Forklift Rental Market Is Expected To Accelerate At A 4.7% CAGR, Reaching US$ 16.3 Billion by 2033

Growing Demand for Forklifts in the E-commerce Era Drives Rental Market Growth

Rockville, July 12, 2023 (GLOBE NEWSWIRE) -- The global forklift rental market is estimated at US$ 10.3 billion in 2023 and is expected to expand at a CAGR of 4.7% during the forecast years of 2023-2033.

Industries like warehousing, logistics, manufacturing, and construction rely on forklifts for their operations. Renting offers access to specialized forklift models tailored to specific requirements, such as rough-terrain or narrow-aisle forklifts.

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Further, the rise of e-commerce and the need for efficient warehouse management have led to an increased demand for forklifts. Rental options provide flexibility to e-commerce businesses dealing with seasonal peaks and fluctuating order volumes.

Increasing awareness of environmental sustainability and carbon emissions reduction has boosted the demand for electric forklifts. They offer eco-friendly and cost-cutting solutions, aligning with the industry's shift towards sustainable practices. The aforementioned factors are likely to drive the forklift rental market during the forecast period.

Key Takeaways from Market Study

The global forklift rental market is projected to expand at a CAGR of 4.7% and be valued at US$ 16.3 billion by 2033

The market witnessed a CAGR of 4.9% for the period of 2018-2022

Under the power source segment, electric forklifts dominate the market with a 69.1% market share in 2023

United States dominated the market with a 24.7% market share in 2023

Based on country, the United States and China forklift rental market is expected to increase at CAGRs of 4.9% and 5.0%

“Forklift Rental services are a Key Component for the Expanding Logistics Sector” says a Fact.MR analyst.

Key Companies Profiled In This Report

BigRentz

BlueLine Rental

Sunbelt Rentals

The Home Depot Rental

United Rentals

Market Development

Rental service providers are entering into strategic partnerships or acquiring other companies to strengthen their market position and expand their customer base. These partnerships include collaborations with manufacturers to gain exclusive access to new forklift models or strategic alliances with logistics companies to provide integrated material handling solutions. Acquisitions allow rental providers to quickly gain market share and access new regions or market segments.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global forklift rental, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of operation (class 1, class 2, class 3, class 4, class 5, class 6, class 7), operating capacity (below 3.5 tons, 3.5-7 tons, 7-10 tons, above 10 tons), power source (electric, diesel, gasoline / lpg / cng), end use sector (retail / contracting, logistics, industrial & manufacturing, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania and the Middle East & Africa).

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