Europe Forklift Truck Market Size Set to Cross USD 58 Billion by 2029

Published | 26 June 2023

Europe forklift truck market is flourishing due to rapid industrialization, thriving e-commerce sector, growing demand for warehouse automation, adoption of advancements in technology and product innovations, and strict regulations regarding workplace safety and efficiency.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Europe forklift truck market size at USD 39.16 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Europe forklift truck market size to grow at a CAGR of 5.89% reaching a value of USD 58.22 billion by 2029. Electric forklifts are becoming more popular due to their eco-friendliness and affordable operating costs, which is the main reason fueling the expansion of the forklift truck market in Europe. Lithium-ion batteries are becoming more widely used since they have better efficiency and longer runtimes. The sector is also changing as a result of automation and the incorporation of innovative technologies like IoT, AI, and telematics. Real-time monitoring, preventative maintenance, and improved fleet management are made possible as a result. Safety elements like operator aid technology and collision detection systems are becoming more popular. Also, there is a growing need for forklifts that are small, adaptable, and ideal for urban settings and confined places. These patterns point to a change in the European market towards forklift trucks that are more productive, environmentally friendly, and technologically sophisticated.

Europe Forklift Truck Market – Overview

A forklift truck, sometimes referred to as a lift truck or forklift, is a potent industrial vehicle primarily used for lifting and material handling tasks. It has a sturdy frame with two wheels up front, two wheels down back, and a hydraulic lifting mechanism up front. To lift and move heavy goods, forklift trucks have two forks or tines that may be raised and lowered. To transport pallets, boxes, and other heavy objects, they are frequently employed in warehouses, distribution centers, manufacturing facilities, and construction sites. Forklift trucks boost production and efficiency in logistics, and they are driven by skilled drivers who adhere to strict safety regulations.

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Impact of COVID-19 on Europe Forklift Truck Market

The COVID-19 pandemic significantly impacted Europe forklift truck market. With the imposition of strict lockdown measures and disruptions in global supply chains, the market experienced a decline in demand and production. Many industries, including manufacturing, logistics, and warehousing, faced operational challenges, leading to reduced investments in forklift trucks. Also, travel restrictions and social distancing guidelines hindered the movement of goods and personnel, further affecting market growth. However, as the region gradually recovers and economies reopen, there is a growing emphasis on automation and material handling efficiency, which is expected to drive the demand for forklift trucks in the post-pandemic era.

Europe Forklift Truck Market – By Class

On the basis of 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.

Competitive Landscape

Competition in the Europe forklift truck market is intense. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position Europe forklift truck market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Forklift Truck Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Forklift Truck Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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