Europe Forklift Truck Market

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Europe Forklift Truck Market - By Power Source (IC Engine Powered, Electric Powered); By Class (Class 1, Class 2, Class 3, Class 4); By End Use (Retail & Wholesale, Logistics, Automotive, Food Industry); By Country (Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, Rest of Europe), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Published Date: June 2023
Report ID: BWC23499
Available Format: PDF
Page: 260

Report Overview

Increasing industrialization and warehouse expansion, growing e-commerce sector, demand for efficient material handling equipment, emphasis on workplace safety, and advancements in technology such as automation and electric forklifts are propelling the growth of the Europe Forklift Truck Market during the forecast period between 2023 and 2029.

Europe Forklift Truck Market – Industry Trends & Forecast Report, 2029

Europe forklift truck market size was estimated at USD 39.16 billion in 2022. During the forecast period between 2023 and 2029, the size of Europe forklift truck market is projected to grow at a CAGR of 5.89% reaching a value of USD 58.22 billion by 2029. The major factor driving the growth of Europe forklift truck market is a growing emphasis on electric forklifts due to their eco-friendly nature and lower operating costs. The adoption of lithium-ion batteries is increasing, offering improved efficiency and longer runtimes. Also, automation and integration of advanced technologies such as IoT, AI, and telematics are transforming the industry. This enables real-time monitoring, predictive maintenance, and optimized fleet management. Safety features like collision detection systems and operator assistance technologies are gaining traction. Further, there is a rising demand for compact and versatile forklifts suitable for urban environments and tight spaces. These trends indicate a shift towards more efficient, sustainable, and technologically advanced forklift trucks in the European market.

Europe Forklift Truck Market

Europe Forklift Truck Market - Overview

A forklift truck, also known as a lift truck or forklift, is a powerful industrial vehicle used primarily for material handling and lifting operations. It consists of a sturdy chassis with two front wheels and two rear wheels, and a hydraulic lifting mechanism in the front. Forklift trucks are equipped with two forks or tines that can be raised and lowered to lift and transport heavy loads. They are commonly used in warehouses, distribution centers, manufacturing plants, and construction sites to move pallets, crates, and other heavy items. Forklift trucks increase efficiency and productivity in logistics and are operated by trained operators following strict safety protocols.

Growth Drivers

Rapid Industrialization and Thriving E-commerce Sector

In recent years, Europe has experienced a significant surge in industrialization and witnessed a remarkable expansion in the e-commerce sector. This dynamic combination has emerged as a major growth driver for the region's forklift truck market. As industries across various sectors, such as manufacturing, logistics, warehousing, and retail, ramp up their operations to meet growing consumer demands, the need for efficient material handling and warehouse management has become crucial. Forklift trucks play a pivotal role in enhancing productivity, streamlining operations, and optimizing logistics in these industries. Consequently, the rise in industrial activities and the thriving e-commerce landscape are propelling the Europe forklift truck market to new heights.

Restraints

Stagnant Growth

Europe forklift truck market faces a significant restraint in the form of stagnant growth, posing challenges to its potential expansion. Despite the region's established industrial infrastructure and increasing warehousing needs, the market's growth rate has remained relatively flat. Several factors contribute to this restraint, including economic uncertainties, limited technological advancements, and stringent regulations impacting the adoption of forklift trucks. Also, the market faces competition from alternative material handlings solutions, such as automated guided vehicles (AGVs) and robotics, which offer higher efficiency and cost-effectiveness. Overcoming these hurdles requires industry players to invest in innovation, incorporate advanced technologies, and navigate regulatory landscapes to unlock the true potential of Europe's forklift truck market.

Europe Forklift Truck Market

Segmental Coverage

Europe Forklift Truck Market – By Power Source

On the basis of power source, Europe forklift truck market is split into IC Engine-Powered and Electric-Powered segments. The electric-powered segment is a larger contributor to the growth of the Europe forklift truck market. These forklifts are powered by electric batteries, making them more environmentally friendly and cost-effective in the long run. The demand for electric forklifts has been increasing due to growing environmental concerns and stricter emission regulations. Also, advancements in battery technology have improved the performance and efficiency of electric forklifts, making them a preferred choice for many businesses in Europe. This trend towards electric-powered forklift trucks is expected to continue during the forecast period.

Europe Forklift Truck Market Share

Europe Forklift Truck Market – By Class

By class, Europe forklift truck market is divided into Class 1, Class 2, Class 3, and Class 4 segments. Class 3 forklift trucks are electric motor-powered units with solid tires, suitable for indoor use. They are commonly used in warehouses, distribution centers, and manufacturing facilities. The Class 3 segment is favored due to its versatility, maneuverability, and environmental friendliness compared to other classes. These forklifts offer efficient operation, low maintenance costs, and reduced noise levels. As businesses increasingly focus on sustainability and indoor operations, the demand for Class 3 forklift trucks has been steadily growing, making it the largest segment in the Europe forklift truck market.

Europe Forklift Truck Market – By End Use

Based on end use, Europe forklift truck market is divided into Retail & Wholesale, Logistics, Automotive, and Food Industry segments. The logistics segment is the largest segment in the Europe forklift truck market by end use. With the growing demand for efficient transportation and distribution of goods across various industries, the logistics sector has witnessed significant expansion. Forklift trucks play a crucial role in handling and moving heavy loads within warehouses and distribution centers, thereby enhancing operational efficiency. The logistics industry heavily relies on forklift trucks for loading and unloading shipments, inventory management, and optimizing supply chain processes. Thus, the logistics segment has emerged as the largest segment in the Europe forklift truck market, driven by the increasing need for streamlined logistics operations and the continuous growth of e-commerce and retail sectors.

Europe Forklift Truck Market – By Country

The in-depth research report on the Europe forklift truck market covers major countries in the region, including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, and Rest of Europe. Germany is known for its robust manufacturing industry and has a well-established logistics and distribution network. The country's strong economy and technological advancements contribute to the high demand for forklift trucks. Also, Germany's focus on efficiency and productivity drives the need for efficient material handling solutions, making it a key market for forklift trucks. Other countries in Europe, such as the United Kingdom, Italy, France, and Spain, also have significant market shares, but Germany stands out as the largest segment in terms of forklift truck sales and adoption.

Competitive Landscape

Major players in the Europe forklift truck market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, and Clark Material Handling Company Inc. To expand their market share and reach, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Billion
Market Coverage	Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, Rest of Europe
Product/ Service Segmentation	Power Source, Class, End Use, Country
Key Players	Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, Clark Material Handling Company Inc.

By Power Source

- IC Engine Powered
- Electric Powered

By Class

- Class 1
- Class 2
- Class 3
- Class 4

By End Use

- Retail & Wholesale
- Logistics
- Automotive
- Food Industry

By Country

- Germany
- United Kingdom
- Italy
- France
- Spain
- Belgium
- Russia
- Netherlands
- Rest of Europe

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Europe Forklift Truck Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Growing Expansion of Industrialization and Warehousing
    2. Growth in E-commerce
  2. Restraints
    1. High Initial Investments
  3. Opportunities
    1. Advancements in Technology and Automation
  4. Challenges
  5. Safety Concerns and Training Requirement
3. Technological Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Europe Forklift Truck Market Overview
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
    1. IC Engine Powered
    2. Electric Powered
  2. By Class
    1. Class 1
    2. Class 2
    3. Class 3
    4. Class 4
    5. Others
  3. By End Use
    1. Retail & Wholesale
    2. Logistics
    3. Automotive
    4. Food Industry
    5. Others
  4. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Belgium
    7. Russia
    8. Netherlands
    9. Rest of Europe
Germany Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
United Kingdom Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Italy Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
France Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Spain Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Belgium Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Russia Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Netherlands Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Rest of Europe Forklift Truck Market
1. Market Power Source & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Competitive Landscape
1. List of Key Players and Their Offerings
2. Europe Forklift Truck Company Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid-19 on Europe Forklift Truck Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
1. Toyota Industries Corporation
2. KION Group AG
3. Jungheinrich AG
4. Crown Equipment Corporation
5. Hyster-Yale Materials Handling Inc.
6. Hangcha Group Co.
7. Mitsubishi Forklift Trucks
8. Doosan Industrial Vehicles Co. Ltd
9. Caterpillar Inc.
10. Anhui Heli
11. Komatsu Ltd
12. Clark Material Handling Company Inc.
13. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1 Europe Forklift Truck Segmentation

Figure 2 Europe Forklift Truck Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Europe Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 5 Europe Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 6 Europe Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 7 Europe Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 8 Europe Forklift Truck Market Share, By Country, By Value, 2019–2029

Figure 9 Germany Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 10 Germany Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 11 Germany Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 12 Germany Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 13 United Kingdom Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 14 United Kingdom Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 15 United Kingdom Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 16 United Kingdom Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 17 Italy Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 18 Italy Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 19 Italy Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 20 Italy Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 21 France Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 22 France Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 23 France Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 24 France Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 25 Spain Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 26 Spain Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 27 Spain Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 28 Spain Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 29 Belgium Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 30 Belgium Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 31 Belgium Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 32 Belgium Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 33 Russia Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 34 Russia Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 35 Russia Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 36 Russia Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 37 Netherlands Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 38 Netherlands Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 39 Netherlands Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 40 Netherlands Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 41 Rest of Europe Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 42 Rest of Europe Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 43 Rest of Europe Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 44 Rest of Europe Forklift Truck Market Share, By End Use, By Value, 2019–2029

List of Tables

Table 1 Europe Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 2 Europe Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 3 Europe Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 4 Europe Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 5 Europe Forklift Truck Market Size, By Country, By Value, 2019–2029

Table 6 Germany Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 7 Germany Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 8 Germany Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 9 Germany Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 10 United Kingdom Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 11 United Kingdom Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 12 United Kingdom Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 13 United Kingdom Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 14 Italy Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 15 Italy Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 16 Italy Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 17 Italy Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 18 France Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 19 France Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 20 France Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 21 France Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 22 Spain Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 23 Spain Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 24 Spain Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 25 Spain Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 26 Belgium Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 27 Belgium Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 28 Belgium Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 29 Belgium Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 30 Russia Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 31 Russia Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 32 Russia Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 33 Russia Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 34 Netherlands Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 35 Netherlands Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 36 Netherlands Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 37 Netherlands Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 38 Rest of Europe Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 39 Rest of Europe Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 40 Rest of Europe Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 41 Rest of Europe Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 42 Toyota Industries Corporation Company Overview

Table 43 Toyota Industries Corporation Financial Overview

Table 44 KION Group AG Company Overview

Table 45 KION Group AG Financial Overview

Table 46 Jungheinrich AG Company Overview

Table 47 Jungheinrich AG Financial Overview

Table 48 Crown Equipment Corporation Company Overview

Table 49 Crown Equipment Corporation Financial Overview

Table 50 Hyster-Yale Materials Handling Inc. Company Overview

Table 51 Hyster-Yale Materials Handling Inc. Financial Overview

Table 52 Hangcha Group Co. Company Overview

Table 53 Hangcha Group Co. Financial Overview

Table 54 Mitsubishi Forklift Trucks Company Overview

Table 55 Mitsubishi Forklift Trucks Financial Overview

Table 56 Doosan Industrial Vehicles Co. Ltd Company Overview

Table 57 Doosan Industrial Vehicles Co. Ltd Financial Overview

Table 58 Caterpillar Inc. Company Overview

Table 59 Caterpillar Inc. Financial Overview

Table 60 Anhui Heli Company Overview

Table 61 Anhui Heli Financial Overview

Table 62 Komatsu Ltd Company Overview

Table 63 Komatsu Ltd Financial Overview

Table 64 Clark Material Handling Company Inc. Company Overview

Table 65 Clark Material Handling Company Inc. Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. Which is the leading country in Europe Forklift Truck Market?

Ans: Germany accounts for the highest market share in Europe Forklift Truck Market.

2. What are the major factors driving the growth of the Europe Forklift Truck Market?

Ans: Major factors driving the growth of Europe Forklift Truck Market include increasing industrialization and warehouse expansion, growing e-commerce sector, demand for efficient material handling equipment, emphasis on workplace safety, and advancements in technology such as automation and electric forklifts.

3. What is the current market size of Europe Forklift Truck Market?

Ans: Europe Forklift Truck Market size was estimated at USD 39.16 billion by 2022.

4. Name the key players in Europe Forklift Truck Market.

Ans: Key players in Europe Forklift Truck Market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, and Clark Material Handling Company Inc.

5. Which power source segment accounts for a major share of Europe Forklift Truck Market?

Ans: The electric-powered segment accounts for a higher market share in the Europe Forklift Truck Market by power source.

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Europe Forklift Truck Market

Report Overview

Market Segmentation

To request a free sample copy of this report, please complete the form below.

Frequently Asked Questions (FAQs):

1. Which is the leading country in Europe Forklift Truck Market?

2. What are the major factors driving the growth of the Europe Forklift Truck Market?

3. What is the current market size of Europe Forklift Truck Market?

4. Name the key players in Europe Forklift Truck Market.

5. Which power source segment accounts for a major share of Europe Forklift Truck Market?

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