Forklift Market (Type: Counterbalanced, Rough Terrain, Side Loaders, Telescopic Handler, Powered Pallets, and Others; Application: Industrial, Construction, Logistics, and Others; Propulsion: Diesel, Gasoline, Electric, and Hybrid Electric; Class: Class-1, Class-2, Class-3, Class-4, and Class-5 & Above; and Operation: Autonomous and Manual) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Ventilator Experiment Grabs Attention of Forklift Companies amidst COVID-19 Pandemic
Robust forklifts and complex medical devices are igniting an interesting chemistry amidst the COVID-19 (coronavirus) pandemic. For instance, Irish material handling solutions provider Combilift took a step forward to power ventilators in healthcare facilities situated near the Irish border. With growing awareness about such social initiatives, companies in the forklift market are taking cues and brainstorming over new strategies that could support stressed healthcare providers amidst the ongoing coronavirus era.
Companies in the forklift market are innovating in new ways of using their software and electricity producing capabilities to power healthcare facilities to join the fight against coronavirus. Owing to tragic fatalities caused due to coronavirus, there is a growing demand for forklifts to lift dead bodies onto the trucks outside hospitals in the New York City and other healthcare systems.
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Innovations in All-terrain Forklifts Boost Credibility of Manufacturers
Forklift original equipment manufacturers (OEMs) are collaborating with tech companies to increase the availability of faster and less expensive lift trucks. Companies in the forklift market are focusing on all-terrain lift trucks to tap incremental opportunities. For instance, AUSA— a manufacturer of industrial and off-road vehicles, is gaining global recognition for its all-terrain C251H forklift, which is integrated with automated controls. Advanced features in all-terrain forklifts are triggering market growth. As such, rough terrain forklifts are anticipated to dictate the highest revenue among all lift trucks in the forklift market, where the market is estimated to reach a revenue of ~US$ 30 Bn by the end of 2030.
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Manufacturers are increasing their R&D efforts to leverage engine functionality of all-terrain forklifts with low power consumption and less emissions. Novel forklifts are being integrated with digital screens and available with remote control features that can be operated via phones or computers.
AC-powered Forklifts Offer Operational and Cost Efficiency Advantages to Users
AC-powered lift trucks are a novel introduction in the forklift market. For instance, Toyota Material Handling (TMH)— a leader in material handling solutions, announced the launch of its new 3,000- and 3,500-pound capacity forklift models among its Core Electric line of sit-down counterbalance and 4-wheel electric lift trucks. Such innovations explain why electric lift trucks dominate the highest revenue among all propulsion types in the forklift market.
Companies are increasingly focusing on improving ergonomics of vehicles. Added comfort and versatility features of AC-powered forklifts are grabbing the attention of stakeholders in industrial, construction, and logistics sectors. Advanced AC-drive motors are integrated with improved AC pump motors that help to reduce current draw, resulting in increased savings of operational costs. Novel AC-powered forklifts are capable of functioning sans the need for wearable parts such as brushes or commutators and require minimum maintenance.
Tech Innovations Spark Diversity in Internal Developments of Companies and Partnership Initiatives
Forklift OEMs and tech companies are increasing efforts to develop faster and less expensive forklifts. However, unique challenges such as inefficient adoption of the fleet management software are hampering market growth. This explains why the forklift market is estimated to register a sluggish CAGR of ~3% during the forecast period. Hence, there is a growing demand for improving fleet efficiency.
Companies in the forklift market are borrowing automation technologies from automotive and automatic guided vehicle (AGV) sectors to streamline the processes of how forklift operators work. With the influx of automated technologies, forklifts are being highly publicized as technology-based units compared to that of a mini computer. Though the market landscape is largely consolidated, tech startups are unlocking incremental opportunities to drive automated innovations in forklifts. The customer demand for quick solutions such as for object detection and Big Data are creating value-grab opportunities for tech startups. This trend has fueled diversity in internal development initiatives within companies and other inorganic strategies such as partnerships and acquisitions.
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Companies in the forklift market are focusing on innovative ways of channelizing their power producing capabilities to eliminate the scarcity of electricity required to operate ventilators amidst the coronavirus crisis. Inclusive features in all-terrain forklifts such as the hill holder attributes are improving the ergonomics of lift trucks.
The concept of forklift platform-as-a-service (PaaS) is gaining strong business grounds in the market. However, slow improvements in automated features of forklifts still require the need of an operator to manage trucks. Hence, companies should increase their R&D activities to develop fully robotic forklifts or introduce co-robotic applications that fully or partially eliminate the need for operators inside the trucks.
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
- 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.
Forklift Market – Scope of the Report
Transparency Market Research’s recent report on the forklift market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the forklift market analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the forklift market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the forklift market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the forklift market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the forklift market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Forklift Market
- How much value will the forklift market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and there effects on the market for forklift?
- What regions currently contribute the maximum share to the overall forklift market?
- What are the indicators expected to drive the forklift market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the forklift market to expand their geographic presence?
- What are the major advancements witnessed in the forklift market?
- How regulatory norms affected the market for forklift market?
This report answers these questions and more about the forklift market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Forklift Market: Research Methodology
This TMR report on the forklift market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the forklift market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the forklift market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the forklift market, with both a bottom-up and top-down approach.
This detailed assessment of the forklift market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the forklift market is estimated to expand are based on carefully vetted primary and secondary sources.
Forklift Market – Segmentation
This report on the forklift market provides information on the basis of type, application, propulsion, class, operation, and region.
Class-5 & Above
Middle East & Africa