North America Forklift Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the North America Forklift Market 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.

The North America forklift market encompasses the production, distribution, and utilization of forklifts across various industries in the region. It is characterized by a diverse range of forklift types, including electric and internal combustion models, catering to applications in warehouses, manufacturing facilities, construction sites, and more.

Key market drivers include the expansion of e-commerce, industrial growth, and a focus on warehouse automation. With advancements in technology and increasing emphasis on sustainability and safety, the North America forklift market continues to evolve, offering efficient and innovative solutions for material handling needs across industries.

North America Forklift Market – Significant Growth Factors

The North America Forklift Market presents significant growth opportunities due to several factors:

• Industrial Expansion and Manufacturing Growth: The continuous growth of industries like automotive, aerospace, and electronics in North America drives the demand for forklifts, especially for material handling tasks within factories and warehouses.

• Rise in E-commerce Activities: The surge in e-commerce activities increases the need for efficient material handling solutions in warehouses and distribution centers, fueling the demand for forklifts to manage inventory and fulfill orders.

• Focus on Warehouse Automation: Businesses are increasingly adopting warehouse automation technologies to improve operational efficiency, leading to a higher demand for forklifts integrated with automation, IoT, and telematics solutions.

• Shift towards Sustainable Solutions: Environmental concerns and regulations drive the adoption of electric forklifts and other sustainable alternatives, as companies seek to reduce emissions and improve their carbon footprint.

• Expansion of Rental and Leasing Services: There is an opportunity for forklift rental and leasing services to expand, providing businesses with flexible solutions to manage their material handling needs without large upfront investments.

• Integration of Advanced Technologies: The integration of advanced technologies like IoT, automation, and predictive maintenance presents an opportunity for forklift manufacturers to offer innovative solutions that improve efficiency, safety, and productivity in material handling operations.

North America Forklift Market – Mergers and Acquisitions

The North America Forklift Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the North America Forklift Market include:

• In 2023, Crown Equipment Corporation introduced the C-B series, an electric counterbalance forklift with 80-volt motors. Featuring applications-oriented ergonomics like a full suspension adjustable seat and an intuitive control system, these forklifts prioritize safety, productivity, and operator comfort, minimizing strain and fatigue.

• In 2023, Hangcha Forklift introduced a high-voltage Lithium Battery-based electric rough terrain forklift, ranging from 2.5 to 3.5 tons. This innovative forklift offers reduced noise, zero emissions, and fast charging, catering to the demand for sustainable and efficient material handling solutions.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the North America Forklift Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America Forklift Market	Forklift Market	US Automotive Air Filter Market
CAGR 10.1% (Approx)	CAGR 13.8% (Approx)	CAGR 1.8% (Approx)
USD 47,789.4 Million by 2033	USD 168.6 Billion by 2033	USD 2,588.3 Million by 2033

North America Forklift Market – Significant Threats

The North America Forklift Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Economic Downturns: Economic recessions or downturns can lead to reduced industrial activities and capital expenditure, resulting in decreased demand for forklifts as businesses scale back their operations and investments.

• Competition from Alternatives: Alternatives to traditional forklifts, such as automated guided vehicles (AGVs) or robotics, pose a threat to the forklift market as businesses seek more advanced and efficient material handling solutions.

• Regulatory Changes: Changes in safety regulations, emission standards, or import/export policies can impact the forklift market, requiring manufacturers and users to adapt to new compliance requirements, which may increase costs or limit market access.

• Supply Chain Disruptions: Disruptions in the supply chain, such as shortages of components or materials, transportation delays, or geopolitical tensions, can hinder the production and distribution of forklifts, leading to increased costs and reduced availability.

• Technological Disruption: Rapid advancements in technology, including electrification, automation, and IoT, can disrupt the forklift market by rendering existing models obsolete or requiring significant investments in research and development to stay competitive.

Category-Wise Insights:

By Power Source

• Electric Forklifts: Electric forklifts in the North America market are powered by rechargeable batteries, offering zero emissions and quieter operation. Trends include the increasing adoption of lithium-ion batteries for longer run times and faster charging, as well as advancements in electric motor technology for improved efficiency and performance, catering to the growing demand for sustainable and eco-friendly material handling solutions.

• Internal Combustion (IC) Forklifts: Internal combustion forklifts in the North America market are powered by gasoline, diesel, or propane engines. Trends include the integration of emission-reducing technologies to meet stringent environmental regulations, as well as advancements in engine efficiency and ergonomics for enhanced operator comfort and productivity. Despite the rise of electric forklifts, IC forklifts remain popular for outdoor applications and heavy-duty tasks in the region.

By Lifting Capacity

• Light Duty Forklifts (Below 5 tons): Light duty forklifts, typically used in small warehouses and retail environments, offer maneuverability and versatility for handling loads under 5 tons. Trends include the adoption of electric models for indoor applications, ergonomic designs for operator comfort, and integration with IoT for improved monitoring and maintenance.

• Medium Duty Forklifts (5-10 tons): Medium duty forklifts cater to diverse industrial applications with lifting capacities ranging from 5 to 10 tons. Trends in this segment include the incorporation of advanced safety features, such as collision avoidance systems and stability control, to enhance operator safety. Additionally, there is a growing demand for fuel-efficient and environmentally friendly models, driving the adoption of electric and hybrid options.

• Heavy Duty Forklifts (Above 10 tons): Heavy duty forklifts are designed for handling extremely large and heavy loads exceeding 10 tons in industries like construction, shipping, and manufacturing. Trends include the development of high-capacity electric forklifts to meet sustainability goals and comply with emission regulations. Furthermore, there is a focus on enhancing productivity through automation and advanced control systems for heavy-duty material handling tasks.

By Class

• Class 1 – Electric Motor Rider Trucks: These forklifts are powered by electricity and are suitable for indoor applications. Trends include the adoption of lithium-ion batteries for longer run times and fast charging capabilities, as well as the integration of advanced safety features and ergonomic designs for operator comfort.

• Class 2 – Electric Motor Narrow Aisle Trucks: Designed for narrow aisle applications, Class 2 forklifts offer maneuverability and efficiency in warehouse settings. Trends focus on the development of compact and agile models with enhanced navigation systems, such as wire guidance or laser guidance, to optimize space utilization and increase productivity.

• Class 3 – Electric Motor Hand Trucks or Hand/Rider Trucks: Class 3 forklifts include walkie pallet jacks and rider pallet trucks powered by electricity. Trends involve the incorporation of ergonomic designs and intuitive controls to improve operator comfort and productivity, as well as the integration of telematics and IoT technologies for remote monitoring and maintenance.

• Class 4/5 – Internal Combustion Engine Trucks with Cushion/Pneumatic Tires: These forklifts are powered by internal combustion engines and are suitable for indoor and outdoor applications. Trends include the adoption of cleaner fuel options, such as propane or compressed natural gas (CNG), to reduce emissions and comply with environmental regulations, as well as advancements in engine technology for improved fuel efficiency and performance.

• Others: This category may include specialized forklifts tailored for specific applications or industries, such as rough terrain forklifts for construction sites or side loaders for handling long and bulky loads. Trends focus on customization and niche applications, catering to unique material handling requirements in various sectors across North America.

By End Use Industry

• Industrial: The industrial sector utilizes forklifts for material handling tasks within manufacturing facilities and warehouses. Trends include the adoption of automation and IoT-enabled forklifts to improve efficiency and safety.

• Logistics: Forklifts play a crucial role in logistics operations, facilitating the movement and storage of goods in warehouses and distribution centers. Trends include the integration of forklifts with warehouse management systems for enhanced productivity.

• Chemical: In the chemical industry, forklifts are used for transporting and handling hazardous materials. Trends include the adoption of explosion-proof forklifts and enhanced safety features to comply with strict regulations.

• Food & Beverage: Forklifts are essential in the food and beverage industry for tasks such as palletizing and transporting goods. Trends include the use of food-grade materials and specialized attachments for handling delicate products.

• Retail & E-Commerce: Retail and e-commerce sectors rely on forklifts for efficient inventory management and order fulfillment. Trends include the integration of forklifts with picking and packing technologies to meet the demands of online shopping.

• Others: Other industries, such as construction, agriculture, and healthcare, also utilize forklifts for various material handling applications. Trends include the customization of forklifts for specific industry requirements and the development of niche applications.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 20,102.3 Million
Projected Market Size in 2033	USD 47,789.4 Million
Market Size in 2023	USD 18,258.2 Million
CAGR Growth Rate	10.1% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Power Source, Lifting Capacity, Class, End Use Industry and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Competitive Landscape – North America Forklift Market

The North America Forklift Market is highly competitive, with a large number of manufacturers and retailers operating in the US. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the North America forklift market are embracing innovation and development to establish their presence. These newcomers often focus on niche segments or introduce novel technologies such as automation and electric propulsion systems to differentiate themselves.

Dominating the market are established players like Toyota Material Handling, Hyster-Yale Group, and Crown Equipment Corporation. These key players leverage extensive R&D investments, broad product portfolios, and robust distribution networks to maintain market dominance, offering reliable products and comprehensive support services to meet diverse customer needs effectively.

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