The global forklift market reached a valuation of $33,878.7 million in 2019 and is predicted to generate a revenue of $42,519.4 million by 2030. Furthermore, the market would exhibit a CAGR of 2.8% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The rapidly growing e-commerce industry and the adoption of advanced autonomous and electric forklift in warehouses and factories are the main factors fueling the growth of the market.
The expanding customer base, changing customer expectations and buying habits, and the increasing popularity of e-commerce are propelling the growth of the forklift market across the globe. The rising popularity of online shopping is pushing up the need for faster deliveries, which is, in turn, challenging the traditional logistics. This is making companies adopt strategies such as making huge investments in autonomous and electric forklifts. This is subsequently fueling the usage of forklifts in warehouses for loading and picking goods.
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Based on class, the forklift market is divided into class 5, class 4, class 3, class 2, and class 1 categories. Out of these, the class 5 category recorded the highest growth in the market in the past few years. These forklifts are driven by internal combustion engines (ICEs) and are extensively used in various developing countries such as Mexico, India, Brazil, and China. They are heavily used in heavy lifting applications.
Geographically, the forklift market will demonstrate the highest growth rate in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This would be a result of the increasing industrialization and the surging establishment of warehouses in the developing nations of the region. Additionally, the rapidly expanding e-commerce sector and the changing customer buying habits are fueling the demand for faster warehouse operations, which is, in turn, pushing up the demand for forklifts in the region.
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Market Size Breakdown by Segment
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
By Engine Type
- Internal Combustion Engine (ICE)
- North America
- South Korea
- South Africa
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