Report Overview

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 - 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 – 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. 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
4. 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
5. 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
6. 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
7. 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
8. 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
9. 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
10. 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
11. 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
12. 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
13. 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
14. 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.)
15. Impact of Covid-19 on Europe Forklift Truck Market
16. 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
17. Key Strategic Recommendations
18. 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