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Press Release: Forklift Truck Market is Expected to Exhibit a CAGR of 4.02% over the Forecast Period (2019-2027)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global forklift truck market is predicted to reach US$ 25.04 Billion by 2027, growing at a CAGR of 4.02% from 2019 to 2027. Forklift trucks are used as industrial lifting trucks. These forklift trucks are utilized for relocation of goods from one place to another. Forklift trucks are mostly used in manufacturing and warehouse industries, due to the need to move heavy products in easier way to several locations in a very short time, in order to increase the production process.
Increase in number of acquisitions and partnerships
Increasing application and rising demand for forklift trucks from end-use industries are some of the major factors driving growth of the forklift truck market, which in turn is expected to create growth opportunities for manufacturers operating in this market.
As a result of rising demand for forklift trucks, manufacturers are focusing on various strategies such as partnerships and acquisitions in order to expand their customer base in the market and strengthen their foothold in the global forklift truck market.
For instance, in March 2017, Toyota Industries Corporation, a Japanese machine maker, acquired Vanderlande Corporation, a manufacturer of automated material handling solutions for US$ 1.07 billion.
Moreover, in December 2016, Hyster-Yale Materials Handling, Inc. entered into a definitive agreement to buy a majority stake in China-based Zhejiang Maximal Forklift Co. Ltd. for US$ 90 million.
However, lower speed coupled with limited weight lift capabilities is expected to hinder growth of the global forklift truck market
Figure 1. Global Forklift Truck Market Value Share (%), by Lifting Capacity, (2018)
Source: Coherent Market Insights Analysis, 2018
Based on lifting capacity, < 5 ton capacity segment holds the highest share in the global forklift truck market
By lifting capacity, < 5 ton capacity segment is expected to hold major market share, and grow at a higher CAGR over the forecast period. The < 5 ton capacity forklift trucks mainly include battery-electric forklifts. The use of electrically powered forklift trucks is increasing rapidly due to their environmentally friendly nature. Moreover, electric forklift trucks are easy to operate, and have less operational & maintenance costs than IC engine powered forklift trucks.
The 5 Ton – 10 Ton lifting capacity forklift truck segment holds the second largest market share owing to increasing launches of forklift trucks with lifting capacity between 5 Ton and 10 Ton by companies such as Jungheinrich AG. For instance, in February 2019, Jungheinrich AG, a material handling company, unveiled EFG Series 6 heavy-duty electric forklift, the EKS 412s vertical order picker and the ERC 216zi pallet handler in Hamburg, Germany.
Figure 2. Global Forklift Truck Market Value Share (%), by Region, (2018)
Source: Coherent Market Insights Analysis, 2018
Asia Pacific is expected to account for the highest market share over the forecast period
On the basis of region, the global forklift truck market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA). Among all these regions, the Asia Pacific market is projected to hold the largest market share, owing to high demand for forklift trucks from emerging economies such as China, Japan, and India.
According to the World Industrial Truck Statistics (WITS) in August 2019, Shipments of forklift trucks in the Asia Pacific region increased from 0.55 million in 2017 to 0.63 million in 2018 with an increase of 13.43%.
Furthermore, the Europe region holds the second highest market share in the global forklift truck market, followed by North America in terms of orders and shipments. According to the World Industrial Truck Statistics (WITS) in August 2019, shipments & orders of forklift trucks in the European region increased from 0.46 million & 0.47 million in 2017 to 0.50 million & 0.52 million in 2018 with a surge of 10.38% & 11.42%.
Prominent players in the global forklift market are Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co., Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co. Ltd., and Linde Material Handling.
The global forklift truck market was valued at US$ 17.74 billion in 2017 and is projected to exhibit a CAGR of 4.02% over the forecast period, reaching US$ 25.04 billion by 2027. Forklift trucks are mainly used for material handling, lifting, and stacking of discrete loads throughout facilities such as retail warehouses. These vehicles can be used with a variety of attachments such as clamps, grippers, and platforms to move and handle different types of materials and loads. Expansion of the logistics industry and economic growth in emerging economies have led to increasing logistics volume, which, in turn, is boosting growth of the forklift trucks market.
Market Dynamics
Growing e-commerce & warehousing industries is driving growth of the global forklift truck market. According to data published by the Action Construction Equipment Ltd in June 2019, warehousing industry is extremely fragmented in India. Almost 90% of the warehousing space is controlled by the unorganized players. It has huge growth potential and is slated to become regularized over the next few years. Additionally, it is estimated that the average size of warehouses will increase from 20,000 sq. ft. to 0.2-0.3 million sq. ft., which will creating huge opportunities for the global forklift truck market.
Furthermore, e-commerce retailers such as Amazon, Flipkart, and Myntra are adopting technology solutions such as forklift trucks for application in activities such as material handling. Forklift can minimize travel time and reduce physical exertion during the picking process. Therefore, such factors are expected to create growth opportunities for manufacturers in this market.
Manufacturers of forklift trucks are designing newer models with greater maneuverability to meet consumer demand. For instance, in November 2018, Cesab Material Handling launched its new hydrostatic forklift truck, the Cesab M300H. This product is available in different ranges starting from 1.5 to 3.5-ton capacity, and offers diesel or LPG fuel options.
However, high cost of battery-operated and fuel-cell forklifts, coupled with growing environmental concerns regarding the use of IC-engine type forklift trucks are expected to hinder growth of the global forklift truck market over the forecast period.
Market Taxonomy
This report segments the global forklift truck market on the basis of product type, class, fuel type, engine type, lifting capacity, end-use industry, and region. On the basis of product type, the global forklift truck market is segmented into warehouse and counterbalance. Warehouse segmented is further sub-segmented into pedestrian and rider. On the basis of class, the market is segmented into Class I: electric motor rider trucks, Class II: electric motor narrow aisle trucks, Class III: electric motor pedestrian trucks, Class IV: internal combustion engine trucks (solid/cushion tires), Class V: internal combustion engine trucks (pneumatic tires), and Class VI: electric and internal combustion engine tractors, and Class VII: rough terrain forklift trucks. On the basis of engine type, the market is segmented into IC engine and electric power engine. On the basis of fuel type, the market is segmented into diesel, gasoline & LPG/CNG, and electric/hybrid. On the basis of lifting capacity, the market is segmented into < 5 Ton, 5 Ton – 10 Ton, 11 Ton – 36 Ton, and > 36 Ton. On the basis of end-use industry, the market is segmented into retail & wholesale, transportation & logistics, automotive and electrical engineering, food industry, and other industries (chemical, wooden, and paper & print industry). On the basis of region, the forklift truck market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key features of the study:
Detailed Segmentation:
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