North America Forklift Market Size Likely to Grow at a CAGR of 10.1% By 2033

As per the current market research conducted by the CMI Team, the North America Forklift Market size is expected to record a CAGR of 10.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 20,102.3 Million. By 2033, the valuation is anticipated to reach USD 47,789.4 Million.

North America Forklift Market: Growth Factors and Dynamics

• Rising Demand in E-commerce and Warehousing: The surge in e-commerce activities and the expansion of warehousing and distribution centers drive the demand for forklifts in North America. With the growth of online shopping, there’s an increased need for efficient material handling equipment to manage inventory and fulfill orders promptly.

• Industrial Expansion and Manufacturing Sector: North America’s robust manufacturing sector fuels demand for forklifts, especially in the automotive, aerospace, and electronics industries. The region’s industrial expansion and investments in manufacturing infrastructure contribute to the adoption of forklifts for material handling tasks within factories and warehouses.

• Focus on Warehouse Automation: With the emphasis on warehouse efficiency and automation, there’s a growing trend towards integrating forklifts with advanced technologies like automation, telematics, and IoT. Companies seek to optimize their warehouse operations, leading to increased adoption of technologically advanced forklifts in North America.

• Shift Towards Electric Forklifts: Environmental concerns and the need for sustainability drive the shift towards electric forklifts in North America. With advancements in battery technology and the availability of electric models with comparable performance to IC forklifts, there’s a growing preference for electric forklifts, particularly in indoor applications.

• Regulatory Compliance and Safety Standards: Stringent regulations and safety standards regarding forklift operations influence market dynamics. Companies prioritize compliance with safety regulations, leading to investments in training programs, safety features, and ergonomic designs, driving the demand for modern forklift models that meet regulatory requirements.

• Technological Advancements and Innovation: Continuous technological advancements, including automation, fleet management systems, and predictive maintenance solutions, propel market growth. Manufacturers focus on innovation to enhance forklift performance, efficiency, and operator comfort, catering to the evolving needs of customers in North America’s competitive market landscape.

• Adoption of Rental and Leasing Services: The increasing trend towards renting or leasing forklifts provides businesses with flexibility in managing their material handling needs without large upfront investments. Rental and leasing services offer cost-effective solutions for short-term or seasonal requirements, driving market growth as companies seek efficient and economical ways to manage their fleets in North America.

North America Forklift Market: Partnership and Acquisitions

• In 2023, Toyota Material Handling unveiled three new forklift models featuring standard power steering, an industrial tow tractor, an automatic parking brake, a side-entry end rider, and center rider stacker. These enhancements provide users with improved performance, efficiency, and comfort, catering to order picking and cross-warehouse transportation needs.

• In 2023, Jungheinrich AG acquired Magazino, an automated solution provider, bolstering its position in autonomous mobile robots and related software. This strategic move enhances Jungheinrich’s capabilities in warehouse automation, enabling the company to offer innovative solutions to meet evolving market demands effectively.

Report Scope

North America Forklift Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the North America Forklift Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruptions in Supply Chains: COVID-19 caused disruptions in global supply chains, leading to delays in the production and delivery of forklifts and related components. Factory closures, logistics challenges, and restrictions on movement affected the availability of equipment, impacting market demand and sales.

• Slowdown in Industrial Activities: The pandemic resulted in a slowdown in industrial activities, including manufacturing, construction, and warehousing, leading to reduced demand for forklifts. Many businesses scaled back operations or temporarily shut down, affecting the need for material handling equipment in North America.

• Resumption of Industrial Operations: As economic activities gradually resume post-COVID-19, industrial sectors such as manufacturing, e-commerce, and logistics are expected to rebound. This resurgence in industrial activities would drive the demand for forklifts in North America.

• Focus on Warehouse Modernization: Companies are likely to prioritize warehouse modernization and automation to improve operational efficiency and adapt to changing market dynamics. Investments in advanced forklifts equipped with automation and telematics capabilities would drive market recovery.

• Shift Towards E-commerce: The accelerated adoption of e-commerce during the pandemic is expected to continue, leading to increased demand for warehouse space and material handling equipment. Forklift manufacturers could capitalize on this trend by offering specialized solutions for e-commerce fulfillment centers.

• Investments in Safety and Training: Businesses are likely to invest in safety enhancements and operator training programs to comply with stringent health and safety regulations. Forklift manufacturers may focus on integrating advanced safety features and providing comprehensive training to operators.

• Promotion of Sustainability: The focus on sustainability and environmental stewardship post-pandemic could drive the adoption of electric forklifts and other eco-friendly solutions. Manufacturers may emphasize the development of energy-efficient and emission-free forklift models to align with market preferences and regulatory requirements in North America.

In conclusion, the COVID-19 pandemic has had a mixed impact on the North America Forklift Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the North America Forklift Market:

• Toyota Material Handling U.S.A. Inc.
• Hyster-Yale Group Inc.
• Crown Equipment Corporation
• UniCarriers Americas Corporation
• Mitsubishi Logisnext Americas Inc.
• Komatsu America Corp.
• Clark Material Handling Company
• Jungheinrich Lift Truck Corp.
• Doosan Industrial Vehicle America Corp.
• Hyundai Forklift
• Caterpillar Inc.
• JCB Inc.
• Linde Material Handling North America Corporation
• Manitou Americas Inc.
• Yale Materials Handling Corporation
• Others

The North America Forklift Market is segmented as follows:

By Power Source

• Electric
• Internal Combustion (IC)

By Lifting Capacity

• Light Duty Forklifts (Below 5 tons)
• Medium Duty Forklifts (5-10 tons)
• Heavy Duty Forklifts (Above 10 tons)

By Class

• Class 1
• Class 2
• Class 3
• Class 4/5
• Others

By End Use Industry

• Industrial
• Logistics
• Chemical
• Food & Beverage
• Retail & E-Commerce
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America