Forklift Truck Market to Rise at 4.3% CAGR by 2028; Growing Adoption of Advanced Technologies to Promote Business

The global forklift truck market is projected to reach 1,908.6 thousand units by 2028. Driven by recent technological advancements, the market is expected to rise tremendously during the forecast period. mentioned in a, titled “Forklift Truck Market Size, Share & COVID-19 Impact Analysis, By Type (Class I, Class II, Class III, Class IV, Class V), By Application (Mining, Logistics, Construction, Food & Beverage, Natural Resources, Manufacturing, and Others) and Regional Forecast, 2021-2028,” the market was valued at 1,384.3 thousand units in 2020, and is poised to expand at a decent CAGR of 4.3% between 2021 to 2028.

Acquisition of Vantage Equipment LLC by Tri-Lift to Augment Growth

In December 2020, Tri-Lift, Inc., a major service material handling forklift leader announced the acquisition of Vantage Equipment LLC’s material handling group, a data integration platform. Through this merger Tri-Lift will utilize Vantage’s data platform and increase its geographical presence. Moreover, the increasing mergers and acquisitions among companies will enhance the market share during the forecast period. Similarly, in December 2021, Wolter Group LLC, a major leader in material handling, industrial engines, generators, automation systems, and fleet management announced the acquisition of A D lift truck, a 40-year old family-owned operated forklift company.

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Demand for Technologically-driven Products to Boost Development

Applications of the market in material handling has led to their increasing adoption across the world. The ability of these trucks to manage heavy loads has led to an increasing adoption for the device across several applications. Furthermore, product variations allow flexibility in industrial applications of forklift trucks. The growing adoption of advanced technologies has fuelled the demand for these vehicles across the world. Additional benefits offered by technologically-driven equipment such as tracking operator performance and maintaining records has been fruitful. Additionally, incorporation of concepts such as machine learning and predictive analysis has contributed to the increasing demand for the products in several countries across the world.

Increasing Mergers and Acquisitions Will Enable Forklift Truck Market Growth

The report encompasses several factors that have boosted the global market size in recent years. Among several factors, Fortune Business Insights highlights an increasing number of mergers and acquisitions among leading players to bode well for the global market in the coming years. Due to healthy market competition, companies are adopting some standout strategies in order to establish a stronghold in the global market. In 2019, Toyota Industries North America announced the acquisition of Chicago-based Hoist Liftruck Manufacturing with a view to establishing a stronghold in the market. Fortune Business Insights states that Toyota’s latest acquisition will not only help the company generate substantial market revenue, but will also have a direct positive impact on the global market.

Some of the leading companies that are operating in the global market:

• Toyota Industries Corporation (Japan)


• Crown Equipment Corporation (United States)


• Kion Group AG (Germany)


• Hyster-Yale Materials Handling Inc. (United States)


• Hyundai Heavy Industries (South Korea)


• Mitsubishi Nichiyu Forklift Co., Ltd (Japan)


• Jungheinrich AG (Germany)


• Anhui Forklift Truck (China)


• Doosan Industrial Vehicle (United States)


• Hangcha Group (China)


• KomatsuLtd. (Japan)


• Godrej & Boyce Manufacturing (India)

Further Report Findings:

• Regional Insights: North America market will exhibit the highest rated during the forecast period. This is mainly attributable to the presence of several major companies in the US. The increasing investment in the research and development of advanced forklift trucks by leading companies in the US will offer a huge potential for growth of the market in North America.


• Leading Segment: Class III are expected to account for a significant forklift truck market share in the forthcoming years owing to the high electric trucks' demand. Class III includes the walk-behind truck and walkie-rider truck, and walk-behind.

Report Scope & Segmentation: