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Global Forklift Growth Opportunities, Forecast to 2030
Electrification, Autonomous Vehicles, and Business Model Transformation Hold Long-term Potential
25-Nov-2024
Global
Market Research
The forklift market in the industrial equipment industry has grown significantly in recent years, with a global market size of OEMs reaching $65.5 billion in 2023. Unit sales in electric models reached 1,517,165 units in 2023; Frost & Sullivan projects the figure to increase to 2,599,553 units in 2030 at an 8% compound annual growth rate (CAGR). Factors driving the industry growth include transportation and warehouse market growth, technological advancements including improved energy density and long lifecycle for batteries, regulations, and cost efficiency improvements in electric vehicles in upcoming years.
Frost & Sullivan expects regional growth to differ due to regulations and market forces from 2023 to 2030. In terms of unit sales, North America, Europe, Asia-Pacific, and the rest of the world will likely record strong CAGRs of 3.9%, 4%, 6.9%, and 6.3%, respectively, because of increased competition and technological advancements. Similarly, electric forklifts in each market will register growth rates of 5.3%, 4.8%, 10.9%, and 7.5%, respectively.
The market is competitive, with many manufacturers wanting to participate in electrification and autonomous equipment. Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown, Hyster-Yale, Manitou, Anhui Heli, Cargotec (Kalmar), Hangcha Group, Clark, Merlo, Komatsu, Lonking, Hyundai Material Handling, Combilift, Hubtex, Godrej & Boyce, and Baumann have a presence in multiple markets and offer a range of products. A trend characterizing the industry is more sustainable and efficient vehicles, with a rising focus on reducing emissions and improving fuel efficiency. This trend is driving innovation, with manufacturers developing electrification and autonomous technologies.
Major innovations will likely be in batteries, efficient powertrains for increased total cost of ownership benefits, automation and robotics, AI, and innovative business models. Frost & Sullivan anticipates industry growth to be propelled by high-tech innovations, a sustainability push, and the need for electric equipment.
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Forklift Industry
Scope of Analysis
GDP Growth
eCommerce Market Forecast
Warehouse Market
Top Warehouses
Competitive Environment
Key Competitors—OEMs
Mergers, Acquisitions, and Partnerships
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Methodology
Unit Sales Forecast: Forklift, Global
Unit Sales Forecast: Forklift, North America
Unit Sales Forecast: Forklift, Europe
Unit Sales Forecast: Forklift, APAC
Unit Sales Forecast: Forklift, Rest of the World (RoW)
EIO Forecast: Forklift, Global
EIO Forecast by Region: Forklift, Global
Competitive Benchmarking—OEMs
Competitive Benchmarking—OEMs (continued)
Competitive Benchmarking—Battery and Charger Suppliers
Autonomous Vehicle: Competitive Landscape
Autonomous Vehicle: Competitive Landscape (continued)
Market Share of Top 15 OEMs—Equipment Sales in Industrial Equipment Industry
ITA Lift Truck Classification Offerings—Top OEMs
SWOT Analysis, Top 3 OEMs
Top Trends Driving the Forklift Market
Trend 1: Electrification, Forklift Battery Options
Trend 1: Electrification, Market Snapshot
Trend 1: Electrification, Top 3 OEMs—Toyota
Trend 1: Electrification, Top 3 OEMs—Kion
Trend 1: Electrification, Top 3 OEMs—Jungheinrich
Trend 1: Electrification, TCO Analysis
Trend 2: Automation and Robotics
Trend 2: Automation and Robotics, Tech Deep Dive
Trend 2: Automation and Robotics, Impact of AI Telematics
Trend 3: BMT, Electrification
Trend 3: BMT, Flexible Ownership Options
Trend 3: BMT, Remanufacturing
Growth Opportunity 1: Electrification in Warehousing and Industrial Sectors
Growth Opportunity 1: Electrification in Warehousing and Industrial Sectors (continued)
Growth Opportunity 2: Innovative Business Models
Growth Opportunity 2: Innovative Business Models (continued)
Growth Opportunity 3: Demand for Autonomous Vehicles
Growth Opportunity 3: Demand for Autonomous Vehicles (continued)
Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
Legal Disclaimer
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| Deliverable Type | Market Research |
|---|---|
| Author | Akilan Veerabatheren |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | PFP9-01-00-00-00 |