The global forklift market is projected to hit the market valuation of $95.51 billion by 2032, from $49.86 billion in 2023.
This will be at a CAGR of 7.49% during the forecast period 2024–2032, according to a new report by industry analysts at Astute Analytica.
The forklift truck market is poised for significant growth, driven by emerging opportunities that promise to reshape the industry landscape.
As of 2023, the global forklift market is valued at $55 billion, with projections indicating a growth to $75 billion by 2027.
The rise of smart warehouses is a key opportunity, with over 26,000 smart warehouses currently in operation worldwide.
These facilities are deploying an average of 120 forklifts each, highlighting the substantial demand for advanced material handling solutions.
Additionally, the adoption of Internet of Things (IoT) technology in logistics is creating new avenues, with approximately 50 million IoT-enabled forklifts expected to be operational by 2025.
The shift toward sustainability presents another promising opportunity for the forklift truck market.
The global stock of electric forklifts has reached 2.1 million units, as companies seek eco-friendly alternatives to traditional fuel-powered models.
The European market is at the forefront of this transition, with nearly 700,000 electric forklifts in operation.
The demand for hydrogen fuel cell forklifts is also on the rise, with over 35,000 units deployed across various sectors globally.
As countries continue to implement stringent emissions regulations, the market for sustainable forklifts is expected to grow, with Asia-Pacific projected to see the largest increase, adding 300,000 new units by 2027.
Technological advancements in automation and AI are enhancing forklift capabilities, offering significant opportunities for forklift truck market expansion.
In 2023, global spending on AI-driven forklift technology reached $3 billion, enabling smarter and more efficient operations.
The integration of AI in forklifts is expected to reduce operational costs by $1.5 billion annually across industries.
The global demand for automated guided forklifts is on the rise, with around 150,000 units expected to be operational by 2025.
Furthermore, the rental market for forklifts is expanding, valued at $35 billion in 2023, as companies seek flexible and cost-effective solutions.
This dynamic landscape, fuelled by innovation and sustainability, promises a bright future for the forklift truck market, the report concludes.