Summary

Forklift Trucks Market Research Report: By Technology (Electric Powered and Internal Combustion Engine Powered), By Load Capacity (Below 5 Tons and Above 5 Tons), By Application (Manufacturing, Logistics, Retails & Wholesale, and Others), By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) Forecast to 2035
Market Overview
The forklift vehicles market is anticipated to experience substantial growth during the review period, with a compound annual growth rate (CAGR) of 7.0%. The market is anticipated to attain a value of USD 1,76,863.6 Million by the conclusion of the forecast period, with an estimated value of USD 85,283.4 Million in 2024.
The demand for efficient material handling solutions in warehouses, logistics centers, and manufacturing facilities is propelling the steady growth of the global forklift trucks industry. Forklift operations are being revolutionized by technological advancements, such as automation, electrification, and IoT integration, which are improving safety, productivity, and sustainability. Particularly in industrialized economies, the adoption of just-in-time inventory systems and e-commerce is being further accelerated.

The demand for electric forklifts is on the rise due to the increasing emphasis on cost efficiency and sustainability. These forklifts are designed to comply with stringent environmental regulations, reduce operational costs, and emit fewer emissions. Traditional lead-acid batteries are being replaced by lithium-ion battery technology, which is gaining popularity due to its extended lifespan and faster charging times. Smart fleet management solutions that utilize AI and telematics enhance real-time monitoring and predictive maintenance, thereby reducing downtime and optimizing warehouse efficiency.

Market Segmentation
The global forklift truck market has been divided into two segments: Internal Combustion Engine Powered and Electric Powered, based on technology.
The global forklift truck market has been categorized into two categories: Below 5 Tons and Above 5 Tons, based on capacity.
The global forklift vehicles market has been segmented into Manufacturing, Logistics, Retails & Wholesale, and Others, based on the application.

Regional Perspectives
The forklift truck market in North America is undergoing substantial development, which is being fueled by the growing industrial production activities, increased warehouse automation, and the expansion of e-commerce. The demand for forklifts in distribution centers, retail depots, and construction sites has increased because of the region's emphasis on efficient logistics and supply chain management.
The forklift truck market in Europe is undergoing significant development, which is being driven by the expansion of e-commerce and logistics networks, a strong emphasis on sustainability, and an increasingly automated industrial sector. The adoption of cleaner and more efficient material handling solutions by key industries such as automotive, retail, and manufacturing has been expedited by the region's stringent emission regulations, which have facilitated the transition to electric and hydrogen fuel cell-powered forklifts.
Industrialization, urbanization, and a flourishing e-commerce sector are all contributing to the rapid growth of the Asia-Pacific forklift truck market. Making it a significant contributor to the global forklift industry, the region is home to some of the world's largest manufacturing and logistics centers, such as China, Japan, and India.

Major Players
The forklift industry is significantly influenced by companies such as Toyota Material Handling, Jungheinrich AG, KION Group, Komastu Ltd., Hyster-Yale Materials Handling, and Mitsubishi Logisnext, among others.

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Table of Contents

TABLE OF CONTENTS
1 Executive’s HANDBOOK .................................................................................................................................. 19
2 MARKET INTRODUCTION .............................................................................................................................. 22
2.1 DEFINITION .................................................................................................................................................................. 22
2.2 Report Segmentation & Scope ................................................................................................................................. 22
2.3 MARKET STRUCTURE .............................................................................................................................................. 24
3 Research Methodology ..................................................................................................................................... 25
3.1 Overview 25
3.2 DATA flow ..................................................................................................................................................................... 27
3.2.1 Data Mining Process ....................................................................................................................................... 27
3.3 Purchased Database: .................................................................................................................................................. 28
3.4 Secondary Sources: ..................................................................................................................................................... 29
3.4.1 Secondary Research data flow: ........................................................................................................................ 30
3.5 Primary Research: ...................................................................................................................................................... 31
3.5.1 Primary Research DATA FLOW: ....................................................................................................................... 32
3.5.2 Primary Research: Number of Interviews conducted ........................................................................................ 33
3.5.3 Primary Research: Regional Coverage ............................................................................................................. 33
3.6 Approaches for market size estimation:.............................................................................................................. 34
3.6.1 Consumption & Net Trade Approach ................................................................................................................ 34
3.6.2 Revenue Analysis Approach ............................................................................................................................ 35
3.7 Data forecasting ........................................................................................................................................................... 36
3.7.1 Data forecasting Technique ............................................................................................................................ 36
3.8 Data modeling .............................................................................................................................................................. 37
3.8.1 microeconomic factor analysis: ....................................................................................................................... 37
3.8.2 Data modeling: ............................................................................................................................................... 38
3.9 Teams and Analyst Contribution .......................................................................................................................... 40
4 Market Dynamics .............................................................................................................................................. 41
4.1 Introduction .................................................................................................................................................................. 41
4.2 Growth Parameters Mapped – Drivers ................................................................................................................ 43
4.2.1 Rising E-Commerce & Warehousing Expansion Driving the Forklift Trucks Market .............................................. 43
4.2.2 Growth in Manufacturing & Construction Sectors Driving the Forklift Trucks Market ........................................... 44
4.2.3 Labor Shortages & Automation Trends Driving the Forklift Truck Market ............................................................ 44
4.3 What are the challenges faced by Industry Participants? ............................................................................. 46
4.3.1 High Initial Investment Costs as a Restraint in the Forklift Truck Market ............................................................ 46
4.3.2 Maintenance & Downtime Costs Hindering the Forklift Truck Market ................................................................. 47
4.4 OpportunitIES ............................................................................................................................................................... 49
4.4.1 Emergence of AI-powered Autonomous Forklift Trucks Presents Significant Growth Opportunities ..................... 49
4.5 impact analysis of covid-19 ..................................................................................................................................... 50
4.5.1 Impact 0n THE OVERALL CONSTRUCTION INDUSTRY ....................................................................................... 50
4.5.1.1 IMPACT ON GLOBAL FORKLIFT TRUCKS MARKET ..................................................................... 50
4.5.2 Impact on Supply Chain of FORKLIFT TRUCKS .................................................................................................. 51
4.5.3 Impact on Market Demand of Forklift trucks..................................................................................................... 51
5 Market Factor Analysis ..................................................................................................................................... 53
5.1 Supply/VALUE Chain Analysis .............................................................................................................................. 53
5.1.1 Participants (At different Nodes) ..................................................................................................................... 53
5.1.1.1 Raw Material suppliers ........................................................................................................................... 53
5.1.1.2 Manufacturers ........................................................................................................................................ 54
5.1.1.3 Distribution Channel ............................................................................................................................... 54
5.1.1.4 End-user ................................................................................................................................................ 54
5.1.2 integration levels ............................................................................................................................................ 54
5.1.3 Key Issues Addressed (Key Success Factors)................................................................................................... 54
5.2 Porter’s Five Forces Model ....................................................................................................................................... 55
5.2.1 Bargaining Power of Suppliers ......................................................................................................................... 55
5.2.2 Bargaining Power of Buyers ............................................................................................................................ 56
5.2.3 Threat of New Entrants ................................................................................................................................... 56
5.2.4 Threat of Substitutes ...................................................................................................................................... 56
5.2.5 Intensity of Rivalry .......................................................................................................................................... 56
6 GLOBAL FORKLIFT TRUCKS MARKET, BY TECHNOLOGY ........................................................................ 57
6.1 Introduction .................................................................................................................................................................. 57
6.2 Electric Powered ......................................................................................................................................................... 58
6.3 Internal Combustion Engine (ICE) Powered ...................................................................................................... 58
7 Global Forklift trucks Market, by Capacity ........................................................................................................ 59
7.1 Introduction .................................................................................................................................................................. 59
7.2 Below 5 Tons ................................................................................................................................................................ 60
7.3 Above 5 Tons ................................................................................................................................................................ 60
8 Global Forklift trucks Market, by APPLICATION .............................................................................................. 61
8.1 Introduction .................................................................................................................................................................. 61
8.2 Manufacturing ............................................................................................................................................................. 62
8.3 Logistics 62
8.4 Retail & Wholesale ...................................................................................................................................................... 63
8.5 OTHERS 63
9 Global Forklift trucks Market, By region ........................................................................................................... 64
9.1 Overview 64
9.2 North America ............................................................................................................................................................. 65
9.2.1 U.S................................................................................................................................................................. 68
9.2.2 Canada .......................................................................................................................................................... 69
9.3 europe 70
9.3.1 Germany ........................................................................................................................................................ 73
9.3.2 U.K ................................................................................................................................................................ 74
9.3.3 France ........................................................................................................................................................... 75
9.3.4 Spain ............................................................................................................................................................. 76
9.3.5 Italy ............................................................................................................................................................... 77
9.3.6 Rest of Europe ................................................................................................................................................ 78
9.4 Asia-pacific ................................................................................................................................................................... 79
9.4.1 China ............................................................................................................................................................. 82
9.4.2 Japan ............................................................................................................................................................ 83
9.4.3 India .............................................................................................................................................................. 84
9.4.4 Australia ........................................................................................................................................................ 85
9.4.5 South Korea ................................................................................................................................................... 86
9.4.6 Rest of Asia-Pacific ........................................................................................................................................ 87
9.5 REST OF THE WORLD ................................................................................................................................................ 88
9.5.1 Middle East .................................................................................................................................................... 90
9.5.2 Africa ............................................................................................................................................................. 91
9.5.3 Latin America ................................................................................................................................................. 92
10 Company Profiles ............................................................................................................................................. 93
10.1 INTRODUCTION ........................................................................................................................................................... 93
10.2 Company market share analysis, 2023 ................................................................................................................ 94
10.2.1 Forklift Trucks Market Share Analysis .............................................................................................................. 94
10.3 COMPETITIVE BENCHMARKING .......................................................................................................................... 95
10.4 Leading Players in terms of THE Number of Developments in the Forklift Trucks Market ............. 96
10.5 KEY DEVELOPMENTS & GROWTH STRATEGIES ............................................................................................ 97
10.5.1 New Product Launch ....................................................................................................................................... 97
10.5.2 Business expansion ........................................................................................................................................ 99
11 Company Profiles ............................................................................................................................................. 101
11.1 TOYOTA INDUSTRIES CORPORATION ................................................................................................................ 101
11.1.1 COMPANY OVERVIEW ..................................................................................................................................... 101
11.1.2 FINANCIAL OVERVIEW TOYOTA INDUSTRIES CORPORATION : FINANCIAL OVERVIEW SNAPSHOT. .................... 102
11.1.3 PRODUCTS OFFERed....................................................................................................................................... 103
11.1.4 KEY DEVELOPMENTS ...................................................................................................................................... 103
11.1.5 SWOT ANALYSIS ............................................................................................................................................ 103
11.1.6 Key Strategy ................................................................................................................................................... 105
11.1.6.1 Business Strategies ................................................................................................................................ 105
11.1.6.1.1 Product Strategy .......................................................................................................... 105
11.1.6.2 Corporate Strategies............................................................................................................................... 105
11.1.6.3 Overall Strategy ...................................................................................................................................... 105
11.2 KOMATSU LTD. ........................................................................................................................................................... 106
11.2.1 COMPANY OVERVIEW ..................................................................................................................................... 106
11.2.2 FINANCIAL OVERVIEW .................................................................................................................................... 107
11.2.3 PRODUCTS OFFERed....................................................................................................................................... 107
11.2.4 KEY DEVELOPMENTS ...................................................................................................................................... 107
11.2.5 SWOT ANALYSIS ............................................................................................................................................ 109
11.2.6 Key Strategy ................................................................................................................................................... 109
11.2.6.1 Business Strategies ................................................................................................................................ 109
11.2.6.1.1 Product Strategy .......................................................................................................... 109
11.2.6.2 Corporate Strategies............................................................................................................................... 109
11.2.6.3 Overall Strategy ...................................................................................................................................... 110
11.3 KION Group AG............................................................................................................................................................. 111
11.3.1 COMPANY OVERVIEW ..................................................................................................................................... 111
11.3.2 FINANCIAL OVERVIEW .................................................................................................................................... 112
11.3.3 PRODUCTS OFFERed....................................................................................................................................... 112
11.3.4 KEY DEVELOPMENTS ...................................................................................................................................... 113
11.3.5 SWOT ANALYSIS ............................................................................................................................................ 113
11.3.6 Key Strategy ................................................................................................................................................... 113
11.3.6.1 Business Strategies ................................................................................................................................ 113
11.3.6.1.1 Product Strategy .......................................................................................................... 114
11.3.6.2 Corporate Strategies............................................................................................................................... 114
11.3.6.3 Overall Strategy ...................................................................................................................................... 114
11.4 Jungheinrich Group ................................................................................................................................................... 115
11.4.1 COMPANY OVERVIEW ..................................................................................................................................... 115
11.4.2 PRODUCTS OFFERed....................................................................................................................................... 116
11.4.3 KEY DEVELOPMENTS ...................................................................................................................................... 116
11.4.4 KEY DEVELOPMENTS ...................................................................................................................................... 117
11.4.5 SWOT ANALYSIS ............................................................................................................................................ 117
11.4.6 Key Strategy ................................................................................................................................................... 118
11.4.6.1 Business Strategies ................................................................................................................................ 118
11.4.6.1.1 Product Strategy .......................................................................................................... 118
11.4.6.2 Corporate Strategies............................................................................................................................... 118
11.4.6.3 Overall Strategy ...................................................................................................................................... 119
11.5 HYSTER-YALE MATERIAL HANDLING INC. ..................................................................................................... 120
11.5.1 COMPANY OVERVIEW ..................................................................................................................................... 120
11.5.2 FINANCIAL OVERVIEW .................................................................................................................................... 121
11.5.3 PRODUCTS OFFERed....................................................................................................................................... 121
11.5.4 KEY DEVELOPMENTS ...................................................................................................................................... 122
11.5.5 SWOT ANALYSIS ............................................................................................................................................ 122
11.5.6 Key Strategy ................................................................................................................................................... 122
11.5.6.1 Business Strategies ................................................................................................................................ 122
11.5.6.1.1 Product Strategy .......................................................................................................... 123
11.5.6.2 Corporate Strategies............................................................................................................................... 123
11.5.6.3 Overall Strategy ...................................................................................................................................... 123
11.6 MITSUBISHI HEAVY INDUSTRIES, LTD. ............................................................................................................ 124
11.6.1 COMPANY OVERVIEW ..................................................................................................................................... 124
11.6.2 FINANCIAL OVERVIEW .................................................................................................................................... 125
11.6.3 PRODUCTS OFFERed....................................................................................................................................... 126
11.6.4 KEY DEVELOPMENTS ...................................................................................................................................... 126
11.6.5 SWOT ANALYSIS ............................................................................................................................................ 127
11.6.6 Key Strategy ................................................................................................................................................... 127
11.6.6.1 Business Strategy ................................................................................................................................... 127
11.6.6.1.1 Product Strategy .......................................................................................................... 127
11.6.6.2 Corporate Strategies............................................................................................................................... 127
11.6.6.3 Overall Strategy ...................................................................................................................................... 128
11.7 THE RAYMOND CORPORATION ............................................................................................................................ 129
11.7.1 COMPANY OVERVIEW ..................................................................................................................................... 129
11.7.2 PRODUCTS OFFERed....... 130
11.7.3 KEY DEVELOPMENTS............................................................. 130
11.7.4 SWOT ANALYSIS .......... 130
11.7.5 Key Strategy ................. 131
11.7.5.1 Business Strategy............................................................ 131
11.7.5.1.1 Product Strategy.......................................... 131
11.7.5.2 Corporate Strategies......................................................... 131
11.7.5.3 Overall Strategy.................................................... 132
11.8 Crown Equipment Corporation......................................... 132
11.8.1 COMPANY OVERVIEW........................................................ 132
11.8.2 PRODUCTS OFFERed............ 133
11.8.3 KEY DEVELOPMENTS.................................................. 133
11.8.4 SWOT ANALYSIS ........... 134
11.8.5 Key Strategy ................. 134
11.8.5.1 Business Strategy....................................................... 134
11.8.5.1.1 Product Strategy..................................... 134
11.8.5.2 Corporate Strategies................................................................ 134
11.8.5.3 Overall Strategy................................................................. 135
11.9 Anhui HELI Co. Ltd. ................ 136
11.9.1 COMPANY OVERVIEW............................................................. 136
11.9.2 FINANCIAL OVERVIEW........................................................... 137
11.9.3 PRODUCTS OFFERed......... 137
11.9.4 KEY DEVELOPMENTS........................................ 137
11.9.5 SWOT ANALYSIS .......... 138
11.9.6 Key Strategy ................... 138
11.9.6.1 Business Strategy........................................................ 138
11.9.6.1.1 Product Strategy...................................... 138
11.9.6.2 Corporate Strategies.......................................................... 138
11.9.6.3 Overall Strategy......................................... 139
11.10 KALMAR CORPORATION ......... 140
11.10.1 COMPANY OVERVIEW......................................... 140
11.10.2 FINANCIAL OVERVIEW...................................................... 141
11.10.3 PRODUCTS OFFERed........... 141
11.10.4 KEY DEVELOPMENTS ... 142
11.10.5 SWOT ANALYSIS ........... 142
11.10.6 Key Strategy ............. 143
11.10.6.1 Business Strategy................................................................. 143
11.10.6.1.1 Product Strategy......................................................... 143
11.10.6.2 Key Strategy ........ 143
11.10.6.3 Overall Strategy................................................................................ 143