The latest report published by IMARC Group, titled “Forklift Trucks Market Report by Product Type (Counterbalanced Forklift Trucks, Warehouse Forklift Trucks), Technology (Electricity Powered, Internal Combustion Engine Powered), Class (Class I, Class II, Class III, Class IV, Class V), Application (Non-Industrial, Industrial), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global forklift trucks market size reached US$ 65.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 96.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.

A forklift truck is a type of industrial vehicle that is used to lift and move heavy loads. These trucks are equipped with forks that can be raised and lowered to pick up and transport materials. Forklift trucks are extensively employed in construction, manufacturing, logistics operations, and warehousing. They come in different types and sizes, ranging from small, maneuverable models used in warehouses to large, heavy-duty trucks used in construction sites and ports. They are designed to improve efficiency and safety in material handling operations, thus enabling workers to lift and move heavy loads with ease. The popularity of forklift trucks has grown over the years, as they are essential tools for many businesses to perform their daily operations.

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Market Trends and Drivers:

The rising need for efficient material handling in manufacturing and construction operations represents one of the key factors driving the market growth across the globe. In line with this, the expansion of the e-commerce and warehousing industries is contributing to the growth of the market. This is attributed to the increasing demand for moving and storing goods in warehouses and distribution centers. In addition to this, the increasing focus on sustainability and environmental concerns has led to the rising popularity of electric forklift trucks, which offer lower emissions, reduced noise levels, and lower operating costs, thus driving the market growth. Other factors, such as advancements in forklift technology, increasing globalization and trade activities, and governmental initiatives promoting safety and sustainability, are creating a positive outlook for the market.

Competitive Landscape With Key Players:

The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Clark Material Handling Company

  • Crown Equipment Corporation

  • Godrej & Boyce

  • Hyster-Yale Materials Handling Inc.

  • Hyundai Heavy Industries Co. Ltd

  • Jungheinrich

  • KION Group

  • Mitsubishi Forklift Trucks

  • Toyota Industries Corporation

Key Market Segmentation:

The report has segmented the market based on product type, technology, class, application and region.

Breakup by Product Type:

  • Counterbalanced Forklift Trucks

  • Warehouse Forklift Trucks

Breakup by Technology:

  • Electricity Powered

  • Internal Combustion Engine Powered

Breakup by Class:

  • Class I

  • Class II

  • Class III

  • Class IV

  • Class V

Breakup by Application:

  • Non-Industrial

    • Warehouses and Distribution Centers

    • Construction Sites

    • Dockyards

    • Snow Plows

  • Industrial

    • Manufacturing

    • Recycling Operations

Breakup by Region:

  • North America

  • Asia Pacific

  • Europe

  • Latin America

  • Middle East and Africa

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Key Highlights of the Report:

  • Market Performance (2018-2023)

  • Market Outlook (2024-2032)

  • Market Trends

  • Market Drivers and Success Factors

  • Impact of COVID-19

  • Value Chain Analysis

  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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