Global Forklift Truck Market is expected to reach USD 75.21 billion by 2030

E-commerce growth fuels forklift demand as these versatile trucks become indispensable for seamless warehouse operations, accommodating diverse product needs in logistics.

According to the Next Move Strategy Consulting, the global Forklift Truck Market is valued at USD 46.35 billion in 2023, and is expected to reach USD 75.21 billion by 2030, with a CAGR of 7.0% from 2024 to 2030.

The forklift industry thrives on e-commerce growth, crucial for streamlined warehouse operations. These versatile machines efficiently handle diverse products, playing a pivotal role in shaping the future of material handling as e-commerce continues to expand.

According to the data released by Shopify shows that the e-commerce market is poised for a staggering USD 11 trillion surge between 2021 and 2025, fueled by technological advancements and the proliferation of online marketplaces that have revolutionized the way we shop and sell.

In addition, the pervasive automation drive in manufacturing and logistics has spurred the widespread adoption of forklift trucks as businesses relentlessly pursue efficiency gains, labor cost reductions, and productivity enhancements. This automation-driven paradigm shift has propelled the forklift truck market to unprecedented levels of growth.

However, High initial costs, including purchase, installation, training, and maintenance, hinder forklift truck adoption, particularly for SMEs. Addressing these cost barriers is crucial to promote wider forklift use and realize its benefits. On the contrary, the manufacturing and logistics industries are undergoing a transformation driven by advancements in artificial intelligence (AI). AI-powered autonomous forklift trucks are poised to revolutionize material handling, offering a plethora of benefits and unlocking a vast market opportunity.

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According to the report, leading players in the forklift truck market include Toyota Industries Corporation, Anhui Heli Co. Ltd, Cargotec Corporation, Clark Material Handling Company Inc, Crown Equipment Corporation, Hangcha Group Co., Hyster Yale Materials Handling Inc, Jungheinrich AG, KION Group, Mitsubishi Heavy Industries Ltd, Hyundai Material Handling, Caterpillar Inc, Godrej & Boyce Mfg. Co. Ltd, SANY Group, Linde Material Handling, and others. These market players are adopting strategies such as product launches across various regions to maintain their dominance in the forklift truck market.

For instance, in September 2023, Mitsubishi Logisnext Americas introduced the SCX N2 Series of Electric Stand-up Counterbalanced Lift Trucks, enhancing material handling efficiency with improved features like better turning, multi-function controls, and user-friendly design. Representing a leap in delivering top-notch solutions, this series signifies UniCarriers' commitment to innovation.

Also, in December 2022, Hyster Company introduced the groundbreaking H40-70A series, the debut models of its innovative A Series platform. These forklifts, ranging from 4,000 to 7,000 pounds, prioritize top-tier ergonomics, cost efficiency, and safety, featuring the Dynamic Stability System (DSS). Utilizing the A+ Logic design approach, this new line offers customers scalable and customizable features for tailored applications.

Key Insights from the Forklift Truck Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the forklift truck market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global forklift truck market players and their competitive analysis are provided in the report.