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Global Forklifts Market to Reach US$50.5 Billion by the Year 2026

Forklifts or powered industrial trucks are designed to suit specific applications such as lifting, loading and unloading of bulk goods. Powered Industrial trucks are employed in transferring goods across diverse work environments ranging from manufacturing facilities to retail outlets. With development of automated forklifts, operations that were once complex have now become easy. Extensively employed in manufacturing industries, warehouses and distribution centers, forklifts` ability to easily maneuver heavy goods to various locations forms the prime factor driving the market growth. Increase in productivity, decrease in downtime, operator comfort, and reduced number of accidents and injuries are the other key factors fueling growth in the forklifts market. Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts. Advancements in technology are paving way for greater adoption of forklifts. Advent of intelligence forklifts, robotic lift trucks, forklifts with ultra-capacitors, fast charging battery-based forklifts, fuel cell powered forklift trucks, and cost-effective and eco-friendly hydrogen power trucks are drastically influencing the growth opportunities in the forklifts market.

The forklift market has received a special thrust from explosion of the e-commerce industry and continuing technological advancements enabling extensive connectivity. Increasing digitalization in the recent years is rapidly establishing e-commerce or online shopping as the preferred retail option among consumers. E-commerce is estimated to become the dominating shopping option for consumers in the coming years. The trend is highlighting a pressing requirement of robust and highly efficient distribution and warehousing facilities, which is bound to create the need for advanced material handling options for efficient loading, unloading, storage and transportation operations in warehouses. These requirements are slated to stimulate global demand for forklift trucks. The forklift truck market is receiving a major growth impetus from increasing acceptance of electric vehicles as a result of ongoing technological advancements coupled with rising cost of traditional fuels.

Amid the COVID-19 crisis, the global market for Forklifts estimated at US$40.8 Billion in the year 2022, is projected to reach a revised size of US$50.5 Billion by 2026, growing at a CAGR of 5% over the analysis period. Internal Combustion Engine (ICE), one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$35.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 5.6% CAGR for the next 7-year period. Internal Combustion Engine (ICE) forklifts dominate the market as heavy duty forklifts that find use in outdoor activity are typically driven by diesel. However, owing to the stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts are making way for electric forklifts that are powered by electricity. Rise in adoption of electric forklifts due to its benefits over internal combustion (IC) engines powered forklifts and increase in investments targeted at advancements in battery technology are poised to fuel growth of electric forklifts in the near future.

The U.S. Market is Estimated at $11.1 Billion in 2022, While China is Forecast to Reach $8.9 Billion by 2026

The Forklifts market in the U.S. is estimated at US$11.1 Billion in the year 2022. The country currently accounts for a 27.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$8.9 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR over the analysis period. The US and Europe represent the largest regional markets for forklifts. The encouraging scenario on the wholesale & retail distribution front coupled with anticipated robust demand for replacement of forklift trucks is expected to spiral demand for forklifts. Adoption of advanced technologies and Industry 4.0 initiative by the governments will create growth opportunities for forklifts market. Further, thriving e-commerce market and surging demand for battery operated forklift vehicles are expected to spur growth in the European market.

Retail & Wholesale (End-Use) Segment to Reach $18.5 Billion by 2026

Rapidly rising e-commerce and retail business, and reducing trade barriers between various regions across the world are significantly increasing number of warehouses, which require forklifts to properly arrange the products. The surging demand from warehouses is propelling growth in the forklifts market. In the global Retail & Wholesale (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 3.82% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.1 Billion will reach a projected size of US$14.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period.