Forklift Market - Forecast (2024 - 2030)

Forklifts are a crucial part of warehouse and distribution centers. The growing automotive component manufacturing and consumable goods along with radical prosperity of the e-commerce industry are leading to an augmented demand for forklifts. The global forklift market size was $16, 89 billion as of 2018, and the demand for the same in multiple industries will grow at a compound annual growth rate (CAGR) of 2.28% during the forecast period of 2019 to 2025.

APAC is facing rapid expansion in the form of industrialization, construction, and the growth prospects in the automotive industry along with rise in disposable income that is also influencing the demand influx in the e-commerce sector. Rising adaptation of forklifts in major countries such as China is driving the forklift market in APAC. APAC had the maximum forklift regional market share at 32.76% in 2018.

Global Forklift Market Outlook:

Forklift is a powered industrial truck that is used to carry and move materials over a small distance. Forklifts have become the most crucial equipment in manufacturing and warehousing. Forklifts hydraulics are controlled by electrically controlled actuators or hydraulic values. The demand for electric forklifts is increasing as it doesn’t provide carbon monoxide which can be fatal for humans when inhaled.

Forklifts are used for transporting, pulling or lifting stacked boxes, crates, and other goods. The major application in the forklifts market are manufacturing and freight logistics, and it will grow with a moderate CAGR of 1.26% through to 2025.

Global Forklift Market Growth Drivers:

• Rising opportunities for technological advancements in the forklifts with ultra-capacitors are influencing the forklifts market.
• The rising manufacturing industries are driving a demand influx in the forklift market.
• Growing e-commerce and retail business worldwide is giving rise to warehouses that require forklifts to arrange the products in order. The growing demand for forklifts from e-commerce and retail is helping to continue the substantial growth in the forklifts market.
• Rising construction industry is also creating a demand for forklifts.
• The continued research and development coupled with various innovations in the industry are helping to resolve the problems and challenges faced by the consumers. The growing battery demand forklifts are driving progress in the forklift market.

Global Forklift Market Trends:

Hydrogen Fuel Cell-Powered Forklifts

The research and developments in the materials handling and forklift industry have led to hydrogen-powered forklifts. The growing inclination of consumers from the battery, LPG, diesel to more environment-friendly solutions such as hydrogen fuel cell technologies will boost the growth of the forklift market.

Lithium Ion Batteries Forklifts

The manufacturing of forklifts that runs on lithium ion batteries can able to run consistently over multiple shifts. The main benefit of lithium-ion batteries is it requires zero maintenance. Also, the efficiency of the ion batteries such as improve work productivity in superior cold or hot temperature zones. The fast charging features along with no watering, fumes and zero emission technology of lithium ions batteries are molding the forklift market growth into positive direction.

Innovations in the Engines of Forklifts

The innovations in the forklifts with internal combustion engines are gaining traction from the consumers. The internal combustion engines can easily accomplish all the operations including heavy-duty outdoor and well-ventilated indoor applications. The durability of the engine is better than traditional engines, new engines have a long life and can retain in the dustiest, dirtiest, and coldest conditions.  The major feature such as no electrical-grid dependency are helping to continue the progression in the forklift market.

Automation in the Lift

The manufacturing of robotics lift trucks in the material handling industry will give rise to several opportunities to dealers and sellers associated with the business. The improvisation in the forklifts with infrastructure-free navigation so that vehicle can self-locate, and rapid deployment. The growing demand for easy to use forklift is gaining traction from several retail and e-commerce business.

Innovation for Drivers

The better model of forklifts are made with keeping concern for the driver side. The major advancement in forklifts are enhanced visibility space, foot space, noise management, and vibration control are some major changes been done to provide a comfortable ride to the operator of the forklifts.

Ladders in the Lifts

The new models are designed which offers efficient efficiency, higher levels of safety, and flexibility in the models. The new models are designed for operations in which ladders are used to access high places.

Global Forklift Market Challenges:

Increasing safety and emission regulations along with a limited number of suppliers for a particular component are some major challenge in the forklift market. Increasing innovations are leading to the manufacturing of green trucks that don not emit the high fumes and pollution. Furthermore, the growing e-commerce website is directly proportional to the size of the warehouse containing products that are arranged in the form of a stack. The forklift, when operated manually sometimes, can disturb or thrash the arranged stacks due to an uncontrollable situation. The specially designed sensor based forklifts can work efficiently and the sensor helps forklifts to guide and regulate the lifting trucks to not disturb the stack order. The growing demand for sensor-based forklifts is influencing forklifts market development.

Global Forklift Market Key players Perspective:

Some of the major market players in the forklift market are Toyota Industries Corporation, Komatsu Ltd., Kion Group AG, Jungheinrich AG, Crown Equipment Corporation, Clark Material Handling Company, KION Group AG, Hyundai Heavy Industries, Mitsubishi Nichiyu Forklift Corporation, and Hyster-Yale Material handling Inc.

Forklift Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Forklift Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Forklift market, and its segmentation on the basis of Product Type includes conveying equipment, hoist, cranes and monorail.

Forklift Market Report: Industry Coverage

The report analyses the product demands by the Forklift Market on the basis of end-user that include retail & wholesale, automotive and logistics. The Forklift market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include: