucks Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)

6.7.4 Europe Forklift Trucks Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)

6.7.5 Europe Forklift Trucks Market Size, By Class 4, By Value, 2019H-2029F (USD Million & CAGR)

6.7.6 Europe Forklift Trucks Market Size, By Other Class, By Value, 2019H-2029F (USD Million & CAGR)

6.8 Europe Forklift Trucks Market Segmentation: By End User Industry

6.8.1 Europe Forklift Trucks Market, By End User Industry Overview

6.8.2 Europe Forklift Trucks Market Size, By Retail, By Value, 2019H-2029F (USD Million & CAGR)

6.8.3 Europe Forklift Trucks Market Size, By Logistics, By Value, 2019H-2029F (USD Million & CAGR)

6.8.4 Europe Forklift Trucks Market Size, By Automotive, By Value, 2019H-2029F (USD Million & CAGR)

6.8.5 Europe Forklift Trucks Market Size, By Food Industry, By Value, 2019H-2029F (USD Million & CAGR)

6.8.6 Europe Forklift Trucks Market Size, By Other End User Industries, By Value, 2019H-2029F (USD Million & CAGR)

6.9 Europe Forklift Trucks Market Segmentation: By Country

6.9.1 Europe Forklift Trucks Market, by Country Overview

6.9.2 Germany Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.9.2.1 Germany Forklift Trucks Market, By Power Source

6.9.2.2 Germany Forklift Trucks Market, By Class

6.9.2.3 Germany Forklift Trucks Market, By End User Industry

6.9.3 United Kingdom Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.9.3.1 United Kingdom Forklift Trucks Market, By Power Source

6.9.3.2 United Kingdom Forklift Trucks Market, By Class

6.9.3.3 United Kingdom Forklift Trucks Market, By End User Industry

6.9.4 France Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.9.4.1 France Forklift Trucks Market, By Power Source

6.9.4.2 France Forklift Trucks Market, By Class

6.9.4.3 France Forklift Trucks Market, By End User Industry

6.9.5 Italy Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.9.5.1 France Forklift Trucks Market, By Power Source

6.9.5.2 France Forklift Trucks Market, By Class

6.9.5.3 France Forklift Trucks Market, By End User Industry

6.9.6 Rest of Europe Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

6.9.6.1 Rest of Europe Forklift Trucks Market, By Power Source

6.9.6.2 Rest of Europe Forklift Trucks Market, By Class

6.9.6.3 Rest of Europe Forklift Trucks Market, By End User Industry

7. Asia Pacific Forklift Trucks Market: Historic and Forecast (2019-2029)

7.1 Asia Pacific Forklift Trucks Market: Snapshot

7.2 Asia Pacific Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

7.3 Asia Pacific Forklift Trucks Market: Volume Million Units

7.4 Asia Pacific Forklift Trucks Market: Key Factors

7.5 Asia Pacific Forklift Trucks Market: Segment Analysis

7.6 Asia Pacific Forklift Trucks Market Segmentation: By Power Source

7.6.1 Asia Pacific Forklift Trucks Market, By Power Source Overview

7.6.2 Asia Pacific Forklift Trucks Market Size, By IC Engine, By Value, 2019H-2029F (USD Million & CAGR)

7.6.3 Asia Pacific Forklift Trucks Market Size, By Electric, By Value, 2019H-2029F (USD Million & CAGR)

7.7 Asia Pacific Forklift Trucks Market Segmentation: By Class

7.7.1 Asia Pacific Forklift Trucks Market, By Class Overview

7.7.2 Asia Pacific Forklift Trucks Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)

7.7.3 Asia Pacific Forklift Trucks Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)

7.7.4 Asia Pacific Forklift Trucks Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)

7.7.5 Asia Pacific Forklift Trucks Market Size, By Class 4, By Value, 2019H-2029F (USD Million & CAGR)

7.7.6 Asia Pacific Forklift Trucks Market Size, By Other Class, By Value, 2019H-2029F (USD Million & CAGR)

7.8 Asia Pacific Forklift Trucks Market Segmentation: By End User Industry

7.8.1 Asia Pacific Forklift Trucks Market, By End User Industry Overview

7.8.2 Asia Pacific Forklift Trucks Market Size, By Retail, By Value, 2019H-2029F (USD Million & CAGR)

7.8.3 Asia Pacific Forklift Trucks Market Size, By Logistics, By Value, 2019H-2029F (USD Million & CAGR)

7.8.4 Asia Pacific Forklift Trucks Market Size, By Automotive, By Value, 2019H-2029F (USD Million & CAGR)

7.8.5 Asia Pacific Forklift Trucks Market Size, By Food Industry, By Value, 2019H-2029F (USD Million & CAGR)

7.8.6 Asia Pacific Forklift Trucks Market Size, By Other End User Industries, By Value, 2019H-2029F (USD Million & CAGR)

7.9 Asia Pacific Forklift Trucks Market Segmentation: By Country

7.9.1 Asia Pacific Forklift Trucks Market, by Country Overview

7.9.2 China Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

7.9.2.1 China Forklift Trucks Market, By Power Source

7.9.2.2 China Forklift Trucks Market, By Class

7.9.2.3 China Forklift Trucks Market, By End User Industry

7.9.3 Japan Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

7.9.3.1 Japan Forklift Trucks Market, By Power Source

7.9.3.2 Japan Forklift Trucks Market, By Class

7.9.3.3 Japan Forklift Trucks Market, By End User Industry

7.9.4 India Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

7.9.4.1 India Forklift Trucks Market, By Power Source

7.9.4.2 India Forklift Trucks Market, By Class

7.9.4.3 India Forklift Trucks Market, By End User Industry

7.9.5 Rest of Asia Pacific Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

7.9.5.1 Rest of Asia Pacific Forklift Trucks Market, By Power Source

7.9.5.2 Rest of Asia Pacific Forklift Trucks Market, By Class

7.9.5.3 Rest of Asia Pacific Forklift Trucks Market, By End User Industry

8. Middle East & Africa Forklift Trucks Market: Historic and Forecast (2019-2029)

8.1 Middle East & Africa Forklift Trucks Market: Snapshot

8.2 Middle East & Africa Forklift Trucks Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)

8.3 Middle East and Africa Forklift Trucks Market: Volume Million Units

8.4 Middle East & Africa Forklift Trucks Market: Key Factors

8.5 Middle East & Africa Forklift Trucks Market: Segment Analysis

8.6 Middle East & Africa Forklift Trucks Market Segmentation: By Power Source

8.6.1 Middle East & Africa Forklift Trucks Market, By Power Source Overview

8.6.2 Middle East & Africa Forklift Trucks Market Size, By IC Engine, By Value, 2019H-2029F (USD Million & CAGR)

8.6.3 Middle East & Africa Forklift Trucks Market Size, By Electric, By Value, 2019H-2029F (USD Million & CAGR)

8.7 Middle East & Africa Forklift Trucks Market Segmentation: By Class

8.7.1 Middle East & Africa Forklift Trucks Market, By Class Overview

8.7.2 Middle East & Africa Forklift Trucks Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)

8.7.3 Middle East & Africa Forklift Trucks Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)

8.7.4 Middle East & Africa Forklift Trucks Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)

8.7.5 Middle East & Africa Forklift Trucks Market Size, By Class 4, By Value, 2019H-2029F (USD Million & CAGR)

8.7.6 Middle East & Africa Forklift Trucks Market Size, By Other Class, By Value, 2019H-2029F (USD Million & CAGR)

8.8 Middle East & Africa Forklift Trucks Market Segmentation: By End User Industry

8.8.1 Middle East & Africa Forklift Trucks Market, By End User Industry Overview

8.8.2 Middle East & Africa Forklift Trucks Market Size, By Retail, By Value, 2019H-2029F (USD Million & CAGR)

8.8.3 Middle East & Africa Forklift Trucks Market Size, By Logistics, By Value, 2019H-2029F (USD Million & CAGR)

8.8.4 Middle East & Africa Forklift Trucks Market Size, By Automotive, By Value, 2019H-2029F (USD Million & CAGR)

8.8.5 Middle East & Africa Forklift Trucks Market Size, By Food Industry, By Value, 2019H-2029F (USD Million & CAGR)

8.8.6 Middle East & Africa Forklift Trucks Market Size, By Other End User Industries, By Value, 2019H-2029F (USD Million & CAGR)

9. Market Dynamics

9.1 Impact Assessment of Market Dynamics on Forklift Trucks Market

9.2 Drivers

9.3 Restraints

9.4 Trends

10. Industry Ecosystem Analysis

10.2 Value Chain Analysis

10.3 Porter Analysis

11. Competitive Positioning

11.1 Companies' Product Positioning

11.2 Market Position Matrix

11.3 Market Share Analysis of Forklift Trucks Market

11.4 Company Profiles

11.4.1 Toyota Industries Corporation

11.4.2 Kion Group AG

11.4.3 Jungheinrich AG

11.4.4 Mitsubishi Logisnext Co Ltd

11.4.5 Hyster-yale Materials Handling Inc.

11.4.6 Manitou Group SA

11.4.7 Cargotec

11.4.8 Anhui Heli Co Ltd

11.4.9 Crown Equipment Corp.

11.4.10 Hangcha Group Co Ltd

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