Australia Forklift Market Size To Reach $2.12 Billion By 2030

Australia Forklift Market Growth & Trends

The Australia forklift market size is expected to reach USD 2.12 billion by 2030, growing at a CAGR of 13.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. In Australia, there has been a notable shift toward the adoption of electric forklifts. This transition has gained significant momentum, driven by a heightened focus on sustainability and the urgent need to reduce carbon emissions. The surge in electric forklift usage can be attributed to several key factors, with environmental concerns and the aspiration to minimize harmful pollutants at the forefront.

Electric forklifts play a crucial role in achieving these objectives as they produce zero tailpipe emissions, improving indoor air quality. As environmental awareness continues to grow and regulations become more stringent, businesses are increasingly veering away from traditional internal combustion engine (ICE) forklifts and embracing their electric counterparts. With a growing emphasis on sustainability and the need to optimize operations, electric forklifts have become the preferred choice in the market.

The volatile prices of raw materials hinder the Australian forklift market’s growth. The instability and unpredictability of costs, particularly for essential components such as steel, rubber, and fuel, are challenges for manufacturers and suppliers who struggle to maintain consistent pricing and profitability. These fluctuations in prices disrupt production planning, inventory management, and the ability to offer competitive prices to customers. Hence, businesses contemplating investing in forklifts may hesitate due to the uncertain cost implications of these crucial materials. This uncertainty not only limits the overall growth potential of the forklift industry in Australia but also impacts the manufacturing and logistics sectors, which heavily rely on efficient material handling solutions.

The growing demand for port-related operations is fueling the growth of the Australia forklift industry. The country's strong economic growth and extensive global trade connections have significantly increased international commerce. Australia holds a prominent position as a major exporter of minerals, agricultural products, and liquefied natural gas commodities. Additionally, there has been substantial growth in the import of consumer goods, machinery, and industrial equipment. As a result, ports in Australia are experiencing a notable increase in container throughput, creating a need for efficient material handling solutions such as forklifts. Forklifts have become essential equipment for port terminals, warehouses, and distribution centers due to their versatility, maneuverability, and ability to handle heavy loads.

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Australia Forklift Market Report Highlights

• Among the tonnage capacity, the below 5 tons segment is anticipated to register the highest CAGR over the forecast period. The flexibility of these machines enables efficient and timely movement and transportation of goods

• Among the class, the class 4/5 segment accounted for the largest market share in 2022. The primary factors propelling the development of these forklifts are cutting-edge technology and design elements that amplify efficiency

• Based on power source, the electric segment is anticipated to register the highest CAGR over the forecast period. The nation's dedication to sustainability and the reduction of carbon emissions is in harmony with the benefits offered by electric forklifts, which emit no tailpipe pollutants

• The warehouse segment is expected to register considerable growth over the forecast period. The e-commerce industry is experiencing significant growth, resulting in a surge in the demand for efficient warehousing and logistics operations

• New South Wales led the market with a revenue share of over 24.0%in 2022 and is expected to register the highest CAGR over the forecast period. The thriving industrial sector in the region, encompassing manufacturing, warehousing, and logistics, drives the demand for efficient material-handling equipment such as forklifts

Australia Forklift Market Segmentation

Grand View Research has segmented the Australia forklift market based on tonnage capacity, class, power source, product type, and state:

Australia Forklift Tonnage Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Below 5 Ton

• 6-30 Ton

• Above 30 Ton

Australia Forklift Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Class 1

• Class 2

• Class 3

• Class 4/5

Australia Forklift Power Source Outlook (Revenue, USD Million, 2018 - 2030)

• ICE

• Electric

Australia Forklift Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Warehouse

• Counterbalance

Australia Forklift State Outlook (Revenue, USD Million, 2018 - 2030)

• New South Wales

• Northern Territory

• Queensland

• South Australia

• Tasmania

• Victoria

• Western Australia

List of Key Players in the Australia Forklift Market

• CLARK

• Crown Equipment Corporation

• Doosan Corporation

• Hangcha

• Hyster-Yale Materials Handling, Inc.

• Jungheinrich AG

• Komatsu Ltd.

• Toyota Material Handling