Forklift Truck Market Set to Reach USD 76 Billion by 2030
The global Forklift Truck Market is projected to reach USD 76 billion by 2030, registering a robust CAGR of 7% by 2030, according to a new research report by Next Move Strategy Consulting.
Start with a FREE Sample – Download Now!
The E-Commerce Boom and Its Impact on Material Handling The forklift truck industry is thriving on the rapid growth of e-commerce, a sector critical to efficient warehouse operations. These versatile machines are indispensable for handling diverse products, ensuring that the logistics and supply chain ecosystem operates seamlessly. According to Shopify, the e-commerce market is on track for a massive USD 11 trillion growth between 2021 and 2025, driven by technological advancements and the proliferation of online marketplaces that have transformed shopping and selling dynamics.
Automation Driving Forklift Truck Adoption The ongoing push for automation in manufacturing and logistics has significantly boosted the adoption of forklift trucks. Businesses are increasingly investing in these machines to achieve efficiency gains, reduce labor costs, and enhance productivity. This automation-driven shift is propelling the forklift truck market to unprecedented heights.
However, the market faces challenges such as high initial costs, including purchase, installation, training, and maintenance, which limit adoption among small and medium-sized enterprises (SMEs). Addressing these cost barriers will be essential to ensuring widespread use of forklift trucks and unlocking their full potential.
AI-Powered Forklift Trucks: A Game Changer The integration of artificial intelligence (AI) into manufacturing and logistics is reshaping the forklift truck industry. AI-powered autonomous forklift trucks are set to revolutionize material handling, offering enhanced efficiency, safety, and scalability, and presenting significant market opportunities.
Market Leaders Driving Innovation Key players in the forklift truck market include Toyota Industries Corporation, Kion Group, Jungheinrich, Mitsubishi Logisnext Co., Ltd, Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., Hangcha Group, Doosan, Clark Material Handling, Hyundai Material Handling, and others. These companies are focusing on product innovation to maintain their market dominance.
Recent Developments:
- In September 2023, Mitsubishi Logisnext Americas launched the SCX N2 Series of Electric Stand-up Counterbalanced Lift Trucks, offering improved turning, multi-function controls, and user-friendly design to enhance material handling efficiency.
- In December 2022, Hyster Company introduced the H40-70A series, debut models of its innovative A Series platform. These forklifts prioritize ergonomics, cost-efficiency, and safety, featuring the Dynamic Stability System (DSS) and customizable A+ Logic design features.
Conclusion The forklift truck market is poised for substantial growth, driven by e-commerce expansion, automation, and technological advancements. For Shopify merchants and logistics stakeholders, the increasing demand for efficient material handling solutions presents a lucrative opportunity to align with the evolving market needs. Businesses investing in AI-powered and cost-effective forklift trucks are likely to secure a competitive edge in the dynamic material handling landscape.