The advancements in technologies such as the internet of things (IoT), robotics, and analytics are addressing the major problem of cost-efficient and timely delivery of goods for logistics firms. These companies are also heavily investing in automation technologies, including autonomous forklifts, to gain a competitive edge in the forklift market.
The global forklift market was valued at $33,878.7 million in 2019, and it is expected to grow at a CAGR of 2.8% during the forecast period, to reach $42,519.4 million by 2030.
Class 5 Category Held Largest Share in Forklift Market
The forklift market, on the basis of class, is categorized into class 1, class 2, class 3, class 4, and class 5. Among these, the class 5 category accounted for the largest market share, in terms of value, in 2019. Driven by an internal combustion engine (ICE), class 5 forklifts have a high penetration rate in developing countries like China, Brazil, Mexico, and India. They are mostly used in heavy lifting, as they feature pneumatic tires for work environments (such as lumberyards) where the risk of punctures may be greater.
Further, the forklift market is bifurcated into ICE and electric, on the basis of engine type. The electric bifurcation is expected to witness the faster growth, in terms of value, during the forecast period. This is mainly attributed to the increasing requirement for cleaner and eco-friendly forklifts in warehouses and factories. Moreover, the decreasing price of lithium-ion (Li-ion) batteries is supporting the demand for electric forklifts. Furthermore, class 1, 2, and 3 forklifts are low-power vehicles, for which the electric propulsion technology can provide the necessary power.
Globally, APAC, led by China, holds the largest share in the forklift market. The LAMEA region is expected to witness the highest growth rate during the forecast period, with the expanding warehousing sector and increasing industrialization rate in the underdeveloped regional nations.
Amid COVID-19, the growth outlook for 2020 global forklift sales is decelerating, and stable growth is expected only by the last quarter of 2020. World economies saw a steep decline in the overall industrial and automotive sector, as well as in the sales of forklift in the first three months of 2020, which hampered the productivity and resulted in an around 15% decline in global trade. Furthermore, the intense competition amongst peers, unstable material costs, and, most recently, the ban on export and import by various economies to control the COVID-19 pandemic, is expected to result in reduced forklift sales in the short term.
Introduction of Technologically Advanced Products Is Strongest Strategic Measure Taken by Players in Market
Players in the forklift market are consistently focusing on research and development and have been introducing new and innovative forklifts, which are lightweight, environment-friendly, and semi- to fully-automated. For example, in April 2020, Hyster-Yale Materials Handling Inc. expanded its product range with four new trucks, for low-intensity applications, which will be offered by the Yale Europe Materials Handling subsidiary. The range includes two warehouse trucks, the MS15UX pedestrian stacker and the MP20XUX platform pallet truck, and the GP20-35UX and ERP15-35UX counterbalance trucks.
Browse report overview with detailed TOC on "Forklift Market Research Report: By Class (Class 1, Class 2, Class 3, Class 4, Class 5), Product (Counterbalance, Warehouse), Engine Type (Internal Combustion Engine, Electric) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/forklift-market
Similarly, in November 2019, Jungheinrich AG launched the latest version of its electric tow tractor EZS 130 at InterAirport. With a width of merely 600 mm, the truck is designed on a space-saving tugger train, for the maneuvering and transportation of small parts.
Some of the major players operating in the global forklift market are Toyota Industries Corp., KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling Inc., Crown Equipment Corp., Mitsubishi Logisnext Co. Ltd., Anhui Forklift Truck Group Corp., Hangcha Group Co. Ltd., Komatsu Ltd., and Doosan Corp.