NORTH AMERICA FORKLIFT TRUCK MARKET FORECAST 2023-2032

The North America forklift truck market growth evaluation comprises the analysis of the United States and Canada. The United States boasts a thriving e-commerce market supported by well-developed infrastructure, a skilled workforce, and advanced facilities, making it a lucrative region for market growth. Moreover, the COVID-19 pandemic further accelerated the growth of online sales in the country, leading to an increased demand for warehouses to accommodate a diverse range of products. The opening of new warehouses and fulfillment centers also presents novel opportunities for the United States forklift truck market as a whole.

In addition, the growing requirement for warehouse storage drives the need for forklift trucks to efficiently handle tasks such as unloading, loading, and transferring goods. Furthermore, the expansion of infrastructure and other construction activities in the United States is also expected to contribute to the increasing demand for forklift trucks. As a result, these factors are set to propel the market growth in North America during the forecasting period. 

The North America forklift truck market is segmented into engine type, end-user, and type. The engine type segment includes ICE powered and electric powered. The demand for diesel and LPG engine-powered lift trucks remains high, particularly for applications that require high throughput, outdoor operations, and multiple shifts. Internal combustion engines (ICE) continue to be the preferred choice in this regard. They find extensive usage in industries such as steel, automobile manufacturing, iron, and shipbuilding, where outdoor applications are prevalent. Hence, the growth of these manufacturing industries is expected to drive the adoption as well as expansion of ICE powered forklift trucks.

In terms of upfront costs, ICE forklifts tend to be around 20% less expensive compared to electric forklifts. They offer versatility in various applications and operating conditions without compromising safety. Besides, they can also be used both indoors as well as outdoors, and typically have higher load capacities. Additionally, in terms of managing multi-shift operations, such forklifts are often a preferred selection given their ease of refueling. 

Some of the eminent players operating in the North America forklift truck market are Toyota Industries Corporation, Hyster-Yale Materials Handling Inc, Clark, etc.

Clark Material Handling Company, headquartered in the United States, is a manufacturer of forklift trucks. The company’s product portfolio entails trucks ranging from 1,500 pounds to 18,000-pound capacities. It also manufactures various trucks such as gasoline, LPG, diesel, narrow aisle stackers, electric riders, and power hand trucks.

Currently, there are more than 250,000 CLARK lift trucks operating in North America, in addition to 350,000 units operating globally. The company has an international presence with distribution warehouses situated in South Korea, Australia, China, Mexico, Brazil, the United States, Germany, and Canada.