FORKLIFT TRUCK MARKET ANALYSIS

Forklift truck Market, By Product (Warehouse, and Counterbalance), By Class: Class I (Electric Motor Rider Trucks, Class II: Electric Motor Narrow Aisle Trucks, Class III: Electric Motor Pedestrian Trucks, Class IV: Internal Combustion Engine Trucks (Solid/Cushion Tires), Class V: Internal Combustion Engine Trucks (Pneumatic Tires), Class VI: Electric and Internal Combustion Engine Tractors, and Class VII: Rough Terrain Forklift Trucks), By Fuel Type (Diesel, Gasoline & LPG/CNG, and Electric/Hybrid), By Engine Type (IC Engine Power, and Electric Power), By Lifting Capacity (<5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, and > 36 Ton), By End-Use Industry (Retail & Wholesale, Transportation & Logistics, Automotive & Electrical Engineering, Food Industry, and Other Industries (Chemical, Timber, and Paper and Print Industry)), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Jun 2023
Code : CMI928
Pages :150
Formats :
Excel and PDF
Industry : Automotive and Transportation

Forklift Truck MarketSize and Trends

The global forklift truck market size was valued at US$ 40.24 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.

Figure 1: Global Forklift truck Market Share (%), By Region, 2022

Global Forklift truck Market Trends:

Rising investment in infrastructure development

Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for forklift trucks. Furthermore, the rise in investments by governments and developing infrastructure all over the world are expected to drive the demand for forklift trucks during the forecast period. For instance, in August 2021, the Indian government did an initiative by investing US$ 1.35 trillion from 2021 to 2025 for developing the infrastructure all over the country for boosting the economy. Similarly, in June 2022, Beijing, China, had funded for infrastructure projects for approximately US$ 120 billion.

Growing adoption of strategic dealership is a recent trend

Growing adoption of strategic dealership in order to expand their presence is another trend in the global Forklift Truck market. For instance, in May 2022, Mitsubishi Logisnext Americas Inc., a manufacturing company, had expanded its dealership network across the United States. The company has appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida.