[186 Pages Report] The Forklift Trucks Market size was estimated at USD 22.94 billion in 2023 and expected to reach USD 24.38 billion in 2024, at a CAGR 6.69% to reach USD 36.12 billion by 2030.
A forklift truck is versatile industrial equipment powered by electricity or gas, featuring a sturdy metal platform with forks attached to its front. These forks are inserted beneath heavy loads, pallets, and machinery, enabling efficient movement and placement in storage facilities. The truck frame of a forklift truck comprises the base for its lifting and contains wheels, counterweights, a carriage, and a mast. Forklift trucks are utilized in warehouses, manufacturing and industrial operations, shipping docks, and loading and unloading. They are used in small businesses and large complex industrial manufacturing operations, as they are available in various sizes. The rising need for efficient logistical processes in the manufacturing sector and warehouse facilities primarily drives the growth of the forklift truck market. The demand for forklift trucks at ports & terminals has risen recently owing to high cargo traffic. On the contrary, the requirement for increased initial investment and safety concerns associated with forklift trucks' operations hampers the market growth. However, the rising popularity of green logistics technologies and advances in forklift truck technology is expected to drive the market's growth worldwide.
Forklift truck market is highly evolving in Europe owing to the expanding need for automated and efficient logistics for the smooth operation of European manufacturing sectors. The European region has major manufacturers of forklift trucks and exports a large volume of the products. Additionally, rising development activities in countries such as the UK, Germany, and France increase the demand for forklifts for use across operations such as unloading pallets, steel joints, and construction materials. The forklift trucks market in the Asia-Pacific region is rapidly growing with the proliferating retail sectors and huge import and export of food & beverage, clothing, electronic products. The forklift trucks market in the Americas region proliferates with the rapid growth of the eCommerce and manufacturing sectors combined with the increasing adoption of forklift trucks in ports & terminals, warehouses, and manufacturing facilities. Furthermore, supportive government initiatives and policies such as North American Free Trade Agreement (NAFTA) between the U.S., Mexico, and Canada and industrial investments increase the warehousing and distribution facilities and the need for efficient material handling.
The FPNV Positioning Matrix is pivotal in evaluating the Forklift Trucks Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Forklift Trucks Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Fusion Fuel and Toyota Material Handling España Announce Strategic Collaboration to Promote Green Hydrogen Driven Forklift Solutions for Spanish Market
Fusion Fuel and Toyota Material Handling España have joined forces to drive the adoption of green hydrogen-powered forklifts in Spain. This strategic collaboration aims to provide sustainable solutions for the forklift truck market, reducing environmental impact while increasing efficiency and productivity. The partnership will work towards developing and promoting hydrogen-driven forklift trucks in the Spanish market. By leveraging Fusion Fuel's green hydrogen technology and Toyota's expertise in material handling, the companies aim to offer forklift solutions that meet the demands of a rapidly evolving industry, delivering value for both customers and the environment. [Published On: 2023-03-07]
Qualcomm and Zebra Invest in Third Wave Automation
Qualcomm and Zebra Technologies have recently announced that they are investing in Third Wave Automation, a start-up company that specializes in developing autonomous control equipment for forklift trucks. With the rising demand for automation in the warehousing and logistics industry, there is a significant need for efficient and reliable ways to move goods. By integrating Third Wave Automation's technology, Qualcomm and Zebra hope to further streamline the supply chain process and reduce labor costs. This investment is expected to have a significant impact on the growth of the forklift truck market, as well as improving safety and productivity within the industry. [Published On: 2023-02-15]
Doosan Launches New Heavy-Lifting Electric Truck Ranges
Doosan, a leading manufacturer of construction and material handling equipment, has recently launched a new range of heavy lifting electric truck models. This latest addition to their forklift range promises improved performance, increased efficiency, and lower noise levels during operation. With a lifting capacity of up to 25 tonnes, these new trucks are specifically designed for use in heavy-duty applications such as ports, factories, and warehouses. Doosan's commitment to sustainability is evident in their use of electric power, reducing carbon emissions and operating costs. The launch of these new heavy lifting electric truck ranges further strengthens Doosan's position as a market leader in the forklift truck industry. [Published On: 2023-02-01]
The report delves into recent significant developments in the Forklift Trucks Market, highlighting leading vendors and their innovative profiles. These include AGILOX Services GmbH, Anhui Heli Co., Ltd., Bauer GmbH, Cargotec Corporation, CLARK Material Handling Company, Combilift, Crown Equipment Corporation, CVS ferrari S.P.A., Eastern Lift Truck Co., Inc., Ekko Material Handling Equipment Mfg. Inc., EP Equipment, FLIFT America, Fujian Southchina Heavy Machinery Manufacture Co.,Ltd, Godrej Group, Hangcha Group, HUBTEX Mechanical Engineering GmbH & Co. KG, Hyster-Yale Materials Handling, Inc., Hyundai Heavy Industries Co., Ltd., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Konecranes Oyj, Linde Material Handling GmbH, Mitsubishi Heavy Industries, Ltd., Noblelift Intelligent Equipment Co., Ltd., Pettibone Traverse Lift, LLC, STILL GmbH, Toyota Industries Corporation, and Vallée.
This research report categorizes the Forklift Trucks Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Class
- Electric & Internal Combustion Engine Tractors
- Electric Motor Hand Trucks
- Electric Motor Narrow Aisle Trucks
- Electric Motor Rider Trucks
- Internal Combustion Engine Trucks
- Power Source
- Electric Motor
- Internal Combustion Engine
- Propulsion
- Electric
- Hybrid
- Internal Combustion Engine
- Operation
- Autonomous
- Manual
- Semi-Autonomous
- End User
- Construction
- Food & Beverages
- Manufacturing
- Retail
- Transportation and Logistics
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Forklift Trucks Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Forklift Trucks Market?
- What are the technology trends and regulatory frameworks in the Forklift Trucks Market?
- What is the market share of the leading vendors in the Forklift Trucks Market?
- Which modes and strategic moves are suitable for entering the Forklift Trucks Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Forklift Trucks Market, by Class
- Forklift Trucks Market, by Power Source
- Forklift Trucks Market, by Propulsion
- Forklift Trucks Market, by Operation
- Forklift Trucks Market, by End User
- Americas Forklift Trucks Market
- Asia-Pacific Forklift Trucks Market
- Europe, Middle East & Africa Forklift Trucks Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 26]
- List of Tables [Total: 472]
- List of Companies Mentioned [Total: 29]
Green logistics solutions are designed to reduce the environmental impact of logistics activities. It includes the adoption of sustainable practices, such as green transportation, sustainable packaging, and energy-efficient material handling solutions. Forklift trucks are an integral part of material handling solutions and play a vital role in reducing environmental impact. Electric forklift trucks are getting more popular due to their sustainability benefits, as they do not produce harmful emissions and are noise-free. It makes them a preferred choice for warehouses and distribution centers, where employees have to work closely with forklift trucks.
In addition to electric forklift trucks, hydrogen fuel cell-powered forklift trucks are also gaining popularity. They produce electricity by combining hydrogen and oxygen from the air, leaving only water vapor as a by-product. It is an eco-friendly and efficient solution for companies that want to decrease their carbon footprint. Hydrogen fuel cell-powered forklift trucks provide longer operating times without the need for battery recharging, which saves time and enhances productivity.
Along with electric and hydrogen fuel cell-powered forklift trucks, the adoption of autonomous trucks is also gaining momentum. Autonomous forklift trucks operate independently without the need for human intervention. It is a futuristic solution for companies looking to streamline their logistics operations and minimize their environmental impact. Autonomous forklift trucks are programmed to take the most efficient routes, which reduces energy consumption and emissions, making them a sustainable solution for green logistics.
Moreover, adopting forklift truck telematics contributes to the rise of green logistics solutions. Forklift truck telematics provides real-time data on forklift truck operations, including emissions and energy usage. It enables companies to monitor their forklift truck fleet's environmental impact and make informed decisions to reduce their carbon footprint. It also helps companies identify opportunities to optimize their forklift truck operations and reduce energy consumption.
In conclusion, the rise of green logistics solutions is transforming the logistics industry's sustainability practices. Forklift trucks play a crucial role in reducing the environmental impact of the logistics industry. From electric and hydrogen fuel cell-powered forklift trucks to autonomous forklift trucks and forklift truck telematics, companies have various options to make their logistics operations eco-friendlier. By adopting sustainable practices, companies can not only reduce their environmental impact but also gain financial advantages, such as reduced operating costs and improved brand reputation. Therefore, businesses that want to do their part for the environment and their profit line should prioritize implementing green logistics solutions, including forklift trucks.
- How big is the Forklift Trucks Market?
- What is the Forklift Trucks Market growth?
- When do I get the report?
- In what format does this report get delivered to me?
- How long has 360iResearch been around?
- What if I have a question about your reports?
- Can I share this report with my team?
- Can I use your research in my presentation?