Key Market Insights
“Rising demand for modern material handling equipment will boost the market”
The global forklift trucks market is growing competently, expected to grow at a CAGR of 4.7% during the estimated period from 2023 to 2030, starting from US$ 38.71 Bn in 2021.
Global growth in the e-commerce logistics industry and growing demand for modern material handling equipment will boost the forklift trucks market growth. Growing investments in the manufacturing, mining, and construction industry will also boost the market demand. The growth of retail industry worldwide will also boost the demand for forklift trucks. Increased adoption of forklift trucks in the distribution centers for loading, unloading, removal and placement of goods from racks and others will boost the market demand.
End-user Analysis
“Rising infrastructural development worldwide will spur revenue growth”
In 2021, the manufacturing segment is anticipated to be dominant. The manufacturing segment contributed to nearly 28% of the global revenue share in the same year. The increased need for forklift trucks and growing infrastructural development are the major factors for the dominance of the manufacturing segment. Rising adoption of electric & autonomous forklift trucks will also boost the segment growth.
“The growing e-commerce industry worldwide will boost the wholesale & retail segment”
The wholesale & retail segment will grow with the fastest CAGR owing to rapid growth in the e-commerce industry worldwide. The global e-commerce industry was valued at around US$ 2.8 Tn in 2020 and is expected to grow at a CAGR of nearly 5% in years to come. The growing number of warehouses and distribution centers will boom the segment growth.
Regional Analysis
“Developed manufacturing industry will boost the demand in Europe”
In 2021, Europe led the forklift trucks market followed by Asia Pacific and North America. Europe has around 32% of the global market revenue share in the same year. The region was dominant in 2021 owing to the developed manufacturing industry and growing government investments and initiatives to improve and augment the manufacturing sector.
“The growing adoption of forklift trucks in the warehouses will boost the market in Asia Pacific”
Asia Pacific will grow with the highest CAGR during the forecast period due to the rapid increase in the e-commerce industry and the rising number of warehouses. The growing mining & construction industry, logistics industry, automotive industry, manufacturing industry, and infrastructural development will also boost the market in the region.
Increased Technological Developments by Market Players will boost the Industry
Major manufacturers are focusing on new product launches with increased technical innovations such as touchscreen LED and others. Acquisitions and regional expansion along with new product development will be the key factor in the industry.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Forklift Trucks market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
