The global forklift trucks market is predicted to surge ahead at a CAGR of 7.4% over the forecast period of 2021-2031, as per latest study estimates by Persistence Market Research.
Healthy growth is demand for forklift trucks is attributed to fleet size augmentation at industrial facilities as well as warehouse establishments handling commercial cargo and goods. These trucks are used to lay and retrieve loads from storage racks, carry components to assembly lines, and arrange products for more efficient handling in distribution centers and warehouses.
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With hefty investments on new industrial facilities and warehouse distribution centers in emerging countries, especially with the boom of the e-Commerce industry, forklift trucks are poised to become an integral part of intralogistics operations involving material handling activities.
Various product advancements such as development of hydrogen-powered fuel cell forklift trucks are also leading to a good picture for market growth. These variations help drastically reduce carbon emissions while also improving overall operational efficiency. Over the last few years, there has been rise in the usage of electric-driven forklifts, and manufacturers have made extraordinary efforts to outperform internal combustion engines.
Market players are focusing on product launches and mergers / acquisitions to increase their share and profits.
In 2020, Hyundai Material Handling kicked off the introduction of its new 9V diesel forklift truck.
In October 2019, Cargotec announced its plans to merge with Konecranes.
Key Takeaways from Market Study
Forklift trucks with electric motors are expected to be the preferred type amongst end users because of their eco-friendly features and ability to match the handling capacities of conventional forklift trucks.
By class type, class 4&5 forklift trucks are projected to be the leader because of their superior weight handling capabilities.
By region, East Asia is projected to hold the highest share in the market. China is projected to account for nearly 90% of the East Asia market by 2031.
By product type, counterbalance forklift trucks are projected to hold a significant share of the market due to their ability to handle heavier loads than warehouse product types.
Governments across countries have taken steps to improve infrastructure. Forklift demand is increasing as a result of increased real estate investment.
"Shift from fuel-driven vehicles toward battery-operated vehicles is expected to be a major trend in forklift trucks owing to green environment management initiatives undertaken by end users as well as a value proposition for OEMs in product positioning," says a Persistence Market Research analyst.
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Market Landscape Identified to Be Fairly Competitive
The worldwide forklift trucks market is identified to be highly competitive with the influx of tier-1, tier-2, and small-scale vendors operating on regional and global levels.
Some of the key players included in the report are Toyota Material Handling, Kion Group AG, Crown Equipment Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Liuzhou liugong forklift co. LTD, Hangcha Group Co., Ltd., and Anhui HeLi Co., Ltd., BYD, Manitou Group, Kalmar (Cargotec Finland Ojy), Doosan Corporation (Industrial Vehicle), Mitsubishi Nichiyu Forklift Co., Ltd, UniCarriers Forklift, Caterpillar (Cat Lift Trucks), Komatsu Ltd., Hyundai Material Handling, Lonking Machinery Co., Ltd., Konecranes, Sumitomo Heavy Industries, Ltd., V. Mariotti S.r.l., CLARK Material Handling Co., Ltd., JAC Heavy-Duty Construction Machine Co., Ltd., MiMA forklift, AUSA, EP Equipment, Godrej & Boyce (Godrej Material Handling), and Shantui Construction Machinery Co., Ltd.
Over the projection period, planned investments in the establishment of new industrial facilities, including warehouse and storage areas, will call for healthy deployment of forklift trucks.
Additionally, with the burgeoning e-Commerce industry and its infrastructure development programs of storage and distribution centers, the need for forklift trucks for intralogistics processes will heighten. In terms of operation, conventional fuel-driven forklift trucks will be gradually replaced by battery-operated ones, facilitating zero emissions and enhanced efficiency of vehicle locomotion.
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the forklift trucks market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, product type, technology, class, and region.
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