Forklifts in North America: A Growing Industry
Industry Overview
The forklift industry in North America is experiencing significant growth. In 2024, it was valued at $12.4 billion and is projected to double by 2034. This expansion is fueled by the surge in e-commerce and the demand for faster, safer, and more efficient warehouse operations.
Technological Advancements
Companies in this sector are collaborating to enhance technology and safety standards. They are integrating advanced sensors and mapping systems to make forklifts smarter and more adaptable to dynamic environments. This is crucial as safety regulations are tightening, and companies must keep pace.
Market Segmentation
Warehouses
- Accounted for 30% of forklift use in 2024.
- Expected to grow steadily.
Logistics Sector
- Holds a 36% share of the market.
Electric Forklifts
- Gaining popularity, especially in the U.S., as companies aim to reduce emissions and improve efficiency.
Regional Insights
The U.S. is the largest market for forklifts in North America, generating $9.9 billion in 2024. While electric forklifts are becoming more prevalent, traditional forklifts are still widely used for heavy-duty tasks. Companies are investing in new technologies and forming partnerships to maintain competitiveness.
Key Players
- Hyster-Yale
- Crown Equipment
- Toyota Material Handling
These companies are focusing on electric and hybrid forklifts, as well as automation and safety features. They are also enhancing after-sales services and maintenance plans to ensure customer satisfaction.
Market Analysis
The market is thoroughly analyzed, covering:
- Trends
- Challenges
- Opportunities
It includes insights into:
- Different types of forklifts
- Fuels
- End uses
The report also provides a detailed look at the competitive landscape and the strategies of major companies.
