Meticulous Research®, a frontrunner in global market research, has unveiled an illuminating study titled, ‘Forklift Market Size, Share, Forecast, & Trends Analysis by Class (1, 2, 3, 4, 5, 6, 7), Tonnage (Light, Medium, Heavy), Propulsion Type (Diesel, Gasoline, Electric), Automation (Full, Semi), Sector (E-Commerce, Automotive, Industrial) — Global Forecast to 2031.’
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In this latest publication by Meticulous Research®, the forklift market is forecasted to soar to $111.1 billion by 2031, at a remarkable CAGR of 6.5% from 2024 to 2031. The propulsion behind this market surge is multifaceted, including the burgeoning expansion of the retail & e-commerce sector, the escalating automation within manufacturing and warehousing realms, and the heightened emphasis on workplace safety and operational efficiency. However, the market’s trajectory may face a bottleneck due to the scarcity of skilled operators.
Moreover, the amalgamation of IoT with forklifts, the escalating demand for electric & hybrid forklifts as sustainable alternatives to traditional internal combustion engine forklifts, and the surge in demand for customizable forklifts are poised to carve out significant growth avenues. Nonetheless, the substantial upfront and maintenance costs associated with forklifts present a formidable challenge.
Additionally, the burgeoning demand for electric forklifts and the burgeoning adoption of automated and robotic forklifts are conspicuous trends in the forklift market.
The segmentation of the forklift market spans across class, tonnage capacity, propulsion type, automation type, and sector. This comprehensive analysis extends to regional and country levels.
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Class segmentation delineates the market into class 1-electric motor rider trucks, class 2-electric motor narrow aisle trucks, class 3-electric motor hand/rider trucks, class 4-ICE trucks with solid/cushion tires, class 5-ICE trucks with pneumatic tires, class 6-electric/IC engine tow tractors, and class 7-rough terrain forklifts. In 2024, the class 3-electric motor hand/rider trucks segment is poised to secure the lion’s share, exceeding 40.0% of the forklift market. This segment’s dominance is attributed to the escalating demand for efficient warehouse operations, encapsulating tasks such as order picking, pallet handling, and goods transportation.
On the other hand, the class 1-electric motor rider trucks segment is anticipated to register the steepest growth rate during the forecast period of 2024–2031. This growth trajectory is fueled by the burgeoning preference for sustainable and eco-friendly forklifts, aiming to curtail emissions, offer quieter operation, and reduce maintenance costs. Furthermore, supportive government policies and incentives bolstering electric vehicle adoption are catalysts for this segment’s growth.
The forklift market’s tonnage capacity segmentation encompasses light-duty forklifts (upto 10 tons), medium-duty forklifts (11–35 tons), and heavy-duty forklifts (above 35 tons). In 2024, the light-duty forklifts (upto 10 tons) segment is poised to dominate the market, commanding over 42.0% of the forklift market share. This dominance is propelled by the burgeoning demand for light-duty forklifts in warehouse and fulfillment center operations, facilitating efficient order picking and inventory management.
Conversely, the medium-duty forklifts (11–35 tons) segment is slated to register the highest growth rate during the forecast period of 2024–2031. This growth trajectory is underpinned by the industrial sector’s expansion and the escalating demand for medium-duty forklifts to streamline the movement of goods within manufacturing, warehousing, and distribution centers.
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Propulsion type segmentation delineates the forklift market into diesel forklifts, gasoline forklifts, electric forklifts, and hybrid forklifts. In 2024, the diesel forklifts segment is poised to dominate the market, owing to their burgeoning adoption for heavy-duty applications such as outdoor material handling, construction projects, and industrial operations.
However, the electric forklifts segment is anticipated to register the highest growth rate during the forecast period of 2024–2031. This growth trajectory is propelled by the surging adoption of sustainable and eco-friendly forklifts, driven by supportive government policies and incentives, advancements in battery technology, and the lower operating costs of electric forklifts compared to their diesel or gasoline-powered counterparts.
Automation type segmentation spans fully-automated forklifts, semi-automated forklifts, and manual forklifts. In 2024, the semi-automated segment is slated to command the largest share, exceeding 47.0% of the forklift market. This dominance is attributed to the escalating adoption of semi-automated forklifts, facilitating seamless integration with advanced warehouse management systems (WMS) to enhance productivity, safety, accuracy, and operational efficiency in material handling tasks.
Nevertheless, the fully-automated forklifts segment is anticipated to register the highest growth rate during the forecast period of 2024–2031. This growth trajectory is fueled by the burgeoning warehouse automation, the escalating need to support rapid online order fulfillment, and the rising focus on smart manufacturing and Industry 4.0 initiatives.
Sector segmentation extends across various domains including food & beverage, automotive, paper & pulp, metals & heavy machinery, retail & e-commerce, aerospace & defense, mining, chemicals, pharmaceuticals & healthcare, industrial manufacturing, storage & warehousing, construction, and other sectors. In 2024, the industrial manufacturing segment is poised to secure the largest share, exceeding 26.0% of the forklift market. This dominance is propelled by the escalating demand for efficient material handling solutions within the industrial sector and the surging demand for advanced forklifts to meet diverse manufacturing needs.
However, the retail & e-commerce segment is anticipated to register the highest growth rate during the forecast period of 2024–2031. This growth trajectory is underpinned by the rapid growth in the e-commerce & online retail sectors, driving the increased demand for advanced forklifts to enable efficient warehouse operations, inventory management, and order processing.
Geographically, the forklift market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is poised to dominate the market, commanding over 48.0% of the forklift market share, followed by Europe, North America, Latin America, and the Middle East & Africa. Moreover, the market in Asia-Pacific is projected to register the highest growth rate of over 8.0% during the forecast period. This growth trajectory is attributed to various factors including the burgeoning demand for efficient and reliable forklifts to support material handling operations across diverse industries, the growing trend towards Industry 4.0 and smart manufacturing, and the increasing adoption of advanced forklifts including automated guided vehicles (AGVs) and robotic picking systems to support growing e-commerce volumes.
Additionally, the rising demand for heavy-duty forklifts to handle construction materials and equipment, coupled with an increasing focus on workplace safety and regulatory compliance, especially in countries like Japan, South Korea, and Australia, further contributes to the growth of the Asia-Pacific regional market.
Key Players:
The key players operating in the forklift market include Toyota Industries Corporation (Japan), KION GROUP AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (U.S.), Hyster-Yale Group, Inc. ( U.S.), Anhui Heli Co., Ltd. (China), Hangcha Group Co., LTD. (China), CLARK MATERIAL HANDLING (U.S.), Doosan Bobcat Inc. (South Korea), HD Hyundai Construction Equipment Co., Ltd. (South Korea), Combilift (Ireland), EP Equipment (China), VisionNav Robotics (U.S.), Action Construction Equipment Limited (India), and Godrej & Boyce Manufacturing Company Limited (India).
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Key Questions Addressed:
• What segments exhibit high growth potential based on class, tonnage capacity, propulsion type, automation type, sector, and geography?
• What is the historical performance of the forklift market?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the forklift market?
• Who are the major players in this market, and what is their competitive landscape?
• What recent developments are shaping the forklift market?
• What strategies are being adopted by major players in this market?
• What are the key geographic trends and high-growth countries?
• Who are the local emerging players in the forklift market, and how do they compete with other players?

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