Forklift Market Size, Share & Trends Report

Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source (ICE, Electric), By Load Capacity (Below 5 Ton, 5-15 Ton), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-754-4
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the forklift market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for forklift market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of forklift market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Forklift Market Categorization:

The forklift market was categorized into four segments, namely class (Class 1, Class 2, Class 3, Class 4/5), power source (ICE,  Electric), load capacity (Below 5 Ton, 5-15 Ton, Above 16 Ton), electric battery type (Li-ion, Lead Acid), end use (Industrial, Logistics, Chemical, Food & Beverage, Retail & E-Commerce), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The forklift market was segmented into class, power source, load capacity, electric battery type, end useand regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The forklift market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; UK; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; U.A.E.; Saudi Arabia; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Forklift market companies & financials:

The forklift market is analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Anhui Heli Co., Ltd. -Anhui Heli Co., Ltd. manufactures and distributes industrial machines and trucks. The company’s product portfolio encompasses electric & ICE forklifts, warehouse equipment, heavy forklifts, tractors, wheel loaders, and attachments. Anhui Heli Co., Ltd. provides extensive sales, aftersales, technology, and spare parts supply services. The company has 24 sales in China and 400 sales and services centers. The company has overseas marketing and sales network in more than 80 countries, and its products are sold in more than 150 countries.

  • Clark Material Handing Company -Clark Material Handing Company, a subsidiary of Clark Equipment Company, manufactures and distributes forklifts, pallet jacks, pallet stackers, and working platform vehicles for indoor warehousing and shipping application. The company manufactures trucks ranging from 15,00 to 1,800 pounds in over 230 locations in North America and over 500 locations in more than 80 countries. The company also maintains an exhaustive inventory of vehicle parts in its distribution center in Changwon, South Korea, and Louisville, Kentucky. The manufacturer also provides rental services. The company manufactures in Lexington, Kentucky; Hanoi, Vietnam; Qingdao, China; Changwon, South Korea.

  • Crown Equipment Corporation - Crown Equipment Corporation is a designer, manufacturer, distributor, and aftermarket service provider of counterbalance forklifts, VNA trucks, reach trucks, order pickers, stackers, Platte trucks, and tow trucks. The forklift manufacturer has also developed its lithium-ion batteries and chargers. The company also offers fleet management services, connected services, automation solutions, and financing options. The manufacturer’s global presence spans 84 countries with more than 500 retail locations and 22 manufacturing facilities.

  • Doosan Corporation - Doosan Corporation is a construction equipment manufacturing company engaged in the manufacturing and sale of heavy industrial machinery and construction equipment and providing related services. Doosan Corporation offers a wide range of products for the construction of power plants, water desalination plants, and wastewater treatment plants and provides excavators, wheel loaders, articulated dump trucks, compact equipment, portable power products, and machine attachments.

  • HangCha Group - HangCha Group is a manufacturer and distributor of material handling equipment. The company serves industries and industry verticals, such as retail, warehousing, food, pharmaceuticals, logistics, and automotive, along with ports & terminals. The company maintains a product portfolio of pallet trucks, stackers, reach trucks, order pickers, and forklifts. The company can manufacture around 250,000 units of forklifts, trucks, and warehouse equipment per year at its facility in Lin'an in the Chinese province of Zhejiang. The company has over 60 sales and service subsidiaries, 140 domestic dealers, and 70 international agents.

  • Hyster-Yale Materials Handling, Inc.- Hyster-Yale Materials Handling, Inc. is a fully owned and operating subsidiary of Hyster-Yale Group, Inc. which designs, manufactures, and sells material handling equipment and provides aftermarket services for an extensive line of products through brands such as Hyster, Bolzoni, Meyer, Nuvera, and Yale. The manufacturer operates through three separate segments: Lift Trucks, Attachments, and Fuel Cells. The company offers a comprehensive product line of forklift trucks. The manufacturer has regional product development centers for forklift trucks in the U.S., the Netherlands, the Philippines, the U.K., Italy, and Japan.

  • Jungheinrich AG - Jungheinrich AG is an intralogistics solutions provider offering a wide product portfolio comprising material handling equipment, digital solutions, automated systems, and related services, including rental services and aftermarket services. The company provides its customers with tailor-made solutions from a single source to help them expand their intralogistics services The company has developed an automated intralogistics workflow using various automated warehouse equipment, mobile robots, and software. The company's global network comprises 11 production facilities and 41 service and sales support facilities. The company also provides forklift hiring services, such as long-term rental, rental fleet management, li-ion performance rental, and easy financing while maintaining a fleet of 60,000 forklifts comprising over 600 models.

  • KION Group AG - The KION Group AG manufactures and supplies industrial trucks and offers supply chain solutions. The company’s product portfolio encompasses material handling trucks, such as warehouse and forklift trucks, along with software solutions and automation technology for optimizing supply chains and related services. The company has a strong international presence with operations in more than 100 countries globally. The KION Group's logistics solutions are used to enhance information and material flow within distribution centers, factories, and warehouses. The manufacturer's brands include Linde Material Handling, STILL, Dematic, Baoli, Fenwick (by Linde Material Handling), and OM.

  • Komatsu Ltd.- Komatsu Ltd. is engaged in the manufacturing, development, sales, and marketing of various industrial products. The company has more than 38 manufacturing plants worldwide. The company sells its products directly to customers and to different trading and distribution companies. The company caters to the incumbents of various industries and industry verticals, including construction, utility, mining equipment, and industrial machinery. The company offers construction & mining equipment, forklift trucks, forest machines, recycling equipment, and tunneling machines through its construction, mining, and utility equipment segment.

  • Mitsubishi Logisnext Co., Ltd - Mitsubishi Logisnext Co., Ltd manufactures and distributes material handling equipment. The company is also engaged in developing, designing, and selling engine and electric-powered forklifts, local area networks, electric vehicles, automated warehouses, monorails, transportation robots, and other logistics equipment. The company's product portfolio consists of electric counterbalanced trucks, lateral stacking trucks, loaders, low lifters, order pickers, pallet trucks, multi-directional trucks, stackers, and towing tractors. The company has a market presence in North America, Europe, Asia & Oceania, and China.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Forklift Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Forklift Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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