Forklift Trucks Market
Global Market Study on Forklift Trucks: Growing Logistics & Warehousing Sector Augmenting Market Growth
Forklift Trucks Market Segmented By Counterbalance, Warehouse Product in Internal Combustion engine powered, Electric powered Technology
As per Persistence Market Research’s revised industry analysis on forklift trucks, the market is witnessing steady growth in 2021 with worldwide revenue up 6.1% year-on-year. Revenue across the world is projected to increase 2X by 2031, reaching nearly US$ 104 Bn.
Tier-1 firms such as Toyota Material Handling, Kion Group AG, Crown Equipment Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Liuzhou liugong forklift co. LTD, Hangcha Group Co., Ltd., and Anhui HeLi Co., Ltd., who together accounted for around 50% of worldwide revenue in 2020, are among the top manufacturers of forklift trucks.
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- Sumitomo Heavy Industries, Ltd.
- Toyota Material Handling
- Manitou Group
- Kalmar (Cargotec Finland Oy)
- V. Mariotti S.r.l.
- Doosan Corporation (Industrial Vehicle)
- Kion Group AG
- Jungheinrich AG
- Hyster-Yale Materials Handling, Inc.
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Crown Equipment Corporation
- Anhui HeLi Co., Ltd.
- CLARK Material Handling Co., Ltd.
- UniCarriers Forklift
- Hangcha Group Co., Ltd
- JAC Heavy-Duty Construction Machine Co., Ltd.
- MiMA forklift
- Caterpillar (Cat Lift Trucks)
- Komatsu Ltd.
- Hyundai Material Handling
- Lonking Machinery Co., Ltd.
- EP Equipment
- Liuzhou liugong forklift co. LTD
- Godrej & Boyce (Godrej Material Handling)
- Shantui Construction Machinery Co., Ltd.
Key Insights Offered in Forklift Trucks Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Analysis of Demand Shares by OEMs and OES Opportunity in Aftermarket
- Aftermarket Penetration and Channel Reach
- Emission Norms, Durability, Extended Lifecycle, Installation Rate, Interoperability, etc.
- Component Providers, Sub-Contractors, and Assembly Service Providers
- Mitigation in Operational or Maintenance Cost, Cost Benefits, etc.
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Forklift Truck Sales and How to Navigate
- Recommendation on Key Winning Strategies
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Sales Analysis of Forklift Trucks from 2016 to 2020 Vs Market Projections for 2021 to 2031
From 2016 to 2020, sales of forklift trucks increased at 6.7% CAGR, with China, the U.S., U.K., Italy, France, and ASEAN accounting for a large portion of the global market.
Forklift trucks are powerful, heavy-duty electric lift trucks that are commonly used to lift and transport big things over short distances, such as container goods, crates, and other similar components. These trucks are commonly seen in dockyards and warehousing operations, where they execute tasks such as loading and unloading items from cars and moving packed goods around the storage space.
Because of their rising applications and popularity, electric-powered forklift trucks have a lot of potential with the rapid evolution of technology. These electric forklift trucks are perfect for indoor use and can load and unload big objects from ground level or docks.
One of the most significant advantages of adopting electrically driven forklift trucks is that they do not require fuel storage at their location of operation. Due to the tremendous pollution emissions from forklift trucks, companies are also embracing electric material handling vehicles that are easier to run and maintain within warehouses.
Electric forklift trucks are getting a lot of traction in industrialized regions such as North America, Europe, and Asia, where there is a well-established e-Commerce industry, tight emission regulations, and environmental concerns. In emerging markets however, IC-engine forklift trucks are still preferred.
Electric forklift trucks are expected to be the quickest-growing type over the forecast period, owing to benefits such as reduced noise, zero emissions, and capacity to perform virtually all operations that an IC forklift can.
The e-Commerce market is expanding at a steady pace. Increased demand for consumer products has resulted in an increase in the need for warehouse space to keep products before they are sent in bulk to retail establishments via pallet loads and cases. To get products to the right place without causing any damage, various distribution tactics and warehouse technologies are used.
Forklift trucks are used in warehouses to properly arrange items or goods in order to save time and space. As a result, expansion of the worldwide forklift truck market is fueled by advances in the e-Commerce industry.
From 2021 to 2031, the global forklift trucks market is predicted to rise at a CAGR of 7.4%.
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What are the Key Opportunities on Offer for Forklift Truck Manufacturers?
One of the primary factors driving demand for forklift trucks is the expansion of the construction industry, which is accompanied by rapid industrialization. Forklift trucks are commonly used because they are cost-effective, user-friendly, powerful, and simple to maintain. They are commonly used to assist in a variety of industrial jobs as well as in handling heavy building materials such as wood, steel, and cement.
Growing demand for forklift trucks in the manufacturing industry is a primary driving force behind market expansion. Forklift trucks that run on alternative energy sources such as hydrogen are also attracting more attention. Hence, market players must strategize as per these industry trends in order to their maximize profits and market share.
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What are the Roadblocks that Forklift Truck Suppliers Encounter?
When used in high-duty or wet settings, forklift trucks may not operate properly. The battery's cleaning, watering, and charging requirements may not be feasible in a multi-shift business. If you forget to charge the battery overnight, you could lose a lot of time the next day.
The initial outlay is higher. The battery charger has certain voltage needs, which must be met by the current electrical supply. Additional costs to consider include suitable safety equipment such as proper flooring and eyewash stations.
Without costly emission equipment and sufficient ventilation, IC engine forklift trucks may not be suitable for interior use. Installation of a bulk tank for gasoline storage is occasionally needed, and municipal laws may apply. Prices for fossil fuels are expected to rise over the coming years.
Which Region Offers a Huge Opportunity for Sales of Forklift Trucks?
With an absolute dollar opportunity of around US$ 28.2 Bn, East Asia is expected to be the most lucrative market for forklift truck suppliers. China is projected to have hold 90% of the market share of the East Asia region through the forecast period.
Where Does the U.S. Stand in the Global Market for Forklift Trucks?
The U.S. holds around 83% of the North American market share. During the forecast period, the U.S. is expected to experience favorable sales growth. This expected growth is due to the existence of major players in the U.S.
Rather than traditional forklift trucks, players here are investing heavily in innovative and modern forklift trucks.
What is the Outlook for Forklift Truck Manufacturers in China?
China is one of the most profitable markets for manufacturers. This market is projected to increase at a CAGR of 8.3% in terms of value during the forecast period.
The industrial trucks market will develop as a result of China's economic change, with increased usage of electric and new energy forklifts and medium- and-high end IC forklifts. Value-added services such as finance leases, operational leases, accessories and remanufacturing will develop at the same time.
Why is France a Lucrative Market for Forklift Truck Providers?
During the forecast period, France is expected to be one of the most appealing markets for forklift trucks. According to the analysis, France would account for nearly 15% share of the European market by 2031.
The fact that France a significant market for forklift trucks is due to increased government initiatives to build infrastructure, which has driven demand for building activities, in turn, increased demand for forklift trucks.
Which Product Type has the Most Potential for Growth in the Forklift Trucks Market?
The top product category is counterbalance forklift trucks, which are predicted to account for more than 70% of the market by the end of 2031.
When handling heavy loads, a counterbalanced truck is suitable. The weight of the load on the forks is counterbalanced by a weight in the truck's back end, which improves stability and driver safety. Hence, it is expected to be a highly profitable type of forklift.
Why is the Use of Electric Motors in Forklift Trucks Surging?
Demand for electric motor driven forklift trucks is projected to grow the fastest at a CAGR of 8% during the forecast period.
One of the main advantages of electric forklift trucks versus gas-powered forklift trucks is battery life. What’s more! Electric forklifts are multifunctional in addition to having a long battery life. They're also healthy for the environment because they don't emit any hazardous gases.
Electric forklifts are also quieter than IC engine forklifts. In comparison to a gas-powered forklift, an electric forklift's warning horns and backup signals can typically be heard more clearly.
Which Class of Forklift Trucks Witnesses the Highest Demand?
Class 4&5 forklift see the most demand accounting for more than 50% of the overall market.
Internal combustion engines that run on LPG gas, gasoline, diesel, or compressed natural gas power class IV forklifts. Their sturdy, pneumatic, and cushioned tires give a pleasant ride on indoor floors, and because they are not air-filled, they are puncture-proof.
These forklifts are extremely tough, making them perfect for use in lumberyards, construction sites, and other outdoor settings.
What is the Regulatory Impact on Global Sales of Forklift Trucks?
Various governments have implemented regulations on how forklifts must be used keeping safety parameters in mind. For instance, only experienced workers who have been trained, qualified, or licensed to operate forklift trucks should do so.
Every day, before each shift, an operator should perform a visual check ("circle" check) followed by an operational pre-use check on the forklift truck.
Electrically powered trucks, cars, forklifts, and other vehicles must have at least one effective mechanical braking system and a mechanically operated current cut-off that activates when the driver exits the vehicle. To protect the operator from falling debris, forklift trucks must be equipped with an overhead guard.
The gross weight of forklift trucks or electric cars must be clearly marked on them. When a forklift truck or an electric vehicle is used in the intermediate deck, precautions must be taken to ensure that the working surface can sustain the load, and that hatch covers are not disturbed by the truck's movement.
Market players have to comply with these rules while manufacturing forklift trucks. Similarly, end users too must comply with these rules while using forklift trucks.
How Has the COVID-19 Crisis Affected the Forklift Trucks Market?
The COVID-19 pandemic has had a detrimental impact on the market for forklift trucks. Material handling and inventory management were no longer required as a result of the closure of factories and warehouses.
Due to lockdowns and social distancing norms, major corporations halted operations in several areas. This had a direct impact on the demand for material handling forklifts, as well as a significant portion of the market's business.
However, due to increased urbanization and growing need for efficient use of available space, the sector anticipates a high level of demand and supply following the pandemic.
Companies in the manufacturing industry are adopting automation to increase their production capacity, and hence, the market is likely to rise over the coming years. Powered industrial truck producers carry numerous parts and materials from warehouses to the production line, reducing human labor.
The global forklift trucks industry is competitive in nature, with a slew of manufacturers vying for market share. Major firms are expanding their operations in order to get a larger share of the market.
Over the last few years, the forklift industry has seen a variety of growth tactics implemented by market players, including acquisitions, mergers, and collaborations. To increase their revenue share, industry participants are working on extending their product portfolio.
Recent developments related to companies manufacturing forklift trucks have been tracked by the team at Persistence Market Research, which are available in the full report.
Forklift Trucks Market Report Scope
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Customization & Pricing
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Key Segments Covered in Forklift Trucks Industry Research
- Counterbalance Forklift Trucks
- Warehouse Forklift Trucks
- Electric Motor Forklift Trucks
- IC Engine Forklift Trucks
- Class 1 Forklift Trucks
- Class 2 Forklift Trucks
- Class 3 Forklift Trucks
- Class 4&5 Forklift Trucks
- FAQs -
The global forklift trucks market is currently valued at over US$ 51 Bn.
Expansion of warehouse & logistics sector and lower cost of ownership are driving demand for electric forklift trucks.
From 2016 to 2020, demand for forklift trucks increased at a CAGR of 6.7%.
Sales of forklift trucks are projected to increase at 7.4% CAGR and be valued at close to US$ 104 Bn by 2031.
Increasing adoption of lithium-ion battery-powered forklift trucks and rising automation in warehousing operations are key trends being witnessed in this spcae.
Toyota Material Handling, Kion Group AG, Crown Equipment Corporation, Jungheinrich AG, and Hyster-Yale hold 41% share in the market, are per ratings on the basis of market share, market reach, clientele, etc.
The market for forklift trucks in Germany is progressing at around 6% CAGR.
China, the U.S., Japan, Germany, and France are major demand centers for forklift trucks.
Through 2031, the market in North America is expected to expand at 5% CAGR.
Japan and South Korea together hold 6% share of global sales of forklift trucks.