Forklift Market Size Worth $201.81 Billion By 2032 | CAGR: 13.3%

The global forklift market size is expected to reach USD 201.81 billion by 2032, according to a new study by Polaris Market Research. The report “Forklift Market Share, Size, Trends, Industry Analysis Report, By Class (Class 1, Class 2, Class 3, and Class 4/5); By Power Souce; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Considerable growth in the global warehousing and logistic activities and availability of various electric forklift models at lower cost than ICE models coupled with the extremely booming mainstream due to its improved configurations and enhanced styles are among the prominent factors propelling the global market growth at significant pace.

Along with this, a continuous expansion in the customer base and their changing purchasing patterns and expectations especially in emerging economies such as China, India, and Indonesia, has forced manufacturers to introduce more developed and innovated solutions, which is further likely to create huge growth opportunities and product demand in the near future.

For instance, in March 2022, OTTO Motors, a leading autonomous mobile robots’ provider, introduced its new smartest autonomous forklift, OTTO Lifter, that drives efficiently in dynamic and crowded environments and also improves the warehouse safety and facilities. The new forklift is compatible with company’s entire fleet of AMRs with OTTO Motors Fleet Manager.

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In the recent years, the growing adoption of various advance technologies including artificial intelligence, robots, and connected things in forklifts, due to which machine match the human performance range of work activities, while considering the recent improvements in automation, end-to-end efficiency, and real-time responsiveness. Therefore, the connected lift trucks are gaining high traction and being adopted across the globe.

Furthermore, with the advent of Automated Guided Vehicles forklift, that does not require an operator and use cameras, lasers, and floor marking to navigate and can perform variety of tasks such as pallet tracking, mobile tracking, drive-in racking, block-stacking, and gravity racking among others, thereby resulting in high proliferation and popularity among various end-use sectors. Utilizing the automation within the materials handling equipment environment is amongst the methods companies are adapting and advancing to modernize technology and practical business tools, that can help them to save thousands of overhead costs and also reduce the work-related accidents.

Forklift Market Report Highlights

• Class 3 segment accounted high market share in 2022, which is mainly accelerated by its growing adoption among various distribution centers and warehouses
• Electric segment held the largest market share in 2022, on account of rapidly growing popularity of various innovated electric vehicles due to its eco-friendliness and lower operational & maintenance costs
• Asia Pacific region dominated the global market owing to the presence of large industrial manufacturing companies in countries like China and India and demand for innovated material handling equipment
• The global key market players include Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Toyota Material Handling, Hyundai Vehicle America Corporation, and Boyce Group

Polaris Market Research has segmented the Forklift market report based on class, power source, and region:

Forklift, Class Outlook (Revenue - USD Billion, 2019 - 2032)

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

Forklift, Power Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Internal Combustion Engine
• Electric

Forklift, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa