Forklift demand fueled by expanding e-commerce sector, valuation to reach US$94.56 billion by 2032

Adoption of Electric Forklifts in Warehouses to Transform the Forklift Market to 2022 and Beyond

The latest study from Fact.MR reveals details about the hidden opportunities in the forklift market for the next decade. It provides insights into vital trends fostering demand prospects in various segments in terms of type, class, propulsion, end-use industry, and region. Furthermore, the study predicts the growth prospects of the forklift market for the assessment period.

NEW YORK, July 21, 2022 /PRNewswire/ — Global Forklift Market Size Expected to Be Valued at US$48.52 billion in 2022 and is growing at a CAGR of 6.9% over the forecast period from 2022 to 2032. Growing demand for new forklifts capable of transporting heavy construction materials over long distances and working over rough terrain should propel growth.

According to the report, the global forklift market should reach US$94.56 billion in 2032. The expansion of the e-commerce sector worldwide is expected to increase the number of warehouses and further increase the need to manage the entire supply chain efficiently.

Many warehouse owners should focus on improving productivity, reducing operating costs, and increasing transparency within their operational factories and warehouses.

It is therefore expected to increase the demand for various innovative forklifts such as narrow aisle forklifts and stand-up forklifts which would provide better navigation and high operating accuracy in narrow mezzanines, levels and aisles.

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Additionally, the continued development of electric forklifts that offer many advantages such as low weight, less noise, reduced vibration and lower maintenance costs, should bode well for the global market. The demand for electric forklifts is expected to grow over the next decade due to the growing need for increased convenience for field employees.

The entry of various e-commerce platforms due to the convenience of shopping from anywhere anytime, affordable access to technology and worldwide adoption of smartphones is expected to accelerate the need for forklifts in warehouses.

According to the India Brand Equity Foundation (IBEF), total e-commerce sales reached approximately $67-84 billion in 2021 from US$52.57 billion recorded in 2020. These numbers are expected to grow at a rapid rate fueled by growing internet penetration and high consumer disposable income, thus pushing the forklift market.

Key points to remember:

  • Europe The forklift market is expected to hold a share of approximately 36.4% in 2022 and create an absolute dollar opportunity for US$17.66 billion in the same year.
  • North America The forklift market is expected to have a share of approximately 22.8% in 2022.
  • Currently, the forklift market in China holds approximately 18.9% of the capital and amounts to a valuation of US$9.17 billion.
  • The Global Forklift Market is Expected to Reach US$94.56 billion in 2032.
  • Forklift sales are expected to grow at a CAGR of 6.9% from 2022 to 2032 due to growing demand for warehousing.

Growth drivers:

  • The transformation in terms of warehouse operations across the globe is expected to drive the need for forklifts to transport heavy loads.
  • The rapid expansion of the e-commerce industry globally is expected to drive the demand for forklifts that can work in narrow and tight spaces.

Constraints:

  • Fluctuating raw material prices and high costs associated with forklift maintenance are expected to hamper sales over the assessment period.
  • Since electric forklifts are more sensitive to temperature changes than conventional equipment, they cannot be used for outdoor applications.

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Competitive Landscape:

Major companies operating in the global forklift market are engaging in mergers and acquisitions to compete with their rivals. They form solitary units to strengthen, simplify and streamline the overall customer experience. Meanwhile, some of the other companies are emphasizing on manufacturing cutting-edge products that are more productive and efficient than their traditional counterparts to appeal to a large consumer base.

For instance,

  • In January 2022Toyota Material Handling (TMH), a renowned supplier of forklifts and material handling equipment headquartered in India, introduced 22 latest electrical products as part of its portfolio expansion strategy. It includes a wide range of warehousing solutions and unique truck models to attract customers into material handling businesses.
  • In April 2021Godrej & Boyce (G&B), a leading manufacturer of complex engineering solutions based in Bombaysaid that Godrej Material Handling plans to capture around 30% of the electric counterbalanced forklift market share by 2024. improved visibility, increased safety and advanced ergonomics. .

Top Companies Featured by Fact.MR

  • Hyster-Yale Material Handling Inc.
  • Toyota Industries Corporation
  • Jungheinrich Group
  • KION Group SA
  • Mitsubishi Nichiyu Forklift Company

More Valuable Forklift Market Insights

In the latest study, Fact.MR offers a detailed study on the global forklift market for the forecast period 2022 to 2032. This study also highlights the key drivers of forklift sales promotion through segmentation detailed as follows:

By type:

By class:

  • Electric motor trucks
  • Narrow aisle electric motor trucks
  • Electric motor forklifts
  • Internal combustion engine trucks with cushion tires
  • Internal combustion engine trucks with pneumatic tires
  • Electric and internal combustion engine tractors
  • Rough terrain forklifts

By engine:

  • Thermal engine vehicles
  • Electric vehicles

By end-use industry:

  • Mining
  • Logistics
  • Construction
  • Manufacturing
  • Agriculture
  • Others

By region:

  • North America
  • Latin America
  • Europe
  • APAC
  • AEM

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Key questions answered in the Forklifts market report

  • What is the projected value of the forklift market in 2022?
  • At what rate will the global forklift market grow up to 2032?
  • What are the factors hindering the growth of the forklifts market?
  • Which region is expected to lead the global forklift market in 2022-2032?
  • What are the factors driving the forklift market during the forecast period?
  • What is the expected forklift market market value during the forecast period?

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