Forklift Market Exhibiting At A CAGR Of 13.2% From 2023 To 2030

Posted by Neha Bora on September 27th, 2023

San Francisco, 27 Sep 2023: The Report Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source, By Load Capacity, By Electric Battery Type, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global forklift market size is projected to reach USD 154.33 billion by 2030, expanding at a CAGR of 13.2% from 2023 to 2030, according to a new study by Grand View Research, Inc. The growth is driven by the rising need for forklifts in warehouses for the beverage and food industry, as well as in industrial manufacturing to load and unload cargo trucks and transport goods. Forklifts offer benefits such as reducing the requirement for labor, increasing safety, and requiring less maintenance. The need for forklifts for lifting heavy equipment and material handling is anticipated to rise as a result of the large increase in construction activity due to the rapid urbanization in nations like Brazil, South Korea, and India.

As a result of increasing environmental issues, governments in both developed and emerging economies are looking for measures to reduce the usage of ICE engines. Manufacturers are putting more effort into developing fuel-cell technology as a result of the imminent ban on petrol and diesel-based vehicles in various nations in the future. Despite the market's rapid growth, a number of factors, including numerous options for renting a car and the expensive price of batteries, are anticipated to restrain the expansion. Additionally, it is anticipated that shifting raw material costs will soon pose a threat to the industry’s growth.

The pandemic had a detrimental effect on the market expansion. Several national governments enacted laws requiring social seclusion and the temporary closing of manufacturing plants in the first quarter of 2020. Production facility closures and problems in raw material supply chains hampered forklift sales. However, the easing of lockdown measures, followed by the resumption of warehouse operations, led to positive industrial development in the second quarter of 2021, allowing the market to recover gradually.

Access Research Report of Forklift Market @ https://www.grandviewresearch.com/industry-analysis/forklift-market

Forklift Market Report Highlights

• The class 3 segment led the market in 2022 in terms of class. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum
• Over the forecast period, the Class 1 segment is anticipated to advance at a significant CAGR. The market is anticipated to be driven by favorable government initiatives to boost the sales of electric vehicles and increased demand from the construction sector
• In terms of power source, the electric segment is anticipated to register the highest growth over the forecast period. The coming ban on the sale of ICE vehicles and the quick development of EV battery power and longevity are factors responsible for this growth
• Based on load capacity, the below 5-ton segment is expected to register the highest CAGR over the projection period. The segment growth is owing to their compactness, versatility, and cost-effectiveness, making them a valuable asset for businesses seeking efficient and flexible material-handling solutions
• In terms of the electric battery type, the lithium-ion segment is anticipated to register the highest CAGR over the forecast period. These batteries are widely used in electric forklifts due to their higher energy density, longer lifespan, and faster charging capabilities. The demand for lithium and other rare metals in these batteries can influence their pricing and availability
• The retail & e-commerce end-use segment is expected to register the highest CAGR over the forecast period. As businesses strive to optimize their supply chain operations and enhance productivity, they invest in advanced warehousing facilities. As a result, the need for efficient forklifts has grown substantially

Forklift Market Report Scope

List of Key Players in the Forklift Market

• Anhui Heli Co., Ltd.
• CLARK
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha
• Hyster-Yale Materials Handling, Inc.
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Material Handling

Access Press Release of Forklift Market @ https://www.grandviewresearch.com/press-release/global-forklift-market