The Global forklift market is anticipated to grow at a CAGR of over 9% and reach 2.2 million units by 2023 on account of application of forklift in various industries such as freight and logistics, manufacturing and construction, among others.
Technological advancements aimed towards increasing productivity is driving the global forklift market. Moreover, other factors such as growing population, increasing demand for supply chain of different products across the globe and rising globalization are anticipated to further propel demand for forklifts globally, over the coming years.
Market Segments
Forklifts are classified into class 1, class 2, class 3 & class 4/5. Class 3 forklift is becoming the preferred choice among buyers and the segment is poised to grow at a swift pace during forecast period as the segment includes electric warehouse pedestrian trucks which follow environmental protection policies and are thus environment friendly. On the basis of fuel type, the market for forklift is segmented into Internal Combustion (IC) engine powered, motorized hand and electric powered. Motorized hand and electric powered forklifts run on battery.
Motorized hand forklift market is estimated to grow at the CAGR of over 11% during 2018-2023. With increasing focus on fuel efficiency and emission norms, majority of forklift manufacturers are focusing on battery-operated forklifts so as to offer enhanced efficiency with lesser emissions. Forklifts are used across different applications such as wholesale & retail distribution, manufacturing, freight & logistics and others. Of all, freight & logistics is anticipated to witness the fastest growth during forecast period owing to booming e-commerce sector which caters to various product segments such as apparels, cosmetics, etc., thereby resulting in rising need for distribution centers and warehouses.
Regional Insights
The Global forklift market is gaining traction and is expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. Asia-Pacific and Europe are the major demand generating regions in the global forklift market owing to surging demand for new airports, seaports, and road construction in the regions. Moreover, increasing penetration of e-commerce companies in countries like India & China is further bolstering the growth of forklift market in the region.
Competitive Landscape
Major players operating in the global forklift market include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corp., Hyster-Yale Materials Handling, Inc., Anhui Forklift Truck Group Co., Ltd., Hangcha Group Co., Ltd., Doosan Industrial Vehicle, and Clark Material Handling International, Inc.
Major companies are developing advanced technologies and launching new products in order to remain competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2016, Kion Group acquired Dematic, a best-in-class automation provider and specialist in supply chain optimization.
5. Global Forklift Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value & Volume 5.2. Market Share & Forecast 5.2.1. By Class Type (Class 1, Class 2, Class 3 & Class 4/5) 5.2.2. By Fuel Type (IC Engine Powered, Motorized Hand & Electric Powered) 5.2.3. By Application Type (Wholesale & Retail Distribution, Manufacturing, Freight & Logistics and Others) 5.2.4. By Company 5.2.5. By Region 5.3. Market Attractiveness Index (By Fuel Type) 5.4. Market Attractiveness Index (By Region)
6. Asia-Pacific Forklift Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 6.2.1. By Class Type 6.2.2. By Fuel Type 6.2.3. By Application Type 6.2.4. By Country 6.3. Market Attractiveness Index (By Fuel Type) 6.4. Market Attractiveness Index (By Country) 6.5. Asia-Pacific: Country Analysis 6.5.1. China Forklift Market Outlook 6.5.2. Japan Forklift Market Outlook 6.5.3. Australia Forklift Market Outlook 6.5.4. India Forklift Market Outlook
7. Europe Forklift Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Class Type 7.2.2. By Fuel Type 7.2.3. By Application Type 7.2.4. By Country 7.3. Market Attractiveness Index (By Fuel Type) 7.4. Market Attractiveness Index (By Country) 7.5. Europe: Country Analysis 7.5.1. Germany Forklift Market Outlook 7.5.2. France Forklift Market Outlook 7.5.3. Italy Forklift Market Outlook 7.5.4. Spain Forklift Market Outlook 7.5.5. United Kingdom Forklift Market Outlook 7.5.6. Turkey Forklift Market Outlook
8. North America Forklift Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Class Type 8.2.2. By Fuel Type 8.2.3. By Application Type 8.2.4. By Country 8.3. Market Attractiveness Index (By Fuel Type) 8.4. Market Attractiveness Index (By Country) 8.5. North America: Country Analysis 8.5.1. United States Forklift Market Outlook 8.5.2. Mexico Forklift Market Outlook 8.5.3. Canada Forklift Market Outlook
9. South America Forklift Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Class Type 9.2.2. By Fuel Type 9.2.3. By Application Type 9.2.4. By Country 9.3. Market Attractiveness Index (By Fuel Type) 9.4. Market Attractiveness Index (By Country) 9.5. South America: Country Analysis 9.5.1. Brazil Forklift Market Outlook 9.5.2. Argentina Forklift Market Outlook 9.5.3. Colombia Forklift Market Outlook
10. Middle East & Africa Forklift Market Outlook 10.1. Market Size & Forecast 10.1.1. By Value & Volume 10.2. Market Share & Forecast 10.2.1. By Class Type 10.2.2. By Fuel Type 10.2.3. By Application Type 10.2.4. By Country 10.3. Market Attractiveness Index (By Fuel Type) 10.4. Market Attractiveness Index (By Country) 10.5. Middle East & Africa: Country Analysis 10.5.1. South Africa Forklift Market Outlook 10.5.2. UAE Forklift Market Outlook 10.5.3. Saudi Arabia Forklift Market Outlook 10.5.4. Iran Forklift Market Outlook 10.5.5. Qatar Forklift Market Outlook
13. Competitive Landscape 13.1. Toyota Industries Corporation 13.2. KION Group AG 13.3. Jungheinrich AG 13.4. Mitsubishi Logisnext Co. Ltd. 13.5. Crown Equipment Corp. 13.6. Hyster-Yale Materials Handling Inc. 13.7. Anhui Forklift Truck Group Co. Ltd. 13.8. Hangcha Group Co. Ltd. 13.9. Doosan Industrial Vehicle 13.10. Clark Material Handling International Inc.
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