North America Forklift Truck Market 2023-2030

North America Forklift Truck Market 2023-2030

MARKET OUTLOOK

According to a report by Triton Market Research, the North America forklift truck market is expected to experience a CAGR of 8.00% in value and 5.12% in volume from 2023 to 2030. The report focuses on the examination of the United States and Canada within the North American region.

The burgeoning construction industry and the presence of food processing and cold storage facilities are driving demand for forklifts to make operations efficient. In addition, favorable government policies and investments are contributing to the forklift truck market expansion in Canada.

Additionally, the rapid growth of e-commerce fulfillment centers across the country continues to drive the need for forklift fleets. Despite the disruption to retail stores, the widespread adoption of e-shopping in Canada is noteworthy, with over 75% of the population, or approximately 27 million people, engaged in e-commerce in 2022. This trend is expected to continue, reaching approximately 77.6% by 2025. As a result, warehousing activities will increase, leading to significant demand for forklift trucks.

COMPETITIVE OUTLOOK

Hyster-Yale Materials Handling Inc, Mitsubishi Logisnext Co Ltd, Jungheinrich AG, Hangcha Group, and Komatsu Ltd are among the prominent companies in the forklift truck market.