The forklift truck report describes and explains the forklift truck market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global forklift truck market reached a value of nearly $68.52579 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.56% since 2019. The market is expected to grow from $68.52579 billion in 2024 to $97.80760 billion in 2029 at a rate of 7.38%. The market is then expected to grow at a CAGR of 7.36% from 2029 and reach $139.47622 billion in 2034.
What Strategies Are Being Adopted By Key Players In The Forklift Truck Market?The key players in the market are adopting extensive strategies in the forklift truck market such as:Strengthening business operations through strategic partnerships.Driving growth with new launches to build expertise and expand operational capabilities.
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To take advantage of opportunities, The Business Research Company suggests that forklift truck companies enhance offerings:
Developing forklift middle-seat designs to differentiate offerings and meet evolving logistics needs.
Introducing electric forklifts to improve energy efficiency, lower emissions, and support sustainable material handling.
Launching electric pallet trucks to enhance operational efficiency.
Innovating heavy-duty forklift models designed for larger load handling.
Introducing compact lithium-ion forklifts to boost energy efficiency.
What Is Forklift Truck: Market Overview?Forklift trucks are industrial vehicles engineered for lifting, transporting and stacking materials over short distances, most commonly used in environments such as warehouses, distribution centers, factories, ports and construction sites.
The primary purpose of forklift trucks is to improve material handling efficiency by safely transporting and stacking goods that are too heavy or bulky for manual handling. They enhance productivity, reduce labor effort and support streamlined logistics and storage operations.The users of forklift trucks include businesses across logistics, manufacturing, retail, wholesale, construction and the food and automotive industries. They are employed during day-to-day operations that involve unloading goods from trucks, stacking materials on shelves, feeding production lines, or transporting finished products within or between facilities. Complementary equipment includes pallet jacks, conveyors, shelving systems and racking infrastructure, while substitutes may include cranes or manual trolleys for specific use cases.
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Who Are The Major Companies Operating In The Global Forklift Truck Market?The top ten competitors in the market made up to 34.53% of the total market in 2024. Toyota Industries Corporation (TICO) was the largest competitor with a 7.47% share of the market, followed by:Kion Group AG Hyster-Yale Materials Handling Inc. Jungheinrich AG Crown Equipment Corporation Mitsubishi Logisnext (Logisnext Group) Doosan Corp. Anhui HELI Co. Ltd. LiuGong Machinery Corporation Hangcha Group Co. Ltd.
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