The global forklift market size is estimated to grow from USD 85.2 billion in 2024 to USD 125.4 billion by 2030, with a CAGR of 6.7% over the forecast period.
The global forklift market observes growth due to growth in e-commerce and warehouse sectors, an increase in demand for warehouse automation, and rising labor costs. Moreover, the rising demand for sustainable material handling equipment would drive the demand for electric forklifts. Asia Pacific is expected to be the largest market during the forecast period. This is due to the growth in the industrial sector in this region and rising demand for more efficient material-handling equipment.
The class 3 segment is projected to dominate the forklift market during the forecast period
Class 3 forklifts are projected to be the highest market share holder at the global level. Class 3 forklifts are battery- operated and are used more in indoor applications. They generally fall into three types: pallet jacks, stackers, and tow tractors, and are available in both walk-behind and rider functionalities. FEM, the European Materials Handling Federation, further classified this category into two- Class 31 and Class 32, meaning Electric Stacker Trucks and Electric Low-lift Trucks, respectively. These forklifts find further application in unloading parcels and dropping them into temporary storage areas with an added boom in the B2B & B2C e-commerce and F&B industries. Even with heavy loads within a confined space, these forklifts have better maneuverability, which helps in efficient and convenient space management. Also, these forklifts are used together in great numbers with automated storage and retrieval systems and can be easily fitted into the processes of modern, high-efficiency logistics. Thus, industrialization of the e-commerce and food & beverage industries, coupled with industrial automation, is lending solid support to the deployment of advanced material handling solutions, thereby driving the demand for class 3 forklifts in the coming years.
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The autonomous forklift market is estimated to be the fastest-growing market during the forecast period.
Autonomous forklifts are projected to be the fastest-growing market by 2030. This growth is attributed to the rise in the e-commerce, pharmaceuticals, retail, warehousing, and distribution industries, which have major indoor applications with a lifting capacity requirement of less than 5 tons. The adoption is mainly attributed to advantages such as reducing dependence on labor availability, increased efficiency, and a high return on investments. In addition, the storage capacity can be improved by optimum usage of space; further, with SLAM with vision guidance and SLAM with LIDAR sensor navigation, the operation will become more pronounced & compatible with fast operations. These technologies also provide real-time environment positioning and further increased adaptability, which lowers the risk of injuries or mistakes during the process of material handling within a warehouse or distribution center. Amazon has deployed numerous autonomous forklifts within its warehouses and distribution centers in an effort to decrease dependence on labor for its warehouse operations and to further enhance the efficiency of its operations. It had further planned automation adoption in all its stores and fulfillment centers with the intention of reaching 65% of its stores and 55% of its fulfillment volume automated by 2026. With further development in artificial intelligence, sensors, and machine learning that perform tasks with precision and consistency, autonomous forklift implementations will gain major momentum in times to come.
Asia Pacific is estimated to be the largest forklift market from 2024-2030.
The Asia Pacific region is anticipated to represent >55% of the global forklift market growth value by 2024. The rapid growth can be attributed to the booming e-commerce industry and increasing exports in fast-moving consumer goods (FMCG), automotive, food & beverage, and pharmaceuticals sectors. The use of intralogistics systems among local e-commerce operations is being powered by growing opportunities and product assortment across countries such as China, South Korea, and India, with increased consumer demand. Additionally, delivery speed and operational efficiency improvements call for a rapid adoption of forklifts. In recent years, E-commerce, warehousing, and logistics have undergone significant transformations in Asia Pacific. For instance, according to statistical survey, live commerce is gaining momentum in China and India, where seven out of ten individuals participate in live shopping activities. China is at the top of the global business, especially in the e-commerce market. According to China Breifing Magazine, in 2023, China’s cross-border e-commerce reached USD 331 billion, significantly increasing imports and exports. Due to this increase in online purchases, demand for forklifts is projected to increase as these are vital for effectively managing warehouses and distribution networks. Japan, India, and South Korea also need efficient forklifts, which have robust manufacturing industries. Autonomous forklifts would enhance precision while reducing errors, as evident from Japan’s and South Korea’s move towards technological advancements to improve their export markets.
Key Market Players
The report profiles key players such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co Ltd (Japan). These companies adopted new product development and supply contract strategies to gain traction in the forklift market.
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