April 18, 2024

Forklift Truck Market is projected to driven by Growth of Construction and Automotive Industries

Forklift trucks are essential industrial machines for moving heavy materials over short distances. They are ideally suited for lifting and stacking pallets or other heavy objects. Forklift trucks make it easier to move goods in tight spaces like warehouses, factories, and distribution centers by efficiently stacking and retrieving loads from different heights. They improve productivity by reducing manual lifting and movement of materials. The construction and automotive industries rely heavily on forklift trucks for onsite movement of building materials as well as lifting and assembling vehicle parts on production lines. Rise in infrastructure development activities and automobile production volumes globally has boosted demand for forklift trucks.

The global Forklift Truck Market is estimated to be valued at US$ 44.71 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Electric forklifts are gaining popularity as they offer significant benefits over ICE models in terms of lower operating costs, zero emissions, and ability to operate indoors. Major forklift manufacturers are focusing on developing advanced lithium-ion powered trucks with longer run times and faster charging capabilities. Also, widespread availability of quick charging stations for electric trucks is supporting their adoption.

Trend of fleet management systems among material handling equipment owners to improve asset utilization and increase productivity. Fleet managers rely on telematics solutions to track forklift usage patterns, maintenance needs, fuel consumption and overall fleet performance. Data-driven insights help optimize fleet operations and fleet renewal decisions.

Growing demand for customized forklifts fitted with specialized attachments as per unique material handling needs of end-use industries such as construction, steel, wood, and automotive. Forklift body designs are being modified to incorporate clamps, rotators, spreaders and other handling devices.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to requirement of large capital investments in setting up manufacturing facilities and need for strong distribution networks.

Bargaining power of buyers: Bargaining power of buyers is high due to availability of product alternatives and differentiated product offerings from various brands.

Bargaining power of suppliers: Bargaining power of suppliers is moderate owing to presence of many component suppliers and moderate threat of forward integration by buyers.

Threat of new substitutes: Threat of new substitutes is low as forklift trucks offer efficient handling of heavy loads over short and long distances.

Competitive rivalry: High due to presence of global players and intense competition between them.

Key Takeaways

The global forklift truck market is expected to witness high growth. The global Forklift Truck Market is estimated to be valued at US$ 44.71 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Regional analysis comprised Regional analysis comprised Asia Pacific represents the largest and fastest growing market for forklift trucks. China being the largest manufacturer and consumer of forklifts globally while India is emerging as a major hub.

Key players related content comprises Key players operating in the forklift truck market are Toyota Industries Corporation Group. Toyota Industries Corporation Group is one of the largest manufacturers of forklift trucks globally and offers a wide range of IC-engine and electric powered trucks.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it