by The Forklift Truck market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forklift trucks are motorized vehicles which are used to lift and move materials over short distances in factories, warehouses and distribution centers. These trucks make use of electro-hydraulic counterbalanced mechanisms and serve to lift loads up-to 11000 lbs. They find uses in critical operations such as loading, unloading, stacking and palletizing.
Market Dynamics:
Rising adoption of electric vehicles across industries is expected to drive growth of electric forklift trucks over the forecast period. Electric forklifts offer advantages such as lower operating costs and reduced carbon emissions over gasoline/diesel variants. Moreover, stringent emission norms in several countries are compelling industries to shift towards electric equipment. Another major driver is rapid growth of the e-commerce industry which is fueling demand for forklifts from warehouses and logistics centers. However, high initial investment costs associated with electric forklifts remains a major challenge for widespread adoption.
SWOT Analysis
Strength: Forklift trucks offer an economical and efficient solution for material handling applications in diverse industries like e-commerce, automotive, food and beverage etc. Forklift trucks have a high load capacity and can lift loads up to several tons. Forklift trucks have advanced features like load sensors, cameras and controls which enhance safety, productivity and efficiency.
Weakness: Forklift trucks require high maintenance costs due to wear and tear of components from continuous operation. The upfront costs of forklift trucks are also high. Operators require proper training to safely operate forklift trucks to avoid injuries and accidents.
Opportunity: Growth of the e-commerce & logistics industry will boost demand for forklift trucks for warehouse applications. Stringent regulations regarding workplace safety are increasing adoption of advanced safety features in forklift trucks. Expanding construction and manufacturing sectors in developing nations offer huge growth opportunities.
Threats: Volatility in raw material prices can increase the overall costs of forklift trucks. Trade wars and economic slowdowns impact capital spending on material handling equipment. Electric and fuel cell powered trucks pose a competitive threat due to their low emissions and operating costs.
Key Takeaways
The Global Forklift Truck Market is expected to witness high growth, exhibiting CAGR of 11. % over the forecast period, due to increasing investments in warehouse automation and expansion of the e-commerce sector. Growth of the logistics industry is also propelling demand for forklift trucks.
Regional analysis
The Asia Pacific region dominates the global forklift truck market with a share of over 40%, led by China, India and Japan. Rapid industrialization and infrastructure growth are driving demand. North America and Europe are other major markets owing to strong manufacturing and construction industries. Growth in Latin America and Middle East & Africa will be supported by rising construction of warehouses and factories.
Key players
Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
