Global Forklift Truck Market Outlook 2024

Report Code :HC 1005
2017-2024
Global Forklift Truck Market Outlook 2024: Global Opportunity & Growth Analysis,
2017-2024
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Table OF Contents
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Description
1. Executive Summary
1.1. Summary of Forklift Truck Market
2. Research Methodology
3. Major Players Presence-Regional Analysis
4. Global Forklift Truck Market Analysis
4.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
4.2. Global Forklift Truck Market Overview, By Region and Market Players-2016
5. Market Dynamics
5.1. Risk analysis
5.1.1. Demand risk
5.1.2. supply risk
5.2. Growth Drivers
5.3. Market Restraints
5.4. Market Opportunity
5.4.1 Global Forklift Truck Market Opportunity, 2017-2024

Description
5.4.2. Forklift Truck Market: Making all the right moves
5.5. Market Trends
5.5.1 Forklift Truck Market Trends
5.5.2. Next Forklift Truck: Rent, Buy Or Lease
5.6. Impact Analysis
6. Global Forklift Truck Market segmentation
6.1. Global Forklift Truck Market segmentation: on the basis of Product
6.1.1. Global Forklift Truck Market Size (USD Billion) ,By Product, 2017-2024
Table:1 Global Sales (USD Billion) of Forklift Truck, By Product, 2017-2024
6.1.1.1. Global Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.2. Global Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.3. Global Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.4. Global Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.5. Global Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.6. Global Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

Description
6.1.1.7. Global Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.1.8. Global Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.1.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024
6.1.2.1. Global Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.2.2. Global Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.2.3. Global Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.1.2.4. Global Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024
6.1.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.1.3.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024
6.1.3.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.1.3.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024
6.1.3.4. Global Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.1.3.5. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.1.3.6. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024
6.1.3.6a. Three Types Of Electric Lift Trucks Are Used In Food And Beverage Plants

Description
6.1.3.7. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.1.3.8. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.1.3.9. Global Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024
6.2. North America Forklift Truck Market Analysis
6.2A. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.2.1. North America Forklift Truck Market Analysis, by country
6.2.1.1. U.S. Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.1.2. Canada Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.1.3. North America Forklift Truck Market Attractiveness and BPS Analysis - By Country, 2017-2024
6.2.2. North America Forklift Truck Market Analysis, by Product Type
Table: 2 North America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024
6.2.2.1. North America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.2. North America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.3. North America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.4. North America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.5. North America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

Description
6.2.2.6. North America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.7. North America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.2.8. North America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.2.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024
6.2.3.1. North America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.3.2 North America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.3.3. North America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.2.3.4. North America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024
6.2.4. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.2.4.1. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024
6.2.4.2. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.2.4.3. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024
6.2.4.4. North America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.2.4.5. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.2.4.6. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024

Description
6.2.4.7. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.2.4.8. North America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.2.4.9. North America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024
6.3. Europe Forklift Truck Market Analysis
6.3a. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.3b. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.3c Leading Suppliers and Dealers of Forklift Trucks in Europe
6.3.1. Europe Forklift Truck Market Analysis, by country
6.3.1.1. Germany Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.2. France Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.3. The United Kingdoms Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.3a. The United Kingdoms Forklift Truck Market
6.3.1.4. Italy Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.5. Russia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.6. Austria, Benelux & Switzerland Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

Description
6.3.1.7. Nordic and Baltic Countries Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.8. Rest of Europe (RoE) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.1.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024
6.3.2. Europe Forklift Truck Market Analysis, by Product Type
Table.3 Europe Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024
6.3.2.1. Europe Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.2. Europe Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.3. Europe Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.4. Europe Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.5. Europe Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.6. Europe Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.7. Europe Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.2.8. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.3.3. Europe Forklift Truck Market Analysis, by Fuel Type
6.3.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024

Description
6.3.3.1. Europe Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.3.2. Europe Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.3.3. Europe Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.3.3.4. Europe Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024
6.3.4. Europe Forklift Truck Market Analysis, by End-User
6.3.4. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.3.4.1. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024
6.3.4.2. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.3.4.3. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024
6.3.4.4. Europe Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.3.4.5. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.3.4.6. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024
6.3.4.7. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.3.4.8. Europe Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.3.4.9. Europe Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024

Description
6.4. Asia-Pacific Forklift Truck Market Analysis
6.4a. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.4.1. Asia-Pacific Forklift Truck Market Analysis, by country
6.4.1.1. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.1a. China Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.1b. China Forklift Truck Supply ( In Units), By Vehicle Type
6.4.1.2. Japan Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.3. India Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.4. Australia Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.5. Rest Of Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.1.6. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024
6.4.2. Asia-Pacific Forklift Truck Market Analysis, by Product Type
Table.4 Asia-Pacific Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024
6.4.2.1. Asia-Pacific Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.2. Asia-Pacific Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

Description
6.4.2.3. Asia-Pacific Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.4. Asia-Pacific Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.5. . Asia-Pacific Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.6. Asia-Pacific Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.7. Asia-Pacific Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.2.8. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.4.3. Asia-Pacific Forklift Truck Market Analysis, by Fuel Type
6.4.3a. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024
6.4.3.1. Asia-Pacific Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.3.2. Asia-Pacific Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.3.3. Asia-Pacific Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.4.3.4. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024
6.3.4. Asia-Pacific Forklift Truck Market Analysis, by End-User
6.3.4. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.3.4.1. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024

Description
6.3.4.2. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.3.4.3. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Active Waste Handling, 2017-2024
6.3.4.4. Asia-Pacific Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.3.4.5. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.3.4.6. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024
6.3.4.7. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.3.4.8. Asia-Pacific Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.3.4.9. Asia-Pacific Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024
6.5. Latin America Forklift Truck Market Analysis
6.5a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.5.1. Latin America Forklift Truck Market Analysis, by country
6.5.1.1. Brazil Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.1.2. Mexico Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.1.3. Rest of Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.1.6. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024

Description
6.5.2. Latin America Forklift Truck Market Analysis, by Product Type
Table.5. Latin America Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024
6.5.2.1. Latin America Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.2. Latin America Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.3. Latin America Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.4. Latin America Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.5. Latin America Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.6. Latin America Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.7. Latin America Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.8. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.5.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024
6.5.3.1. Latin America Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.2. Latin America Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.3. Latin America Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.4. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024

Description
6.5.4. Latin America Forklift Truck Market Analysis, by End-User
6.5.4a. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.5.4.1. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024
6.5.4.2. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.5.4.3. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024
6.5.4.4. Latin America Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.5.4.5. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.5.4.6. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024
6.5.4.7. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.5.4.8. Latin America Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.5.4.9. Latin America Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024
6.6. Middle East & Africa Forklift Truck Market Analysis
6.6a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
6.6.1. Middle East & Africa Forklift Truck Market Analysis, by country
6.6.1.1. South Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024

Description
6.6.1.2. Gulf Cooperation Council (GCC) Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.6.1.3. Rest of Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.6.1.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Country-2017-2024
6.6.2. Middle East & Africa Forklift Truck Market Analysis, by Product Type
Table.6. Middle East & Africa Sales (USD Billion) of Forklift Trucks, By Product Type, 2017-2024
6.5.2.1. Middle East & Africa Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.2. Middle East & Africa Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.3. Middle East & Africa Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.4. Middle East & Africa Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.5. Middle East & Africa Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.6. Middle East & Africa Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.7. Middle East & Africa Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.2.8. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Product Type-2017-2024
6.5.3. Middle East & Africa Forklift Truck Market Analysis, by Fuel Type
6.5.3a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel Type, 2017-2024

Description
6.5.3.1. Middle East & Africa Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.2. Middle East & Africa Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.3. Middle East & Africa Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), 2017-2024
6.5.3.4. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-2017-2024
6.5.4. Middle East & Africa Forklift Truck Market Analysis, by End-User
6.5.4a. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End Users, 2017-2024
6.5.4.1. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Paper Industry, 2017-2024
6.5.4.2. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Ports & Logistics 2017-2024
6.5.4.3. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Radio Waste Handling, 2017-2024
6.5.4.4. Middle East & Africa Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in Automobile Industry 2017-2024
6.5.4.5. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron & Steel Industry 2017-2024
6.5.4.6. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Food & Beverage Industry 2017-2024
6.5.4.7. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Wood Industry 2017-2024
6.5.4.8. Middle East & Africa Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Other Industries 2017-2024
6.5.4.9. Middle East & Africa Forklift Truck Market Attractiveness & BPS Analysis, By End Users-2017-2024

Description
7. Porter’s Five Force Model
8. Company Profiling
8.1. Toyota
8.1.1. Toyota Industries Corporation ( Company Overview)
8.1.2. Toyota (Revenue & Financial Analysis)
8.1.3. Toyota (Revenue Split & Recent News)
8.2. Kion
8.3. Jungheinrich
8.4. Komatsu
8.5. Hyster-yale

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37.90
40.07
42.44
44.98
47.70
50.66
53.90
57.50
61.50
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
31.0%
8.0%
25.0%
24.0%
12.00%
2016
Asia-Pacific Middle East & Africa North America Europe Latin America
32.2%
6.9%
25.5%
24.8%
10.56%
2024
Source: Goldstein Research
In 2016, Electric Forklifts accounted for the highest market
share 65%in Forklift Truck Market
Fig: 1-1 Global Forklift Truck Market Size USD (Billion). 2017-2024
5.70%
CAGR: (2017-2024)
Fig: 1-2 Global Forklift Truck Market Share(%), By Region-2017-2024
With 31% share in 2016, Asia Pacific region dominated the Global
Forklift Truck market
Fig: 1-4 Global Forklift Truck Market Share(%), By
Fuel Type-2016
Fig: 1-5 Forklift Truck Deal Split (%), By End Users-
2016
Fig: 1-3 Global Forklift Truck Market Share(%), By
Product Type-2016
21.00%
13.00%
16.00%13.00%
11.00%
20.00%
6.00%
Class I (Electric
Motor Rider
Trucks)
Class II (Electric
Motor Narrow
Aisle Trucks)
Class III (Hand
Rider Trucks)
Class IV (IC Engine
Trucks,
solid/Cushion
Tires)
65.00%
10.00%
25.00% Electric/Hybrid
Gasoline
Diesel
7.00%
34.00%
6.00%18.00%
15.00%
9.00%
7.00%
4.00%
Paper Industry
Ports and Logistics
Radio Active Waste
Automobile
Iron and Steel
Industry & Steel
Plants
Food and Beverages

Key Findings
 In 2016, electric and IC engine tractors dominated the market; electric and IC engine tractors segment accounted for nearly 23% of the
total forklift truck market and remaining 77% went for the remaining products. The main reason for this despaired share is due to the
rising demand for forklift truck trend owing to the increase in manufacturing activities and transportation networks
 Forklift truck volumes grew at 2.4x global GDP in 2006-16, propelled by the Chinese market, which expanded six fold in that period. The
European market, on the other hand, is characterized by replacements, growing at 2.7% CAGR 2006-16.
 As a result, if seen from the big market point of view, class IV trucks demand is higher in manufacturing and steel plants settings
followed by other facilities. Moreover, the rising investment opportunities in Latin America on the back of new mining reforms and
rising investment in industry sector is expected to bolster the growth of forklift truck in Africa region.
 Despite an expected industrial recovery in Europe, order momentum for industrial trucks was limited in 2015/16. Following a 40%
decline in 2009, large markets such as Germany, France and the UK have rebounded to pre-crisis levels. Spain, Italy and other smaller
countries that accounted for 44% of volumes pre-crisis continue to lag behind. Declining utilization has extended truck lifecycles in
these regions, and we see no significant replacement need before 2017/18.
 At a joint global share of 51%, Toyota (#1), KION (#2), Jungheinrich (#3) and Hyster-Yale (#4) dominate the industry. All of these players
offer premium trucks and the relevant after-sales services. At 46%, Jungheinrich’s service share is best in class while KION achieves
42%.
 The most significant observation from the sales data in 2015 is the growth of electric lift trucks and the decline of internal combustion
(IC) models. Electric models in Class 1, 2 and 3 combined grew by 6% over 2015, whereas IC models in Class 4 and 5 declined globally by
8% compared to 2015.
Global Forklift Revenue (USD Billion)
2016
2024
Asia-Pacific North America
11.46 Billion
10.51 Billion 15.32 Billion
19.04 Billion
Growing
Warehouse
Services
Rise in
construction
activities
Rising
Manufacturing
demands
Rising Iron &
Steel Plants
Advancement in
forklift
technology

CAGR (2017-2024)
5.70%
Global Forklift
Truck Market
Size, 2016
$ 37.90
Billion
Global Forklift
Truck Market
Size, 2024
$ 61.50
Billion
Key Findings
 The global forklift truck market reached 37.90 billion in 2016, by
registering a CAGR of 5.70% across the globe
 Electric forklifts (Class-1, 2, 3) accounted for the highest revenue share
of more than 50% in global forklift trucks market. Whereas, diesel
forklift trucks market declined by more than 6% in 2016 as compared
to sales in 2015
.
 The Latin America and Africa forklift truck market is expected to built-
up business opportunities for the existing key players looking for
expansion, new entrants looking to enter in the market of forklift truck
over the forecast period i.e. 2017-2024.
Fig: 1-6 North-America Forklift Truck Market Share, By
Country-2016
69.04%
30.96%
U.S. Cananda
1.1. Summary of Forklift Truck Market

2. Research methodology
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Goldstein Research follows a comprehensive and rigorous research methodology to provide you accurate estimates and
forecast of a particular market. We provide estimates, forecast and analysis primarily based on secondary research, primary
interviews, in-house database and other free as well paid sources.
Our company follows simultaneous top down and bottom approach in order to provide you the accurate market sizing. Data
triangulation method is strictly followed where we triangulate the data from all the aspects, be it Function Type, application,
industry verticals, material, product type or geography.
In addition, the research methodology we follow is a systematic approach in order to estimate and project the market sizing
keeping in mind all the on-going and upcoming trends of the market. We conduct both primary and secondary research in
order to estimate a market and validate our key findings.
We put together our effort and prepare an inclusive questionnaire depending on the title of the market we are tracking and
extract the important information we require to validate our findings. Our team of Analysts and experts dedicatedly put their
effort to provide you the best possible and accurate data and analysis. Adding to that; technological, economic, cultural and
social aspects along with the regulatory barriers are completely analysed to understand the comprehensive market scenario
across different geographies.
Understanding the market from both buyer and seller point of view is important to track a market and provide analysis on
the same. We not only provide the market data of the four geographies as a whole, namely, North America, Europe, Asia-
Pacific, Latin America, Middle East & Africa and Rest of the World (RoW) but we also provide you qualitative as well we
qualitative information on country level bifurcation.
We at Goldstein Research provide you:
• Precise Estimates and Forecast
• Authentic Analysis
• In-depth Data and Analysis
• Authentic Sources
• Reliable Data and Analysis
2. Research Methodology

3. Competitors Regional Analysis
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Major Players/
Industries
North America APAC Europe Latin America Middle East & Africa
Toyota Industries
Corporation
Mitsubishi Nichiyu
Forklift Co. Ltd
Anhui HeLi Co. Ltd
Kion Group AG
Jungheinrich AG
Caterpillar Inc.
UniCarriers
Hyster-Yale Material
Handling
High Penetration Medium Penetration Low Penetration
3. Major Players Presence-Regional Analysis

4. Global Forklift Truck Market Analysis
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4.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),2017-2024
Fig: 4-2 Global Forklift Truck Market Y-O-Y Growth Rate, 2017-2024
Fig: 4-1 Global Forklift Truck Market Size (USD Billion). 2017-2024
 Global forklift truck market tends to increase at a CAGR of 5.7% and reach the market value of USD 59.52 billion by
2024. In 2016, global Forklift Truck market valued USD 38.2 billion owing to rapid rise of electric forklift trucks in
various end use industries.
The world’s rising population and economic growth driven by emerging countries have led to an increase in logistics
volume, and consequently, an expansion of the lift truck market. At the same time, increasing e-commerce transactions
have necessitated larger logistics sites and even more efficient logistics operations. Moreover, the recent advancement
in information and communications technology (ICT) has created diverse applications for logistics sites. Technological
advancements and rising need for material handling equipments has significantly boosted the growth of forklift trucks
market growth. Eisenmann’s driverless guided pallet conveyor LogiMover, HELI's LPG IC engines and Ruyi electric
vehicles are the few examples of recent trends and technology in global forklift truck market
37.90
40.07
42.44
44.98
47.70
50.66
53.90
57.50
61.50
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
5.01%
5.42%
5.58% 5.65% 5.70% 5.84%
6.01%
6.26%
6.50%
-1.00%
1.00%
3.00%
5.00%
7.00%
9.00%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Y-o-Y

4.2. Global Forklift Truck Market Overview, By Region and Market Players-2016
16%
11%
7%
21%5%
7.00%
6%
6%
5%
5%
11%
United States
Germany
Japan
China
Brazil
Russia
India
South Korea
Mexico
Africa
ROW
Fig:- 4-3 Global Forklift Truck Market Share (%), By Country, 2016
25%
15%
13%
11%
10%
9%
7.00%
4.00%
3.00%
2.50%
Toyota Industries
Corporation
Kion Group AG
Jungheinrich AG
Hyster-Yale Material
Handling
Crown Equipments
Corp.
Mitsubishi Nichiyu
Forklift Co.
UniCarriers
Anhui Forklift Truck
Group
Hangcha
Komatsu
Fig:- 4-4 Global Forklift Truck Market Share (%), By Top 10 Players,
2016
Source: Goldstein Research Source: Goldstein Research
 Asia experienced the biggest jump, with a 152% increase in shipments. The region went from a 23% decline in 2009
shipping 207,207 units to shipping 529,145 units in 2015.
 KION is a global leader in industrial truck production and after-sales service. With sales of USD 4.9bn and a global
market share of 15%, it is the global number two in industrial trucks, after Toyota Material Handling
 Jungheinrich is the world’s number-three producer of industrial trucks with a 9% market share. Operating an
integrated intralogistics business model, it is purely focused on the premium truck segment and achieves a best-in-
class service share of 46%.

5. Market Dynamics
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Lack of real-time
visibility
Epidemic of
Forklift
accidents
Lack of Back
Up Services
5. Market Dynamics
General Trend
Technology
Highly Complex Moderately Complex Waived
Amplified
stocking of goods
in warehouse
Growing E-
commerce
Enhancing
Transportatio
n Network
Growth Drivers Growth Barriers

5.1. Risk analysis
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5.1.1. Demandrisk
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Online shopping is growing by leaps and bounds.
It has already captured major shares in developed
nations and is changing the way people shop in
emerging economies as well. Add to this the
expanding warehouse space on a global scale, the
bulk investments made by major industries from
emerging economies into low-cost forklifts, and
the large demand for advanced forklift trucks in
developed nations, and showcasing uplifting
future for the forklifts truck demand.
The future of forklifts looks bright, with the
advancement on the horizon of on-board
technology that will boost the productivity of
operators and encourage further connectivity and
automation. Automated guided vehicles has
provided the new growth opportunities for the
market players as these forklifts are majorly
implemented in automated warehouses and
logistic sector. Autonomously driven logistic
trucks are much more cost-effective than manned
forklifts for extremely repetitive processes
Market Demand Risk-Low
On the basis of
Cost-effectiveness
On the basis of Growing
E-Commerce Business
The demand for Forklift Trucks is likely to grow
due to availability of cost-effective products
through different business models such as leasing
of forklifts trucks to provide cost efficient
solutions for Forklift Truck in developing & under-
developed countries like Africa , India, etc. Rising
demand for Forklift Truck benefits the new
players to get into the market to provide
affordable products and provide opportunities for
expansion of business by existing players in the
Forklift Trucks market
Technological
Advancements
5.1.1. Market Demand Risk

5.1.2. supply risk
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Market Supply Risk-Low
On the basis of Technological Advancements On the basis of Governmental Regulations On the basis of Investment
Due to rise in advancement in fuel cell
technology by major market players and new
startups in order to provide clean energy
products and high end technology, which is
expected to raise the demand for energy and
cost efficient forklifts, which significantly bolster
the supply in the market with new efficient and
cost effective products of Forklift Truck
Presence of strict government regulations across
the globe for the construction activities and the
fuel emission is likely to hamper the growth of
conventional forklift trucks. Declining sales of IC
engine forklift trucks across the globe with more
stringent environmental regulation is anticipated
to create a supply risk of IC engine forklifts for the
market players.
The initial cost to setup Forklift Truck
manufacturing unit is very high due to
requirement of research and development sector
and high accuracy and precise manufacturing
equipment with expertise which is expected to
put many limitation for the new players in Forklift
Truck market.
5.1.2. Market Supply Risk

5.2. Growth Drivers
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Growing E-commerce Business
 Rising e-commerce business across the globe is a major a growth driver for the forklift truck
industry.
 In 2015, the global population accounted to around 7.3 billion people, of which 1.4 billion
people purchased goods and/or services online at least once. In total, they spent USD
2,272.7bn online, which results in an average spending per e-shopper of USD 1,582.
Aforementioned data is showcasing the rapid growth of e-commerce business and is likely to
impact material handling equipment market significantly.
 Asia-Pacific strongest B2C e-commerce region in the world Just like in 2014, Asia-Pacific was
the strongest B2C e-commerce region in the world last year. With a B2C e-commerce turnover
of USD 1,056.8bn, it ranked ahead of North America (USD 664.0bn) and Europe (USD 505.1bn).
High Medium Low
Impact on Forklift Truck
Market
Impact Analysis:-
 Growing e-commerce business across the globe and rising
need for efficient warehouse management across the
globe is expected to positively impact on the growth of
Forklift Truck market.
 Major market players has introduced automated forklifts
which will be implemented in rising number of
warehouses across the globe. For automated logistic
operations. With the augmented e-commerce business
the demand for automated forklifts will increase
significantly in coming years.
5.2.1. Growth Drivers
Source: Goldstein research
Fig: 5-1 E-Commerce Turnover Per of the Global Regions-
2015-2016
Shipping and logistics provider DHL Express will invest USD 185 million in its U.S.
operations during 2016 and 2017 in an effort to meet continued business growth and
growing e-commerce volume in the country
A-Plant is one of the UK’s largest plant, tool and equipment hire companies has
invested over USD 1.67 million in a fleet of new diesel powered forklift trucks
manufactured by Linde.
Toyota Industries Global Commercial Finance, Inc. based in Dallas, Texas, has
partnered with the local DFW Toyota Forklift dealer, Shoppa's Material Handling,
to create a National Off Lease Equipment Center e-commerce website for the sale,
lease or rental of pre-owned late-model used material handling equipment.
Region 2015 2016 Growth
World USD
1895.3bn
USD
2,272.7bn
+19.9%
Asia Pacific USD 822.8bn $1,056.8bn +28.4%
North
America
USD 572.5bn USD 644.0bn +12.5%
Europe USD 446.0bn USD 505.1bn +13.3%
Latin
America
USD 25.8bn USD 33.0bn +28.0%
MENA USD 21.7bn USD 25.8bn +18.6%

Growing technological advancements in material handling equipment
 With standardization of logistics infrastructure, forklifts usage will definitely increase
 With the increase in cargo traffic and overall space crunch, efficiency has become a major
factor in determining business growth and profitability
 huge spending on ports infrastructure and a surge in e-commerce are among factors that are
leading to an increase in containerization and palletisation
 Rental – on a Splendid Growth Path: Rental forklift market is growing at a spectacular rate.
Earlier the rental market was mostly dominated by small players; who used their fleets to
meet peak loads in various capacities. But the scenario is changing quickly, majority of the
OEMs have now entered in this market and are now providing rental services along with a
bunch of value added services; including operators, maintenance and fleet management
 Hiring segment is a major demand puller of forklift truck market
5.2.2. Growth Drivers
Fig: 5-2 Reason behind the growth in global forklift truck
market-2015-2021
Rising Demand in
Logistic operations
Wide range of Products with
Multiple Applications
Advancement in
Technology
Global
Market
High Medium Low
Impact on Forklift
Truck Market
 The AGVs used in warehouses today typically
follow preplanned routes and can't navigate
around obstacles. They currently account for
less than 3 percent of forklift sales in the
United States. But, with continuous
developments in automated forklifts the
market is likely to boost in nearby future.
 Customers have realized the importance of
cycle efficiency, safety and wastage reduction,
resulting into more of palletisation and
mechanized handling. This will certainly boost
the demand scenario of forklifts
In 2014, Toyota Material Handling USA, announced it had acquired the forklift business
of 15th-place Tailift. Operating mainly in Taiwan and China, Tailift manufactures electric
and internal combustion forklifts as well as industrial machine tools
KION added 6.5% for a total of USD 5.66 billion after introducing a new brand to North
America in 2015 and acquiring Egemin Automation, a manufacturer of automatic guided
vehicles. Its North American brands now include Linde, Still, Baoli and Egemin
NACCO Materials Handling Group (NMHG), acquired Nuvera Fuel Cells in late 2014.
Massachusetts-based Nuvera is focused on fuel cell stacks, related systems, on-site
hydrogen production and dispensing systems.

5.2.3. Growth Drivers ( Electric Forklift and Telematics)
Telematics in Forklifts TelematicsManagement Systems
WHAT GETS MEASURED GETS MANAGED
YOUR
REPORTING
TO ONLY
YOUR
TRACK FORKLIFT FLEET
Whether you are operating
at a single location or offer
rentals, T-Matics offers
solutions to have visibility of
your fleet at all time.
TRACK MAINTENANCE
Get real-time notifications
on planned maintenance
needs and link directly to
your dealership for time
sensitive service intervals.
SAFETY CHECKLIST
Mandate automated forklift
operator checklists before use.
LIMIT USE THOSE QUALIFIED
Set permissions to ensure forklift
is being used only by certified
operators.
WEB BASED
Generate benchmark results and report
results daily, weekly, quarterly and/or
annually.
IMPACT ALERTS
Get alerts directly to you if
your forklifts are involved in
an impact.

5.3. Market Restraints
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5.3.1. Market Restraints
Impact Analysis:-
 Availability of spare parts, shortage of storing space, limited
number of supplier for particular component and unqualified
personnel impact the global forklift market by more than 3%.
 Few of the critical components are imported and subjected for
regulation, primarily with respect to usual inspection of such
products by the U.S. customs. The cost of component is
expected to increase in the future owing to regulatory
compliance
Source: Health and Safety Executive
Lack of Real-Time Information and Rising number of Forklift Accidents
 Lack a formal system to track the time, place, and cause of the impacts, you might be relying
on your drivers to report the information.
 Lack of knowledge of implementation of sensor and tracking technologies to reduce impacts
to a bare minimum.
 Forklift trucks and drivers account for as much as 80 percent of operating expenses, a single
forklift is associated with 40 separate costs, bringing the total operating expense up to USD
145,000 a year for a USD 25,000 forklift truck
 Lack of maintenance tracking alone can sideline vehicles – and downtime is one of the biggest
productivity killers in the warehouse.
 According to OSHA in the United States, 70% of forklift accidents could have been avoided
with standardized training and safety procedures. This is, in part, why Manitoba introduced
mandatory training and driver certification for forklift operators.
Fig: 5-5 Injuries from Forklift Accidents (%)- By Reasons
42%
25%
11% 10%
8% 4%
0
5
10
15
20
25
30
35
40
45
Vehicle Tipping
Over
Crushes B/W
Vehicle and
Surface
Collision B/W
Two vehicles
Struck by
Forklift
Fall from
Platform on
the Forks
Struck by
Falling
Material
Source: Occupational Safety and Health Administration
Fig: 5-4 Fatal Injuries to Workers (%)- By End Use
Industry
30%
27%
19%
14%
14%
33%
Construction
Agriculture
Manufacturing
Transport and
Storage
Waste
Other

High Labour cost to Operate Forklifts
 Beyond safety and lean manufacturing, forklift-free environments drive down cost normally
incurred from labor wages, medical costs and training expenses, as well as expenditures
suffered from facility, equipment, and unsaleable product damage due to forklifts.
 Forklift operators require expensive labor, approximately USD 62,000 per year to operate the
machinery in the U.S. and USD 64,000 in Europe.
 Three forklift operators moving product during three shifts would cost employers $186,000 in
labor wages per year. The forklift operator accounts for 96% of the operating cost over the
vehicle life. Where as, with an automated tugger solution replacing manned forklift travel, the
vehicle can operate for approximately $3 per hour, 24/7
 In North America employers spend billions on wages and medical care. Lost productivity in the
workplace costs companies USD 60 billion each year. Such productivity losses paired with
expensive medical and wage payments greatly affect bottom-line performance.
High Medium Low
Impact on Forklift Truck
Market
Impact Analysis:-
 Safety is driving momentum for forklift-free environments.
Although training and legislation are instrumental in managing
some degree of risks associated with forklifts, statistics reveal
numerous accidents occur every year, providing reason for
greater acceptance of forklift-free environments
 Without evidentiary data to support these prevention
techniques, companies concerned with safety are proactively
seeking alternatives to forklifts with vision guided vehicles and
forklift-free environments
Source: Occupational Safety and Health Administration
5.3.2. Market Restraints
Fig: 5-6 Operating Cost of Vehicle Life(%)- By Expenses
89%
5%
4%
2%
Operator
Maintenance
Equipment
Electricity
2016
Fig: 5-7 Average cost of operations in Logistic Industry (%)-by Expenses
28%
13%
12%
11%
11%
10%
8%
7%
0 5 10 15 20 25 30
Drivers
Training of Drivers
Vehicle Maintenance
Fuel
Rental or Lease
Training of Other Staff
Tranport Related Insurance
Warehoousing/Storage

5.4. Market Opportunity
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5.4.1 Global Forklift Truck Market Opportunity, 2017-2024
Fig: 5-8 Global Forklift Truck Market Opportunity by End User, 2016
 Electric motor rider trucks and electric and IC engine tractors
have the future scope in forklift truck market with high adoption
rate in manufacturing and logistic sector.
 Rising e-commerce businesses have necessitated the larger
logistic sites and more proficient logistic operations. At the same
time, advancement in information and communication
technology has introduced various applications for logistic sites
 Manufacturers are intensifying investments over R&D of
electric warehouse forklifts and new energy forklifts in order to
improve fuel efficiency of IC (Internal combustion) engines and to
deliver longer working time for electric forklifts
 APAC with increasing adoption rate of forklift truck tends to
create the opportunities for the major players in forklift truck
market.
 Is it predicted that by 2024 ports and logistics will reach about
USD 17.6 billion. The next two largest market subsectors are
automobile and iron and steel plants in forklift truck
 Implementation of intelligent truck systems enable
automation of entire material flow and increase the efficiency of
warehouse by providing acceleration in product handling and
shipments
Fig: 5-9 Electric Forklift Truck Shipments– Germany, 2000-2015
8.0%
35.0%
4.0%16.0%
17.0%
10.0%
7.0%
3.0%
Paper Industry
Ports and Logistics
Radio Active Waste
Automobile Industry
Iron and Steel Industry & Steel
Plants
Food and Beverages
Wood Industry
Others
16.2%
2000
21.2%
2015

5.4.2. Forklift Truck Market: Making all the right moves
Copyright Goldstein Research, All Rights Reserved www.goldsteinresearch.com
Crown Equipment Corporation of New Bremen, OH introduced its RM 6000 reach truck in 2011. One unique feature is its monomast lift
structure. “No other companies offer this. Single or monomasts provide a lot of capacity and stability because of the boxed-in cross-section
construction that was originally developed for our turret trucks
Mitsubishi Caterpillar Forklift America Inc. (MCFA),Houston, TX, is one of the largest single source suppliers of lift trucks in the US.
The company has partnered with Jungheinrich, a market leader in Europe, particularly for warehouse trucks. MCFA has been able to
benefit from Jungheinrich technology and adapt and supply it to North American customers, along with supplying units of its own
built in Houston
Hyster products include electric and stand-up three-wheel lift trucks as well as four-wheel units. The company also has a full
offering of power sources from traditional lead acid batteries, lithium ion batteries, hydrogen fuel cells and liquid propane to
compressed natural gas and diesel
Beverage sizes seem to be increasing, for instance, so capacity demands are as well. With these comes the need to consider
different styles, such a single or double stack and storage/pick configurations, as to increase productivity, many manufacturers
are looking at increasing load size
Hyster was the first manufacturer to offer Electronic Power Assist Steering (EPAS) on end-rider trucks. Recently, the company
announced an enhancement to this patented technology resulting in only five pounds of steer effort, which it claims is among the
lowest in the industry
For fleet lift truck users, recharging can account for as much as 10 percent of total electricity consumption. With processors operating on
such low margins, charging efficiency is extremely important. That’s why Raymond Corp. has partnered with different battery and charging
companies. It’s typical to change batteries at the end of each shift, but it’s less labor intensive to charge them while they’re still in place.
Normal batteries in high stacking trucks are 36 volts, which allows for faster lift speeds, longer life and better performance in cold rooms and
freezers (to -40°F)

5.5. Market Trends
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5.5.1 Forklift Truck Market Trends
Telematics in Forklift Trucks
 Telematics and fleet management systems give you complete visibility on the real time use of each truck and
how many idle trucks you have at any one moment. Many systems are streaming wireless real-time data so
you can see at any one moment the efficiency of your fleet. You can also check productivity levels for each
truck and even each driver.
 Major advancement in forklift trucks is the development in automation by most major forklift providers,
including, Toyota, Raymond and Nissan. With labor occupying around 75% of the total investment in the
economic life of a lift-truck it is easy to get a pretty clear view of how enormous the potential savings are.
This doesn't even factor the 90% reduction in damage from accidents. Remote applications are also being
built to fill the gap between Conventional lift-trucks and AGV’s and allow operators to operate the vehicle
while not seated in the truck.
Automated Forklift Trucks
 Large, successful organizations are integrating fuel cell technology into their lift truck fleets and benefiting
from the lower operational costs, reduced emissions and improved reliability. Now, major lift truck brands
are bringing fuel cell technology in-house, with ultimate plans to offer hydrogen lift truck solutions with
factory warranty coverage and supporting infrastructure.
Fuel Cell Powered Electric Forklifts

5.5.2. Next Forklift Truck: Rent, Buy Or Lease
Flexibility
Low Upfront
Cost
Fast
Turnaround
No Special
Orders
Costly in long
terms
Required
specs not
always
available
+ives -ivesRENT
Positives
Special Orders Available
You can use it for anything
Drivers can master trucks
better than with short-
term hire
Negatives
Ties up capital
Depreciates over time
Makes fleet less adaptable
to change
B
U
Y
I
N
G
Better prices
available
over short
time hire
Similarities
to
ownership
Better for
longer
periods
Can’t modify if
needed
Not full
ownership
Prices may
vary on the
basis of usage
LEASING
+ives
-ives
Instalment
Plans
Flexibility in
Terms of Fleet
Size and
Structural Mix
Rental
Leasing
Leases with
Option to
Purchase
Financial
Services and
Outsourcing
Financing Options for
Forklifts

5.6. Impact Analysis
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Impact of
Advanced
Technology
Electric
forklifts
Low
Maintenance
Operational
Efficiency
Expansion of
End User
Industry
Automated
Forklift Trucks
Telematics
5.6.1 Impacting Factors of Forklift Truck
Drivers of Advanced Technology
Fuel efficiency and low maintenance advancement tends
to dominate the global forklift truck market in 2016 and this
technology is anticipated to impact majorly on the cargo
handling equipment market in near future
 Provides remote monitoring facility with software defined
networking by scanning and securing the goods at
designated facility
 Moreover, GNSS/Location technology is also one of the
technology which hugely impacts the market of forklift truck
by rising the adoption rate of smart transportation
 Automated driving technology is expected to impact the
global forklift market by 45% by the end of the forecast
period i.e. 2017-2024. The increasing trend of smart
transportation with driverless trucks and auto functioning
vehicles across the globe are the two major factors which
creates the smart transportation ecosystem
End user expansion due to implementation of advanced
technology like operational efficiency, low maintenance , etc
tends to drive the forklift trucks market and reach USD 59.5
billions by 2024

6. Global Forklift Truck Market segmentation
Connect With Us:

6.1. Global Forklift Truck Market segmentation: on the basis of Product
Connect With Us:

Fig: 6-1 Global Forklift Truck Market Size (USD Billion). By Product, 2017-
2024
Global Forklift Truck market valued USD 37.9 billion in 2016
and tends to reach the value of USD 61.5 billion by 2024 at a
CAGR of 5.70% over the forecast period.
Class 1, 2 and 3 electric forklifts are in huge demand as they
provide increased productivity and efficiency at much lower
prices. Electric forklifts are a great fit for warehouses and
manufacturing facilities that require primarily indoor use.
Application that requires indoor use and fumes or noise are a
factor, then an electric forklifts are the key products for the
various end user industries. Electric forklifts do not require
engine oil or coolant fluids, so replacing and disposing of these
fluids is not necessary, providing longer maintenance intervals
and reducing maintenance cost.
6.1.1. Global Forklift Truck Market Size (USD Billion) ,By Product, 2017-2024
Fig: 6-3 Global Forklift Truck Market Share (%), by product -2016
37.9
40.1
42.4
45.0
47.7
50.7
53.9
57.5
61.5
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
5.70%
CAGR: (2017-2024)
Fig:- 6-2 Global Forklift Order and Shipments- 2016
21.00%
13.00%
16.00%
13.00%
11.00%
20.00%
6.00%
Class I Class II
Class III Class IV
Class V Class VI
Class VII
Regions Orders Shipments
Europe 384.935 369.096
America 280.080 260.800
Asia 425.698 410.191
Africa 17.337 16.950
Oceania 20.145 19.450
World 1128.195 1076.487
TOTAL

Table:1 Global Sales (USD Billion) of Forklift Truck, By Product, 2017-2024
Products / Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR %
Class 1 (Electric
Motor Rider
Trucks
7.96 8.49 9.07 9.69 10.36 11.10 11.91 12.80 13.81 7.13%
Class II (Electric
Motor Narrow
Aisle Trucks)
4.93 5.29 5.68 6.11 6.57 7.08 7.64 8.26 8.95 7.75%
Class III (Hand
Rider Trucks)
6.06 6.45 6.86 7.31 7.80 8.33 8.91 9.55 10.27 6.81%
Class IV (IC Engine
Trucks,
solid/Cushion
Tires)
4.93 5.16 5.41 5.68 5.96 6.27 6.60 6.97 7.38 5.18%
Class V (IC Engine
Trucks, Pneumatic
Tires)
4.17 4.37 4.59 4.82 5.06 5.33 5.62 5.94 6.29 5.28%
Class VI (Electric
and IC Engine
Tractors)
7.58 7.91 8.28 8.66 9.06 9.50 9.97 10.49 11.07 4.85%
Class VII (Rough
Terrain Forklift
Trucks)
2.27 2.41 2.55 2.71 2.88 3.06 3.26 3.48 3.73 6.37%

7.96
8.49
9.07
9.69
10.36
11.10
11.91
12.80
13.81
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
7.13%
CAGR: (2017-2024)
Fig: 6-4 Global Class-I Forklift Truck Market Size (USD Billion). 2017-2024
 Global Class-I electric motor rider trucks market valued USD 7.96 billion in 2016 and tends to generate the revenue of USD
13.81 billion by 2024 at a considerable CAGR of 7.13%
 The major factor is simply technological advancements that have made electric forklifts compete and exceed on so many
levels. The pros of an electric forklift far outweigh the cons, and one of the top advantages of an electric forklift truck is the
operating costs. For instance, the cost to recharge an electric forklift can range from USD 1.50 to USD 4.50 per eight-hour shift
while the cost of operating a liquid propane gas (LPG) lift runs between USD 18 to USD 25 per bottle fill.
 However, the load capacity and low charging speed of batteries are the major factor that are challenging the growth of the
Class-1 Forklift trucks market. Where most of the electric forklift are limited to lifting 12,000 LBS, ICs forklifts can lift up to
51,000 LB.
6.1.1.1. Global Class-I Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),
2017-2024
5.8%
6.2%
6.4%
6.4%
6.5%
6.6%
6.8%
7.0%
7.3%
-1%
1%
3%
5%
7%
9%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-5 Global Class-I Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024

4.93
5.29
5.68
6.11
6.57
7.08
7.64
8.26
8.95
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
7.75%
CAGR: (2017-2024)
Fig: 6-6 Global Class-II Forklift Truck Market Size (USD Billion). 2017-2024
 Global Class-II Forklift Truck Market valued USD 4.93 billion in 2016 and tends to reach the valuation of USD 8.95 billion by
2024 at a CAGR of 7.75% during the forecast period.
The class-II electric forklift offered USD 4,134 per year in potential savings over the IC forklift. The LPG lift truck was four
times more expensive to run than the electric lift just on fuel costs alone. This is not taking into consideration the lower
maintenance budget, greater productivity, extended lifespan and increased performance of the electric forklift. Also, there’s
the lack of carbon monoxide and carbon dioxide emissions, quieter operating environment and overall safety improvement.
Growing e-commerce business with amplifies warehouse units, has augmented the demand for class-II forklifts as these
forklifts are best suited for the operating in tight spaces, handling pallets, picking/storing inventory. These forklift
significantly improves the efficiency and storage of warehouses as they Can be used to gain more storage space in same
warehouse footprint.
6.1.1.2. Global Class-II Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
6.7%
6.8%
7.0%
7.0%
7.0%
7.2%
7.3%
7.5%
7.8%
6%
6%
6%
7%
7%
7%
7%
7%
8%
8%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-7 Global Class-II Forklift Truck Y-O-Y Growth (%) Analysis-2017-2024
.

6.06
6.45
6.86
7.31
7.80
8.33
8.91
9.55
10.27
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
6.81%
CAGR: (2017-2024)
Fig: 6-8 Global Class-III Forklift Truck Market Size (USD Billion). 2017-
2024
 The global class-III forklift truck market stood at USD 6.06 billion in 2016, with the demand being the highest in the Asia,
followed by Western Europe (Germany, France, U.K) and America (U.S, Mexico, Brazil and Canada), respectively. According to
Goldstein Research, the class-III forklift truck market will record a CAGR of 6.81% by 2024 and generate the revenue of USD
10.27 billion by 2024.
Class-III Electric forklifts have many advantages over IC machines and already high-technology electrical cells like lithium-ion
are replacing older lead-acid batteries. Technology is also moving at breakneck speed with the development of cobotics. This
electric forklift operation is mostly robotic and directed by a computer while remote operators perform value-added tasks.
Electric models in Class 1, 2 and 3 combined grew by 8% over 2016, whereas IC models in Class 4 and 5 declined globally by
10% compared to 2016. Even more significantly, electric lift trucks jumped from 55% of the global industry in 2015 to now
making up 60% of the global orders.
6.1.1.3. Global Class-III Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
5.3%
5.9%
6.1%
6.2%
6.2%
6.3%
6.5%
6.8%
7.0%
-1%
1%
3%
5%
7%
9%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-9 Global Class-III Forklift Truck Market Y-O-Y Growth (%) Analysis-
2017-2024

4.93
5.16
5.41
5.68
5.96
6.27
6.60
6.97
7.38
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
5.18%
CAGR: (2017-2024)
Fig: 6-10 Global Class-IV Forklift Truck Market Size (USD Billion). 2017-
2024
 Global Class IV forklift truck market was valued at USD 4.93 billion in 2016, and is poised to reach USD 7.38 billion by 2024,
registering an estimated of CAGR 5.18% during the forecast period. Class IV IC engine forklift trucks are majorly used at ports
and large logistic warehouses to move pallets from the loading dock to storage, vice versa. The IC engine class IV forklift
trucks can carry the load up to 50,000 LB and hence are majorly and used at ports and for low-clearance situations.
The performance of a diesel fork truck is widely considered superior to an electric model, with better acceleration and lift
speeds. Higher torque generally means more power for basic jobs and smoother handling of any hydraulic attachments.
However, class Four machines are outfitted with solid rubber tires, so they can only be used on paved surfaces this
specification limited the use of class IV forklift in for paved surfaces only and limiting the outdoor applications. The most
notable disadvantages are what you would expect: noise and fumes.
6.1.1.4. Global Class-IV Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
4.0%
4.5%
4.7%
4.7%
4.8%
4.9%
5.1%
5.3%
5.5%
-1%
1%
3%
5%
7%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-11 Global Class-IV Forklift Truck Market
Y-O-Y Growth (%) Analysis-2017-2024

4.17
4.37
4.59
4.82
5.06
5.33
5.62
5.94
6.29
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
5.28%
CAGR: (2017-2024)
Fig: 6-12 . Global Class-V Forklift Truck Market Size (USD Billion). 2017-
2024
 The global class-V forklift truck market is anticipated to witness steady growth and will post a moderate CAGR of close to
5.28% over the forecast period and accounting the market revenue of USD 6.29 billion by 2024.
ICE Counterbalanced class V forklifts are equipped with pneumatic tires making it best option for outdoor and indoor
applications in warehousing and manufacturing units. Class V forklift trucks can be used for outdoor rough terrain purposes
and are provided with higher load capacity creating high demand for these trucks in marine ports and heavy manufacturing
industries.
The sticker price of a diesel forklift is usually less than an electric model but slightly more than a propane lift truck. Expect
the cost of maintenance to be higher than for an electric forklift. Also, the diesel engine tends to enjoy a longer life span than
a propane engine. Propane and LPG forklifts do the job with a cleaner carbon footprint than diesel. Factoring in planned
maintenance and repair costs, the total cost of ownership is reportedly the highest compared to electric or diesel forklifts.
6.1.1.5. Global Class-V Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
4.3%
4.6%
4.7%
4.8%
4.8%
5.0%
5.1%
5.4%
5.6%
0%
1%
2%
3%
4%
5%
6%
7%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-13 . Global Class-V Forklift Truck Market Y-O-Y Growth (%) Analysis-
2017-2024

7.58 7.91
8.28
8.66
9.06
9.50
9.97
10.49
11.07
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
4.85%
CAGR: (2017-2024)
Fig: 6-14 Global Class-VI Forklift Truck Market Size (USD Billion). 2017-
2024
 As per the findings of the report, the global class IV forklifts market was valued at USD 7.58 billion in 2016 will rise to USD
11.07 billion by 2024 exhibiting a CAGR of 4.85% from 2016 through 2024. An increase in the trading between countries and
rising e-commerce business will significantly result increased logistic activities at air and marine ports. Further, the growth in
manufacturing industries across the globe especially in developing countries such as Brazil, Chin and India will boost the
growth of class VI forklifts market.
 Class VI forklift trucks are basically not fall into the category of forklifts, they are not counterbalanced and are majorly used
for the purpose for towing and pulling luggage carts at airports. Rising number of air passengers traffic across the globe and
growing domestic and international passenger numbers indicates the future growth of class VI forklift trucks.
Global airport traffic grew at its fastest rate last year since 2010, rising 6.4% to 7.2 billion passengers in 2016. While the
highest number of passengers, 2.46 billion, went through the Asia-Pacific region in 2015, up 8.6% from 2015. Passenger traffic
generated by Brazil, Russia, India, China, and South Africa grew 8.2% on an annual basis
6.1.1.6. Global Class-VI Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
3.9%
4.2%
4.4%
4.4%
4.5%
4.6%
4.7%
5.0%
5.2%
0%
1%
2%
3%
4%
5%
6%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-15 Global Class-VI Forklift Truck Market Y-O-Y Growth (%) Analysis-
2017-2024

2.27
2.41
2.55
2.71
2.88
3.06
3.26
3.48
3.73
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
6.37%
CAGR: (2017-2024)
Fig: 6-16 Global Class-VII Forklift Truck Market Size (USD Billion). 2017-
2024
 The global class-VII forklift truck market is expected to reach USD 3.73 billion by 2024 from USD 2.27 billion in 2016,
growing at a CAGR of 6.37% from 2016 to 2024. The growth of this segment is majorly attributed to the rise in construction
activities across the globe and growth of lumberyard sites in Canada and Brazil.
Featuring big, tractor-style tires that provide plenty of traction to handle even the most challenging outdoor terrain, these
rugged trucks are almost exclusively powered by diesel engines and used outdoors. In Europe, the construction and rental
markets of class VII forklift account for 40 per cent of volume. Agriculture takes about 34 per cent. In the UK last year
agriculture was the big buyer, taking 55 per cent of sales, while construction and other industries accounted for 45 per cent.
Besides their growing popularity in construction and agriculture sector, another reason to consider a rough-terrain lift is that
improvements in the general economy have loaded up the used market with a fleet of trade-ins. The most popular lift sizes
are vehicles with load capacities ranging between19,000and 50,000 LB.
6.1.1.7. Global Class-VII Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
5.0%
5.5%
5.7%
5.8%
5.8%
6.0%
6.1%
6.4%
6.6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-17 Global Class-VII Forklift Truck Market Y-O-Y Growth (%) Analysis-
2017-2024

6.1.1.8. Global Forklift Truck Market Attractiveness & BPS Analysis, By Product
Type-2017-2024
 According to Goldstein Research, Class-I Forklift Trucks holds the largest portion of market revenue and Class-II and Class-III forklift
trucks tends to grow at the faster pace in the forecast period. Class-I, Class-II and Class-III forklifts are the fastest growing forklifts as
they are powered by the electric engines which acquires around 60% of the global forklift market. Growing adoption of electric
forklifts and its advantages over ICE forklifts will boost the growth of Class-1, II and III forklifts.
Factors such as expansion of warehouse space globally, growing e-commerce business across the globe, strong demand for forklift
truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets are the key
factors driving the growth of market.
Key Points
Fig: 6-18 Global Forklift Truck Market Attractiveness-By Product, 2017-
2024
Fig: 6-19 Global Forklift Truck Market BPS Analysis- By Product, 2017-
2024
21.00% 22.45%
13.00%
14.56%
16.00%
16.70%
13.00%
12.00%
11.00%
10.23%
20.00% 18.00%
6.00% 6.06%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
2016 2024
Class VII (Rough Terrain Forklift Trucks) Class VI (Electric and IC Engine Tractors)
Class V (IC Engine Trucks, Pneumatic Tires) Class IV (IC Engine Trucks, solid/Cushion Tires)
Class III (Hand Rider Trucks) Class II (Electric Motor Narrow Aisle Trucks)
Class I (Electric Motor Rider Trucks)
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
Class III Class VIIClass IV Class VClass I Class II
Class VI

24.6 26.3 28.1 30.1 32.2
34.5
37.1
39.9
43.1
3.79
3.91
4.03
4.16
4.29
4.43
4.58
4.74
4.92
9.5
9.9
10.3
10.7
11.2
11.7
12.3
12.9
13.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2016 2017 2018 2019 2020 2021 2022 2023 2024
Diesel
Gasoline
Electric
Fig: 6-19 Global Forklift Truck Market Size (USD Billion). By Fuel Type
2017-2024
 Measured in terms of units ordered, 25% of the global
market is attributed to the diesel forklift trucks in 2015, while
electric forklifts and warehouse electric trucks accounted for
65 percent. Due to increasingly stringent emissions
regulations and the continued march of e-commerce, the
major players expected the segmentation of the market shift
towards electric forklift trucks and warehouse trucks, partly
because these are suitable for use in buildings.
In regional terms, emerging markets such as China, Eastern
Europe, Central America and South America are the major
sources of market growth.
6.1.2. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), by Fuel
Type, 2017-2024
Fig: 6-20 Global Forklift Truck Y-o-Y Growth (%), by Fuel Type, 2017-2024
9.53%
CAGR: (2017-2024)
Fig: 6-21 Global Forklift Truck Market Share (%),by Fuel Type -2016
65.00%
10.00%
25.00%
Electric/Hybrid
Gasoline
Diesel
6.0%
6.3%
6.5% 6.5% 6.6% 6.7%
6.9%
7.1%
7.3%
2.6%
3.0% 3.1% 3.1% 3.1% 3.2% 3.2%
3.4%
3.6%3.6%
4.0%
4.1% 4.2% 4.2% 4.3% 4.5%
4.7%
4.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2016 2017 2018 2019 2020 2021 2022 2023 2024
Electric
Gasoline
Diesel

24.64
26.30
28.12
30.08
32.20
34.51
37.06
39.89
43.05
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig: 6-22 Global Electric Forklift Truck Market Size (USD Billion). 2017-
2024
 Global Electric Forklift Truck market valued USD 24.64 billion in 2016 and estimated to reach the valuation of USD 43.05 billion
by 2024 attributed by regulatory frameworks, which include mandatory emissions limits of trucks that have a major impact on
the business models.
 New platforms are also created and products brought to the market for electric forklifts and warehouse trucks. With the
growing demand for electric forklifts in the market companies are expanding their production of electric forklifts and warehouse
in order to close gaps in the product portfolio; the various platforms are being adapted specially for American market where
electric forklifts constitute more than 63% revenue share North America forklift truck market.
In the overall market sales of electric forklifts and warehouse forklifts were increased by 11% in 2016. The demand for electric
forklifts with automaton solutions is being driven by the growing e-commerce sector. Electric forklift truck market is also
benefitting from advances in battery-charging technology.
6.1.2.1. Global Electric Forklift Truck Market Size (USD Billion) & Y-O-Y growth
(%), 2017-2024
5.95%
6.32%
6.48%
6.53%
6.58%
6.71%
6.87%
7.11%
7.34%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-23 Global Electric Forklift Truck Y-O-Y Growth (%) Analysis-2017-
2024
7.23%
CAGR: (2017-2024)

3.79 3.91 4.03 4.16 4.29 4.43
4.58
4.74
4.92
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
3.32%
CAGR: (2017-2024)
Fig: 6-24 Global Gasoline Forklift Truck Market Size (USD Billion). 2017-
2024
The global gasoline forklift truck market size was valued at USD 3.79 billion in 2016 out of which class-IV, Class-V gasoline
powered forklifts accounted for USD 2.85 billion in 2016. Key drivers contributing to market expansion include the stringent
emission norms and more fuel efficiency of LPG and natural gas powered forklifts over diesel powered ICE forklifts.
Gasoline powered forklifts has various advantages over electric forklifts such as propane and LPG provides 100 percent power
throughout operation and fast refueling, which potential buyers consider most important.
The data suggest electric is overtaking propane in 1,000 to 5,000 LB. capacity category, especially in applications that are
emissions-sensitive. The market has seen major decline in market where companies have aggressive sustainability goals. Major
industries such as food handling applications, where even propane’s low emissions aren’t viewed as “clean enough” has severe
impact on the market growth.
6.1.2.2. Global Gasoline Forklift Truck Market Size (USD Billion) & Y-O-Y
growth (%), 2017-2024
2.8%
3.0%
3.1%
3.1%
3.1%
3.2%
3.2%
3.4%
3.6%
0%
1%
1%
2%
2%
3%
3%
4%
4%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-25 Global Gasoline Forklift Truck Y-O-Y Growth (%) Analysis-2017-
2024

9.48
9.87
10.29
10.74
11.21
11.72
12.26
12.87
13.53
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
4.55%
CAGR: (2017-2024)
Fig: 6-26 Global Diesel Forklift Truck Market Size (USD Billion). 2017-2024
The global diesel forklift truck accounted for USD 9.48 billion in 2016 and is estimated at USD 13.53 billion by 2024. The
major growth is attributed to the advancement in hydrostatic and diesel-electric drive systems and in energy-efficient and
low-emission drive technologies.
In developed economies, electric forklift trucks already account for the bulk of the market volume, whereas in growth
regions simple counterbalance trucks with internal combustion engine (diesel trucks) still make up a comparatively high
proportion of the total volume. Diesel powered forklifts are still preferred for outdoor and heavy load capacity applications as
these forklifts provide much more torque and power for heavy applications, also at the end of their life cycle, they can
maintain a higher residual value than electric or propane-powered machines.
However, the stringent fuel emission norms, the availability of alternative forklifts and huge competition in the market are
restraining the growth of the diesel forklift truck market.
6.1.2.3. Global Diesel Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),
2017-2024
3.6%
4.0%
4.1%
4.2%
4.2%
4.3%
4.5%
4.7%
4.9%
0%
1%
2%
3%
4%
5%
6%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-27 Global Diesel Forklift Truck Market Y-O-Y Growth (%) Analysis-
2017-2024

6.1.2.4. Global Forklift Truck Market Attractiveness & BPS Analysis, By Fuel Type-
2017-2024
CAGR(%)
Market Size (USD Billion)
Electric Gasoline Diesel
 According to Goldstein Research, electric forklift trucks holds the largest portion of market revenue and also anticipated to grow
at the faster pace in the forecast period owing to rising adoption in fastest growing logistic and e-commerce end-user industries.
 As per the Recent comments from leading industrial truck producers suggest that competition or market share is set to increase
in Europe and emerging markets. The emergence of low-cost producers such as Anhui Heli and Hangcha (both Chinese) in the last
few years is well flagged and will only pose a medium-term challenge to premium producers. However, following the rapid growth
of internal combustion trucks in emerging markets which still hold the huge market share in these regions expected to drive the
growth of diesel powered trucks in future.
Key Points
Source: Goldstein Research Source: Goldstein Research
Fig: 6-28 Global Truck Market Attractiveness-By Fuel Type, 2017-2024
Fig: 6-29 Global Forklift Truck Market BPS Analysis- By Fuel Type, 2017-
2024
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
65%
70%
10%
8%
25% 22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2024
Diesel Gasoline Electric

Fig: 6-30 Global Forklift Truck Market Size (USD Billion). by End Users,
2017-2024d
 Global forklift truck market is anticipated to reach USD
61.50 billion by 2024 at a CAGR of 5.70% owing to the
rapid growth of forklift market in logistics and
warehouses.
 Highly automation of logistic and warehouse industry is
majorly driving the growth of advanced forklifts. Logistics
processes are conveniently automated by automation
solutions that convert regular electric forklifts into self-
driving vehicles that can position themselves to pick up
and deliver pallets as directed to. Also, navigating via geo-
guidance, these vehicles do not require a new
infrastructure
6.1.3. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%),by End
Users, 2017-2024
Fig:- 6-31 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, by End
Users,2017-2024
Fig: 6-32 Global Forklift Trucks Market Share (%), by End Users -2016
7.00%
34.00%
6.00%18.00%
15.00%
9.00%
7.00%
4.00%
Paper Industry
Ports and Logistics
Radio Active Waste
Automobile
Iron and Steel Industry & Steel Plants
Food and Beverages
Wood Industry
Others
3.1 3.3 3.5 3.7 4.0 4.2 4.5 4.8 5.1
13.4 13.9 14.7 15.4 16.2 17.1 17.8 18.8 19.6
1.5 1.5 1.6 1.7 1.7 1.6 1.4
1.5 1.5
6.1 6.6
7.0
7.4
8.0
8.7
9.4
10.0
10.8
6.5
7.0
7.4
7.8
8.3
8.9
9.5
10.1
10.7
3.8
4.2
4.5
4.9
5.3
5.6
6.3
6.7
7.1
2.7
2.7
2.9
2.8
2.8
2.9
3.1
3.2
3.3
1.1
1.2
1.2
1.3
1.4
1.4
1.3
1.3
1.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2016 2017 2018 2019 2020 2021 2022 2023 2024
Others Wood Industry
Food and Beverages Iron and Steel Industry & Steel Plants
Automobile Radio Active Waste
Ports and Logistics Paper Industry
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
2016 2017 2018 2019 2020 2021 2022 2023 2024
Paper Industry
Ports and Logistics
Radio Active
Waste
Automobile
Iron and Steel
Industry & Steel
Plants
Food and
Beverages

2.65
2.85
3.08
3.32
3.58
3.86
4.18
4.53
4.92
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
8.03%
CAGR: (2017-2024)
Fig: 6-33 Global Forklift Truck Market Size (USD Billion). In Paper
Industry, 2017-2024
 Global forklift truck market tends to reach USD 4.92 billion by 2024 owing to the rapid growth in paper production and
paper recycling industry augmented by the escalating demand for paper and cardboard packaging in various other industries.
In 2015, over 400 million tons of paper and paperboard were produced throughout the world and is expected to increase in
the near future. In the same year, China accounts for 26% of market share in global paper and paperboard production. The
rising need for paper products and major players are expanding their businesses in emerging countries to take advantage of
growth opportunities which provides the favorable conditions for the growth of forklift market in paper industry.
The paper industry in significantly growing in Brazil and Canada owing to availability of huge land for the plantation of trees.
For instance, the results for exports and production from the planted tree sector are positive for the first eight months of
2017. In comparison with this same period last year, exports of pulp rose 4.9%, wood panels 30.4%, and paper 0.6 percent.
6.1.3.1. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in
Paper Industry, 2017-2024
6.9% 7.1%
7.2%
7.2%
7.3%
7.4%
7.5% 7.7%
8.0%
6%
6%
7%
7%
7%
7%
7%
8%
8%
8%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-34 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Paper
Industry, 2017-2024

12.89
13.57
14.32
15.12
15.98
16.91
17.92
19.05
20.30
0.00
5.00
10.00
15.00
20.00
25.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
5.84%
CAGR: (2017-2024)
Fig: 6-35 Global Forklift Truck Market Size (USD Billion). 2017-2024
 In this report, the global forklift truck market in ports and logistics industry is valued at USD 12.89 billion in 2016 and is
expected to reach USD 20.30 billion by the end of 2024.
With the rapid advancement of logistic operations across the globe has significantly driven the growth of forklifts driven by
automation of forklifts and advancement in connectivity technologies, that can provide up to 40% more in productivity,
reduced operational costs, and improved inventory accuracy.
With the growing number of warehouses and port activities in emerging countries such as China, Brazil and India owing
rising trade relation with different countries across the globe. For instance, in China the total value of social logistics goods in
2016 expanded by 6.1 percent year on year to USD 33.2 trillion.
Global air freight markets showing that demand increased by 11.4% in July 2017 compared to the same period a year ago.
Rising air cargo volume is putting pressure on transport authority to increase their material handling equipment capacity.
Ports & Logistics 2017-2024
4.9%
5.1%
5.2%
5.3%
5.4%
5.5%
5.7%
5.9%
6.1%
0%
1%
2%
3%
4%
5%
6%
7%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-36 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Ports
and Logistics, 2017-2024

2.27 2.35
2.44
2.53
2.62
2.72
2.83
2.95
3.08
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
3.84%
CAGR: (2017-2024)
Fig: 6-37 Global Forklift Truck Market Size (USD Billion). in Radio Waste
Handling 2017-2024
The global forklift trucks used in radio waste handling valued USD 2.27 billion in 2016 and is expected to reach USD 3.08
billion at a CAGR of 3.84% over the forecast years.
Forklift trucks are specially built for the toxic waste and chemical industries to insure the safe and efficient handling of toxic
and radioactive materials. Explosive gas mixtures, vapors, mists, or dust clouds are produced as a side effect of production in
many branches of industry. These include the pharmaceutical and chemical industry, the printing and paper sectors, but also
areas such as cereal or sugar processing. In these companies, intralogistics trucks guarantee the maximum level of explosion
protection in order to avoid accidents.
Diesel and gasoline forklift trucks are majorly avoided in these industries in order to achieve maximum safety as these fuels
can ignite easily in case of accidents or in case they came in contact with hazardous chemicals.
Radio Waste Handling, 2017-2024
3.1%
3.4%
3.5%
3.6%
3.6%
3.7%
3.8%
4.0%
4.2%
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-38 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Radio
Waste Handling, 2017-2024

6.82
7.26
7.75
8.27
8.82
9.44
10.11
10.85
11.69
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
6.96%
CAGR: (2017-2024)
Fig: 6-39 Global Forklift Truck Market Size (USD Billion). In Automobile
Industry 2017-2024
The global forklift market used in automobile industry accounted for USD 6.82 billion in 2016 and tends to grow at a CAGR
of 6.96% and reach the valuation of USD 11.69 billion by 2024
Over the next five years the global automotive industry faces a significant market growth, up from an annual 3.1% (between
2007 and 2014) to an annual +4% (between 2015 and 2024). At the same time the industry is investing billions of dollars in
car connectivity, autonomous or assisted driving, new mobility or car sharing, and electrified powertrains and components.
The ongoing innovations and advancement in automobile sector is likely to impel the growth of material handling equipment
in the industry.
One of the major crucial aspect of material handling in automotive industry is organization, with so many auto parts to be
assembled, pieces must be neatly stored for instant access during any moment of a given shift. With the high demand for
efficient and smart forklifts the future of autonomous and connected forklifts is much brighter than conventional forklifts in
other manufacturing industries.
6.1.3.4. Global Forklift Truck Market (USD Billion) & Y-O-Y growth (%), in
Automobile Industry 2017-2024
5.9%
6.1%
6.2%
6.3%
6.3%
6.5%
6.6%
6.9%
7.1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-40 Global Forklift Truck Market Y-O-Y Growth (%) Analysis- in
Automobile Industry, 2017-2024

5.69
6.06
6.47
6.92
7.39
7.92
8.49
9.13
9.84
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
7.10%
CAGR: (2017-2024)
Fig: 6-41 Global Forklift Truck Market Size (USD Billion).in Iron & Steel
Industry, 2017-2024
The global forklift truck market in Iron & steel Industry accounted for USD 5.69 billion in 2016 and tends to reach the
valuation of USD 9.84 billion by 2024. The forklift truck market in iron & steel industry is driven by the rising consumption of
iron & steel in automobile and construction sector across the globe.
China consumes over 40 percent of the global steel output. In 2016 the country saw an increase of 1.8 percent in domestic
consumption of steel amidst the continuing incentives and a growth in loans. This growth has come primarily from the
construction and machine building industries, which account for almost all steel consumption in the country. Boosted by
extensive infrastructural investments, the demand for steel in South-Eastern Asian countries such as Vietnam, Indonesia,
Thailand and the Philippines increased by 10 percent in 2016.
There is still potential for rebounding growth in the metal industry of developed nations, which will be realized in 2017 is
likely to impel the growth of heavy forklift trucks with the replacement of older forklifts in developed countries.
6.1.3.5. Global Forklift Truck Market Size (USD Billion) & Y-O-Y growth (%), in Iron
& Steel Industry 2017-2024
6.0%
6.2%
6.4%
6.4%
6.5%
6.6%
6.8%
7.0%
7.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-42 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Iron &
Steel Industry, 2017-2024

3.41
3.66
3.93
4.22
4.53
4.88
5.26
5.68
6.15
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
7.65%
CAGR: (2017-2024)
Fig: 6-43 Global Forklift Truck Market Size (USD Billion).in Food &
beverage Industry, 2017-2024
The global forklift truck market in Food & beverage industry accounted for USD 3.41 billion in 2016 and tends to reach the
valuation of USD 6.15 billion by 2024. The forklift truck market in food & beverage industry is majorly driven by the growing
demand for packaged food products across the globe specially the industry is blooming in emerging countries such as China,
India and Brazil.
The global food and beverage industry is growing at around 5% a year and global expenditure on food products by
consumers is expected to reach USD 20 trillion by 2030. Electric forklifts are majorly adopted in food and beverage industry
owing to the fuel emission from diesel and LPG powered forklifts which is not considered significant for applications in food
an beverage industry. Hence, with the growth of food & beverage industry electric forklifts tends to grow faster than the ICE
forklifts.
Food & Beverage Industry 2017-2024
6.5%
6.7%
6.9%
6.9%
6.9%
7.1%
7.2%
7.4%
7.7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Fig:- 6-44 Global Forklift Truck Market Y-O-Y Growth (%) Analysis, in Food
& Beverage Industry, 2017-2024

6.1.3.6a. Three Types Of Electric Lift Trucks Are Used In Food And Beverage Plants
Class 1 trucks are sit-down and stand-up counterbalance electric units. Their
specialty is loading, transport and put-away. They are seen most commonly on
loading docks moving pallets in and out of transport containers
Class 2 includes high-lift or reach trucks used widely in grocery distribution
warehouses. They are sit-down units that can maneuver in narrow aisles and
raise and position pallets into racks as high as 505 inches from the floor.
Class 3 covers a wide range of trucks. The most common is a “walkie-rider,” used
for loading and unloading transports, and staging pallets for racking
Both gas and electric-powered lift trucks come
with a choice of pneumatic or cushion (solid core)
tires. Pneumatic tires tend to be used most
frequently by gas-powered units, because they
are adept at handling uneven surfaces and
provide higher undercarriage clearance outdoors.
However, they wear out relatively fast and need
to be replaced frequently
Solid wheels, which usually consist of a hard foam core covered with a
hard rubber outer surface, are ideally suited to smooth indoor floors
where clearance requirements are minimal. Their main benefit is they
wear extremely well—providing less maintenance and lower operating
costs than their pneumatic counterparts. In addition, because
clearance isn’t an issue, the lift truck’s center of gravity can be lower,
and the hard rubber tire base provides more stable lifting of heavy
loads, particularly in higher and tighter places
Toyota Material Handling USA of Irvine, CA is part of Toyota, which pioneered the switch from DC to AC motors for lift trucks in the
1970s. Before that time, 60 percent of lift trucks were gas powered; 40 percent were electric. Today, 65 percent are electric, and 35
percent are powered by gas or other hydrocarbons

Global Forklift Truck Market Outlook 2024

Global Forklift Truck Market Outlook 2024

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