Forklift Truck Market

Electric Motor Powered Forklift Trucks is Fastest Growing Segment Fueling the Growth of Forklift Truck Market


The global Forklift Truck Market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Forklift trucks are used for lifting and transporting goods and materials across short distances in warehouses, manufacturing facilities and distribution centers. They are compact, versatile and powered by electric motors or internal combustion engines enabling efficient movement of cargo.

Market key trends:
One of the major trends gaining traction in the market is shift towards electric motor powered forklift trucks. Strict emission norms and increasing awareness about greenhouse gas emissions are prompting companies and industry players to replace conventional petroleum fueled vehicles with electric variants. Rapid advancements in battery technology with improved energy density and faster charging capabilities are making electric forklifts a viable alternative. Additionally, lower fuel and maintenance costs along with better performance also favors adoption of electric forklift trucks over time.
Segment Analysis
The forklift truck market is segmented by technology, fuel type, lifting capacity, and end-user industry. The internal combustion engine segment currently dominates the market owing to low costs and widespread availability of petrol and diesel. However, electric trucks are gaining popularity due to their zero-emissions and low fuel and maintenance costs. Based on lifting capacity, the 5000–10000 lbs segment accounts for the largest share as these trucks are suitable for medium to heavy-duty applications in manufacturing, logistics, and construction.

Key Takeaways
The Global Forklift Truck Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing automation and technological advancements in material handling equipment.

Regional analysis: Asia Pacific currently dominates the market, accounting for over 45% share due to strong growth in manufacturing and logistics industries in China, India, and Southeast Asian countries. Europe and North America are other major markets due to well-established industrial sector.

Key players: Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling. Toyota and Kion captured over 25% of global market share in 2023 owing to their wide product portfolio and strong distribution network.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it