(MENAFN- GlobeNewsWire - Nasdaq) The forklift market is advancing through technological innovations like electric and autonomous forklifts, emphasizing sustainability and efficiency. Key players are investing in AI, IoT, and smart fleet solutions, enhancing productivity and safety. The market's growth is fueled by the expanding e-commerce and construction sectors, increasing global demand for efficient material handling.New Delhi, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global forklift market is projected to surpass a valuation of US$ 23.4 billion by 2032 from US$ 7.2 billion in 2023 at a CAGR of 14% during the forecast period 2024–2032.
The forklift demand is poised for remarkable growth, driven by promising opportunities in automation, sustainability, and smart technology integration. By 2023, the global forklift market is projected to be valued at $23.4 billion, with an expected demand of 2.2 million new units annually. The expansion of smart warehouses, accounting for 15,000 facilities worldwide, is propelling the need for intelligent forklifts that can seamlessly integrate with automated systems. The global demand for autonomous forklifts is anticipated to reach 45,000 units, highlighting the shift towards automation in material handling. Moreover, the proliferation of the Internet of Things (IoT) in logistics is expected to encompass 30 billion connected devices, providing new opportunities for data-driven forklift operations.
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Environmental sustainability is another key opportunity within the forklift market. With over 3,500 companies committing to net-zero emissions by 2050, the demand for eco-friendly forklifts is set to surge. The market for hydrogen-powered forklifts is expected to grow, with 12,000 units anticipated to be sold by 2023, driven by their zero-emission capabilities. Concurrently, the development of solid-state batteries, with an estimated capacity of 500 megawatt-hours, promises to enhance the efficiency and longevity of electric forklifts. As more companies prioritize sustainable practices, the adoption of green forklifts is likely to accelerate, supported by governmental incentives for clean energy initiatives amounting to $5 billion globally.
Technological advancements in forklift safety and productivity are further driving market opportunities. The introduction of advanced telematics systems, installed in 1.8 million forklifts, is enabling real-time monitoring and predictive maintenance, reducing downtime by up to 30 million hours annually. Enhanced safety features, such as collision detection and automated braking systems, are becoming standard, with 70,000 units equipped with these technologies in 2023. As the industry continues to innovate, augmented reality (AR) solutions are being explored, with 25 companies developing AR-assisted forklift training programs to improve operator efficiency and safety. These trends indicate a promising future for the forklift market, characterized by technological innovation and sustainable growth.
Key Findings in Forklift Market
| Market Forecast (2032) | US$ 23.4 billion |
| CAGR | 14% |
| Top Trends | Increasing adoption of electric forklifts for improved environmental sustainability and efficiency. Integration of automation and AI technologies enhancing operational productivity and safety. Growth of e-commerce fueling demand for advanced material handling equipment solutions. |
| Top Drivers | Rising industrialization and urbanization escalating demand for efficient logistics and transport. Government regulations promoting eco-friendly practices driving electric forklift adoption. Technological advancements boosting forklift performance, efficiency, and operational versatility. |
| Top Challenges | High initial investment costs and maintenance expenses hinder mass adoption. Limited battery life and charging infrastructure for electric forklifts pose constraints. Skilled labor shortage impacts effective operation and management of advanced forklifts. |
Strategic Opportunities for Expansion in the Electric Forklift Industry
The electric forklift market presents a landscape ripe with opportunities, driven by both technological advancements and evolving economic demands. In 2023, the global material handling equipment market, of which forklifts are a part, stood at US$ 211 billion. Within this, the electric forklift segment has been identified as a key growth driver, thanks to its alignment with global sustainability goals and regulatory pressures. The rise of automation has led to a surge in demand for smart forklifts, with nearly 20,000 units now equipped with advanced telematics for real-time data analytics. The availability of government incentives and subsidies for electric vehicle adoption has further bolstered the market. In the U.S., over 30 states offer tax credits or rebates for businesses that transition to electric equipment, including forklifts.
The Asia Pacific region is particularly promising, with China alone deploying over 500,000 electric forklifts in 2023, a number expected to grow as the country continues its push for greener industrial practices. The region is also witnessing rapid infrastructure development, with over 200 new logistics parks planned by 2025, each requiring a fleet of efficient material handling equipment. The electric forklift market is also supported by the burgeoning lithium-ion battery industry, projected to reach a value of US$ 92 billion by 2030. Furthermore, the average lifespan of these batteries has increased to over 10 years, reducing the total cost of ownership for businesses.
The integration of cutting-edge technologies, such as autonomous driving capabilities and AI-powered navigation systems, is set to revolutionize the electric forklift industry. By 2023, over 15,000 electric forklifts equipped with semi-autonomous features were operating globally. Moreover, the demand for electric forklifts in cold storage applications has risen, with over 10,000 units specifically designed for such environments due to their efficient operation in extreme temperatures. With the global warehousing and storage services market expected to reach US$ 650 billion by 2025, the potential for growth in the electric forklift sector is immense, positioning it as a cornerstone of modern logistics and supply chain solutions.
Class 3 Dominates the Forklift Market: Advancements, Adoption, and Future Growth Potential
The Class 3 forklift market is poised for significant growth, driven by technological advancements and evolving industry needs. In 2023, the global forklift market reached a production volume of about 1.84 million units, with Class 3 forklifts playing a crucial role in this expansion. The increasing adoption of automation in warehouses has led to the deployment of over 150,000 automated Class 3 forklifts worldwide. This trend is supported by the integration of AI and IoT technologies, which enhance operational efficiency and safety. Notably, the demand for electric forklifts is surging, with over 500 companies transitioning to electric models to meet sustainability goals. The development of hydrogen fuel cell-powered forklifts is also gaining traction, offering a promising alternative to traditional power sources.
The logistics and e-commerce sectors are major drivers of Class 3 forklift market demand. In 2023, over 400 new e-commerce fulfillment centers incorporated Class 3 forklifts to optimize their operations. The logistics industry has seen a significant increase in the use of these forklifts, with more than 50,000 units added to fleets globally. Additionally, the rise of urban warehouses has necessitated the use of compact and efficient Class 3 forklifts, with over 200 urban facilities adopting them this year. The food and beverage industry also heavily relies on these forklifts, with over 25,000 units in active use to ensure the integrity of supply chains. Furthermore, the construction industry is increasingly utilizing Class 3 forklifts for material handling, with over 1,500 construction sites integrating them into their operations.
Safety and sustainability are key focus areas for the Class 3 forklift market. In 2023, approximately 11% of forklifts were involved in accidents, highlighting the need for enhanced safety features. As a result, manufacturers are investing in advanced safety technologies, such as collision avoidance systems, to reduce accident rates. The push for sustainability is also driving innovation, with governments worldwide investing in green technologies. For instance, a US$ 3.6 million investment was made in a forklift battery manufacturer to promote eco-friendly solutions. With these developments, the Class 3 forklift market is set to capitalize on emerging opportunities, ensuring its continued growth and relevance in the global material handling landscape.
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Asia Pacific is the Largest Importer of Used Forklifts From Europe, China and Takes take the Lead
The Asia Pacific region has become the largest market for used forklifts, primarily driven by cost-saving strategies, rapid industrial expansion, and the need for efficient material handling solutions in developing economies. Countries like India, Vietnam, the Philippines, Indonesia, and Malaysia are at the forefront of this trend. In 2023, the Asia Pacific used forklift market was valued at US$1.8 billion, with an annual growth rate of 12%. India alone accounted for 35% of this market, importing 20,000 used forklifts. Vietnam followed with 12,000 units, while Indonesia and Malaysia imported 10,000 and 8,000 units, respectively. The region's demand for cost-effective logistics solutions led to a 15% increase in used forklift imports from Europe. The average cost of a used forklift in Asia Pacific is US$12,000, significantly lower than a new unit priced at approximately US$25,000. This affordability allows small and medium-sized enterprises (SMEs) to upgrade their material handling capabilities without substantial capital investment.
Europe remains a significant exporter of used forklifts to Asia Pacific due to its advanced manufacturing standards and robust secondary market. Germany, the UK, and the Netherlands are the primary exporters, supplying 60% of the used forklifts to the region. In 2023, Germany exported 25,000 units to Asia Pacific, while the UK and the Netherlands contributed 15,000 and 10,000 units, respectively. The reduced lifecycle costs and availability of spare parts make European used forklifts attractive to Asian buyers. The Philippines saw a 20% increase in used forklift imports as logistics companies expanded their fleets. In Malaysia, the demand for used electric forklifts surged by 30%, driven by the country's push for sustainable practices. Thailand's automotive industry, expanding rapidly, increased its used forklift imports by 18% to support production lines. The region's inclination towards second-hand forklifts is further bolstered by government incentives for SMEs, enhancing their operational efficiency and competitiveness in the global forklift market.
Global Forklift Market Key Players
Toyota Industries Corp. KION Group Jungheinrich Group Mitsubishi Logisnext Co., Ltd. Hyster-Yale Materials Handling Inc. Komatsu Clark Material Handling Crown Equipment Corp. Doosan Infracore TCM Hangcha Group EP Equipment Corp. Other Prominent Players
Key Segmentation:
By Class
Class 1 Class 2 Class 3 Class 4 & Others
By Combustion Type
By Application
Food & Beverages Consumer & Business Traders Manufacturing Logistics Short Term Retails Others
By Distribution Channel
Independent Dealers National Accounts
By Region
North America Europe Asia Pacific Middle East & Africa (MEA) South America
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