Forklift Market worth $125.4 billion by 2030 | MarketsandMarkets

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Forklift Market Scope:

The class 3 segment is projected to dominate the forklift market during the forecast period.

Class 3 forklifts are projected to be the highest market share holder at the global level. Class 3 forklifts are battery- operated and are used more in indoor applications. They generally fall into three types: pallet jacks, stackers, and tow tractors, and are available in both walk-behind and rider functionalities. FEM, the European Materials Handling Federation, further classified this category into two- Class 31 and Class 32, meaning Electric Stacker Trucks and Electric Low-lift Trucks, respectively. These forklifts find further application in unloading parcels and dropping them into temporary storage areas with an added boom in the B2B & B2C e-commerce and F&B industries. Even with heavy loads within a confined space, these forklifts have better maneuverability, which helps in efficient and convenient space management. Also, these forklifts are used together in great numbers with automated storage and retrieval systems and can be easily fitted into the processes of modern, high-efficiency logistics. Thus, industrialization of the e-commerce and food & beverage industries, coupled with industrial automation, is lending solid support to the deployment of advanced material handling solutions, thereby driving the demand for class 3 forklifts in the coming years.

The autonomous forklift market is estimated to be the fastest-growing market during the forecast period.

Autonomous forklifts are projected to be the fastest-growing market by 2030. This growth is attributed to the rise in the e-commerce, pharmaceuticals, retail, warehousing, and distribution industries, which have major indoor applications with a lifting capacity requirement of less than 5 tons. The adoption is mainly attributed to advantages such as reducing dependence on labor availability, increased efficiency, and a high return on investments. In addition, the storage capacity can be improved by optimum usage of space; further, with SLAM with vision guidance and SLAM with LIDAR sensor navigation, the operation will become more pronounced & compatible with fast operations. These technologies also provide real-time environment positioning and further increased adaptability, which lowers the risk of injuries or mistakes during the process of material handling within a warehouse or distribution center. Amazon has deployed numerous autonomous forklifts within its warehouses and distribution centers in an effort to decrease dependence on labor for its warehouse operations and to further enhance the efficiency of its operations. It had further planned automation adoption in all its stores and fulfillment centers with the intention of reaching 65% of its stores and 55% of its fulfillment volume automated by 2026. With further development in artificial intelligence, sensors, and machine learning that perform tasks with precision and consistency, autonomous forklift implementations will gain major momentum in times to come.

Asia Pacific is estimated to be the largest forklift market from 2024-2030.

The Asia Pacific region is anticipated to represent >55% of the global forklift market value by 2024. The rapid growth can be attributed to the booming e-commerce industry and increasing exports in fast-moving consumer goods (FMCG), automotive, food & beverage, and pharmaceuticals sectors. The use of intralogistics systems among local e-commerce operations is being powered by growing opportunities and product assortment across countries such as China, South Korea, and India, with increased consumer demand. Additionally, delivery speed and operational efficiency improvements call for a rapid adoption of forklifts. In recent years, E-commerce, warehousing, and logistics have undergone significant transformations in Asia Pacific. For instance, according to statistical survey, live commerce is gaining momentum in China and India, where seven out of ten individuals participate in live shopping activities. China is at the top of the global business, especially in the e-commerce market. According to China Breifing Magazine, in 2023, China's cross-border e-commerce reached USD 331 billion, significantly increasing imports and exports. Due to this increase in online purchases, demand for forklifts is projected to increase as these are vital for effectively managing warehouses and distribution networks. Japan, India, and South Korea also need efficient forklifts, which have robust manufacturing industries. Autonomous forklifts would enhance precision while reducing errors, as evident from Japan's and South Korea's move towards technological advancements to improve their export markets.

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Forklift Market Dynamics:

Drivers:

• Growth in e-commerce and warehousing industries

Restraints:

• Increasing demand for stacker cranes

Opportunities:

• Evolution of rental and refurbished forklifts

Challenge:

• High initial cost of electric forklifts

Key Market Players Forklift Industry:

Prominent players in the Forklift Market include as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co Ltd (Japan)

The break-down of primary participants is as mentioned below:

• By Company Type: Forklift OEMs – 80%, Others – 20%
• By Designation: C Level – 60%, Director- level – 30%, Others - 10%
• By Region: North America– 25%, Europe – 30%, Asia Pacific – 40%, Rest of the World–5%

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Electric Vehicle Industry Recent Developments:

• In June 2024, Toyota Industries Corporation announced that it would launch its innovation center in Linköping, Sweden. The opening of this center is scheduled for the end of September 2024. This center will serve as an R&D center and a hub for workshops and pitch events.
• In September 2023, Jungheinrich AG and Mitsubishi Logisnext launched their joint venture, Rocrich AGV Solutions, which specializes in mobile automation solutions. Based in Houston, TX, US, with operational support from Marengo, IL, Rocrich offers a comprehensive range of AGVs and robotics for warehouses and production facilities across North America.
• In September 2023, Crown launched the ESR 1200 Series reach trucks, succeeding the award-winning ESR 1000 Series. These trucks feature a highly stable mast design, allowing operators to handle heavy loads quickly and safely. They have a capacity of 1,200 kg at 12 meters. The mast technology boosts productivity by providing up to 36% higher stability, reducing swaying and vibration, and offering better visibility with an angled cross-beam design.

Electric Vehicle Market Size - Key Benefits of Buying the Report:

• The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall forklift market and the subsegments.
• The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape.
• The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

• Analysis of key drivers (Rising GHG emissions, government incentives and policies, overall targets to reduce fleet-level emissions and increasing demand for emission-free vehicles), restraints (safety concerns in EV batteries and high development cost), opportunities (transition towards hydrogen fuel cell electric mobility), and challenges (high cost of developing charging infrastructure) are influencing the growth of the forklift market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the forklift market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the forklift market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the forklift market.
• Deep dive segments on electric forklift market and their trends. OEM analysis for electric forklifts.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), and Crown Equipment Corporation (US), Mitsubishi Logisnext Co. Ltd. (Japan) among others in the forklift market.

Related Reports:

Industrial Vehicles Market - Global Forecast to 2030

Construction Equipment Market - Global Forecast to 2030

Electric Construction Equipment Market - Global Forecast to 2030

Autonomous Forklift Market - Global Forecast to 2028

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