Forklift trucks are heavy-duty electric lift trucks that are used to lift and carry large objects over short distances, such as containers, crates, and other similar items.
Covid 19 Impact & Market Status
To combat the spread of the COVID-19 epidemic, numerous forklift manufacturers have either suspended or drastically reduced their production capacity. Because governments in several nations applied tight lockdown measures, corporations in the automotive, manufacturing, logistics, and materials handling industries, among others, shut down their factories. Border restrictions and traffic delays are also likely to cause supply chain problems. Because governments in several nations applied tight lockdown measures, corporations in the automotive, manufacturing, logistics, and materials handling industries, among others, shut down their factories. As a result of these circumstances, demand for forklift trucks has decreased in a number of nations. Border restrictions and traffic delays are also likely to cause supply chain problems.
Rise of Infrastructure Industry
Various countries' governments have pursued infrastructure development projects. Telehandler demand is being boosted by increased real estate investment. Parallel to this, the expanding economies of emerging nations like China, Australia, and Indonesia have led to large a foreign investment, which has increased the need for forklift trucks across numerous industries. China, for example, invested $163 billion on infrastructure in January 2019 to offset the economic slowdown. China's latest development projects include two big airports and railway terminals. Construction of highways, bridges, flyovers, and class 4 necessitates the handling of bulky and large cargoes, muck removal, precast segment handling, and class 4. Forklift trucks are used to transport big or bulk items, increasing efficiency and lowering project operating costs. As a result, increased infrastructure investment pulls the global forklift truck market forward.
Increase of Safety Related Issues
Over the last several years, the number of forklift truck accidents has skyrocketed, going from roughly 1,000 per year to 1,300 per year. Drivers or pedestrians who stepped out of the car account for more than half of those wounded. Furthermore, the forklift is one of the most dangerous vehicles used in the workplace since it is constantly used near humans. Particularly when operated and loaded improperly, it is more prone to become unstable. According to the OSHA (Occupational Safety and Health Administration), accidents involving forklifts resulted in 85 fatalities and 34,900 serious injuries. The National Institute for Occupational Safety and Health (NIOSH) reports that the most frequent injuries in forklift accidents are operator falls from forklift, forklift rolls or flips, and personnel are hit, crushed, or pinned by a forklift. In addition, 10 percent of the 840,000 forklifts in operation in the US are involved in an accident.
E-commerce developments are propelling the worldwide forklift truck industry forward.
These trucks may be found at dockyards, warehousing operations, and recycling operations, where they perform jobs including loading and unloading commodities from automobiles and transferring packaged goods across the storage space. Additionally, internal combustion engines or electric batteries are routinely used to power forklifts. Forklifts are classified into a variety of classes based on their weight and attributes, including class 1, class 2, class 3, class 4, and so on. These vehicles also come with a variety of attachments, such as platforms and grippers, to make item handling easier and save operating expenses.
Furthermore, increased infrastructure investment is expected to drive market development. However, the rise in forklift truck safety concerns is impeding market growth. Additionally, the production of hydrogen fuel cell forklifts and the development of autonomous forklift trucks present huge potential growth opportunities for forklift truck producers.
From 2020 to 2029, the worldwide forklift truck market is expected to grow at a CAGR of 7.3 percent, from $45.01 billion in 2022 to $81.40 billion in 2029. In terms of revenue, Asia-Pacific led the global forklift truck market in 2019, and LAMEA is expected to rise at a rapid pace throughout the forklift truck industry.
The leading companies profiled in the forklift truck market report include Hangcha, Mitsubishi Logisnext Co., Ltd., Hyster-Yale Material Handling, Inc., EP Equipment, Crown Equipment Corporation, Jungheinrich AG, Kion Group AG, Lonking Machinery Co., Ltd., Komatsu Ltd., Toyota Industries Corporation, and others.
Latest Innovation in the Forklift Trucks Market: A Snapshot
- Electric powered forklifts have become more popular in recent years, and manufacturers are putting up extraordinary efforts to outperform internal combustion (IC) engines. Furthermore, environmental concerns and the scarcity of natural resources such as natural gas, oil, and coal have increased the demand for long-term and sustainable renewable energy solutions. Hydrogen fuel is a spectacular solution for conventional ways of powering equipment and machinery in material handling equipment, industries, and cars.
- Trucks equipped with hydrogen fuel cells are more environmentally friendly, reducing air pollutants, noise emissions, and carbon emissions. Leading forklift truck manufacturers are releasing new ranges of forklifts with fuel cell technology as a result of the benefits given by fuel cell forklifts, resulting in significant growth for industry participants.
- For example, during ProMat 2019, Toyota Material Handling, one of the major forklift truck manufacturers, unveiled a new three-wheeled fuel cell forklift with a variety of environmental and performance advantages. As a result, the manufacture of hydrogen fuel cell forklifts represents a profitable market expansion prospect.
Forklift Trucks Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 81.40 billion|
|Growth Rate||CAGR of 7.4 % during 2021-2028|
|Segment Covered||Type, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Hangcha, Mitsubishi Logisnext Co., Ltd., Hyster-Yale Material Handling, Inc., EP Equipment, Crown Equipment Corporation, Jungheinrich AG, Kion Group AG, Lonking Machinery Co., Ltd., Komatsu Ltd., Toyota Industries Corporation, and others.|
Key Segments of the Forklift Trucks Market
Type Overview, 2022-2029 (USD Billion)
- Class I
- Class II
- Class III
- Class IV
- Class V
End-User Overview, 2022-2029 (USD Billion)
- Retail & Wholesale
- Food Industry
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa