The Asia Pacific Forklift Market would witness market growth of 13.5% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 399.2 thousand units, showcasing a growth of 31.2% (2020-2023).
Forklifts with a load capacity of 5-15 tons are robust, high-performance machines designed for heavy-duty material handling tasks in demanding industrial environments. These forklifts are commonly used in construction sites, ports, lumber yards, and large manufacturing facilities where substantial loads need to be moved efficiently. They come in both electric and internal combustion engine (ICE) models, with ICE variants powered by diesel or LPG engines providing the necessary torque and power for outdoor and rugged terrain operations. Thus, the Chinese market utilized 62.17 thousand units lift trucks in 2023.
The China market dominated the Asia Pacific Forklift Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $20,019.7 million by 2031. The Japan market is registering a CAGR of 12.7% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 14.2% during (2024 - 2031).
Lift trucks are widely used in ports, terminals, and freight yards for cargo handling and transportation tasks. They assist in loading and unloading cargo from ships, transferring containers between storage yards and vehicles, and positioning containers for storage or transport. Lift trucks play a vital role in facilitating the smooth flow of goods through maritime supply chains.
Different industries have unique material handling requirements that dictate the adoption of lift trucks. For example, manufacturing facilities require these trucks to transport raw materials and finished goods within production areas, while warehouses and distribution centers rely on these trucks for efficient inventory storage and retrieval. The specific operational needs of each industry sector drive the adoption of lift trucks.
As per the State Council of the People’s Republic of China, China’s warehouse storage sector has expanded for six months. The index tracking the sector’s development stood at 52.2 percent last month, up 1.5 percentage points from June. A reading above 50 percent indicates expansion. In July, the sub-index of business activity expectation reached 56.4 percent, a 2.7 percentage point increase from the previous month, maintaining a high level of prosperity within the expansion zone. Furthermore, India's warehouse and distribution centers are growing due to the explosive rise of the logistics sector. According to the Ministry of Commerce and Industry, the logistics sector will be pivotal in efforts to propel India towards a tenfold increase in growth, from a USD 3.5 trillion economy to USD 35 trillion by 2047. Therefore, the warehouse expansion and the region's rising logistics sector drive the market's growth.
Free Valuable Insights: The Global Forklift Market is Predict to reach USD 167.9 Billion by 2031, at a CAGR of 13.2%
Based on Power Source, the market is segmented into Electric and ICE. Based on Load Capacity, the market is segmented into 5-15 Ton, Below 5 Ton and Above 16 Ton. Based on Modality, the market is segmented into Lead Acid and Li-ion. Based on End-use, the market is segmented into Industrial, Retail & E-Commerce, Logistics, Food & Beverage, Chemical and Others. Based on Class, the market is segmented into Class 3, Class 4/5, Class 1, and Class 2. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Power Source (Volume, Thousand Units, USD Billion, 2020-2031)
By Load Capacity (Volume, Thousand Units, USD Billion, 2020-2031)
By Modality (Volume, Thousand Units, USD Billion, 2020-2031)
By End-use (Volume, Thousand Units, USD Billion, 2020-2031)
By Class (Volume, Thousand Units, USD Billion, 2020-2031)
By Country (Volume, Thousand Units, USD Billion, 2020-2031)
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