TRANSPORT AND MATERIALS HANDLING
FORKLIFT MARKET TO GROW 50% BY 2032
S
trong growth in shipments of 4-5% is forecast for the global forklift market out to 2032, with greater competition driven by emerging technologies and rising global demand for logistics. According to global market intelligence specialist Interact Analysis, this is expected to fuel further innovation and development opportunities for the industry over the coming years, as the market looks set to grow by 50%, from around 2m units in 2022 to c.3m units in 2032.
Poor demand in China led to a contraction of 12.4% in shipments during 2022, with the Americas and EMEA regions also witnessing a decline, leading Interact Analysis to reduce its forecast for 2023/24. Order volume is expected to fall by around 6% in 2023 to 2 million units, marking the first time since 2019 it has dipped below the shipment volume.
6000 7000
Covid-19 pandemic-related supply chain issues caused a significant difference between order and shipment volumes, leading to a historical peak of 370,000 units in 2021, as shipments lagged far behind orders. The sector has been catching up ever since, but with a sharp fall in order volumes, Interact Analysis predicts 2024 will be a low point for the market.
Manufacturers driving recovery However, there are clear signs of a recovery. This is particularly evident in the performance of major forklift manufacturers, with an increase in growth momentum of new truck business among these companies in 2023, following relatively slow growth over the past two years.
In its latest report, The Global Forklift Market – 2023, Interact Analysis reveals new business revenue for major forklift companies grew by
Major Public Vendors New Truck Business Revenue
1000 2000 3000 4000
0 Q1 2021 Q2 2022 Q3 2023
*Major public vendors including Toyota Industries Corporation, KION Group AG, Heli, Hangcha, Jungheinrich AG, Mitsubishi Logisnext and Hyster-Yale Materials Handling
2021 Edition 2022 Edition 2023 Edition Li-ion forklifts will exceed 50% of the global market by 2030 January 2024
www.buildersmerchantsjournal.net 29 Q4
25% 30% 35% 40% 45% 50% 55%
0 2022 2023 2024 2025 2026 2027 2028 2029 2030
21% year-on-year during the first three-quarters of 2023 to reach $19.5 billion, compared to 5.2% recorded for the same period of 2022.
Li-ion forklift penetration Demand for electrified forklifts has been surging in recent years and Interact Analysis predicts China and several countries in Europe will achieve a 50% electrification rate for forklifts as early as 2025. The global market share of Li-ion models is anticipated to surpass 50% in 2030, with Class 3.1 predicted to be the first category to achieve over 50% electrification. Maya Xiao, senior research analyst at Interact Analysis, said: “We are expecting the market to rally from 2025, and to see the growing trend for electrification accelerate as early adopters such as China and some of the European countries continue to lead the way.” BMJ
Global Li-ion Forklift Penetration Rate (2022-2030)
Revenues ($m)
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72
