The Forklift Market is Predict to reach USD 167.9 Billion by 2031, at a CAGR of 13.2%

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Forklift Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Forklift Market size is expected to reach 167.9 billion by 2031, rising at a market growth of 13.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,060.6 thousand units experiencing a growth of 31.0% (2020-2023).

Forklift trucks, also known as lift trucks or fork truck. Forklifts are industrial vehicles used for lifting, transporting, and stacking materials in various applications across different industries. The forklift market encompasses various products, including different types of forklifts, accessories, attachments, and related services.

Forklift Market Size - By Region

The Electric segment is showcasing a CAGR of 12.9 % during the forecast period. Advances in battery technology, motor efficiency, and electronic controls have led to significant improvements in the performance and capabilities of electric forklifts. Modern electric forklifts offer comparable or superior performance to ICE forklifts in power, speed, lifting capacity, and maneuverability, enhancing productivity and operational efficiency.

The 5-15 Ton segment generated the Global Forklift Market by Load Capacity in 202; thereby, achieving a market value of $65.5 billion by 2031. Forklifts in this weight range are used in diverse applications, including loading and unloading trucks, stacking and storing pallets, transporting bulky materials, and handling oversized cargo.

The Lead Acid segment is registering a CAGR of 12.8 % during the forecast period. Forklifts have long been powered by lead acid batteries, with a proven dependability and longevity track record. Many businesses are familiar with lead acid technology and trust its performance in various material handling applications.

The Industrial segment led the Global Forklift Market by End-use in 2023; thereby, achieving a market value of $35.7 billion by 2031. Manufacturing, warehousing, logistics, and distribution industries rely heavily on forklifts to move, store, and transport materials and goods within their facilities. Forklifts are essential equipment for loading and unloading trucks, stacking and retrieving pallets, and moving heavy or bulky items, facilitating efficient material flow and supply chain operations.

The Class 3 segment is growing at a CAGR of 12.5 % during the forecast period. Class 3 forklifts are specifically designed for indoor use, making them ideal for distribution centers, warehouses, manufacturing facilities, and retail environments where space may be limited, and emissions need to be minimized.

Full Report: https://www.kbvresearch.com/forklift-market/

The Asia Pacific region dominated the Global Forklift Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $77.5 billion by 2031. The North America region is anticipated to grow at a CAGR of 12.7% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 12.9% during (2024 - 2031).

List of Key Companies Profiled

Forklift Market Report Segmentation

By Power Source (Volume, Thousand Units, USD Billion, 2020-2031)

Electric
ICE

By Load Capacity (Volume, Thousand Units, USD Billion, 2020-2031)

5-15 Ton
Below 5 Ton
Above 16 Ton

By Modality (Volume, Thousand Units, USD Billion, 2020-2031)

Lead Acid
Li-ion

By End-use (Volume, Thousand Units, USD Billion, 2020-2031)

By Class (Volume, Thousand Units, USD Billion, 2020-2031)

Class 3
Class 4/5
Class 1
Class 2

By Geography (Volume, Thousand Units, USD Billion, 2020-2031)

North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA

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