Forklifts or powered industrial trucks are designed to suit specific applications such as lifting, loading and unloading of bulk goods. The broader adoption of forklifts is attributed to their ability to efficiently lift and move materials over different paths without any restrictions. Global demand for these systems is likely to be propelled by growth in infrastructural and industrial activities along with the need of high-capacity systems for high production and yield of goods.

Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts. In addition, implementation of stringent regulatory standards towards worker safety during goods movement, like the EU`s `Health and Safety Directive` is expected to fuel the adoption of forklifts for manufacturing as well as distribution processes. The market is expected to also gain from technological advances and availability of automated platforms like monitoring and tracking solutions. The growing demand for shelves, pallets and racks in end-use applications along with the ability of these systems to reduce human efforts and enhance efficiency presents lucrative growth opportunities.

Amid the COVID-19 crisis, the global market for Forklift estimated at US$16.7 Billion in the year 2020, is projected to reach a revised size of US$19.1 Billion by 2026, growing at a CAGR of 2.2% over the analysis period. Diesel, one of the segments analyzed in the report, is projected to grow at a 1.6% CAGR to reach US$10.3 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 3.2% CAGR for the next 7-year period.

This segment currently accounts for a 19.1% share of the global Forklift market. Diesel forklift trucks are primarily designed for heavy lifting and to operate outdoors in rough terrain and harsh environments. They are suitable for handling and transporting a wide range of unit loads. Due to stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts have made way for Electric forklifts that are powered by electricity. Electric forklifts are propelled by a battery power source that does emit any harmful exhaust fumes. 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.

Select Competitors (Total 65 Featured) -

Anhui Heli Co., Ltd.

CLARK Material Handling International (CMHI)

Combilift Material Handling Solutions

Crown Equipment Corporation

Godrej Material Handling

HANGCHA GROUP CO., LTD

Hyster-Yale Materials Handling, Inc.

Jungheinrich AG

KION Group AG

Komatsu Ltd.

Lonking Holdings Limited

Mitsubishi Logisnext Co., Ltd.

Toyota Industries Corporation

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

Influencer Market Insights

Material Handling Equipment (MHE): An Introduction

Forklift: Integral Part of MHE

Types of Forklifts

counterbalanced forklift

Warehousing Forklifts

Forklift by Fuel Types

Diesel

Electric

Gasoline & LPG/CNG

Forklift by Tonnage Capacity

Less than 5 Ton

5 Ton to 10 Ton

11 Ton to 36 Ton

Classification by Forklift Classes

Born Out of Necessity, Forklifts Surge Ahead on the e-Commerce Boom

Developed Markets: Traditional Revenue Contributors

Developing Countries Turbo Charge Future Market Growth

Diesel Forklifts Making Way for Electric Forklifts

Manufacturing Application Segment to Maintain its Dominance

Global Economic Outlook: GDP Growth and Forklifts Market

Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020

Competitive Scenario

Impact of Covid-19 and a Looming Global Recession

Anhui Heli Co., Ltd. (China)

CLARK Material Handling Company (CMHC) (USA)

Combilift Material Handling Solutions (Ireland)

Crown Equipment Corporation (USA)

Godrej Material Handling (India)

HANGCHA GROUP CO., LTD (China)

Hyster-Yale Materials Handling, Inc. (USA)

Jungheinrich AG (Germany)

KION Group AG (Germany)

Komatsu Ltd. (Japan)

Lonking Holdings Limited (China)

Mitsubishi Logisnext Co., Ltd. (Japan)

Toyota Industries Corporation (Japan)

Increasing Popularity of Fuel cell-powered Forklifts Drives the Global Forklift Market

Myriad Benefits to Broaden Battery-operated Forklifts Application

Automated Forklifts Rise in Prominence

Electric Forklifts Gain Traction

Emphasis on Green Warehousing Steers Demand for Electric Forklifts

Forklift Tires Market: Characterized by Growing Demand for Solid and Non-Marking Tires

Lift Truck Made a Part of the Connected Enterprise Ecosystem

III. MARKET ANALYSIS

An Overview of Material Handling Equipment Market

Developing E-Commerce Industry Drives Growth in Automated Systems

Focus Heightens on Sustainable Solutions

Demand on Rise for Electric Forklifts

Competitive Landscape

Market Overview

Market Overview

Chinese Forklift Manufacturers Aim for Overseas Markets

Market Overview

Market Overview

Brief Market Overview

Market Overview & Outlook

Competitive Scenario

Market Overview

Opportunities in Retailing

'Go Green' is the Mantra

Competitive Scenario

An Overview