Forklift Market Size Worth $154.33 Billion By 2030 | CAGR: 13.2%

 

The global Forklift Market size is projected to reach USD 154.33 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 13.2% from 2022 to 2030. The growth is driven by the rising need for forklifts in warehouses for the beverage and food industry as well as for industrial manufacturing to load and unload cargo trucks and transport goods, as well as the benefits of forklifts like reducing the requirement for labor, increasing safety, and requiring less maintenance. The need for forklifts for lifting heavy equipment and material handling is anticipated to rise as a result of the large increase in building activity brought on by fast urbanization in nations like Brazil, South Korea, and India

As a result of increasing environmental issues, governments in both developed and emerging economies are looking for measures to reduce the usage of ICE engines. Manufacturers are putting more effort into developing fuel-cell technology as a result of the coming ban on petrol and diesel-based vehicles in various nations in the future. Despite the market's rapid growth, a number of factors, including the numerous options for renting a car and the expensive price of batteries, are anticipated to restrain the market's expansion. Additionally, it is anticipated that shifting raw material costs would soon pose a threat to the industry’s expansion.

The pandemic had a detrimental effect on the market expansion. Several nations' governments enacted laws requiring social seclusion and the temporary closing of manufacturing plants in the first quarter of 2020. Forklift sales were hampered by production facility closures and problems in the raw material supply chain. However, the easement in lockdowns, followed by the resumption of warehouse operations, led to positive development for industries in the second quarter of 2021, allowing the market to gradually recover.

 

Related Press Release@ Forklift Market Report

 

Forklift Market: Report Highlights

• Class 3 led the market in 2021 in terms of class. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum
• The electric segment is anticipated to experience a CAGR of 14.9 % over the forecast period in terms of power sources. The coming ban on the sale of ICE vehicles and the quick development of EV battery power and longevity are both responsible for this growth
• During the forecast period, the Class 1 segment is anticipated to experience a CAGR of 12.9%. The market is anticipated to rise as a result of favorable government initiatives to boost the sales of electric vehicles and increased demand from the construction sector

 

List of Key Players of the Forklift Market

• Anhui Heli Co., Ltd.
• CLARK
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha
• Hyster-Yale Materials Handling, Inc.
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Material Handling

 

Related Report
Logistics Automation Market

Electric Mobility Market

 

Forklift Market Segmentation

Grand View Research has segmented the global forklift market based on class, power source, and region:

Forklift Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Class 1
• Class 2
• Class 3
• Class 4/5

Forklift Power Source Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Internal Combustion Engine
• Electric

Forklift Regional Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

 

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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