The global lift trucks market accounts for a valuation of US$ 48.52 billion in 2022 and is projected to reach US$ 94.56 billion by the end of 2032. This is because worldwide sales of lift trucks are predicted to increase at a noteworthy CAGR of 6.9% from 2022 to 2032.
The growing warehousing industry across the world is fuelling demand for industrial equipment such as forklift trucks, lifting jacks, pallet stackers, etc., which is also subsequently driving lift trucks market growth potential.
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Key Segments Covered in Lift Trucks Industry Research
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by Type :
- Counterbalance
- Reach
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by Class :
- Electric Motor Rider Trucks
- Electric Motor Narrow Aisle Trucks
- Electric Motor Pedestrian Trucks
- Internal Combustion Engine Trucks with Cushion Tyres
- Internal Combustion Engine Trucks with Pneumatic Tyres
- Electric And Internal Combustion Engine Tractors
- Rough Terrain Forklift Trucks
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by Propulsion :
- IC Engine Vehicles
- Petrol
- Diesel
- Others
- Electric Vehicles
- IC Engine Vehicles
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End-use Industry :
- Mining
- Logistics
- Construction
- Manufacturing
- Agriculture
- Others
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by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Competitive Landscape
Lift truck manufacturers are expected to focus on diversifying their product portfolio through various strategies. Lift truck companies are also projected to eye mergers, acquisitions, and collaborations to increase their market presence.
- In November 2021, Wolter Group LLC, an industrial equipment and solutions provider, announced the acquisition of A D Lift Truck. This acquisition extends Wolter’s line of gas and electric forklifts as A D Lift Truck is a family-owned material handling and forklift company.
- In January 2020, the merger of two forklift divisions of Toyota Material Handling was completed. This merger combined Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM) to create a more unified and better customer experience for its clients.
