(MENAFN- America News Hour)
The forklift trucks market was valued at USD 43 billion in 2022, and it is expected to reach USD 70 billion by 2031, registering a CAGR of over 7% during the forecast period.
The COVID-19 pandemic negatively impacted the forklift trucks market. With the industries and warehouses shutting down, the need for material handling and inventory management was completely removed. Major companies suspended their operations in different locations due to the lockdown. This directly impacted the requirement of material handling equipment. However, the post-pandemic prospects look hopeful for the industry, owing to the projected increase in urbanization, global trade, and rapid development in warehouse management tools, which can ease material handling and warehouse management.
The market is expected to witness growth during the forecast period, as companies within the manufacturing sector are adopting automation for enhancing their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. Moreover, the developments in te e-commerce business drive the growth of the global forklift trucks market.
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Asia-Pacific dominates the forklift truck market because of the huge need for forklift trucks from advancing nations. The increase in industrialization is one of the factors that are expected to aid the growth of the forklift trucks market. This growt is also a result of the rising demand in developing economies, such as China and India. North America is expected to witness a considerable CAGR due to the presence of prominent market players, such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and CLARK. The market for forklifts in this region is driven by the growing demand in the US retail sector.
Key Market Trends
Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations
With the rapid advancement in technology, there is a lot of potential for electric-powered forklift trucks due to their growing applications and popularity. Such types of electrically-powered forklift trucks are ideal for use in indoor spaces, and they can load and unload heavy goods from the ground level or from the docks. A major advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive the companies toward adopting electric material handling vehicles that can be easily operated and maintained inside warehouses.
The use of electrically powered forklift trucks is gaining huge ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry and strict norms for emissions and concerns for sustainability. However, in emerging economies, there is still a preference for IC-engine forklift trucks.
Moreover, the demand for electric forklift trucks is witnessed majorly across North America, and it is also projected to grow following the same propaganda during the forecast period. According to the estimates of Clark Material Handling Company, US, the industry contributed over USD 25 billion annually to the US GDP, supporting more than 200,000 US jobs annually.
With several other advantages, like zero emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain higher market share, and it is expected to be the fastest growing forklift type over the forecast period.
North America to Account for a Significant Portion in the Forklift Truck Market
North America is expected to witness the highest growth in sales in the region during the forecast period (2021 – 2026). This anticipated growth is because of the presence of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional fork trucks.
Forklift trucks that are powered on alternative sources of energy, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions are supporting the growth of the forklift trucks market through various incentives and policies.
The Chicago government regulations are pushing materials handling companies to innovate. Hyster Yale introduced two new products of its research and development initiatives, showcasing the company's first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.
As this aligns with the interests of the current US government to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the forecast period, making North America one of the fastest-growing regions for the forklift trucks market.
For instance, in 2019, Toyota Material Handling North America (TMHNA) selected four research proposals to provide the industry with solutions that are smarter and more efficient in terms of new technology and innovative approaches, which can help the industry with material handling, warehouse, supply chain, and logistics. This growth is attributed to the presence of prominent market players such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and CLARK.
Some of the key players of global forklift trucks market are Komastu Ltd (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co. Ltd (China), and Kalmar Global (Finland).
The market for forklifts witnessed various growth strategies, such as acquisitions, mergers, and collaborations, which are being adopted by market players over the past few years. The market players are focusing on expanding their product portfolio to augment their revenue share.
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In February 2019, Doosan Corporation announced the launch of a wide range of robust electric counterbalance forklifts. The company aims to expand its electric lift truck offerings, as it believes they will be an attractive replacement for internal combustion engine lift trucks.
In June 2019, Crown Equipment Corporation announced the opening of its new sales and service facility in Oklahoma, US. The new facility was launched to provide customers access to the latest material handling technology and meet the growing demand for equipment within the region.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Power-train Type
5.1.1 Internal Combustion Engine
5.1.2 Electric Motor
5.2 Vehicle Class
5.2.1 Class I
5.2.2 Class II
5.2.3 Class III
5.2.4 Class IV
5.3 End-user Vertical
5.4.1 North America
22.214.171.124 United states
126.96.36.199 Rest of North america
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Toyota Industries Corporation
6.2.2 KION Group
6.2.3 Jungheinrich AG
6.2.4 Crown Equipment Corp.
6.2.5 Hyster-Yale Materials Handling Inc.
6.2.6 Hangcha Group Co.
6.2.7 Mitsubishi Forklift Trucks
6.2.8 Doosan Industrial Vehicles Co. Ltd
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling Company Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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