Forklift Market

Forklift Market: Overview

• Increasing need for safety of workers who perform critical tasks of lifting and carrying heavy loads in several industries is estimated to drive the global forklift market at a CAGR of ~3% during the forecast period
• Rise in demand for forklifts from e-Commerce companies across the globe is likely to propel the global forklift market. Increase in consumer inclination toward online shopping is a major factor boosting warehousing and logistics industries. Demand for forklift is increasing due to the expansion of warehousing and logistic industries, as forklifts are required to perform several activities in warehouses.
• Several governments across the globe have enacted stringent regulations and norms for emission control from diesel and gasoline forklifts, which in turn is driving the demand for electric forklifts
• Innovations and advancements in the forklift by altering the propulsion system and introduction of autonomous forklift with new technology are projected to offer significant opportunities to the global forklift market during the forecast period

Drivers of Forklift Market

• The number of third party logistics companies who are installing forklifts in warehouse and distribution centers to provide rapid delivery of products to customers is increasing. Demand for advanced material handling systems to transport and load products is increasing and subsequently, boosting the market.
• Adoption of robotics lift trucks in the material handling industry is offering significant opportunities to dealers and sellers associated with the forklift market. Development of forklifts with infrastructure-free navigation so that lift truck can self-locate. Increase in demand for easy-to-use forklift is likely to propel the forklift market across the globe.
• Rise in automation in industries to enhance productivity is a major factor that is estimated to boost the global forklift market across the globe. Most industries are adopting Industry 4.0, which is a trend toward automation that enhances productivity. This, in turn, is likely to boost the demand for forklifts to transport products.
• Increase in construction and infrastructure development across the globe is likely to fuel the demand for forklifts. Several governments are trying to develop infrastructure for economic development, which would require the forklift to lift and transport heavy loads at construction sites. This, in turn, is projected to propel the global forklift market.

Challenges for Forklift Market

• Electric forklifts are expensive due to the high cost of lithium-ion batteries, which is estimated to hamper the forklift market. Moreover, high cost of fuel cell operated forklifts is estimated to further restrain the forklift market. Maintenance cost of fuel cell forklifts is considerably high, which is likely to further hamper the demand for fuel cell forklifts.
• Enactment of various regulations regarding safety and emissions, including forklift weight, fuel emission norms, and loading capacity are likely to restrain the forklift market. Major regions have their own safety and emission standards that are projected to reduce the demand for forklifts. Rise in the number of e-Commerce websites is directly proportional to the size of the warehouses containing products that are arranged in the form of stacks, the forklift when operated manually can disturb the arranged stacks due to an uncontrolled situation, which is likely to hamper the forklift market.

Forklift Market Segmentation

• Based on type, the rough terrain segment dominated the global forklift market due to the rise in market volume, high lifting capabilities, and high reliability
• Based on class, the class-1 segment is projected to hold a major share of the global forklift market. Rise in demand for electric forklift in warehouses and the logistic industry due to various fuel emission norms and suitable for short distances. The Class-1 forklift can quickly unload delivery trucks and is preferred for short distances and in small warehouses.

Forklift Market: Regional Analysis

• Based on region, the global forklift market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the increase in automation of manufacturing activities across Asia Pacific and Europe. The market in Spain is projected to expand at a CAGR of 3.34%, while the market in ASEAN is estimated to expand at a CAGR of 4.12% during the forecast period.

Forklift Market: Competition Landscape

• Key players operating in the global forklift market include 
  • Hyster-Yale Material Handling Inc.
  • Komatsu Ltd.
  • Hyundai Heavy Industries Ltd
  • Mitsubishi Forklift Corporation
  • KION Group AG
  • Toyota Industries Corporation
  • Crown Equipment Corporation
  • Anhui Heli Co. Ltd
  • Clark Material Handling Company
  • Comblift Limited
  • Doosan Industrial Vehicle America Corporation.
  • Hangcha Group Co. Ltd
  • Konecranes
  • Manitou Group
  • Godgej & Boyce Group
  • Lonking Forklift Co.
  • Hubtex Maschinenbau GmbH & Co. KG
  • Unicarriers Americas
• Key players at the global level are expanding their footprint by engaging in mergers & acquisitions with several players operating in the industry. For instance, in June 2016, KION Group AG acquired Dematic (U.S.), a best-in-class automation provider and specialist in supply chain optimization by purchasing shares worth approximately US$ 2.1 Bn.