Growth opportunities in the Forklift Trucks market look promising over the next six years. This is attributed to the emerging trend of the e-commerce sector for corrugated board packaging in the warehouse in developing countries, along with the increasing number of governmental bodies’ strategic initiatives for supporting the growth of forklift trucks.
Forklift Trucks Industry Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Various leading industrial companies are moving towards electric forklifts as it is environment-friendly, high cost-effective, and emits no carbon footprint. Forklifts is considered as a substitute for liquid-filled lift trucks and are economical to operate, therefore boosting the market growth. Moreover, the growing number of governmental bodies’ strategic initiatives to encourage the adoption of forklift trucks is further surging the market growth. For example, the Chicago government regulations are supporting material loading companies to focus on novel technology. This Hyster Hale officially introduced two of its products from the R&D initiative, thus illustrating the counterbalanced electric forklift truck with several advantages such as reduces carbon emissions, no noise pollution, etc.
The emerging trends in the e-commerce industry for corrugated board packaging in the warehouse to cater to the demand of the package delivery has increased the demand for forklift trucks across the globe for lifting the cartons. As per (IBEF), India Brand Equity Foundation, the Indian e-commerce sector is expected to touch USD 999 billion by 2024. Hence, the rising adoption of e-commerce across the globe has further contributed to market growth.
On the other hand, the high cost of battery-operated trucks and fuel cell forklifts are hampering the market growth. For example, an electric forklift truck costs approx. USD 25,000- USD 50,000 and up with an increase of USD 2,500-USD 5,000 for a battery and charger, which is costlier as compared to the normal diesel trucks, which cost about USD 15,000- USD 30,000.
Power Source Segment Drivers
Based on the power source, the electric segment is projected to lead the global forklift trucks market during the forecast period. This is mainly to the increasing demand for electric forklift trucks owing to the stringent regulations. In 2019, European Union introduced Euro-Stage V emission standards for LPG and diesel drove nonroad vehicles. This norm decreased around 40% use of diesel and LPG vehicles, thus boosting the market growth.
Forklift Trucks Market’s leading Manufacturers:
- TOYOTA INDUSTRIES CORPORATION
- KION GROUP AG
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Crown Equipment Corporation
- CLARK
- Anhui Heli Co., Ltd.
- Komatsu Ltd.
- JBT
- Clearpath Robotics, Inc.
Forklift Trucks Market Segmentation:
Segmentation by Class:
- Class 1
- Class 2
- Class 3
- Class 4/5
Segmentation by Power Source:
- Internal Combustion Engine
- Electric
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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