Automation Drives Global Forklift Truck Market’s Growth

Triton Market Research presents the Global Forklift Truck Market report segmented by Power Source (IC Engine-Powered, Electric-Powered), Type (Class 1, Class 2, Class 3, Cass 4 & 5), End-user (Retail and E-commerce, Construction, Manufacturing, Other End-users), and Regional Outlook (North America, Middle East and Africa, Asia-Pacific, Europe, Latin America). 

The report further includes the Market Summary, Industry Outlook, Impact Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Key Buying Impact Analysis, Key Market Strategies, Key Buying Impact Analysis, Market Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

The report further includes the Market Summary, Industry Outlook, Impact Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

Triton’s report estimates the global forklift truck market to advance with a CAGR of 8.08% in revenue and 6.09% in volume during the forecast period 2023-2030.

A forklift is an industrial vehicle used in warehouses and construction sites to lift and move loads. Internal combustion engines or batteries also power them and are essential for loading and unloading trucks and transporting goods. The global forklift market is highly competitive, with companies focusing on pricing, product options, and sustainability.

The forklift truck market is shifting toward automation in response to growing demands for improved efficiency, lower labor costs, and increased safety in manufacturing. As automation continues to advance, demand for forklifts increases.

However, the market is facing challenges, especially the fluctuating prices of raw materials. With the prices of materials essential to forklift production constantly fluctuating, manufacturers face the challenge of effectively managing costs and maintaining competitive prices.

On the other hand, the emergence of autonomous vehicle technology in material handling presents significant opportunities within the forklift truck market, as technological advancements enable autonomous forklift trucks to perform tasks efficiently without human intervention, thereby enhancing operational efficiency.

Asia-Pacific is expected to emerge as the fastest-growing market during the forecast period. Rapid industrialization, expanding manufacturing sectors, increasing warehousing and logistics activities, and a growing e-commerce industry has fueled the demand for efficient material handling equipment. With a large population, rising disposable incomes, and a focus on infrastructure development, the region offers significant opportunities for the forklift truck market to flourish and expand.

Toyota Industries Corporation, Kion Group AG, Hyster-Yale Materials Handling Inc, Komatsu Ltd, Jungheinrich AG, Mitsubishi Logisnext Co Ltd, Hangcha Group Co Ltd, Doosan Corporation, Crown Equipment Corporation, and Clark Material Handling Company are notable companies in the forklift truck market.

The threat of new entrants in the forklift truck market is minimal due to established players, high capital expenditures, stringent regulations, and the need for technical expertise and training to meet safety standards. These factors create significant entry barriers and limit future entrants’ growth potential. In addition, the rising cost of operating a business due to the need for technical expertise to conduct training further discourages new entrants.