Forklift Trucks Market is forecast to reach $67.1 billion by 2025, at a CAGR of 6.7% during 2020-2025. Increased demand from the various industry verticals such as retail, ecommerce, automotive, consumer goods and many other industries for loading and unloading of components and delivery of components from manufacturing area to assembly line and positioning of loads are the major reason which is increasing the sales of the Forklift Trucks Market. In 2018, according to the World Industrial Truck Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. Similarly, North America has seen rise in the sales of these trucks across various verticals. Such increase in sales will drive the market in the forecast period.
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By Fuel Type – Segment Analysis
Electric powered Forklift market case is likely to register faster growth due to rising deployment of advanced electrification technology in modern industries. Increased demand for operational efficiency and the presence of strict regulations for reducing carbon emissions is driving the market for Electric Forklift segment. For instance in 2018, Environmental protection agency (EPA) made stringent rules to regulate engine emission in North America. Similarly India made commitment to reduce its carbon emission by 24% by 2020. These regulations are aiming at lowering down CO2 emissions. So, most of the manufacturers are deploying Electric powered Forklift with advanced technology in their manufacturing units for maximum efficiency and output.
End User – Segment Analysis
Retail & Logistics segment is estimated to grow at a highest CAGR of 6.54% during the forecast period 2020-2025. Owing to the immense change in the transportation and logistics industries, utilized for independent movement, lifting, and placement of discrete loads in a specific facility. To move the heavyweight objects the powered vehicles such as Forklift trucks are utilized by the manufacturing and production utilities. On the other hand the global market for Forklift trucks is likely to benefit immensely from the rapidly growing e-commerce sector around the world and with the technological advancement and economic level, the forklift truck is likely to grow over the forecast period.
Geography – Segment Analysis
In 2018, APAC dominated the Forklift Truck market share with more than 35.52%, followed by North America and Europe. The economy of APAC is majorly influenced by the countries such as China and India. In these countries, with the rapid growth of urbanization and industrialization there is rise in sales of forklift trucks in various industry verticals such as e-commerce, retail and construction. For Instance according to the World Industrial Truck Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. On the other hand the development of technologically advanced Forklift trucks in this region will enable an increase in the lift trucks market size in the forecast period.
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Drivers –Forklift Market
Increasing Trend in E-Commerce and Warehouse Segment
The global market for Forklift trucks is likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels. E-Commerce is growing rapidly due to various technological advancements and rise in the usage of internet and smart phones. For Instance, E-commerce industry business value is anticipated to grow at a rate of 256% with a market value of $4.9 trillion by 2021. Forklift trucks which are widely deployed in these industries for various applications are likely to get benefitted from this and thereby increasing the demand for the market in the forecast period.
Advancement in technologies
Advancements in technology for forklift is driving the market in the forecast period. For instance Quarion Technology Inc. developed tracking and control technology for forklift trucks similarly, Crown Equipment Corporation launched a new forklift, the Crown WAV 60 Series, which offers higher levels of safety, efficiency and flexibility than previous models. In addition to this adoption of automated forkhoist trucks have a number of advantages for warehouses as they free up operators to perform other tasks while the forklift performs mundane or routine jobs. As a result, these lift truck can lead to higher productivity within the warehouse with less error picks thereby increasing profits and leading to operators who are more occupied and engaged.
Challenges – Forklift Market
Limited number of manufacturers of special components
Forklift truck OEM is reliant on a limited number of suppliers compared with the requirement of the equipment in some of the major regions. On the other hand critical components used in different types of trucks, such as diesel, petrol and alternative fuel engines are imported and controlled, especially with regard to the regular inspection by U.S. customs of such items. The outcome of the procedure is predicted to have an adverse effect if these critical components cannot be obtained by the company and the cost of the component is expected to increase due to regulatory compliance in the forecast period. All these factors will hinder the market growth in the forecast period.
Partnership, acquisitions and technology launches are key strategies adopted by players in the Forklift Market Market. In 2018, the market of Forklift truck industry outlook has been consolidated by the top five players accounting for 55% of the market share. Forklift Truck top 10 companies include Anhui Heli Co Ltd, Clark Material Handling Company, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich Ag, Kion Group Ag, Komatsu Ltd, Lonking Holdings Limited, Mitsubishi Logisnext Co Ltd, and Toyota Industries Corporation.
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