Forklift Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share& Forecast, 2016 – 2024
Report ID: GMI1371
Forklift Market size is anticipated to benefit from increasing manufacturing and e-commerce activities, and the need for warehousing operations in these facilities. Huge warehousing spaces have mandated machine utilization for transferring heavy goods to ensure efficient productivity and reduce mishandling. Increasing adoption of fast charging batteries in trucks to help end users overcome long distance barriers, reduce the downtime and improve productivity is estimated to fuel the overall forklift market growth. Electric or battery operated trucks are expected witness increased adoption rates due to their growing applications across various verticals.
Inadequacy of critical component suppliers and lack of skilled operators pose considerable threat to forklift market growth. OEMs are highly dependent on suppliers for critical components such as cockpit controls, tilt cylinders, overhead guards and load backrest used in these utilities. Owing to the regulatory compliances in imports, and difficulty in procuring of these components, cost of critical components is expected to increase in upcoming years. Moreover, lack of skilled workforce for efficient functioning have led to increased reports of workplace fatalities. According to national safety council in US, forklifts accidents find second position in private sector workforce fatalities and accounted for more than 30,000 injuries in 2015. Thus, lack of skilled workforce and increasing incidences endangering human lives are expected to hamper the overall forklift market growth.
Consumers have gained increased inclination towards hydrogen powered trucks owing to its cost effective and environment friendly characteristics. Trucks enabled with these fuel cell technologies are featured with benefits such as reduced needs for battery replacements, smooth operating at freezing temperatures and high speed. Moreover, hydrogen refueling approximately requires two minutes, however, traditional lead acid battery changing requires around 15 minutes, thus saving huge wastage of time in shift operations. Such advancements in fuel to save expenses are anticipated to present potential growth landscape over the forecast timeframe. For instance, in July 2006, Wal-Mart started using these hydrogen fuel forklift trucks in its distribution center in Washington Court House, Ohio.
Based on class, the forklift market is segmented into class I, class II, class III, class IV and class V trucks. These include all types of electric motor rider, electric motor narrow aisle, electric motor hand truck, internal combustion engine (ICE), electric combustion engine tractors and rough terrain trucks. Class 3 type trucks are projected to witness highest CAGR over the forecast timeline owing to its major applications in warehouse & material handling departments and relatively higher efficiency than internal combustion forklifts. Largest share in terms of volume was held by trucks, with capacities less than 5 ton. These included Internal Combustion Engine(ICE) trucks and battery electric trucks, having the highest penetration in forklift market segment.
Based on end users, forklift market size is categorized into food, electrical, retail & wholesale, chemical, logistics and automotive. Wholesale & retail distribution segment is projected to witness high demands owing to increased transportation activities across different regions and surplus goods stocking generating the requirement for distributors to increasingly deploy forklifts. Battery operated trucks are highly used in retail segment due to its high efficiency.
Asia Pacific forklift market dominated the accounting for over 40% of the industry share in 2015. China accounted for approximately 25% share in terms of volume, is anticipated to exhibit an exponential growth owing to factors such as presence of large number of production facilities, heavy logistics activities, economy growth and high adoption of technological advancements. This will lead to significant growth of regional sector.
Europe forklift market share accounted for around 30% and is anticipated to witness significant growth opportunities over the forecast timeframe. Increased in demand for battery operated trucks and growth in warehouse segment are major contributors for market growth. Europe held the largest forklift market share in wholesale & retail distribution segment owing to highest utilization of electric vehicles in the segment. North America is expected to witness stagnant growth over the coming few years owing to its steady economic recovery after recession. Lack of abundant workforce, emphasis on emission reduction are expected to present potential growth opportunities over the forecast timeframe.
Some forklift market players include KION Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale Material handling Inc and Mitsubishi Nichiyu Forklift Corporation. Major forklift market manufactures are focusing on extending product portfolios, acquisitions, and collaborations to capitalize on the growing opportunities across multiple end user verticals. For instance, KION acquired handling automation division of Egemin Group. This division will help the company to offer enhanced services for automatic guided vehicles, automated warehouse systems and in-floor chain conveyors. Hyster- Yale acquired installation and distribution business of Speedshield Tech. Pvt Ltd in the U.S. This acquisition was to extend the company’s business activities outside Australia.
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