The North America Forklift Market would witness market growth of 12.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 122.3 thousand units, showcasing a growth of 30.5% (2020-2023).
Electric powered forklifts are efficient, environmentally-friendly material handling machines ideal for indoor use and light outdoor applications. Powered by rechargeable industrial batteries, these forklifts offer zero emissions, making them suitable for environments where air quality is crucial, such as warehouses, manufacturing plants, and food storage facilities. Their quiet operation reduces noise pollution, creating a more pleasant work atmosphere. Thus, the US market utilized 130.6 thousand units of electric forklifts in 2023.
The US market dominated the North America Forklift Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $30,949.6 million by 2031. The Canada market is experiencing a CAGR of 14.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 14.3% during (2024 - 2031).
Lift trucks are versatile industrial vehicles used across various applications in various industries. Lift trucks are extensively used in warehouses and distribution centers for material handling tasks such as loading and unloading goods from trucks and containers, stacking and retrieving pallets, and moving inventory within storage racks. They facilitate efficient storage and retrieval of goods, optimizing warehouse space and streamlining logistics operations.
Lift trucks are crucial in manufacturing facilities for transporting raw materials, components, and finished products between production areas. They assist in loading and unloading materials from assembly lines, staging materials for production, and moving heavy or bulky items within manufacturing plants. Lift trucks contribute to improving productivity and workflow efficiency in manufacturing operations.
The expansion of e-commerce in Canada necessitates larger warehouse spaces and more efficient storage solutions. Lift trucks are crucial in warehouse operations, including pallet handling, stacking, and transporting goods. As e-commerce companies scale up their operations to meet growing demand, there is a corresponding increase in the demand for lift trucks and other material-handling equipment. As per the International Trade Administration (ITA), e-commerce retail trade sales in Canada amounted to an all-time high of US$3.82 billion in December 2020. 75% of Canadians, or more than 27 million people, used e-commerce in 2022. In addition, by 2025, this percentage is projected to increase to 77.6%. E-commerce companies are increasingly investing in large distribution centers strategically located to serve customers across Canada. These distribution centers require a fleet of lift trucks to efficiently manage inbound and outbound logistics. As e-commerce thrives, the demand for lift trucks optimized for distribution center operations is expected to grow. Thus, the expansion of the region's e-commerce sector is driving the market's growth.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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