PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235948
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235948
According to Stratistics MRC, the Global Forklift Trucks Market is accounted for $56.50 billion in 2022 and is expected to reach $97.39 billion by 2028 growing at a CAGR of 9.5% during the forecast period. Forklift trucks are heavy-duty electric lift trucks that are frequently used to lift and carry heavy things over short distances, such as container goods, crates, and other such components. These trucks are mostly utilised in dockyards, warehousing operations, and recycling operations to conduct tasks such as loading and unloading items from vehicles and transporting packaged goods around the storage area. Furthermore, forklifts are usually powered by an electric battery or an internal combustion engine.
According to UNCTAD, a United Nation Conference on Trade and Development expert, the share of the global e-commerce sector's retail sales increased "dramatically" from 16% to 19% in 2020.
The e-commerce market is still growing rapidly. Increased consumer product demand has increased the demand for warehouse space to store products before they are sent in bulk to retail outlets via pallet loads and cases. To send the products to the proper spot without causing any damage, various distribution strategies and warehouse technologies are used. In warehouses, forklift trucks are used to properly place and arrange things or goods to save time and space. These trucks are available in a variety of configurations, including counterbalanced sit-down riders, swing-reach turrets, and order pickers, as well as a variety of power sources, including electric, natural gas, diesel, and gasoline. As a result, the increase of the e-commerce industry is driving the growth of the worldwide forklift truck market.
Increased demand from end users has resulted in enhanced manufacturing, which has increased the workload of personnel. Employees are compelled to perform overtime after extended working hours, which cause exhaustion and a decrease in awareness and attention. This has resulted in an increase in accidents, a decrease in productivity, and an increase in company costs for forklift truck drivers. Forklift tripping, instability while riding downslope with loads, transporting improperly balanced loads, driving across uneven ground such as potholes, and so on are some of the common mishaps that occur while operating forklifts.
Trucks that employ hydrogen fuel cells are more environmentally friendly since they reduce air pollution, noise, and carbon emissions. Due to the benefits offered by fuel cell forklifts, leading forklift truck manufacturers are producing new ranges of forklifts using fuel cell technology, resulting in considerable growth for industry players. Toyota Material Handling, for example, revealed a new 3-wheeled fuel cell forklift with various environmental and performance benefits at ProMat 2019. As a result, the production of hydrogen fuel cell forklifts represents a viable market expansion opportunity.
Employees are increasingly finding it challenging to locate experienced operators to meet the growing demand in end-user industries. The lack of trained operators is mostly due to an over-reliance on existing certified forklift operators, which has resulted in increased wages and overuse of these workers. Furthermore, a shortage of skilled operators contributes to project delays and losses in profitability. During the projected period, the shortage of skilled forklift truck operators will continue to be a hindrance to the growth of the worldwide forklift trucks market.
The influence of COVID-19 on the forklift truck market is unpredictable, and it is projected to be in effect for a few years. The COVID-19 outbreak compelled governments throughout the world to impose strict lockdowns and ban import-export of raw materials and parts for the majority of 2020 and a few months in 2021. This resulted in a rapid decrease in the availability of critical raw materials used in the manufacture of forklift trucks. Furthermore, the nationwide lockdown compelled forklift truck system manufacturing facilities to partially or totally shut down their activities. The adverse effects of the COVID-19 pandemic caused widespread delays in actions and projects aimed at developing enhanced forklift truck systems.
The internal combustion engine segment is estimated to have a lucrative growth, due to the many benefits provided by ICE forklifts. Leading forklift manufacturers are releasing a new line of I.C. engines equipped with cutting-edge technology and novel features. Crown Equipment, for example, one of the leading forklift manufacturers, has added a diesel option to its Crown C-5 Series. Thus, the introduction of internal combustion engine-powered forklifts with enhanced functionality creates a significant potential opportunity for forklift industry participants. This engine type offers extended hours of operation, a lower initial cost, and a larger hauling capability of over 35,000 pounds, making ICE engines excellent for heavy-duty outdoor applications.
The Class 3 segment is anticipated to witness the fastest CAGR growth during the forecast period. Class 3 forklift trucks, often known as electric motor hand operating trucks, can carry a large load. Class 3 trucks with stroll forks are adaptable and easily adjustable to accept pallets of varying lengths and widths. These trucks are utilised for both indoor and outdoor purposes, such as loading docks, warehouse operations, food and beverage makers, and sales floors. Furthermore, an expansion in the number of warehouses of businesses worldwide is predicted to create a variety of future growth opportunities.
Asia Pacific is projected to hold the largest market share during the forecast period because of the introduction of a new line of forklifts with improved performance. Warehouse space, which is used to store raw materials, packing materials, semi-finished and finished goods, is expanding globally. This area is used by forklift trucks to transport items and place heavy pallets into pallet racks. Furthermore, these lift trucks are available in a variety of models, including warehouse forklift trucks, electric forklift trucks, counterbalance trucks, and others, providing market participants with a tremendous opportunity.
Europe is projected to have the highest CAGR over the forecast period, attributable to the introduction of the new range of forklifts and technical improvements in forklifts. Forklift trucks have numerous advantages in the manufacturing business, including the ability to transfer and handle large goods while lowering operating costs and increasing efficiency. Furthermore, the rising manufacturing industry in Europe will support the expansion of the Europe forklift market and generate profitable opportunities for market competitors.
Some of the key players profiled in the Forklift Trucks Market include: Hyster-Yale Materials Handling, Inc., Mitsubishi Logisnext Co., Ltd., Doosan Corporation, Komatsu Ltd., Anhui Heli Co., Ltd., Toyota Material Handling, Hangcha, KION Group AG, Jungheinrich AG, CLARK, Crown Equipment Corporation, Lonking Holdings Limited, Godrej & Boyce Manufacturing and Hangcha Group
In September 2022, Toyota Industries Corporation introduced an autonomous lift truck that features the world-first AI-based technology that automatically recognizes the location and position of trucks and loads and generates automated travel routes to perform loading operations.
In May 2021, Jungheinrich unveiled its new electric pallet truck ERD 220i. The new ERD 220i has an L2 dimension of just 1,065 mm and is, therefore, the most compact truck in its class. Compared to its predecessor, the 220i is more than 300mm shorter thanks to its new lithium-ion battery concept, which results in a space reduction of approximately 25 percent.
In April 2021, Godrej Material Handling launched the new Uno Electric Forklift truck. With advanced ergonomics, augmented safety, improved visibility, and a longer runtime on every charge, the new Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne forklift category.
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