A forklift truck, commonly known as a forklift, is a powered industrial vehicle equipped with front-mounted forks that can be raised and lowered to lift, transport, and unload goods. These trucks are designed to move materials over short distances and are commonly used in warehouses, dockyards, and recycling operations to expedite tasks such as order picking, loading, and unloading products.
Forklift Truck Market Overview
The Global Forklift Truck Market is expected to grow at a CAGR of 4.02% during the forecast period (2024-2031).
Forklift trucks are powered industrial lifting vehicles designed to load, transport, and unload goods over short distances. These trucks feature two power-operated horizontal prongs that can be raised and lowered, facilitating operations such as loading, transporting, and unloading materials. Primarily used to accelerate processes, forklift trucks are essential in activities like order picking, transporting, and loading products in warehouses, dockyards, and recycling operations.
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Forklift Truck Market Trends
The forklift truck market is driven by increasing demand across various industries, including transportation and logistics, retail, general manufacturing, construction, and food and beverage sectors. The expansion of new warehouses and distribution centers by leading e-commerce giants has significantly boosted the need for advanced systems to transport and load products.
An increase in the launch of new forklift models is also propelling market growth. For example, in February 2016, Crown Equipment Corporation introduced the Crown WAV 60 Series forklift, offering enhanced safety, efficiency, and flexibility compared to previous models. This forklift is designed for applications typically involving ladders to access high places, such as in manufacturing and retail settings.
Additionally, there is a growing adoption of lithium-ion batteries in forklift trucks, which helps reduce downtime and improve productivity over long distances. In July 2016, Jungheinrich launched lithium-ion batteries in the 48-volt range with 360 and 480-ampere hours. This maintenance-free, high-availability technology can be applied to reach trucks and counterbalance forklifts, offering a better, stronger, and faster battery solution.
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Global Forklift Truck Market is segmented
By Power-train Type: Internal Combustion Engine (Electric Motor)
By Vehicle Class: Class 1, Class 2, Class 3, Class 4, Class 5 & above
By End-Users: Transportation and Logistics, Construction, Manufacturing, Others
By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
Forklift Truck Companies
• Toyota Industries Corporation
• KION Group
• Jungheinrich AG
• Crown Equipment Corp.
• Hyster-Yale Materials Handling Inc.
• Mitsubishi Forklift Trucks
• Doosan Industrial Vehicles Co. Ltd
• Caterpillar Inc.
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