The Europe Forklift Market would witness market growth of 12.9% CAGR during the forecast period (2024-2031). In the year 2021, the Europe market's volume surged to 127.0 thousand units, showcasing a growth of 30.7% (2020-2023).
Internal Combustion Engine (ICE) powered forklifts are versatile, powerful machines designed for a wide range of material handling tasks in both indoor and outdoor settings. These trucks are powered by diesel, gasoline, or liquefied petroleum gas (LPG) engines, providing high torque and substantial lifting capacities, typically ranging from 3,000 to over 55,000 pounds. ICE forklifts excel in heavy-duty applications, making them ideal for industries such as construction, manufacturing, and warehousing. Thus, the Germany market utilized 15.53 thousand units of ICE propelled forklifts in 2023.
The Germany market dominated the Europe Forklift Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7,527.4 million by 2031. The UK market is exhibiting a CAGR of 11.9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 13.6% during (2024 - 2031).
In the construction industry, lift trucks handle and transport construction materials such as bricks, lumber, steel beams, and concrete blocks at job sites. They also assist in loading and unloading materials from delivery trucks, moving materials around construction sites, and positioning materials for installation. Lift trucks help construction companies enhance productivity and safety on construction projects.
Lift trucks are essential for retail and e-commerce businesses to manage inventory and order fulfillment operations. In retail warehouses, lift trucks handle palletized goods, replenish stock on store shelves, and fulfill customer orders for shipment. In e-commerce fulfillment centers, lift trucks assist in picking, packing, and shipping orders to customers, ensuring timely delivery of goods.
The output of manufactured goods in the EU has been rising and recovering. Industrial production of the EU increased by 8% in 2021 compared to 2020, and it has since maintained this upward trend, increasing by 5% in 2022 compared to 2021. In nominal terms, in 2022, the EU’s value of sold production jumped from €5 209 billion in 2021 to €6 179 billion in 2022, an increase of 19 %. As the industrial sector in Europe expands, there is a growing need for efficient material handling solutions to manage the increased volume of goods. Lift trucks are essential for transporting, loading, and unloading raw materials, components, and finished products within factories, warehouses, and distribution centers. Thus, the growing industrial production is driving the growth of the market.
Free Valuable Insights: The Global Forklift Market will Hit 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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