The Latest Forklift Industry Statistics Explained
There are approximately 855,900 forklifts in the U.S.
The statistic “There are approximately 855,900 forklifts in the U.S.” represents the estimated total number of forklifts currently in operation across various industries in the United States. This figure serves as a key indicator of the widespread use of forklifts in a range of settings such as warehouses, construction sites, manufacturing facilities, and distribution centers. The high number of forklifts underscores their importance in material handling and logistics operations, highlighting the significant role they play in facilitating the movement of goods and improving operational efficiency in various sectors of the economy. This statistic also provides valuable insights for industries, policymakers, and stakeholders to understand the scale of forklift usage and make informed decisions regarding safety regulations, training programs, and equipment maintenance practices within the forklift industry.
Asia-Pacific region is expected to dominate the global forklift market by 2025, due to rapid industrialization.
The statistic suggests that the Asia-Pacific region is anticipated to have a prominent presence in the global forklift market by the year 2025, primarily due to the rapid pace of industrialization in the region. This projection indicates that the demand for forklifts in the Asia-Pacific market is likely to increase significantly in the coming years, driven by the expanding manufacturing and logistics sectors. The growth of industries such as automotive, e-commerce, construction, and warehousing in countries like China, India, Japan, and South Korea is expected to fuel the need for more material handling equipment like forklifts. As a result, manufacturers and suppliers operating in the forklift industry may focus on catering to the evolving requirements of the Asia-Pacific market to capitalize on the growing opportunities presented by the region’s industrial development.
Global forklift market is expected to reach US $81.39 billion by 2027.
The statistic that the global forklift market is expected to reach US $81.39 billion by 2027 indicates the projected total value of forklifts to be sold worldwide in that year. This figure reflects the anticipated growth and expansion of the market as demand for forklifts increases due to factors such as rising industrialization, automation in warehouses, and e-commerce growth. The projected value serves as a key indicator for stakeholders, manufacturers, and investors, providing insight into the market’s potential size and opportunities for future investments and business strategies within the forklift industry.
Electric forklifts are expected to be the fastest-growing segment over the forecast period.
This statistic indicates that electric forklifts are projected to experience the highest rate of growth compared to other segments within the forklift industry over a specific period of time. This forecast suggests that the market demand for electric forklifts is likely to increase at a significantly higher pace than other types of forklifts, such as diesel or propane-powered vehicles. Factors contributing to this growth trend could include advancements in battery technology, increasing focus on environmental sustainability, and potential cost savings associated with electric forklifts in the long run. As a result, businesses operating in the forklift industry may want to pay particular attention to the electric segment and consider aligning their strategies to leverage this anticipated growth opportunity.
The counterbalance forklifts segment led the market and accounted for 62.8% share of the global revenue in 2019.
The statistic indicates that within the forklifts market in 2019, the segment of counterbalance forklifts was the most dominant, capturing a substantial share of 62.8% of the total global revenue generated by forklift sales. This suggests that counterbalance forklifts were the most popular type of forklifts purchased by consumers or businesses during that year. The high market share indicates a strong preference for counterbalance forklifts over other types of forklifts, highlighting their significance and popularity in the material handling industry worldwide in 2019.
Manufacturing sector dominated the global forklift trucks market with a share of 40% in 2019.
The statistic “Manufacturing sector dominated the global forklift trucks market with a share of 40% in 2019” indicates that out of all forklift trucks sold worldwide in 2019, 40% were purchased by companies in the manufacturing sector. This suggests that manufacturing companies were the largest consumers of forklift trucks in that year compared to other industries such as logistics, construction, or retail. The high market share held by the manufacturing sector implies that forklift trucks are an essential tool in manufacturing operations, highlighting the significance of this sector in the global economy and its reliance on such equipment for efficient material handling and logistics.
The global forklift market is expected to grow at a CAGR of 10.5% between 2020-2025.
The statement indicates that the global forklift market is projected to expand steadily over the period from 2020 to 2025, with a Compound Annual Growth Rate (CAGR) of 10.5%. This implies that on average, the market size for forklifts is expected to increase by 10.5% each year during this time frame. The CAGR provides a smooth representation of the growth rate over the entire period, taking into account fluctuations and providing a standardized measure for assessing the market’s growth potential. This statistic suggests that the forklift industry is poised for substantial growth over the next five years, which could be driven by factors such as increased industrialization, demand for logistics and warehouse solutions, and technological advancements in the sector.
There are about 61,800 forklift related injuries each year in USA.
The statistic that there are approximately 61,800 forklift-related injuries each year in the USA highlights the significant occupational safety concern surrounding forklift operations. These injuries can range from minor to severe, potentially leading to long-term health complications or even fatalities in some cases. The statistic underscores the importance of prioritizing proper training, maintenance of equipment, and implementation of safety protocols in workplace settings where forklifts are used. Furthermore, it serves as a call to action for employers, employees, and regulatory bodies to work together to mitigate the risks associated with forklift operations and ensure a safe work environment for all.
Warehouse segment is expected to be the largest segment in US forklift market by 2025.
The statistic “Warehouse segment is expected to be the largest segment in US forklift market by 2025” indicates that within the forklift industry in the United States, the warehouse segment is projected to exhibit the highest growth and market share by the year 2025. This suggests a growing demand for forklifts specifically tailored for warehouse operations, such as narrow aisle forklifts or reach trucks, as businesses increasingly invest in warehouse infrastructure and logistics capabilities. Factors driving this growth may include the rise of e-commerce, expansion of storage facilities, and the need for efficient material handling solutions in the increasingly competitive market landscape. As a result, forklift manufacturers and suppliers may focus on developing products and services catering to the warehouse segment to capitalize on this anticipated market trend.
Japan’s share in the global forklift industry was 14.5% in 2018.
The statistic “Japan’s share in the global forklift industry was 14.5% in 2018” indicates that out of the total number of forklifts produced worldwide in 2018, 14.5% of them were manufactured in Japan. This statistic highlights Japan’s significant presence and influence in the global forklift market, suggesting that Japan is one of the leading producers of forklifts internationally. The high share of the forklift industry held by Japan also indicates the country’s competitiveness and expertise in manufacturing this type of machinery, reflecting Japan’s strong industrial capabilities and reputation in the global market.
The forklift sales in the US in 2019 reached approximately 288,000 units.
The statistic indicating that forklift sales in the United States in 2019 reached about 288,000 units provides valuable insight into the demand and usage of forklifts within the country during that year. This data point serves as a benchmark for assessing the growth and performance of the forklift industry, reflecting the level of economic activity in sectors such as manufacturing, warehousing, and logistics. By understanding the sales volume of forklifts, businesses and policymakers can gauge trends in industrial production, inventory management, and supply chain operations, ultimately informing strategic decisions related to equipment investments, market competition, and workforce training.
The forklift truck market in the Asia Pacific region reached a value of 16.2 billion in 2017.
The statistic indicates that in 2017, the total value of the forklift truck market in the Asia Pacific region was 16.2 billion units of currency (e.g., dollars, yen, etc.). This figure reflects the combined value of all forklift trucks sold or in use in the Asia Pacific region during that year. The size of the forklift truck market suggests that there is significant demand for these vehicles in the region, indicating a strong industrial or commercial sector that relies on the use of forklifts for material handling and logistics operations. This statistic provides valuable insights into the economic activity and industrial landscape of the Asia Pacific region, particularly in sectors that heavily depend on the efficient movement of goods and materials.
Number of workers killed by forklift-related incidents averages to about 85 per year in the US.
The statistic “Number of workers killed by forklift-related incidents averages to about 85 per year in the US” refers to the annual average number of workplace fatalities related to forklift accidents in the United States. This statistic highlights the significant risk that forklift operations pose to workers, emphasizing the importance of robust safety measures and training protocols to prevent such incidents. Forklift-related accidents can result in serious injuries or fatalities, making it crucial for employers to prioritize safety guidelines, regular equipment maintenance, and thorough training programs to ensure the protection of workers in industrial settings where forklifts are used. Additionally, this statistic can serve as a benchmark for monitoring progress in reducing workplace fatalities and informing policy decisions aimed at improving workplace safety standards.
Europe accounts for 32.5% of forklift sales worldwide.
The statistic “Europe accounts for 32.5% of forklift sales worldwide” indicates that within the global market for forklifts, sales in Europe make up approximately 32.5% of the total sales. This means that Europe holds a significant portion of the market share for forklift sales compared to other regions around the world. Factors such as economic growth, industrial activities, and transportation infrastructure in Europe may contribute to the relatively high demand for forklifts in the region. Analyzing this statistic further can provide insights into the specific market dynamics, trends, and potential opportunities within the forklift industry both in Europe and globally.
Counterbalance type holds the largest market share in the forklift market.
The statistic ‘Counterbalance type holds the largest market share in the forklift market’ indicates that among the different types of forklifts available in the market, the counterbalance type is the most popular and widely used. Counterbalance forklifts are characterized by their design with a weight at the back of the truck to counterbalance the load being lifted at the front. This statistic suggests that businesses and industries prefer the versatility and efficiency of counterbalance forklifts over other types such as reach trucks or pallet jacks. As a result, manufacturers and suppliers in the forklift industry may focus more on producing and promoting counterbalance forklifts to meet the high demand in the market.
Class 1 forklifts make up 64.7% of the total forklift market share followed by Class 2 and 3 forklifts.
The statistic indicates that Class 1 forklifts hold the largest market share compared to Class 2 and 3 forklifts, accounting for 64.7% of the total forklift market. This suggests that Class 1 forklifts are the most popular choice among consumers or businesses in the industry. Class 2 and 3 forklifts, on the other hand, hold a lower combined market share, indicating that they are less preferred options in the market. Understanding the distribution of market share among different classes of forklifts can be valuable for manufacturers, retailers, and other stakeholders in the industry to make informed decisions regarding production, marketing strategies, and investments.
Internal combustion engine forklifts segment held about 64% of the overall market volume in 2017.
The statistic indicates that in 2017, internal combustion engine forklifts accounted for approximately 64% of the total market volume for forklifts. This suggests that internal combustion engine forklifts were the dominant type of forklifts in terms of market share during that year. This information is valuable for understanding the competitive landscape within the forklift industry, as well as for companies operating in this market to tailor their strategies and product offerings accordingly. It also provides insights into the preferences and trends among consumers or businesses who are purchasing forklifts, highlighting the continued popularity and demand for internal combustion engine forklifts in 2017.
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