The Forklift Truck Market Set to Surpass US$ 119.2 Billion by 2033, According to Persistence Market Research
Persistence Market Research
10 min read
The forklift truck market is poised for 7.5% CAGR growth (2023-2033), featuring electric and IC-engine models widely utilized in warehouses for efficient loading/unloading of heavy materials, with electric variants gaining popularity for outdoor use
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The Forklift Truck Market: Lifting Expectations in a Booming Landscape
Forklift trucks, also known as lift trucks or forklifts, are industrial vehicles designed for material handling and lifting tasks. They play a crucial role in various industries, including manufacturing, logistics, and construction, by facilitating the movement of heavy loads. The global Forklift Trucks market is presently valued at USD 54.2 billion. With a compound annual growth rate (CAGR) of 7.5%, the market is expected to reach USD 119.2 billion by 2023–2033. The increasing demand for efficient and flexible material handling solutions, coupled with advancements in forklift technology, is driving market expansion.
The forklift trucks market is a dynamic sector within the material handling industry, comprising a range of vehicles designed for lifting, moving, and transporting heavy loads in diverse industrial settings. These robust machines play a pivotal role in streamlining logistics and enhancing operational efficiency across various sectors, such as manufacturing, warehousing, and construction.
Forklift trucks, commonly known as lift trucks or forklifts, are industrial vehicles equipped with forks for lifting and carrying materials. These versatile machines are powered by electric batteries, internal combustion engines, or hybrid systems, allowing them to handle a wide array of tasks, from stacking pallets in warehouses to transporting heavy goods in manufacturing plants and distribution centers.
The Forklift Trucks Market is influenced by various drivers that contribute to its growth and evolution. These drivers are instrumental in shaping the industry, meeting the demands of diverse sectors, and fostering innovation within the market.
Rising Global Demand for E-commerce: With the surge in e-commerce activities and the growing need for efficient warehouse management, there is an increased demand for forklift trucks. These vehicles play a crucial role in handling and transporting goods within warehouses, distribution centers, and fulfillment centers.
Industrialization and Infrastructure Development: The expansion of industries and infrastructure projects across the globe requires robust material handling solutions. Forklift trucks are indispensable in manufacturing, construction, and logistics sectors, driving the market forward.
Technological Advancements: Continuous technological advancements, including automation and the integration of IoT (Internet of Things), enhance the efficiency and capabilities of forklift trucks. Features such as sensors, telematics, and connectivity contribute to improved safety, productivity, and real-time monitoring.
Focus on Safety and Ergonomics: Increasing emphasis on workplace safety and ergonomics has led to the development of forklifts with advanced safety features and ergonomic designs. This is especially significant as safety regulations become more stringent, compelling industries to invest in safer equipment.
Environmental Concerns and Electrification: Growing awareness of environmental issues has prompted a shift towards electric forklifts. The push for cleaner and more sustainable operations in industries has driven the adoption of electric forklifts, reducing emissions and operating costs.
Global Supply Chain Dynamics: The globalization of supply chains has increased the need for efficient material handling and logistics solutions. Forklift trucks play a vital role in streamlining supply chain processes, facilitating the movement of goods across various stages of production and distribution.
Government Regulations and Incentives: Governments worldwide are implementing regulations to enhance workplace safety and reduce emissions. Incentives for the adoption of eco-friendly forklift technologies further stimulate market growth.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/forklift-trucks-market.asp
What are the restraints for the Forklift Trucks market growth?
The Forklift Trucks market, while experiencing substantial growth, is not without its restraints. Several factors contribute to challenges and limitations in the industry's expansion:
High Initial Costs: Forklift trucks require a significant upfront investment. The costs associated with purchasing, maintaining, and training personnel to operate these specialized vehicles can be a deterrent for small and medium-sized businesses with limited budgets.
Maintenance Expenses: Forklifts demand regular maintenance to ensure safety and efficiency. Maintenance costs, including repairs and replacement of parts, can accumulate over time, impacting the overall cost of ownership and potentially deterring potential buyers.
Technological Barriers: Advancements in technology, such as automation and electric power systems, are transforming the forklift industry. However, the integration of these technologies comes with its challenges, including the need for skilled technicians and the potential reluctance of traditional operators to adapt to new systems.
Regulatory Compliance: Compliance with safety and environmental regulations can pose challenges for forklift manufacturers. Meeting stringent standards may require additional investments in research and development to design trucks that adhere to evolving regulations, adding complexity and cost to the production process.
Limited Innovation Adoption: Some businesses may be resistant to adopting new forklift technologies due to concerns about potential disruptions, the learning curve associated with new systems, and uncertainty about the return on investment. This cautious approach can impede the rapid adoption of innovative forklift solutions.
Global Supply Chain Disruptions: Forklift production relies on a global supply chain for various components. Disruptions in the supply chain, whether due to geopolitical tensions, natural disasters, or other unforeseen events, can lead to delays and increased costs, affecting the overall growth of the market.
Competitive Market Dynamics: The forklift industry is highly competitive, with numerous players vying for market share. Intense competition can result in price wars and reduced profit margins, making it challenging for companies to invest in research and development for innovation.
Key Segments Covered in Forklift Trucks Industry Research
The Forklift Trucks industry research delves into various key segments that define the market landscape, providing a comprehensive understanding of the diverse offerings and applications within this sector.
Product Type: The industry categorizes forklift trucks primarily into two main types - Counterbalance Forklift Trucks and Warehouse Forklift Trucks. Counterbalance forklifts are designed to balance the weight of the load against the weight of the truck, making them suitable for a wide range of applications. Warehouse forklift trucks, on the other hand, are tailored for efficient material handling within storage facilities, emphasizing maneuverability and versatility.
Technology: Forklift trucks are classified based on their underlying technologies, with Electric Motor Forklift Trucks and IC Engine Forklift Trucks being the two main categories. Electric motor forklifts are renowned for their eco-friendly operation, low emissions, and suitability for indoor use. On the contrary, IC Engine Forklift Trucks, powered by internal combustion engines, are well-suited for outdoor applications requiring robust performance and higher lifting capacities.
Class: Further segmentation is achieved through the classification of forklift trucks into different classes, each catering to specific operational requirements. This includes Class 1 for Electric Motor Rider Trucks, Class 2 for Electric Motor Narrow Aisle Trucks, Class 3 for Electric Motor Hand Trucks, and Class 4&5 for IC Engine Trucks. This detailed classification allows businesses to choose forklifts that align with their specific operational needs and industry standards.
Region: Geographical segmentation is a crucial aspect of the industry research, recognizing the global distribution and demand for forklift trucks. The regions covered include North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa. Each region brings its own set of market dynamics, influenced by local regulations, economic conditions, and industrial growth, thereby providing a nuanced perspective for industry stakeholders.
Major players in the forklift trucks market:
The global forklift trucks market is characterized by the presence of several major players, each contributing significantly to the industry's growth and development. These companies play a crucial role in manufacturing and supplying a diverse range of forklifts, catering to various industries. Here are some of the major players in the forklift trucks market:
Sumitomo Heavy Industries, Ltd.: A Japanese conglomerate with a strong presence in the forklift industry, Sumitomo Heavy Industries is known for producing reliable and high-performance forklift trucks.
Toyota Material Handling: As a subsidiary of the renowned Toyota Group, Toyota Material Handling is a key player in the forklift market, offering a wide range of material handling solutions with a focus on efficiency and innovation.
BYD: A leading Chinese electric vehicle manufacturer, BYD has made a significant impact in the forklift market by introducing electric forklifts and other innovative solutions, contributing to the industry's sustainability efforts.
Manitou Group: A global player based in France, Manitou Group specializes in rough-terrain handling equipment, including forklifts. The company is recognized for its advanced technology and commitment to customer satisfaction.
Kalmar (Cargotec Finland Oy): Part of Cargotec Finland Oy, Kalmar is a major player in providing cargo handling solutions, including a comprehensive range of forklifts designed for efficiency and safety in container handling.
V. Mariotti S.r.l.: An Italian company, V. Mariotti is known for manufacturing compact forklifts, addressing the need for maneuverability in confined spaces. The company's products find applications in various industries, including warehouses and manufacturing plants.
Doosan Corporation (Industrial Vehicle): South Korean-based Doosan Corporation is a prominent player in the industrial vehicle sector, offering a diverse lineup of forklifts known for their performance and reliability.
Kion Group AG: A global leader in material handling solutions, Kion Group is the parent company of well-known forklift brands such as Linde and STILL. The company is recognized for its innovation and commitment to sustainability.
Jungheinrich AG: Based in Germany, Jungheinrich is a leading provider of material handling equipment, including forklifts and warehouse solutions. The company focuses on delivering efficient and environmentally friendly products.
Hyster-Yale Materials Handling, Inc.: A well-established player in the forklift industry, Hyster-Yale is known for producing a wide range of materials handling equipment, including forklifts designed for various applications and industries.
These major players collectively contribute to the competitiveness and growth of the forklift trucks market, offering a diverse range of products to meet the evolving needs of industries worldwide.
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
