The global Forklift Market size is projected to reach USD 154.3 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 12.8% from 2022 to 2030. Increasing demand for forklifts across food and beverage and industrial manufacturing warehouses to load and unload trucks and transport goods, coupled with the advantages of forklifts such as eliminating the need for manpower, increased safety, and lower maintenance, is driving the market. Additionally, rapid urbanization in countries such as India, Brazil, and South Korea is resulting in a significant increase in construction activities, which is expected to increase the demand for forklifts for material handling and lifting heavy equipment.

Governments of developed and developing countries are seeking ways of reducing the use of combustion engines due to rising environmental problems. The impending ban on fossil fuel vehicles across several countries in the near future is resulting in the increased focus of manufacturers on developing fuel-cell technology. For instance, in August 2021, Hexagon Purus and Ballard Power Systems announced a collaboration to develop Class 6 & 7 fuel cell electric trucks. The new trucks would provide a range of over 400 miles. Even though the market is witnessing high growth, factors such as the availability of vehicle rental options and the high costs of batteries factors expected to hinder the market growth. In addition, fluctuating raw material prices are expected to challenge market growth in the near future.

The COVID-19 pandemic negatively impacted the growth of the market. In the first quarter of 2020, governments of several countries imposed regulations such as social distancing and the temporary closure of manufacturing facilities. The shutdown of production facilities and disruptions in the supply chain of raw materials impacted the sales of forklifts. However, the second quarter of 2021 showed positive growth for industries due to relaxation in lockdowns, followed by the reopening of warehouses, allowing the market to slowly recover.

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Forklift Market Report Highlights

• In terms of class, the class 3 segment dominated the market in 2021. The segment is expected to witness increased traction owing to the rising demand from small and medium-sized warehouses for loading and unloading materials
• In terms of power source, the electric segment is expected to register a CAGR of more than 13.0% during the forecast period. This growth can be attributed to the impending ban on the sales of ICE vehicles and rapid technological advancements in EV battery power and life
• The Class 1 segment is projected to witness a CAGR of over 10.0% over the forecast period. Favorable government initiatives to increase electric vehicle sales and rising demand from the construction industry are expected to drive market growth over the forecast period