Published by Jessica Weisman-Pitts
Posted on March 5, 2025
Fact.MR, one of the industry's premium market research and competitive intelligence firms, has published a comprehensive report on the global forklift truck market, noting substantial growth opportunities between 2024 and 2034. The market, at its current value of US$ 62.25 billion in 2024, is poised to witness healthy growth through the decade.
As per the report, the market of forklift trucks is expected to grow to US$ 128.3 billion by 2034, fueled by growing demand from industries. With a 7.5% CAGR, the growth is influenced by growing material handling automation, increasing warehousing operations, and technological advancements in electric forklifts.
Market Insights: Key Drivers Fueling Growth
The report points out some of the major factors driving this projected growth:
E-commerce Growth: The explosive growth of the e-commerce industry has created greater demand for effective material handling solutions. Forklift trucks are at the center of handling the fast-paced movement and storage of products in warehouses and distribution centers, hence making them critical in the supply chain.
Technological Innovations: The use of cutting-edge technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and telematics, has transformed the operation of forklift trucks. These new technologies improve operation efficiency, security, and fleet management, consequently increasing the demand for advanced forklift trucks.
Environmental Implications: The movement towards global sustainability has further strengthened the demand for electric forklift trucks. Electric forklift trucks come with zero emissions and lesser noise levels as opposed to internal combustion engine models, making them acceptable in strict environmental policies and company sustainability agendas.
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Key Statistics & Predictions:
The report outlines extensive projections and statistics:
Industry Applications
The use of forklift trucks cuts across industries:
Market Challenges and Opportunities
Challenges:
Opportunities:
Company & Report Details
Fact.MR's analysis provides an elaborate study of the forklift truck market, including market dynamics, segment insights, regional observations, and competition landscapes. Fact.MR utilizes a mix of primary and secondary research for data collection and integrates it in their report for effective and reliable findings.
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Key Players Shaping the Future of the Forklift Truck Industry:
Several notable players of the forklift truck industry have been listed by the report:
Market Developments
The forklift truck market has seen significant developments:
Fact.MR's recent report points to a promising future for the global forklift truck market, supported by e-commerce expansion, technology upgrade, and an inclination towards eco-friendly practices. With industries remaining on the upgrade path, demand for effective material handling equipment such as forklift trucks will increase, opening up lucrative avenues for market participants and stakeholders alike.
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