Billion dollar forklift truck market to witness a surge in revenue growth, owing to rising adoption across end-use industries
The demand for forklift trucks across sectors such as automotive, consumer goods, aerospace, food and beverages, e-commerce, retail and construction is expected to spur in the coming years, owing to the increasing uses of these vehicles in warehouses and distribution centers for the placement and removal of loads from storage racks; for loading and unloading of trailers; for delivering components to the assembly line and positioning of the loads appropriately at the dock; for safely delivering various manufacturing components to the assembly line; and for the positioning of loads for further handling.
From a market valuation of just under US$ 42 Bn in 2017, the global market for forklift trucks is projected to reach a valuation in excess of US$ 55 Bn by 2021. A growth rate of 7.5% across four years is a clear indication of the surging demand for these vehicles across various end-use industries.
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Key market participants covered in the report include:
- Kion Group AG.
- Jungheinrich AG.
- Hyster-Yale Materials Handling, Inc.
- Toyota Industries Corporation (TICO).
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Crown Equipment Corporation.
- Anhui HeLi Co., Ltd.
- CLARK Material Handling Co., Ltd.
- UniCarriers Americas Corporation.
A rising e-commerce sector to benefit the global forklift truck market
The global market for forklift trucks is likely to benefit immensely from the rapidly growing e-commerce sector around the world. This is due to the fact that the e-commerce industry caters to a diverse set of portfolios in various product segments such as books, electronic goods, apparels and cosmetics among others. Also, the competition is cut-throat in the e-commerce sector. Hence, in order to fight the tough competition and grow and maintain the number of customers, a number of e-commerce companies are shelling out measures like introduction of free shipping to the customers. In addition, simple exchange and return procedures have also been adopted by the e-commerce companies to retain and grow their customer base and to maintain a brand value.
To cater to such wide range of services, the warehousing and distribution centers catering to such e-commerce companies need to keep pace with the rapidly growing e-commerce sector. Hence, there is a need for such warehouses and distribution centers to operate in an efficient manner that saves time and eases the operations. This is where the forklift trucks come in the picture.
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Growth in the construction industry bodes well for the global forklift truck market
The construction industry is getting on track all around the world and there is an increasing demand for forklift trucks in this sector. In the construction sector, forklift trucks are mainly used in lifting various types of construction materials such as steel, wood and mortar. This growth in the construction sector, particularly in the emerging economies, where there is a need of construction of large scale public infrastructure, bodes well for the global forklift truck market.
Specifically catering to the construction industry, the counterbalance type of forklift trucks are ideal, as the forklift trucks have to travel on rough terrains and uneven surfaces. Thus, counterbalance type of forklift trucks that possess inflatable tires, due to which the forklift trucks can maneuver easily on the rough and uneven surfaces are used. Also, such type of forklift trucks have enough power so that they can reach high speeds.
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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 type of electric powered forklift trucks are ideal for use in the indoor spaces, and they can load and unload heavy goods from the ground level or from the docks. A major advantage of using electric powered forklift trucks is that there is no need to store fuel for them at their place of operation.
The use of electric powered forklift trucks is gaining huge ground in the developed regions of North America and Europe, which boast of an established e-commerce industry and the strict norms for emissions and concerns for sustainability. However, in the emerging economies, there is still preference for IC-engine forklift trucks. In addition, forklift trucks that are powered on alternative sources of energy such as hydrogen are also gaining traction in the global forklift truck market.
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