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The forklift market size is projected to grow from USD 58.9 billion in 2022 to USD 84.5 billion by 2027, at a CAGR of 7.5% for the same period. The base year for the report is 2021, and the forecast period is considered from 2022 to 2027.

The market is expected to witness growth due to some of the major factors such as increasing emission regulations, rising need for sustainable and autonomous intralogistics solutions to increase operational efficiency and so on.

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

The global forklift market is a consolidated market, with the presence of five major players, namely, Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US). These players hold over 70–80% of the market share and have a well-established global presence, supply chain, and strong product portfolio.

Toyota Industries Corporation provides material handling equipment through the Toyota Material Handling Group division. Toyota Industries Corporation has classified its business operations into Automobile, Textile Machinery, and Materials Handling Equipment. Its Materials Handling Equipment segment offerings include forklifts, pallet jacks, material handling, automatic guided vehicles, tow tractors, reach trucks, order pickers, lift trucks, and automation solutions. Toyota Industries Corporation follows a strategies of product development and acquisition to further strengthen its position as a market leader in the material handling sector. The company, in early 2018, acquired Vanderlande (Netherlands) and Bastian (US), who are leading logistics system integrators in North America. The company focuses on the development of optimal supply systems to deliver products to customers based on a policy of production close to the market.

KION Group AG is one of the leading suppliers of supply chain and logistics solutions globally. The group owns many brands that are known for their forklifts and automated guided vehicles. The brands that operate under the KION Group are Linde Material Handling, Still, Baoli, and OM. In France, the company sells its Linde products and services under the brand name Fenwick. The group also owns the brand Dematic, which is one of the world leaders in warehouse automation and intelligent solutions. In 2020, 1.7% of its revenue was spent on R&D in the intralogistics segment, which is one of the highest in the market. The group also undertakes collaborative efforts with academia. For instance, the University of Waterloo, Canada, worked with KION on an automatic material handling cable technology project.

Mitsubishi Logisnext Co., Ltd. offers a wide range of products and solutions for warehouse management and material handling. It operates through six business subsidiaries, namely, Mitsubishi Forklift Trucks, Unicarriers, Nichiyu Electric Forklift Trucks, Cat Lift trucks, TCM, and Rocla. Mitsubishi Forklift Trucks, Nichiyu Electric Forklift Trucks, Cat Lift trucks, and TCM specialize in the development and sales of IC and electric forklifts. The Rocla brand specializes in the development of AGVs. It focuses on partnerships and acquisitions for technology transfer and product development. For instance, in July 2019, Mitsubishi Logisnext Co. Ltd. acquired Equipment Depot, Inc. (US), a leading distributor of forklifts and AGVs, which is expected to expand its access to the customer base in North America. The company has manufacturing centers in Pamplona, Spain; Almere, Netherlands; Järvenpää, Finland; Houston, Texas; Ômihachiman, Japan; and Dalian, China. In addition, it has several sales offices, warehouses, and technical centers.

Jungheinrich AG has been a major player in intralogistics since its commencement 60 years ago. The company is involved in the production of material handling equipment, warehousing, and material flow engineering. The company offers products under three divisions, namely, New Truck Business, Short-term Rental and Used Equipment, and After-sales Services. Forklift products and services are offered under the new truck business. Jungheinrich AG is represented in 40 group-owned sales and service companies worldwide. Its sales regions include Europe, the Americas, and Asia. Germany and other European countries contribute the most to its revenue.

Hyster-Yale Materials Handling manufactures lift trucks, attachments, and hydrogen power. It has a strong presence in all major global markets, such as Europe, Asia, North America, South America, and Africa. Its offerings include solutions aimed at meeting the specific material handling needs of customer applications. Its operating subsidiary, Hyster-Yale Group Inc., designs, manufactures, and sells a wide range of lift trucks and components globally. These machines and components are primarily sold under the Hyster and Yale brand names. The company has also been involved in R&D activities. For instance, in 2021, the company invested around 3.7% of its total revenue in R&D. The company manufactures lift trucks and parts in the US, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Vietnam, Japan, and Brazil.

Related Reports:

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

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