Forklift Market

Forklift Market by Class (Class 1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-Ion, Lead Acid), Tonnage Capacity (<5, 5-10, 11-36, >36 Tons), Operation, Application, Tire & Product Type, End Use Industry and Region - Global Forecast to 2027

Report Code: AT 4882 Oct, 2022, by marketsandmarkets.com

The global forklift market in terms of revenue was estimated to be worth $58.9 billion in 2022 and is poised to reach $84.5 billion by 2027, growing at a CAGR of 7.5% from 2022 to 2027.

The base year for the report is 2021, and the forecast period is from 2022 to 2027. The market would witness growth owing to driving factors such as stringent emission norms, increasing need for sustainable material handling equipment for intralogistics operations, and the growing warehouse and logistics industries worldwide.

Forklift Market

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Market Dynamics

DRIVER: Increasing demand for lean and automated warehouses to increase operational efficiency

A lean warehouse reduces the consumption of resources without a reduction in productivity. For instance, a lean warehouse is optimized to avoid the unnecessary travel of empty forklifts, inappropriate material handling, storage practices, and bottlenecks of forklifts at the loading/unloading areas. Automation in warehouses is aided by automated forklifts, which can automatically travel and pick up/drop materials. The warehouse automation market grew from USD 9.95 billion in 2016 to USD 15.59 billion in 2021. One of the key reasons for this growth of the automated warehouses market is the development of autonomous forklifts. Autonomous forklift-driven warehouse automation is widely prevalent due to its minimal infrastructural requirements. According to Conveyco Technologies, automated forklifts with detection sensors can improve the operational efficiency of retail warehouses by 20%. The growing complexities of manufacturing and warehousing processes, labor constraints, and rising concerns for safety and health in production and storage facilities are driving the demand for flexible and cost-effective material handling solutions. In manufacturing plants, autonomous forklifts can perform repetitive tasks such as storing and retrieving inventory. In addition, the increasing need for efficient storage and retrieval processes in chemical and cold storage plants requires skilled labor to reduce spills and product damage. Thus, lean and automated warehouses greatly improve stability, productivity, and operational efficiency.

RESTRAINT: Increasing demand for stacker cranes

Stacker cranes are used for pallet storage and retrieval in rack systems. These cranes offer several operational advantages, such as movement in narrow aisles compared to the space required by a forklift to maneuver. Forklifts are generally used to perform the same task, but stacker cranes can facilitate storing and retrieving goods at a higher vertical height. The racks in warehouses support stacker cranes without needing additional structures. Furthermore, the system's structure with a crane mounted on the racks is inherently safe, with no danger of tipping over. These advantages have greatly resulted in the growing demand for stacker cranes. Single-column stacker cranes are designed to be swift and precise in picking and storage. Double-column stacker cranes contain the load platform between 2 columns, allowing higher load capacity operations. The increased demand for automated warehouses to improve operational efficiency and reduce human error has promoted the adoption of automated storage and retrieval systems (ASRS). This has resulted in the increased application of stacker cranes in various industries. As per MarketsandMarkets Analysis, the global stacker crane market is expected to grow from USD 3,266 million in 2021 to USD 4,329 million in 2027, at a CAGR of 4.8%. Hence, the growth in the adoption of stacker cranes will negatively affect the demand for forklifts.

OPPORTUNITY: Modular solutions to optimize customer productivity

Forklifts are designed for general material handling operations. But each customer’s requirements differ. For instance, customers who are not only the owner but also the operator of their forklifts expect a more spacious and luxurious cabin. Customers who steer more in their operations require a more conventional steering system. But mass-producing forklifts with such unique requirements is not a viable option. Manufacturers may even lose customers because they do not find their requirements. To overcome this, modular solutions can be offered to customers according to their requirements to optimize productivity. These modular products are expected to provide customers with enhanced flexibility in meeting their requirements. For instance, customers who require their forklifts to work for more shifts or even throughout the day can opt for an electric powertrain with a larger battery capacity. This reduces the total cost of ownership in the long run and increases productivity. Customers are benefited from the right features at the right cost and use them for the right applications. Hyster-Yale is one of the leading companies focusing on modular and scalable options covering both IC engines and electric forklifts. In 2020, the company announced that it would soon introduce such modular forklifts with the launch of a new range of counterbalanced trucks. These modular forklifts demand restructuring in the procurement and supply chain. When such modular requirements are observed from customers, their business/personal needs for a forklift can be observed. This direct engagement with customers also involves feedback from their existing forklifts. Manufacturers can use the feedback and requirements to develop their next forklift models.

CHALLENGE: Higher initial cost of electric forklifts

Conventional diesel and LPG forklifts greatly improve the productivity of users. However, due to increasing emission norms, high noise levels, and increasing fuel costs, the demand for an alternative mode of propulsion is increasing rapidly. As of now, electric forklifts are the most viable alternative mode of propulsion. However, the high initial cost of electric forklifts over conventional forklifts hinders the growth of the electric forklift market. Electric forklifts are around 20% more expensive compared to conventional IC forklifts. Though their ROI is better, it is difficult for SMEs to procure electric forklifts. Also, if the productive work hours in SMEs are relatively less, the ROI on electric forklifts is further extended. This makes it less feasible for them to opt for electric forklifts over conventional forklifts, even if they prefer to be sustainable. Also, the initial cost of autonomous forklifts is higher than electric forklifts. This makes them inaccessible to small and medium-sized companies.

Electric forklifts with lithium-ion batteries are expected to grow in the forklift market during the forecast period rapidly

The electric forklift market, by battery type, is projected to grow at a CAGR of 8.4% during the forecast period. Battery technology is developing rapidly, and advancements in all aspects have been observed in recent years. The safety advantages of lithium-ion batteries over lead-acid batteries drive their demand in forklifts. Moreover, the need for an efficient battery thermal management system is greatly increasing with the development of more advanced battery technologies in the lithium-ion segment. During the forecast period, Europe is projected to be the largest market in terms of value. This can be attributed to the new European regulation (EU) No 2019/1020 for more sustainable and recyclable batteries. This regulation limits the carbon footprint of various batteries, including automotive batteries. As a part of this regulation, batteries must have a label explaining their carbon footprint (for more transparency on their environmental impact). Lithium-ion batteries are more sustainable than lead-acid batteries, so they are the preferred choice of European manufacturers.

Pneumatic tire forklifts are predicted to have the largest market share during the forecast period.

Outdoor material handling operations often have rough and tough terrains, varying temperatures, and demand tires with maximum durability. Pneumatic tires are designed for outdoor applications, including docks, construction sites, and farms. The thread patterns on pneumatic tires are designed to provide maximum traction. The Asia Pacific region is projected to dominate the pneumatic tire forklift market in terms of volume. This is mainly due to the large construction, mining, heavy machinery, and marine freight industries in this region. These industries demand reliable puncture-proof tires for their forklifts to handle rough terrains. Furthermore, the varying climatic conditions across this region demand pneumatic tire forklifts. These factors aid the incorporation of pneumatic tires in heavy material handling operations in outdoor applications.

Forklift Market Size, and Share

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Asia is projected to be the largest market by 2027

The Asia Pacific region is considered one of the world's largest automobile and industrial production and manufacturing hubs. Many of the leading countries in this region are emerging in various industries and are actively incorporating material handling equipment in their operations. China has emerged as a manufacturing hub, and according to the National Bureau of Statistics, the average industrial production index growth rate of China was nearly 10.9% in December 2022. Huge domestic demand for products and services and significant business growth opportunities have led to the establishment of manufacturing and warehousing units for various industries, such as automotive, metals and heavy machinery, and semiconductors and electronics, in the region. This offers an attractive growth opportunity for the forklift market in the Asia Pacific region. In addition to the increase in population, factors such as increasing GDP, infrastructure investments, rising per capita income, and growing inclination toward comfort and leisure have created more opportunities for forklifts in the Asia Pacific region.

Key Market Players & Start-ups

The forklift market is led by globally established players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co. Ltd. (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US). These companies adopted expansion strategies and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth market.

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Scope of the Report

Report Attributes

Details

Market size value in 2022:

 USD 58.9 Billion

Projected to reach 2027:

 USD 84.5 Billion

CAGR:

 7.5%

Base Year Considered:

 2021

Forecast Period:

 2022-2027

Largest Market:

 Asia Pacific

Region Covered:

Asia Pacific, North America, Europe, and RoW

Segments Covered:

By Tonnage Capacity,  Application, Class,  Industry, Propulsion, Operation, Product Type, Electric Forklift, Battery Type, Tire Type and Region

Companies Covered:

Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co. Ltd. (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US)

 

The study categorizes the forklift market based on tonnage capacity, application, class, industry, propulsion, operation, product type, battery type, tire type and region at regional and global levels.

By Tonnage Capacity
  • Below 5 Tons
  • 5–10 Tons
  • 11–36 Tons
  • Above 36 Tons
By Application
  • Indoor
  • Outdoor
  • Indoor And Outdoor
By Class
  • Class 1
  • Class 2
  • Class 3
  • Class 4/5
By Industry
  • 3PL
  • Food And Beverage
  • Automotive
  • Paper And Pulp
  • Metals And Heavy Machinery
  • E-Commerce
  • Aviation
  • Semiconductors And Electronics
  • Chemical
  • Healthcare
  • Others
By Propulsion
  • Electric
  • ICE
By Operation
  • Manual
  • Autonomous
By Product Type
  • Warehouse
  • Counterbalance
Electric Forklift by Battery Type
  • Lithium-Ion
  • Lead-Acid
By Tire Type
  • Cushion
  • Pneumatic
By Region
  • Asia Pacific
  • Europe
  • North America
  • Rest Of the World

Recent Developments

  • In August 2022, Hyster Company announced the launch of an integrated lithium-ion battery-powered lift truck, J40XNL. This forklift is claimed to be designed to meet the demands of the fast-paced trucking industry. The J40XNL supports various applications, including trucking terminals, like loading and unloading trailers. The forklift is designed to prioritize operator comfort and reduce the truck weight, thereby improving acceleration and reducing energy consumption.
  • In August 2022, Kalmar received its sixth order from the Port of Virginia, demonstrating the confidence of its customer. The company is supposed to deliver 11 Kalmar Hybrid Shuttle Carriers to the Port of Virginia by Q3 2023.
  • In July 2022, Toyota Material Handling acquired PennWest Toyota Lift, a Pennsylvania-based forklift dealership located in Mount Pleasant, Pittsburgh, and Erie in the US. The company will continue to be known as PennWest, with no change in management or staffing. The acquisition is a part of Toyota’s expansion strategy.
  • In December 2021, Cat Lift Trucks announced the launch of its new 2.5 to 3.5 tonne 80V counterbalance range, Cat EP25-35AN. The equipment features the Responsive Drive System (RDS), a lithium-ion battery, and is claimed to provide low maintenance, higher productivity, and a lower total cost of operation (TCO).
  • In December 2021, Dematic held a forklift plant opening ceremony in Jinan-Shandong Province of China. The new manufacturing hub will be built with an area of 150,000 m2 and is expecting about USD 47.4 million in investment.
  • In October 2021, KION Group AG acquired a 20% stake in Ifesca GmbH, a specialist in software for the energy industry. The acquisition is aimed at the intuitive integration of business processes.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE
           FIGURE 1 FORKLIFT MARKET: MARKET SEGMENTATION
           FIGURE 2 MARKET: BY REGION
           1.3.1 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 32)
    2.1 RESEARCH DATA
           FIGURE 3 FORKLIFT MARKET: RESEARCH DESIGN
           FIGURE 4 RESEARCH METHODOLOGY MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of key secondary sources to estimate base numbers
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.1 Sampling techniques and data collection methods
    2.2 MARKET ESTIMATION METHODOLOGY
           FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 7 BOTTOM-UP APPROACH: MARKET, BY CLASS
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 8 TOP-DOWN APPROACH: MARKET, BY APPLICATION, END-USE INDUSTRY, PROPULSION, AND TONNAGE
                    FIGURE 9 FORKLIFT MARKET: RESEARCH DESIGN AND METHODOLOGY
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 10 DATA TRIANGULATION
    2.4 FACTOR ANALYSIS
           2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE ANALYSIS
    2.5 RESEARCH ASSUMPTIONS
    2.6 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 44)
    3.1 REPORT SUMMARY
           FIGURE 11 FORKLIFT MARKET: REPORT SUMMARY
           FIGURE 12 MARKET, BY REGION, 2022 VS. 2027 (USD MILLION)

4 PREMIUM INSIGHTS (Page No. - 47)
    4.1 ATTRACTIVE OPPORTUNITIES IN FORKLIFT MARKET
           FIGURE 13 RISE IN DEMAND FOR EFFICIENT MATERIAL HANDLING OPERATIONS EXPECTED TO DRIVE GLOBAL MARKET
    4.2 MARKET, BY OPERATION
           FIGURE 14 LESS INITIAL COST AND MAINTENANCE EXPENSES MAKE MANUAL FORKLIFT SEGMENT DOMINATE MARKET, BY VALUE
    4.3 MARKET, BY PROPULSION
           FIGURE 15 GROWING STRINGENCY IN EMISSION REGULATIONS AND BETTER ROI MAKE ELECTRIC FORKLIFT DOMINANT SEGMENT, BY VALUE
    4.4 MARKET, BY TONNAGE CAPACITY
           FIGURE 16 BELOW 5 TON SEGMENT TO DOMINATE MARKET (BY VALUE) DUE TO INCREASING DEMAND FOR MATERIAL HANDLING OPERATIONS IN WAREHOUSES
    4.5 MARKET, BY PRODUCT TYPE
           FIGURE 17 WAREHOUSE FORKLIFT SEGMENT TO DOMINATE MARKET (BY VOLUME) DUE TO GROWING E-COMMERCE INDUSTRY
    4.6 MARKET, BY TIRE TYPE
           FIGURE 18 INCREASING NEED FOR OUTDOOR MATERIAL HANDLING OPERATIONS DRIVING GROWTH OF PNEUMATIC TIRE SEGMENT, BY VALUE
    4.7 MARKET, BY APPLICATION
           FIGURE 19 INDOOR FORKLIFT APPLICATIONS SEGMENT HELD MAXIMUM MARKET SHARE, BY VALUE
    4.8 MARKET, BY REGION
           FIGURE 20 ASIA PACIFIC TO DOMINATE MARKET IN 2022

5 MARKET OVERVIEW (Page No. - 51)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 21 FORKLIFT MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Stringent emission norms and rising demand for sustainable intralogistics
                               FIGURE 22 NON-ROAD MOBILE MACHINERY EMISSION REGULATION OUTLOOK, 2019–2025
                               TABLE 1 OEMS AND THEIR KEY ELECTRIC FORKLIFT MODELS
                    5.2.1.2 Rapid growth in e-commerce and warehousing sector
                    5.2.1.3 Increasing demand for lean and automated warehouses to increase operational efficiency
                               FIGURE 23 GLOBAL WAREHOUSE AUTOMATION MARKET, BY VALUE (2016–2025)
           5.2.2 RESTRAINTS
                    5.2.2.1 Increase in third-party logistics (3PL) services
                    5.2.2.2 Increasing demand for stacker cranes
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Evolution of refurbished and rental forklifts
                               TABLE 2 PROCESS INVOLVED IN REFURBISHMENT OF USED FORKLIFTS
                    5.2.3.2 Modular solutions to optimize customer productivity
                               FIGURE 24 EXAMPLE OF MODULAR CONFIGURATION OPTION IN FORKLIFTS
                    5.2.3.3 Development of autonomous, connected, and fleet management solutions
                               FIGURE 25 LOGISTICS VALUE CHAIN OF A PRODUCT
           5.2.4 CHALLENGES
                    5.2.4.1 Risks related to accidents involving forklifts
                               FIGURE 26 US: PERCENTAGE OF FATAL AND NON-FATAL INJURIES INVOLVING FORKLIFTS, 2011–2020
                               FIGURE 27 US: PERCENTAGE OF DIFFERENT EVENTS OF NON-FATAL ACCIDENTS INVOLVING FORKLIFTS, 2020
                               FIGURE 28 US: PERCENTAGE OF NATURE OF INJURIES INVOLVING FORKLIFTS, 2020
                    5.2.4.2 Higher initial cost of electric forklifts
                               TABLE 3 PRICE COMPARISON BETWEEN DIFFERENT FORKLIFT MODELS
                    5.2.4.3 High integration and technology cost of autonomous forklifts
    5.3 SCENARIOS:MARKET
           FIGURE 29 FMARKET SCENARIO, 2019–2027 (USD MILLION)
           5.3.1 REALISTIC SCENARIO
                    TABLE 4 MARKET (REALISTIC SCENARIO), BY REGION, 2019–2027 (USD MILLION)
           5.3.2 PESSIMISTIC SCENARIO
                    TABLE 5 MARKET (PESSIMISTIC SCENARIO), BY REGION, 2019–2027 (USD MILLION)
           5.3.3 OPTIMISTIC SCENARIO
                    TABLE 6 MARKET (OPTIMISTIC SCENARIO), BY REGION, 2019–2027 (USD MILLION)
    5.4 PRICING ANALYSIS
           5.4.1 BY EQUIPMENT TYPE AND REGION
                    TABLE 7 AVERAGE PRICES OF FORKLIFTS, BY REGION AND EQUIPMENT TYPE, 2020–2021
    5.5 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 30 PORTER’S FIVE FORCES ANALYSIS: PRESENCE OF ESTABLISHED GLOBAL PLAYERS INCREASES DEGREE OF COMPETITION
           5.5.1 PORTER’S FIVE FORCES ANALYSIS
                    TABLE 8 PORTER’S FIVE FORCES ANALYSIS
           5.5.2 THREAT OF SUBSTITUTES
           5.5.3 THREAT OF NEW ENTRANTS
           5.5.4 BARGAINING POWER OF BUYERS
           5.5.5 BARGAINING POWER OF SUPPLIERS
           5.5.6 INTENSITY OF COMPETITIVE RIVALRY
    5.6 TRENDS/DISRUPTIONS IMPACTING FORKLIFT MANUFACTURERS
           FIGURE 31 TRENDS/DISRUPTIONS IMPACTING FORKLIFT MANUFACTURERS
    5.7 CASE STUDY
           5.7.1 USE CASE 1: KELLOGG’S MANCHESTER SITE
           5.7.2 USE CASE 2: PANASONIC ENERGY BELGIUM NV
           5.7.3 USE CASE 3: IMPLEMENTING DEMATIC’S AUTONOMOUS FORKLIFT TO REDUCE DELIVERY TIME AT L’ORÉAL
           5.7.4 USE CASE 4: AER MANUFACTURING
           5.7.5 USE CASE 5: CWT COMMODITIES
           5.7.6 USE CASE 6: MONTGOMERY WATERS
           5.7.7 USE CASE 7: OXFORD COLD STORAGE
    5.8 MARKET ECOSYSTEM
           TABLE 9 MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.9 SUPPLY CHAIN ANALYSIS
           FIGURE 32 SUPPLY CHAIN ANALYSIS: MARKET
    5.10 PATENT ANALYSIS
           TABLE 10 PATENT ANALYSIS
    5.11 TRADE STATISTICS
           5.11.1 IMPORT TRADE DATA
                    TABLE 11 IMPORT TRADE DATA, BY KEY COUNTRY, 2021 (USD)
           5.11.2 EXPORT TRADE DATA
                    TABLE 12 EXPORT TRADE DATA, BY KEY COUNTRY, 2021 (USD)
           5.11.3 EXPORT SCENARIO
                    FIGURE 33 FORKLIFT EXPORT, BY KEY COUNTRY, 2018–2021 (USD)
           5.11.4 IMPORT SCENARIO
                    FIGURE 34 FORKLIFT IMPORT, BY KEY COUNTRY, 2018–2021 (USD)
    5.12 REGULATORY FRAMEWORK
           5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 14 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 15 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.2 REGULATORY ANALYSIS
                    TABLE 16 VARIOUS FORKLIFT EMISSION NORMS IN DIFFERENT COUNTRIES
                    5.12.2.1 North America
                               5.12.2.1.1 US
                               TABLE 17 US: TIER 4 EMISSION STANDARDS
                    5.12.2.2 Europe
                               TABLE 18 EUROPEAN UNION: STAGE V EMISSION STANDARDS
                    5.12.2.3 Asia
                               5.12.2.3.1 China
                               TABLE 19 CHINA: CHINA IV EMISSION STANDARDS
                               5.12.2.3.2 India
                               TABLE 20 INDIA: BS IV EMISSION STANDARDS
                               TABLE 21 INDIA: BS V EMISSION STANDARDS
    5.13 TECHNOLOGY ANALYSIS
           5.13.1 SUSTAINABLE FORKLIFT TECHNOLOGIES
           5.13.2 SMART BRAKING TECHNOLOGY FOR FORKLIFTS
           5.13.3 DIGITALLY CONNECTED DIAGNOSIS AND MONITORING
           5.13.4 INDUSTRY 4.0
           5.13.5 5G CONNECTIVITY
           5.13.6 PREDICTIVE ANALYTICS
           5.13.7 MACHINE LEARNING (ML)
    5.14 KEY CONFERENCES AND EVENTS IN 2022–2023
                    TABLE 22 FORKLIFT MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
           5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 35 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION
                    TABLE 23 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS (%)
           5.15.2 BUYING CRITERIA
                    FIGURE 36 KEY BUYING CRITERIA FOR MANUAL AND AUTONOMOUS FORKLIFTS
                    TABLE 24 KEY BUYING CRITERIA FOR MANUAL AND AUTONOMOUS FORKLIFTS

6 FORKLIFT MARKET, BY PROPULSION (Page No. - 96)
Note: The market size and forecast of each propulsion type is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
    6.1 INTRODUCTION
           6.1.1 RESEARCH METHODOLOGY
           6.1.2 ASSUMPTIONS
           6.1.3 INDUSTRY INSIGHTS
                    FIGURE 37 MARKET, BY PROPULSION, 2022 VS. 2027 (USD MILLION)
                    TABLE 25 MARKET, BY PROPULSION, 2019–2021 (UNITS)
                    TABLE 26 MARKET, BY PROPULSION, 2022–2027 (UNITS)
                    TABLE 27 MARKET, BY PROPULSION, 2019–2021 (USD MILLION)
                    TABLE 28 MARKET, BY PROPULSION, 2022–2027 (USD MILLION)
    6.2 ELECTRIC
           6.2.1 FOCUS ON ZERO-EMISSION WORKING ENVIRONMENT TO DRIVE DEMAND
                    TABLE 29 ELECTRIC: MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 30 ELECTRIC: MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 31 ELECTRIC: MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 32 ELECTRIC: MARKET, BY REGION, 2022–2027 (USD MILLION)
    6.3 INTERNAL COMBUSTION ENGINE (ICE)
           6.3.1 INCREASE IN HEAVY-DUTY OPERATIONS TO DRIVE DEMAND
           6.3.2 GASOLINE
           6.3.3 DIESEL
           6.3.4 ALTERNATE FUELS
                    TABLE 33 ICE: MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 34 ICE: MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 35 ICE: MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 36 ICE: MARKET, BY REGION, 2022–2027 (USD MILLION)

7 FORKLIFT MARKET, BY TONNAGE CAPACITY (Page No. - 104)
Note: The market size and forecast of each tonnage capacity forklift is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
    7.1 INTRODUCTION
           7.1.1 RESEARCH METHODOLOGY
           7.1.2 ASSUMPTIONS
           7.1.3 INDUSTRY INSIGHTS
                    FIGURE 38 MARKET, BY TONNAGE CAPACITY, 2022 VS. 2027 (USD MILLION)
                    TABLE 37 MARKET, BY TONNAGE CAPACITY, 2019–2021 (UNITS)
                    TABLE 38 MARKET, BY TONNAGE CAPACITY, 2022–2027 (UNITS)
                    TABLE 39 MARKET, BY TONNAGE CAPACITY, 2019–2021 (USD MILLION)
                    TABLE 40 MARKET, BY TONNAGE CAPACITY, 2022–2027 (USD MILLION)
    7.2 BELOW 5 TONS
           7.2.1 EASY OPERATIONAL FLEXIBILITY IN COMPACT WAREHOUSES TO DRIVE DEMAND
                    TABLE 41 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 42 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 43 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 44 MARKET, BY REGION, 2022–2027 (USD MILLION)
    7.3 5–10 TONS
           7.3.1 GROWING ELECTRIC INFRASTRUCTURE TO DRIVE DEMAND
                    TABLE MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE MARKET, BY REGION, 2022–2027 (USD MILLION)
    7.4 11–36 TONS
           7.4.1 USAGE IN HEAVY-DUTY OPERATIONS TO DRIVE DEMAND
                    TABLE MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE MARKET, BY REGION, 2022–2027 (USD MILLION)
    7.5 ABOVE 36 TONS
           7.5.1 MASSIVE MATERIAL HANDLING OPERATIONS DEMAND FORKLIFTS WITH CAPACITY ABOVE 36 TONS
                    TABLE 53 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 54 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 55 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 56 MARKET, BY REGION, 2022–2027 (USD MILLION)

8 FORKLIFT MARKET, BY END-USE INDUSTRY (Page No. - 114)
Note: The market size and forecast of each industry is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
    8.1 INTRODUCTION
           8.1.1 RESEARCH METHODOLOGY
           8.1.2 ASSUMPTIONS
           8.1.3 INDUSTRY INSIGHTS
                    FIGURE 39 MARKET, BY END-USE INDUSTRY, 2022 VS. 2027 (USD MILLION)
                    TABLE 57 MARKET, BY END-USE INDUSTRY, 2019–2021 (UNITS)
                    TABLE 58 MARKET, BY END-USE INDUSTRY, 2022–2027 (UNITS)
                    TABLE 59 MARKET, BY END-USE INDUSTRY, 2019–2021 (USD MILLION)
                    TABLE 60 MARKET, BY END-USE INDUSTRY, 2022–2027 (USD MILLION)
    8.2 THIRD-PARTY LOGISTICS (3PL)
           8.2.1 NEED FOR SAFE AND SPEEDY STORAGE TO DRIVE DEMAND
                    TABLE 61 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 62 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 63 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 64 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.3 FOOD AND BEVERAGE
           8.3.1 NEED TO REDUCE OPERATIONAL COSTS TO DRIVE DEMAND
                    TABLE 65 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 66 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 67 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 68 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.4 AUTOMOTIVE
           8.4.1 NEED FOR EFFICIENT INVENTORY MANAGEMENT TO DRIVE DEMAND
                    TABLE 69 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 70 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 71 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 72 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.5 E-COMMERCE
           8.5.1 NEED TO OPTIMIZE WAREHOUSING OPERATIONS TO DRIVE DEMAND
                    TABLE 73 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 74 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 75 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 76 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.6 AVIATION
           8.6.1 INCREASING MANUFACTURING AND ASSEMBLY OPERATIONS TO DRIVE DEMAND
                    TABLE 77 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 78 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 79 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 80 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.7 PAPER AND PULP
           8.7.1 NEED FOR REMOVAL OF BOTTLENECKS TO DRIVE DEMAND
                    TABLE 81 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 82 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 83 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 84 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.8 CHEMICAL
           8.8.1 NEED TO ENSURE WORKPLACE SAFETY OF EMPLOYEES AND MANAGE WORKFLOW EFFECTIVELY TO DRIVE DEMAND
                    TABLE 85 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 86 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 87 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 88 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.9 HEALTHCARE
           8.9.1 INCREASING NEED FOR AUTOMATED WAREHOUSING OPERATIONS TO DRIVE DEMAND
                    TABLE 89 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 90 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 91 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 92 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.10 SEMICONDUCTORS AND ELECTRONICS
           8.10.1 NEED FOR CLEANROOM WAREHOUSING PROCESS TO DRIVE DEMAND
                    TABLE 93 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 94 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 95 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 96 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.11 METALS AND HEAVY MACHINERY
           8.11.1 NEED FOR EFFICIENT OPERATIONS TO DRIVE DEMAND
                    TABLE 97 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 98 MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 99 MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 100 MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.12 OTHERS
                    TABLE 101 OTHERS: MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 102 OTHERS: MARKET, BY REGION, 2022–2027 (UNITS)
                    TABLE 103 OTHERS: MARKET, BY REGION, 2019–2021 (USD MILLION)
                    TABLE 104 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)

9 FORKLIFT MARKET, BY CLASS (Page No. - 138)
Note: The market size and forecast of each class is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
    9.1 INTRODUCTION
           TABLE 105 MARKET, BY CLASS
           9.1.1 RESEARCH METHODOLOGY
           9.1.2 ASSUMPTIONS
           9.1.3 INDUSTRY INSIGHTS
                    FIGURE 40 MARKET, BY CLASS, 2022 VS. 2027 (UNITS)
                    TABLE 106 MARKET, BY CLASS, 2019–2021 (UNITS)
                    TABLE 107 MARKET, BY CLASS, 2022–2027 (UNITS)
    9.2 CLASS 1
           9.2.1 INCREASING DEMAND FOR BATTERY ELECTRIC FORKLIFTS TO DRIVE MARKET
                    TABLE 108 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 109 MARKET, BY REGION, 2022–2027 (UNITS)
    9.3 CLASS 2
           9.3.1 GROWING DEMAND FOR MORE STORAGE IN WAREHOUSES TO DRIVE ADOPTION OF NARROW AISLE FORKLIFTS
                    TABLE 110 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 111 MARKET, BY REGION, 2022–2027 (UNITS)
    9.4 CLASS 3
           9.4.1 USAGE IN MOVING LOADS TO STAGING AREA TO DRIVE DEMAND
                    TABLE 112 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 113 MARKET, BY REGION, 2022–2027 (UNITS)
    9.5 CLASS 4/5
           9.5.1 INCREASING NEED FOR ICE ENGINE FORKLIFTS TO DRIVE DEMAND
                    TABLE 114 MARKET, BY REGION, 2019–2021 (UNITS)
                    TABLE 115 MARKET, BY REGION, 2022–2027 (UNITS)

10 FORKLIFT MARKET, BY OPERATION (Page No. - 145)
Note: The market size and forecast of each operation is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
     10.1 INTRODUCTION
             10.1.1 RESEARCH METHODOLOGY
             10.1.2 ASSUMPTIONS
                       FIGURE 41 MARKET, BY OPERATION, 2022 VS. 2027 (USD MILLION)
                       TABLE 116 MARKET, BY OPERATION, 2019–2021 (UNITS)
                       TABLE 117 MARKET, BY OPERATION, 2022–2027 (UNITS)
                       TABLE 118 MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                       TABLE 119 MARKET, BY OPERATION, 2022–2027 (USD MILLION)
     10.2 MANUAL
             10.2.1 LOW INITIAL COST AND EASE OF INTEGRATION TO DRIVE DEMAND
                       TABLE 120 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 121 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 122 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 123 MARKET, BY REGION, 2022–2027 (USD MILLION)
     10.3 AUTONOMOUS
             10.3.1 GROWING FOCUS ON AUTOMATION IN INDUSTRIES FOR INCREASING PRODUCTIVITY TO DRIVE DEMAND
                       TABLE 124 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 125 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 126 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 127 MARKET, BY REGION, 2022–2027 (USD MILLION)

11 FORKLIFT MARKET, BY APPLICATION (Page No. - 152)
Note: The market size and forecast of each application is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
     11.1 INTRODUCTION
             11.1.1 RESEARCH METHODOLOGY
             11.1.2 ASSUMPTIONS
             11.1.3 INDUSTRY INSIGHTS
                       FIGURE 42 MARKET, BY APPLICATION, 2022 VS. 2027 (USD MILLION)
                       TABLE 128 MARKET, BY APPLICATION, 2019–2021 (UNITS)
                       TABLE 129 MARKET, BY APPLICATION, 2022–2027 (UNITS)
                       TABLE 130 MARKET, BY APPLICATION, 2019–2021 (USD MILLION)
                       TABLE 131 MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
     11.2 INDOOR
             11.2.1 GROWTH OF GLOBAL E-COMMERCE INDUSTRY TO DRIVE DEMAND
                       TABLE 132 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 133 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 134 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 135 MARKET, BY REGION, 2022–2027 (USD MILLION)
     11.3 OUTDOOR
             11.3.1 GROWING NEED FOR FORKLIFTS TO OPERATE IN ROUGH TERRAINS TO DRIVE DEMAND
                       TABLE 136 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 137 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 138 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 139 MARKET, BY REGION, 2022–2027 (USD MILLION)
                       11.4 INDOOR AND OUTDOOR
             11.4.1 INCREASING NEED FOR FORKLIFTS THAT CAN BE USED FOR DUAL PURPOSES TO DRIVE DEMAND
                       TABLE 140 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 141 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 142 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 143 IMARKET, BY REGION, 2022–2027 (USD MILLION)

12 FORKLIFT MARKET, BY BATTERY TYPE (Page No. - 161)
Note: The market size and forecast of each battery type is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
     12.1 INTRODUCTION
             12.1.1 RESEARCH METHODOLOGY
             12.1.2 ASSUMPTIONS
             12.1.3 INDUSTRY INSIGHTS
                       FIGURE 43 MARKET, BY BATTERY TYPE, 2022 VS. 2027 (USD MILLION)
                       TABLE 144 MARKET, BY BATTERY TYPE, 2019–2021 (UNITS)
                       TABLE 145 MARKET, BY BATTERY TYPE, 2022–2027 (UNITS)
                       TABLE 146 MARKET, BY BATTERY TYPE, 2019–2021 (USD MILLION)
                       TABLE 147 MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION)
     12.2 LITHIUM-ION
             12.2.1 HIGH ENERGY DENSITY AND LONGER BATTERY BACKUP OVER OTHER BATTERIES TO DRIVE DEMAND
                       TABLE 148 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 149 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 150 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 151 MARKET, BY REGION, 2022–2027 (USD MILLION)
     12.3 LEAD-ACID
             12.3.1 LARGE CURRENT CAPABILITY, HIGH TOLERANCE FOR OVERCHARGING, AND LOW MANUFACTURING COST TO DRIVE DEMAND
                       TABLE 152 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 153 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 154 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 155 MARKET, BY REGION, 2022–2027 (USD MILLION)

13 FORKLIFT MARKET, BY TIRE TYPE (Page No. - 168)
Note: The market size and forecast of each tire type is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
     13.1 INTRODUCTION
             13.1.1 RESEARCH METHODOLOGY
             13.1.2 ASSUMPTIONS
             13.1.3 INDUSTRY INSIGHTS
                       FIGURE 44 MARKET, BY TIRE TYPE, 2022 VS. 2027 (USD MILLION)
                       TABLE 156 MARKET, BY TIRE TYPE, 2019–2021 (UNITS)
                       TABLE 157 MARKET, BY TIRE TYPE, 2022–2027 (UNITS)
                       TABLE 158 MARKET, BY TIRE TYPE, 2019–2021 (USD MILLION)
                       TABLE 159 MARKET, BY TIRE TYPE, 2022–2027 (USD MILLION)
     13.2 CUSHION
             13.2.1 GROWTH OF GLOBAL WAREHOUSING INDUSTRY TO DRIVE DEMAND
                       TABLE 160 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 161 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 162 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 163 MARKET, BY REGION, 2022–2027 (USD MILLION)
     13.3 PNEUMATIC
             13.3.1 INCREASING USE OF FORKLIFTS IN OUTDOOR APPLICATIONS TO DRIVE DEMAND
                       TABLE 164 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 165 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 166 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 167 MARKET, BY REGION, 2022–2027 (USD MILLION)

14 FORKLIFT MARKET, BY PRODUCT TYPE (Page No. - 175)
Note: The market size and forecast of each product type is further segmented into regions – Asia Pacific, Europe, North America, and Rest of the World
     14.1 INTRODUCTION
             14.1.1 RESEARCH METHODOLOGY
             14.1.2 ASSUMPTIONS
             14.1.3 INDUSTRY INSIGHTS
                       FIGURE 45 MARKET, BY PRODUCT TYPE, 2022 VS. 2027 (UNITS)
                       TABLE 168 MARKET, BY PRODUCT TYPE, 2019–2021 (UNITS)
                       TABLE 169 MARKET, BY PRODUCT TYPE, 2022–2027 (UNITS)
     14.2 WAREHOUSE
             14.2.1 ABILITY TO MANEUVER IN NARROW SPACES IN WAREHOUSES TO DRIVE DEMAND
                       TABLE 170 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 171 MARKET, BY REGION, 2022–2027 (UNITS)
     14.3 COUNTERBALANCE
             14.3.1 GROWING NEED FOR STABLE HEAVY MATERIAL HANDLING OPERATIONS TO DRIVE DEMAND
                       TABLE 172 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 173 MARKET, BY REGION, 2022–2027 (UNITS)

15 FORKLIFT MARKET, BY REGION (Page No. - 180)
Note: The market size and forecast of each country is further segmented into forklift operation and class– Manual and Autonomous, and Class 1, Class 2, Class 3, and Class 4/5.
     15.1 INTRODUCTION
             15.1.1 RESEARCH METHODOLOGY
             15.1.2 ASSUMPTIONS
             15.1.3 INDUSTRY INSIGHTS
                       FIGURE 46 MARKET, BY REGION, 2022 VS. 2027 (USD MILLION)
                       TABLE 174 MARKET, BY REGION, 2019–2021 (UNITS)
                       TABLE 175 MARKET, BY REGION, 2022–2027 (UNITS)
                       TABLE 176 MARKET, BY REGION, 2019–2021 (USD MILLION)
                       TABLE 177 MARKET, BY REGION, 2022–2027 (USD MILLION)
     15.2 ASIA PACIFIC
               FIGURE 47 ASIA PACIFIC: MARKET SNAPSHOT
               TABLE 178 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2021 (UNITS)
               TABLE 179 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (UNITS)
               TABLE 180 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2021 (USD MILLION)
               TABLE 181 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             15.2.1 CHINA
                       15.2.1.1 Growth of industrial sector to drive market growth
                                   TABLE 182 CHINA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 183 CHINA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 184 CHINA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 185 CHINA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 186 CHINA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 187 CHINA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.2.2 INDIA
                       15.2.2.1 Growth of automotive and e-commerce sectors to drive market
                                   TABLE 188 INDIA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 189 INDIA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 190 INDIA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 191 INDIA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 192 INDIA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 193 INDIA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.2.3 JAPAN
                       15.2.3.1 Growth of automation technologies to drive market
                                   TABLE 194 JAPAN: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 195 JAPAN: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 196 JAPAN: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 197 JAPAN: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 198 JAPAN: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 199 JAPAN: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.2.4 SOUTH KOREA
                       15.2.4.1 Demand for increased efficiency to drive market growth
                                   TABLE 200 SOUTH KOREA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 201 SOUTH KOREA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 202 SOUTH KOREA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 203 SOUTH KOREA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 204 SOUTH KOREA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 205 SOUTH KOREA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
     15.3 EUROPE
               FIGURE 48 EUROPE: MARKET SNAPSHOT
               TABLE 206 EUROPE: MARKET, BY COUNTRY, 2019–2021 (UNITS)
               TABLE 207 EUROPE: MARKET, BY COUNTRY, 2022–2027 (UNITS)
               TABLE 208 EUROPE: MARKET, BY COUNTRY, 2019–2021 (USD MILLION)
               TABLE 209 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             15.3.1 GERMANY
                       15.3.1.1 High-volume logistics sector to drive market growth
                                   TABLE 210 GERMANY: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 211 GERMANY: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 212 GERMANY: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 213 GERMANY: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 214 GERMANY: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 215 GERMANY: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.2 UK
                       15.3.2.1 Increasing need for efficient material handling operations in automotive sector to drive market
                                   TABLE 216 UK: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 217 UK: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 218 UK: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 219 UK: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 220 UK: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 221 UK: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.3 FRANCE
                       15.3.3.1 Need for material handling equipment in growing industrial sectors to drive market
                                   TABLE 222 FRANCE: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 223 FRANCE: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 224 FRANCE: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 225 FRANCE: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 226 FRANCE: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 227 FRANCE: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.4 ITALY
                       15.3.4.1 Thriving e-commerce sector to drive market growth
                                   TABLE 228 ITALY: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 229 ITALY: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 230 ITALY: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 231 ITALY: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 232 ITALY: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 233 ITALY: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.5 SPAIN
                       15.3.5.1 Strategic location for logistics and warehousing to drive market
                                   TABLE 234 SPAIN: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 235 SPAIN: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 236 SPAIN: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 237 SPAIN: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 238 SPAIN: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 239 SPAIN: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.6 RUSSIA
                       15.3.6.1 Expansion of warehouses to drive market growth
                                   TABLE 240 RUSSIA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 241 RUSSIA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 242 RUSSIA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 243 RUSSIA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 244 RUSSIA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 245 RUSSIA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.3.7 REST OF EUROPE
                       TABLE 246 REST OF EUROPE: MARKET, BY CLASS, 2019–2021 (UNITS)
                       TABLE 247 REST OF EUROPE: MARKET, BY CLASS, 2022–2027 (UNITS)
                       TABLE 248 REST OF EUROPE: MARKET, BY OPERATION, 2019–2021 (UNITS)
                       TABLE 249 REST OF EUROPE: MARKET, BY OPERATION, 2022–2027 (UNITS)
                       TABLE 250 REST OF EUROPE: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                       TABLE 251 REST OF EUROPE: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
     15.4 NORTH AMERICA
               FIGURE 49 NORTH AMERICA: MARKET SNAPSHOT
               TABLE 252 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2021 (UNITS)
               TABLE 253 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (UNITS)
               TABLE 254 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2021 (USD MILLION)
               TABLE 255 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             15.4.1 US
                       15.4.1.1 Inclination toward automation process to drive market growth
                                   TABLE 256 US: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 257 US: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 258 US: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 259 US: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 260 US: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 261 US: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.4.2 MEXICO
                       15.4.2.1 Growth of foreign manufacturing units to drive market
                                   TABLE 262 MEXICO: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 263 MEXICO: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 264 MEXICO: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 265 MEXICO: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 266 MEXICO: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 267 MEXICO: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.4.3 CANADA
                       15.4.3.1 Growing export infrastructure to drive market
                                   TABLE 268 CANADA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 269 CANADA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 270 CANADA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 271 CANADA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 272 CANADA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 273 CANADA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
     15.5 REST OF THE WORLD (ROW)
               FIGURE 50 ROW: MARKET, 2022 VS. 2027 (USD MILLION)
               TABLE 274 ROW: MARKET, BY REGION, 2019–2021 (UNITS)
               TABLE 275 ROW: MARKET, BY REGION, 2022–2027 (UNITS)
               TABLE 276 ROW: MARKET, BY REGION, 2019–2021 (USD MILLION)
               TABLE 277 ROW: MARKET, BY REGION, 2022–2027 (USD MILLION)
             15.5.1 AFRICA
                       15.5.1.1 Expansion of warehouses due to growing export activities to drive demand
                                   TABLE 278 AFRICA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 279 AFRICA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 280 AFRICA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 281 AFRICA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 282 AFRICA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 283 AFRICA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)
             15.5.2 AUSTRALIA AND OCEANIA
                       15.5.2.1 Growing industrial activities to drive market
                                   TABLE 284 AUSTRALIA AND OCEANIA: MARKET, BY CLASS, 2019–2021 (UNITS)
                                   TABLE 285 AUSTRALIA AND OCEANIA: MARKET, BY CLASS, 2022–2027 (UNITS)
                                   TABLE 286 AUSTRALIA AND OCEANIA: MARKET, BY OPERATION, 2019–2021 (UNITS)
                                   TABLE 287 AUSTRALIA AND OCEANIA: MARKET, BY OPERATION, 2022–2027 (UNITS)
                                   TABLE 288 AUSTRALIA AND OCEANIA: MARKET, BY OPERATION, 2019–2021 (USD MILLION)
                                   TABLE 289 AUSTRALIA AND OCEANIA: MARKET, BY OPERATION, 2022–2027 (USD MILLION)

16 RECOMMENDATIONS (Page No. - 226)
     16.1 ASIA PACIFIC TO DOMINATE FORKLIFT MARKET
     16.2 E-COMMERCE EXPECTED TO BE KEY FOCUS FOR MANUFACTURERS
     16.3 CONCLUSION

17 COMPETITIVE LANDSCAPE (Page No. - 227)
     17.1 OVERVIEW
     17.2 FORKLIFT MARKET SHARE ANALYSIS, 2021
               TABLE 290 MARKET SHARE ANALYSIS FOR MARKET, 2021
               FIGURE 51 MARKET SHARE, 2021
     17.3 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS
               FIGURE 52 REVENUE ANALYSIS OF TOP PLAYERS
     17.4 COMPETITIVE EVALUATION QUADRANT
             17.4.1 TERMINOLOGY
             17.4.2 STAR
             17.4.3 EMERGING LEADERS
             17.4.4 PERVASIVE
             17.4.5 PARTICIPANTS
                       FIGURE 53 FORKLIFT MANUFACTURERS: COMPETITIVE EVALUATION MATRIX, 2021
     17.5 MARKET: COMPANY FOOTPRINT
               TABLE 291 MARKET: COMPANY FOOTPRINT, 2021
               TABLE 292 MARKET: PRODUCT FOOTPRINT OF COMPANIES, 2021
               TABLE 293  MARKET: REGIONAL FOOTPRINT OF COMPANIES, 2021
     17.6 COMPETITIVE SCENARIO
             17.6.1 PRODUCT LAUNCHES
                       TABLE 294 PRODUCT LAUNCHES
             17.6.2 DEALS
                       TABLE 295 DEALS
             17.6.3 EXPANSIONS
                       TABLE 296 EXPANSIONS
     17.7 KEY PLAYER STRATEGIES/RIGHT TO WIN
               TABLE 297 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENTS AND EXPANSIONS AS KEY GROWTH STRATEGIES

18 COMPANY PROFILES (Page No. - 240)
Note: The Business Overview, Products Offered, and Recent Developments are covered for Top 10 Forklift Market players.
MnM View is covered for first 5 Market players
Profiles of ‘Additional players’ cover Business Overview, Products Offered and Company’s Regional Presence
     18.1 KEY PLAYERS
             18.1.1 TOYOTA INDUSTRIES CORPORATION
                       TABLE 298 TOYOTA INDUSTRIES CORPORATION: BUSINESS OVERVIEW
                       FIGURE 54 TOYOTA INDUSTRIES CORPORATION: COMPANY SNAPSHOT
                       TABLE 299 TOYOTA INDUSTRIES CORPORATION: NEW PRODUCT DEVELOPMENTS
                       TABLE 300 TOYOTA INDUSTRIES CORPORATION: DEALS
             18.1.2 KION GROUP AG
                       TABLE 301 KION GROUP AG: BUSINESS OVERVIEW
                       FIGURE 55 KION GROUP AG: COMPANY SNAPSHOT
                       TABLE 302 KION GROUP AG: NEW PRODUCT DEVELOPMENTS
                       TABLE 303 KION GROUP AG: DEALS
                       TABLE 304 KION GROUP AG: EXPANSIONS
             18.1.3 MITSUBISHI LOGISNEXT CO. LTD.
                       TABLE 305 MITSUBISHI LOGISNEXT CO. LTD.: BUSINESS OVERVIEW
                       FIGURE 56 MITSUBISHI LOGISNEXT CO. LTD.: COMPANY SNAPSHOT
             18.1.4 JUNGHEINRICH AG
                       TABLE 306 JUNGHEINRICH AG: BUSINESS OVERVIEW
                       FIGURE 57 JUNGHEINRICH AG: COMPANY SNAPSHOT
                       TABLE 307 JUNGHEINRICH AG: DEALS
                       TABLE 308 JUNGHEINRICH AG: EXPANSIONS
             18.1.5 HYSTER-YALE MATERIALS HANDLING
                       TABLE 309 HYSTER-YALE MATERIALS HANDLING: BUSINESS OVERVIEW
                       FIGURE 58 HYSTER-YALE MATERIALS HANDLING: COMPANY SNAPSHOT
                       TABLE 310 HYSTER-YALE MATERIALS HANDLING: NEW PRODUCT DEVELOPMENT
             18.1.6 CLARK MATERIAL HANDLING COMPANY (CMHC)
                       TABLE 311 CLARK MATERIAL HANDLING COMPANY (CMHC): BUSINESS OVERVIEW
                       TABLE 312 CLARK MATERIAL HANDLING COMPANY: DEALS
                       TABLE 313 CLARK MATERIAL HANDLING COMPANY: EXPANSIONS
                       TABLE 314 CLARK MATERIAL HANDLING COMPANY: NEW PRODUCT DEVELOPMENTS
             18.1.7 HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.
                       TABLE 315 HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 59 HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.: COMPANY SNAPSHOT
             18.1.8 KOMATSU
                       TABLE 316 KOMATSU: BUSINESS OVERVIEW
                       FIGURE 60 KOMATSU: COMPANY SNAPSHOT
                       TABLE 317 KOMATSU: NEW PRODUCT DEVELOPMENTS
             18.1.9 KALMAR
                       TABLE 318 KALMAR: BUSINESS OVERVIEW
                       TABLE 319 KALMAR: DEALS
                       TABLE 320 KALMAR: NEW PRODUCT DEVELOPMENTS
             18.1.10 CAT LIFT TRUCKS
                       TABLE 321 CAT LIFT TRUCKS: BUSINESS OVERVIEW
                       TABLE 322 CAT LIFT TRUCKS: NEW PRODUCT DEVELOPMENTS
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     18.2 ADDITIONAL PLAYERS
             18.2.1 ANHUI HELI CO., LTD.
                       TABLE 323 ANHUI HELI CO., LTD.: COMPANY OVERVIEW
             18.2.2 CROWN EQUIPMENT CORPORATION
                       TABLE 324 CROWN EQUIPMENT CORPORATION: COMPANY OVERVIEW
             18.2.3 DOOSAN INDUSTRIAL VEHICLE
                       TABLE 325 DOOSAN INDUSTRIAL VEHICLE: COMPANY OVERVIEW
             18.2.4 GODREJ MATERIAL HANDLING (GODREJ & BOYCE MANUFACTURING CO. LTD.)
                       TABLE 326 GODREJ MATERIAL HANDLING (GODREJ & BOYCE MANUFACTURING CO. LTD.): COMPANY OVERVIEW
             18.2.5 EP EQUIPMENT
                       TABLE 327 EP EQUIPMENT: COMPANY OVERVIEW
             18.2.6 LONKING MACHINERY CO., LTD.
                       TABLE 328 LONKING MACHINERY CO., LTD.: COMPANY OVERVIEW
             18.2.7 LINDE MATERIAL HANDLING
                       TABLE 329 LINDE MATERIAL HANDLING: COMPANY OVERVIEW
             18.2.8 BOBCAT COMPANY
                       TABLE 330 BOBCAT COMPANY: COMPANY OVERVIEW
             18.2.9 HANGCHA
                       TABLE 331 HANGCHA: COMPANY OVERVIEW
             18.2.10 KONECRANES
                       TABLE 332 KONECRANES: COMPANY OVERVIEW
             18.2.11 COMBILIFT
                       TABLE 333 COMBILIFT: COMPANY OVERVIEW
             18.2.12 VALLÉE
                       TABLE 334 VALLÉE: COMPANY OVERVIEW
             18.2.13 NARROW AISLE INC.
                       TABLE 335 NARROW AISLE INC.: COMPANY OVERVIEW
             18.2.14 MANITOU GROUP
                       TABLE 336 MANITOU GROUP: COMPANY OVERVIEW
             18.2.15 HOIST MATERIAL HANDLING
                       TABLE 337 HOIST MATERIAL HANDLING: COMPANY OVERVIEW

19 APPENDIX (Page No. - 286)
     19.1 INSIGHTS OF INDUSTRY EXPERTS
     19.2 DISCUSSION GUIDE
     19.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     19.4 AVAILABLE CUSTOMIZATIONS
             19.4.1 FORKLIFT MARKET, BY TONNAGE CAPACITY AND COUNTRY
                       19.4.1.1 Asia Pacific
                                   19.4.1.1.1 China
                                   19.4.1.1.2 Japan
                                   19.4.1.1.3 South Korea
                                   19.4.1.1.4 India
                       19.4.1.2 Europe
                                   19.4.1.2.1 Germany
                                   19.4.1.2.2 France
                                   19.4.1.2.3 UK
                                   19.4.1.2.4 Italy
                                   19.4.1.2.5 Spain
                                   19.4.1.2.6 Russia
                       19.4.1.3 North America
                                   19.4.1.3.1 US
                                   19.4.1.3.2 Canada
                                   19.4.1.3.3 Mexico
                       19.4.1.4 Rest of the World
                                   19.4.1.4.1 Africa
                                   19.4.1.4.2 Australia and Oceania
     19.5 RELATED REPORTS
     19.6 AUTHOR DETAILS

The research study involved extensive use of secondary sources such as company annual reports/presentations, industry association publications, forklift magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases to identify and collect information on the forklift market. Primary sources—experts from related industries, forklift OEMs, and suppliers—were interviewed to obtain and verify critical information, as well as to assess the growth prospects and market estimations.

Secondary Research

Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.

Primary Research

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. Primary sources from the supply side included various industry experts, such as CXOs, vice presidents, directors of business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.

Primary interviews were conducted to gather insights such as forklift production forecast, market forecast, future technology trends, and upcoming technologies. Data triangulation of all these points was done with the information gathered from secondary research and company revenues. Stakeholders from the demand and supply sides were interviewed to understand their views on the aforementioned points.

Primary interviews were conducted with market experts from both the demand (OEM) and supply-side players across four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. Approximately 30% of interviews were conducted from the demand side, while 70% of primary interviews were conducted from the supply side. The primary data was collected through questionnaires, e-mails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales and operations, were covered to provide a holistic viewpoint in this report.

After interacting with industry experts, brief sessions with highly experienced independent consultants were conducted to reinforce the findings from primaries. This, along with the opinions of the in-house subject matter experts, has led to the findings as described in the remainder of this report.

Forklift Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Bottom-Up Approach: Forklift Market

The bottom-up approach was used to estimate and validate the size of the forklift market. In this approach, the country-level sales of forklifts (in units) were derived from secondary sources and various databases and validated through primary interviews. Further, country-level penetration of forklifts, by class (Class 1, Class 2, Class 3, and Class 4/5) was derived. The country-level sales of forklifts (in units) were further multiplied with the penetration of each forklift class type. Through this, the market volume, by class, was derived for each country. The summation of country-level markets provided the regional-level markets. The further summation of regional-level markets provided the global market in terms of volume (units), by region and class.

Forklift Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Top-Down Approach: Forklift Market

The top-down approach was followed to determine the market size by application, end-use industry, tire type, propulsion, and tonnage capacity in terms of volume and value for forklifts. The region-wise forklift market volume and value (Asia Pacific, North America, Europe, and the Rest of the World) were derived from the global market. The percentage share of forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity was derived from secondary sources and validated through primaries. It was further multiplied by the region-wise market volume and value. Through this, the market volume and value for forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity were derived. The summation of all region-wise markets was carried out to obtain the total market for forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity in terms of volume (units) and value (USD million).

Forklift Market Size, and Share

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.

Report Objectives

  • To define, describe, and forecast the forklift market in terms of value (USD million/USD billion) and volume (thousand units) based on the following segments:
    • By Tonnage Capacity (below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons)
    • By Application (indoor, outdoor, and indoor and outdoor)
    • By Class (Class 1, Class 2, Class 3, and Class 4/5)
    • By Industry (3PL, food and beverage, automotive, paper and pulp, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, chemical, healthcare, and others)
    • By Propulsion (electric and ICE)
    • By Operation (manual and autonomous)
    • By Product Type (warehouse and counterbalance)
    • Electric Forklift, by Battery Type (lithium-ion and lead-acid)
    • By Tire Type (cushion and pneumatic)
    • By Region (Asia Pacific, Europe, North America, and Rest of the World)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the forklift market and provide patent analysis, case study analysis, supply chain analysis, trade analysis, Porter’s Five Force Analysis, and ecosystem analysis
  • To analyze the share of the key players operating in the market
  • To develop competitive evaluation matrix and distinguish them into stars, emerging leaders, pervasive players, and participants according to their product portfolio strength and business strategies
  • To analyze recent developments such as deals, expansions, new product launches, and other activities carried out by key industry players in the forklift market

Available Customizations

Along with the market data, MarketsandMarkets offers customizations in accordance with company-specific needs.

The following customization options are available for the report:

Forklift Market, by Tonnage Capacity and Country

Asia Pacific

  • China
  • Japan
  • South Korea
  • India

Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia

North America

  • US
  • Canada
  • Mexico

Rest of the World

  • Africa
  • Australia and Oceania
Report Code
AT 4882
Published ON
Oct, 2022
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