Dublin, October 20, 2023 (GLOBE NEWSWIRE) — “Forklift Market Size, Share and Trends Analysis Report by Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source, By Load Capacity, Electric Battery “By Type, By End Use, By Region, And By Segment Forecast, 2023 – 2030” report has been added to researchandmarkets.com gift.Thank you for reading this post, don't forget to subscribe!
The global forklift market size is projected to reach US$154.33 billion by 2030, expanding at a CAGR of 13.2% from 2023 to 2030.
The growth in the forklift market is primarily being driven by the increasing demand for these versatile machines across various industries. The beverage and food industries as well as industrial manufacturing are increasingly relying on forklifts for tasks such as warehouses, loading and unloading cargo trucks, and transporting goods.
Forklifts offer a variety of benefits, including reducing the need for manual labor, improving safety and requiring minimal maintenance. The need for forklifts for lifting heavy equipment and handling materials is expected to increase, especially due to the significant increase in construction activities due to rapid urbanization in countries like Brazil, South Korea and India.
In response to growing environmental concerns, governments around the world, in both developed and emerging economies, are looking for ways to reduce the use of internal combustion engine (ICE) vehicles. Manufacturers are actively investing in fuel-cell technology development as many countries plan to phase out petrol and diesel-based vehicles in the future.
Despite the rapid growth of the forklift market, some factors may restrain its expansion. Factors such as various forklift rental options and high cost of batteries are expected to hinder growth. Additionally, fluctuations in raw material prices can pose a potential threat to the growth of the industry.
The COVID-19 pandemic had a negative impact on market expansion. Many national governments imposed lockdowns and social distancing measures in the first quarter of 2020, leading to temporary closure of manufacturing plants. Forklift sales were adversely impacted by production facility closures and raw material supply chain disruptions. However, as lockdown measures were eased, warehouse operations resumed, which gradually contributed to the market recovery in the second quarter of 2021.
In terms of forklift classes, the Class 3 segment took the leading position in 2022. This growth is attributed to increasing demand from small and medium-sized warehouses for material loading and unloading operations, which is expected to continue to drive the market.
During the forecast period, the Class 1 segment is projected to experience significant growth. This growth is anticipated to be driven by favorable government initiatives aimed at promoting electric vehicle sales and rising demand from the manufacturing sector. When considering power sources, the power segment is expected to see the highest growth over the forecast period. This can be attributed to the impending ban on the sale of ICE vehicles and the rapid development of EV battery technology in terms of power and longevity.
In the load capacity category, the below 5-tonne segment is predicted to achieve the highest CAGR during the projection period. These forklifts are valued for their compactness, versatility and cost-effectiveness, making them essential assets for businesses seeking efficient and flexible material-handling solutions.
Regarding electric battery types, the lithium-ion segment is poised to have the highest CAGR over the forecast period. These batteries are widely adopted in electric forklifts due to their superior energy density, long lifespan and fast charging capabilities. Demand for the lithium and other rare metals used in these batteries may affect their price and availability.
Among the end-use segments, the retail and e-commerce segment is expected to register the highest CAGR during the forecast period. Businesses are increasingly investing in advanced storage facilities to optimize their supply chain operations and increase productivity, which has significantly increased the demand for efficient forklifts.
|number of pages||120|
|forecast period||2022 – 2030|
|Estimated market value in 2022 (USD).||$58.69 billion|
|Estimated market value by 2030 (USD).||$154.33 billion|
|compound annual growth rate||13.2%|
Company Profile (Overview, Financial Performance, Product Benchmarking)
- Anhui Heli Co., Ltd.
- Crown Equipment Corporation
- Doosan Corporation
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG.
- Kion Group AG
- Komatsu Limited
- Mitsubishi LogisNext Co., Ltd.
- toyota material management
Main topics covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. forklift market snapshot
2.2. segment snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Forklift Market Variables, Trends and Scope
3.1. Market Pedigree Approach
3.2. Industry Value Chain Analysis
3.3. market dynamics
3.3.1. market driver analysis
3.3.2. Market Constraints/Challenge Analysis
3.3.3. market opportunity analysis
3.4. business environment analysis tools
3.4.1. Porter’s five forces analysis
3.4.2. pestle analysis
3.5. COVID-19 Impact Analysis.
Chapter 4. Forklift Market: Class Outlook
4.1. Forklift market share by category, 2022 and 2030 (volume, units; revenue, USD million)
4.2. class 1
4.3. class 2
4.4. Class 3
4.5. class 4/5
Chapter 5. Forklift Market: Power Source Outlook
5.1. Forklift market share by power source, 2022 and 2030 (volume, units; revenue, USD million)
Chapter 6. Forklift Market: Load Capacity Outlook
6.1. Forklift market share by load capacity, 2022 and 2030 (revenue, USD million)
6.2. below 5 tons
6.3. 5-15 tons
6.4. above 16 tons
Chapter 7. Forklift Market: Electric Battery Type Outlook
7.1. Forklift market share by electric battery type, 2022 and 2030 (revenue, USD million)
7.2. LI ion
7.3. lead acid
Chapter 8. Forklift Market: End-Use Outlook
8.1. Forklift market share by end use, 2022 and 2030 (revenue, USD million)
8.5. Food & Beverage
8.6. Retail & E-Commerce
Chapter 9. Forklift Market: Regional Outlook
9.1. Forklift market share by region, 2022 and 2030 (revenue, USD million)
Chapter 10. Competitive Landscape
10.1. company classification
10.2. Company Market Ranking/Share Analysis, 2022
10.3. Company Heat Map Analysis
10.4. strategy mapping
For more information on this report visit here
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