Forklift Truck Market Expected to Reach $51 Billion, Globally by 2022

Forklift truck, also called lift truck or fork truck, is a truck used to lift and move material from one place to another. Japan, China, and India are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks.

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Forklift Truck Market
Forklift Truck Market

Forklift Truck Market Report, published by Allied Market Research, projects that the global forklift truck market is estimated to reach $51 billion by 2022, growing at a CAGR of 6.6% during the forecast period.Asia-Pacific accounted for the highest market share in 2015, and is anticipated to maintain its dominance throughout the forecast period.

Forklift is a power industrial truck used for handling different materials. The forklift market is expected to witness notable growth in future owing to the competitive advantages of electric forklift trucks such as high efficiency, eco-friendly nature, and low operation cost compared to other forklift trucks. Increase in applications of forklift in the industrial sector, such as in food industry and automotive, is expected to fuel the market growth. Moreover, increase in warehouse space for automotive and food industry boosts the demand for forklift trucks.Based on product type, the forklift truck market is bifurcated into warehouse and counterbalance forklift trucks. Counterbalance was the highest revenue-generating segment, accounting for $24 billion in 2015. However, warehouse is expected grow at the highest CAGR of 7.4% to reach $14 billion by 2022.

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Based on class type, the market is segmented into class I, class II, class III, class IV, and class V forklift. Class IV generated the highest revenue, accounting for $12.6 billion in 2015. However, class II segment is projected to witness fastest growth rate of 9.1% to reach $7 billion by 2022.

Based on end user, the market is divided into retail & wholesale, logistic, automotive, food industrial, and others (chemical, timber, and paper). Retail & wholesale and logistics are expected to register the highest CAGRs of 6.7% and 8.2%, respectively. However, retail & wholesale was the highest revenue-generating segment in 2015, accounting for $13.6 billion.

Based on geography, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific generated the highest revenue, in 2015, with $15 billion and is expected to retain its dominance ahead as well. It is expected to reach $25 billion by 2022, growing at a CAGR of 7.8%. Europe and North America are the second and third leading regions, in terms of revenue, for forklift truck market,respectively.

Key Findings of Forklift Truck Market:

  • In 2015, class IV forklift truck led the overall forklift truck market, and is projected to grow at a CAGR of 5.2% during the forecast period.
  • IC engine-powered forklift truck dominated the market, and is expected to grow at a CAGR of 5.8%.
  • In 2015, counterbalance forklift truck was the dominant type, and is projected to grow at a CAGR of 6.4%.
  • Retail & wholesale forklift trucks led the overall market in 2015, and this segment is projected to grow at a CAGR of 6.7%.
  • Asia-Pacific accounted for the largest market share in 2015, and is anticipated to grow at a significant CAGR of 7.8%.

The key players in the forklift truck market focus on expanding their business operations in emerging countries, with new product launches as a preferred strategy. Major players engaged in this market are Toyota Industries Corporation (TICO), Kion Group AG. Jungheinrich AG, Hyster-Yale Material Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co. Ltd, UniCarriers American Corporation, Anhui Forklift Truck Group Corp, Hangcha Group Co., Ltd, and Komatsu Ltd.

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