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ASIA-PACIFIC FORKLIFT TRUCK MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

Asia-Pacific Forklift Truck Market by Engine Type (ICE Powered, Electric Powered) Market by Type (Class 1, Class 2, Class 3, Class 4 & 5) Market by End-user (Retail & E-commerce, Construction, Manufacturing, Other End-users) by Geography


MARKET OVERVIEW

The Asia-Pacific forklift truck market is evaluated to develop with a CAGR of 6.83% across the forecast period of 2023 to 2032, capturing a revenue share of $61206.78 million by 2032.

The regional market’s growth is reinforced by key drivers, such as the increasing number of warehouse activities by the retail & e-commerce industry as well as the increase in manufacturing and construction projects. These factors are set to raise the demand for forklift trucks, predominantly for handling goods. However, the Asia-Pacific forklift truck market may face challenges such as intense competition among local and international manufacturers, subsequently impacting pricing and profit margins.

Asia-Pacific Forklift Truck Market

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The Asia-Pacific forklift truck market growth study encompasses a detailed analysis of China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific. China has established itself as a global manufacturing powerhouse, owing to key aspects such as a large and cost-effective workforce, abundant resources, and supportive government policies. Furthermore, the Chinese government’s initiatives to promote new manufacturing, packaging, public health, as well as other projects are expected to fuel construction activities in the country. This, in turn, is anticipated to drive the increased utilization of forklift trucks in China. The country’s largest manufacturing industries, such as fast-moving consumer goods (FMCG), fast-moving consumer durables, and automotive, are experiencing significant growth in terms of catering to both local and global requirements. As a result, the demand for forklift trucks to manage operations in the aforementioned industries is on the rise.

On the other hand, Japan is heavily engaged in international trade, with its major exports comprising manufactured goods, machinery, vehicles, and technological equipment. Besides, with the presence of numerous automotive and logistics companies, including Honda, Toyota, Mazda, Mitsubishi, Nissan, and Nippon Express Company, among others, the manufacturing sector in the nation is projected to witness favorable growth over the upcoming years. As manufacturing activities increase, the demand for efficient movement of goods within plants as well as storage activities is also anticipated to rise. Since forklift trucks play a crucial role in managing such activities, these factors are set to contribute to the market growth in the Asia-Pacific during the forecast period. 

The Asia-Pacific forklift truck market is segmented into engine type, end-user, and type. The type segment includes class 1, class 2, class 3, and class 4 & 5. The class 1 segment encompasses electric motor rider trucks that are powered by industrial batteries and utilize transistor motor controllers for precise control of lifting and hoisting movements. These trucks typically have a weight capacity ranging from 3,000 to 12,000 lbs. 

Additionally, they can be equipped with either 3 or 4 wheels, with tire options including cushion (solid) tires or pneumatic (air-filled). While cushion-tired forklifts are designed for indoor use on smooth floors, pneumatic-tired models can be employed outdoors under dry conditions. Both stand-ups, as well as sit-down style forklift trucks fall into this classification, offering flexibility in order to meet different operational needs.

Top companies operating in the Asia-Pacific forklift truck market include Doosan Corporation, Mitsubishi Logisnext Co Ltd, Komatsu Ltd, etc.

Mitsubishi Logisnext Co Ltd, headquartered in Japan, is involved in the development, manufacturing, design, and sales of electric as well as engine-powered forklifts, automated warehouses, transportation robots, LAN, and other logistics equipment and systems, monorails, and electric vehicles. The company has a business presence in the United States, Finland, Sweden, the Netherlands, China, Spain, Thailand, Singapore, and others.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Engine Type, End-User, and Type
Countries AnalyzedChina, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific
Companies AnalyzedToyota Industries Corporation, KION AG, Hyster-Yale Materials Handling Inc, Jungheinrich AG, Hangcha Group, Crown Equipment Corporation, Clark, Komatsu Ltd, Doosan Corporation, Mitsubishi Logisnext Co Ltd

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
    5. MAJOR MARKET FINDINGS
      1. DEALERS/DISTRIBUTORS NETWORK & AFTER SALE SERVICES
      2. PRODUCT LAUNCHES, UPGRADES, AND MARKET DEVELOPMENTS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. RISING DEMAND FROM E-COMMERCE INDUSTRY
      2. AUTOMATION OF MANUFACTURING FACILITIES
    2. KEY RESTRAINTS
      1. PERSONNEL TRAINING & STRINGENT EMISSION RULES
      2. VARYING PRICES OF RAW MATERIALS
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
    4. MARKET CONCENTRATION ANALYSIS
    5. VALUE CHAIN ANALYSIS
      1. SUPPLIERS
      2. OEMS
      3. DISTRIBUTORS
      4. END-USER
    6. KEY BUYING CRITERIA
      1. COST
      2. ENGINE TYPE
      3. PAYLOAD CAPACITY
      4. LIFT HEIGHT
  5. MARKET BY ENGINE TYPE
    1. ICE POWERED
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. ELECTRIC POWERED
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY TYPE
    1. CLASS 1
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. CLASS 2
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. CLASS 3
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. CLASS 4 & 5
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY END-USER
    1. RETAIL & E-COMMERCE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. CONSTRUCTION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. MANUFACTURING
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. OTHER END-USERS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET ESTIMATES & SIZES
      2. KEY PLAYERS OPERATING IN ASIA-PACIFIC FORKLIFT TRUCK MARKET
      3. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
        5. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
        6. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC FORKLIFT TRUCK MARKET SIZE & OPPORTUNITIES
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. PRODUCT LAUNCHES & DEVELOPMENTS
      2. BUSINESS EXPANSIONS
    2. COMPANY PROFILES
      1. CLARK
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      2. CROWN EQUIPMENT CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      3. DOOSAN CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      4. HANGCHA GROUP
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      5. HYSTER-YALE MATERIALS HANDLING INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      6. JUNGHEINRICH AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      7. KION AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      8. KOMATSU LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      9. MITSUBISHI LOGISNEXT CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      10. TOYOTA INDUSTRIES CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS

LIST OF TABLES

TABLE 1:  MARKET SNAPSHOT – FORKLIFT TRUCK

TABLE 2:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY ENGINE TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY ENGINE TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 4:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 6:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY END-USER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY END-USER, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 8:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9:  ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 10:  KEY PLAYERS OPERATING IN ASIA-PACIFIC FORKLIFT TRUCK MARKET

TABLE 11:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 12:  LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: ASIA-PACIFIC GROWTH PROSPECT MAPPING

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: KEY BUYING CRITERIA

FIGURE 7: ASIA-PACIFIC FORKLIFT TRUCK MARKET, GROWTH POTENTIAL, BY ENGINE TYPE, IN 2022

FIGURE 8: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY ICE POWERED, 2023-2032 (IN $ MILLION)

FIGURE 9: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY ELECTRIC POWERED, 2023-2032 (IN $ MILLION)

FIGURE 10: ASIA-PACIFIC FORKLIFT TRUCK MARKET, GROWTH POTENTIAL, BY TYPE, IN 2022

FIGURE 11: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CLASS 1, 2023-2032 (IN $ MILLION)

FIGURE 12: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CLASS 2, 2023-2032 (IN $ MILLION)

FIGURE 13: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CLASS 3, 2023-2032 (IN $ MILLION)

FIGURE 14: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CLASS 4 & 5, 2023-2032 (IN $ MILLION)

FIGURE 15: ASIA-PACIFIC FORKLIFT TRUCK MARKET, GROWTH POTENTIAL, BY END-USER, IN 2022

FIGURE 16: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY RETAIL & E-COMMERCE, 2023-2032 (IN $ MILLION)

FIGURE 17: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY CONSTRUCTION, 2023-2032 (IN $ MILLION)

FIGURE 18: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY MANUFACTURING, 2023-2032 (IN $ MILLION)

FIGURE 19: ASIA-PACIFIC FORKLIFT TRUCK MARKET, BY OTHER END-USERS, 2023-2032 (IN $ MILLION)

FIGURE 20: ASIA-PACIFIC FORKLIFT TRUCK MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN%)

FIGURE 21: CHINA FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

FIGURE 22: JAPAN FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

FIGURE 23: INDIA FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

FIGURE 24: SOUTH KOREA FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

FIGURE 25: AUSTRALIA & NEW ZEALAND FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

FIGURE 26: REST OF ASIA-PACIFIC FORKLIFT TRUCK MARKET, 2023-2032 (IN $ MILLION)

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