The global Forklift Truck market is estimated to account for US$ 40.24 Bn in terms of value by the end of 2022. Forklift trucks are specialized vehicles designed for lifting, moving, and transporting heavy loads in various industrial settings. They are commonly used in warehouses, distribution centers, manufacturing facilities, construction sites and other environments where material handling is required. Forklift trucks are equipped with forks or a lifting platform that can be raised and lowered to lift and transport loads. These trucks can be powered by electric batteries, ICEs, or hybrid systems, depending on the specific model and requirements
Global Forklift Truck Market: Drivers
The rapid growth of e-commerce has significantly impacted the forklift truck market. With the rise of online shopping and the need for efficient order fulfillment, warehouses and distribution centers require advanced forklift trucks to handle increased volume of goods and ensure quick and accurate order picking and shipping. Various warehouse technologies and distribution strategies are adopted to distribute the products to the location without any damage. Forklift trucks are used to place and arrange materials or goods in the warehouses, in order to reduce time and space. According to the usage, forklift trucks are available in different models such as order pickers, swing-reach turrets, and, counterbalanced sit-down riders, with different power options including diesel, natural gas, electric, and gasoline.
Global Forklift Truck Market: Opportunities
The usage of electric powered forklift trucks has grown over the past several years, and manufacturers are working diligently to outperform ICE (Internal Combustion Engines) in terms of performance. The demand for long-term and environment friendly power solutions is also increased by concerns about the environment and the availability of natural resources like gas, oil, and coal. Hydrogen fuel is a powerful replacement to traditional methods of powering equipment and machinery when it comes to material handling equipment, industries, and automobiles. For instance, in August 2021, Hyundai Construction Equipment Co., Ltd., a construction machinery manufacturing company, signed an agreement to work with S-Fuelcell Co., Ltd., a company specializing in fuel cells. This agreement was done to produce small-sized forklift trucks that are powered by hydrogen fuel cells.
Global Forklift Truck Market: Restraints
Safety issues 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.
Global Forklift truck Market- Impact of Coronavirus (Covid-19) Pandemic
The epidemic of COVID-19 pandemic has impacted more than 100 countries across the globe, after which many countries imposed countrywide lockdown regulations. The pandemic caused disruptions in global supply chains, leading to temporary closures of manufacturing facilities and delays in the production and delivery of forklift trucks. Economic downturn and uncertainty resulted in reduced investment and capital expenditure, leading to a decrease in the demand for forklift trucks as businesses postponed or scaled back their equipment purchases.
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The global Forklift Truck market was valued at US$ 40.24 Bn in 2022 and is forecast to reach a value of US$ 95 Bn by 2030 at a CAGR of 11.1% between 2023 and 2030.
Counterbalance segment held dominant position in the global Forklift Truck market in 2022, accounting for 65% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Forklift Truck Market Trends:
Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for forklift trucks. Furthermore, the rise in investments by governments and developing infrastructure all over the world are expected to drive the demand for forklift trucks during the forecast period. For instance, in August 2021, the Indian government did an initiative by investing US$ 1.35 trillion from 2021 to 2025 for developing the infrastructure all over the country for boosting the economy. Similarly, in June 2022, Beijing, China, had funded for infrastructure projects for approximately US$ 120 billion.
Growing adoption of strategic dealership in order to expand their presence is another trend in the global Forklift Truck market. For instance, in May 2022, Mitsubishi Logisnext Americas Inc., a manufacturing company, had expanded its dealership network across the United States. The company has appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida.
Global Forklift Truck Market: Competitive Landscape
Toyota Industries Corporation Group, 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, Linde Material Handling.
Global Forklift Truck Market: Recent Developments
In June 2022, Mitsubishi Logisnext Americas Inc., a manufacturing company, had launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
In May 2021, Hangcha Forklift, a manufacturer of forklifts, had launched the XH series 2.0t-3.8t electric forklift truck with high voltage lithium-ion batteries and a travel speed of up to 21 kmph.
In February 2022, Manito.com, a construction equipment supplier, had invested US$ 80 Million for an expansion of manufacturing facilities across North America. The company expanded its manufacturing operation in Yankton and Madison, South Dakota.