Global Forklift Market; By Class By Power Source as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Forklifts are in high demand because of the growing global e-commerce industry and shifts in warehouse management over the past few years. Forklifts are used to lift heavy loads and get through tight spaces. The major contributors to the market’s expansion are these.

As the number of construction projects around the world grows, so does the need for forklifts that can move heavy construction supplies over long distances and operate in difficult terrain.

Driving Factors

To Increase Operational Efficiency, There is a Growing Demand for Automated and Lean Warehouses.

Lean warehouses reduce the use of resources and increase productivity. A lean warehouse, for example, is designed to prevent the unnecessary movement of empty forklifts, improper material handling, storage practices, and bottlenecks at loading/unloading zones. Automated forklifts can automate warehouse automation by automatically moving and picking up/dropping materials.

The development of autonomous forklifts is one of the main reasons for the rapid growth in the automated warehouses market. Because it requires minimal infrastructure, autonomous forklift-driven warehouse automation has become very popular.

Automated forklifts equipped with detection sensors can increase the efficiency of retail warehouses by up to 20%. Due to the increasing complexity of manufacturing and warehousing, labor constraints, and growing concerns about safety and health in production areas and storage facilities, flexible and cost-effective material handling solutions are needed.

Autonomous forklifts can be used in manufacturing plants to perform repetitive tasks like storing and retrieving inventory. Skilled labor is required to minimize product damage and spillages. Automated warehouses are more stable, productive, and efficient than manual ones.

Restraining Factors

Increasing Demand for Stacker Cranes

Rack systems make use of stacker cranes for the storage and retrieval of pallets. These cranes have several operational advantages, including the ability to maneuver in narrow aisles, as opposed to the space required by a forklift.

While stacker cranes can make it easier to store and retrieve goods at a higher vertical height, forklifts typically perform the same function. Stacker cranes are supported by the racks in warehouses without the need for additional structures.

In addition, there is no risk of the system tipping over due to the structure’s inherent safety, which includes a crane mounted on racks. The demand for stacker cranes has significantly increased as a result of these benefits. Single-column stacker cranes are made to pick and store items quickly and precisely. The loading platform is contained between two columns on double-column stacker cranes, allowing for higher load capacities.

The use of automated storage and retrieval systems (ASRS) has grown as a result of the growing demand for automated warehouses to cut down on human error and increase operational efficacy. Stacker cranes are now used more frequently in a variety of industries as a result of this.

Growth Opportunities

Modular Solutions to Optimize Customer Productivity

For general material handling tasks, forklifts are made. However, the requirements of each customer vary. Customers who are also the owners and operators of their forklifts, for instance, expect a more spacious and opulent cabin. Customers whose operations are more traditional necessitate a more conventional product; however, mass-producing forklifts with such particular requirements is not an option.

If manufacturers fail to meet customer needs, they may even lose business. To get around this, customers can get modular solutions that can be customized to meet their specific needs and increase productivity. Customers should be able to meet their requirements more easily with these modular products.

Customers can, for instance, select an electric powertrain with a larger battery capacity for their forklifts if they require them to operate for additional shifts or even throughout the day. In the long run, this lowers the total cost of ownership and boosts productivity. Customers benefit from the appropriate features at the appropriate price and make use of them in the appropriate applications.

Latest Trends

Demand for Connected Forklift Trucks to Uplift the Industry

adoption of robotics, artificial intelligence, connected objects, etc., are ushering in a new era of automation as machines outperform or match human performance in a variety of work tasks, including those that require cognitive skills.

Taking into account the materials handling industry’s recent advancements in automation, real-time responsiveness, and complete efficiency, operators, and management of forklifts have established a connection. As a result, the development of connected lift trucks will gain momentum over the forecast period as a result of advancements in communication.

By Type Analysis

The Industrial Truck Association (ITA) is in charge of defining the classification of industrial forklift trucks by type and is also in charge of enforcing a set of rules and regulations on the industries that employ these trucks. The types of Class I, Class II, Class III, Class IV, and Class V are examined and estimated in this research scope. Class III will likely hold a substantial share of 2022’s electric truck market due to increased demand. All three types of Class III trucks are the walk-behind truck and walkie-rider truck.

They can be used to transport loads and can lift loads to approximately. 15 feet. It is expected that robotic technology will be used throughout Class III during the forecast period. Due to their fuel efficiency and ergonomic acceptance, Class V is expected to have a significant growth opportunity, followed by Class III. The growth rates of Class I, II, and IV will slow over the forecast period as end users adopt Class III trucks for different applications.

The market was dominated by the class 3 segment, which accounted for 39.70% of the total revenue in 2022. It is expected to continue being dominant over the forecast period. Forklifts of class 3 include electric warehouse pedestrian trucks, pallet jacks, and other vehicles. Their lower maintenance and base costs have led to increased demand in warehouses and distribution centers.

By Power Source Analysis:

In 2022, the electric segment had a roughly 66.45% share of the revenue. Forklifts powered by gasoline or diesel are environmentally unfriendly alternatives to electricity. Additionally, compared to vehicles powered by domestic combustion engines, the costs of maintaining an electric vehicle are lower.

The sale of vehicles with combustion engines is currently being phased out in several nations around the world, including France, India, and the United Kingdom. Throughout the forecast period, it is anticipated that the demand for electric vehicles will be driven by the advantages of using them and favorable government initiatives.

Due to strict environmental regulations in developed nations, the internal combustion segment will see moderate growth over the forecast period. Many regulations are being imposed by governments in developed and developing nations to reduce carbon emissions. This encourages OEMs and factory owners alike to switch to electric or gasoline-powered vehicles.

Demand for fuel-cell-powered vehicles is expected to rise as a result of rapid technological advancements that have led to improvements like increased reliability, increased power, and lower emissions of greenhouse gases. To stay ahead of the competition, vendors in this sector, such as Ballard Power Systems, Hexagon Purus, and Toyota Industries Corporation, are implementing such technology.

By Application Analysis:

The largest segment, retail & wholesale application, is anticipated to expand at a CAGR of 8.1% from 2023 to 2032. There is a higher demand in the market due to the more frequent loading and unloading procedures seen in the application sector. The automotive industry’s heavy work habits are expected to grow at the fastest rate with a CAGR of 10.20% during the projection period.

Forklift Market Key Market Segments:

Based on Class

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5

Based on the Power Source

• Internal Combustion Engine
• Electric

COVID-19 Impact Analysis

Halt on Transportation, Logistics & Manufacturing Activities to Fall Forklift Market

The unexpected spread of the COVID-19 pandemic caused several activities, including the supply chain and logistics industry, to be put on lockdown. COVID has had a significant impact on the manufacturing sector because the virus has spread to other major industrialized nations in addition to China, India, and Germany.

The demand for lift trucks is expected to remain stable as manufacturing is expected to regain its momentum in the coming years. However, where manufacturing plants have been established, the sourcing of crucial components may be delayed.

In the event of a prolonged shutdown, customers are expected to delay deal closure, particularly those in the manufacturing and logistics sectors, which account for approximately 10% of global revenue. Since the industry’s manufacturing and assembly units are shut down for an extended period, there will be fewer lift trucks available to businesses that require specialized solutions. resulting in a decrease in anticipated global revenue growth.

Regional Analysis

Asia Pacific dominated the forklift market in 2022. It contributed more than 37%. The market is expected to grow steadily over the forecast period. This is due to the growing preference for plant automation by manufacturers. Forklifts can also improve the operational efficiency of production processes and workflow, as well as streamline distribution activities throughout the supply chain.

Some regional companies are focusing on new products to increase their customer base and draw new customers. It is expected that Europe will be a major market share in the global market due to its rapid urbanization and growing demand from chemical and food producers.

In addition, rising construction activity in countries like France, Germany, and the United Kingdom is driving the growing demand for forklifts to be used in operations such as unloading pallets, steel beams, and other construction materials.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

A greater number of manufacturers hold a larger share of the global forklift market’s share. To introduce robust forklift trucks to the market, suppliers and manufacturers of forklift trucks are utilizing cutting-edge technologies. Major strategies utilized by key players include product portfolio expansion and mergers and acquisitions.

Products are being developed by original equipment manufacturers (OEMs) such as Godrej & Boyce, Guangxi LiuGong Machinery Co., Ltd., Komatsu Ltd. Toyota Material Handling, and others to meet the shifting requirements of warehouse and dockyard owners.

Manufacturers of the multi-direction forklift market stand to benefit financially from the research and development of an autonomous and infrastructure-free forklift market that enables simple and automated maneuvering.

Market Key Players:

Listed below are some of the most prominent forklift industry players.

• Toyota Material Handling, INC.
• Mitsubishi Logisnext Co., Ltd
• Hyundai Heavy Industries Ltd
• Kion Group AG
• Anhui Heli Co. Ltd
• Crown Equipment Corporation
• Godrej & Boyce Group
• Komatsu Ltd
• Doosan Corp.
• CLARK Material Handling Co.
• Other Key Players

Recent Developments:

• In September 2022, Toyota Industries Corporation launched an autonomous lift truck. It features the first AI-based technology to automatically identify the location of trucks and loads and generates travel routes for loading operations.
• In January 2022, VisionNav Robotics introduced vision-guided, fully automated forklift trucks and intelligent operating systems to the European market.

Report Scope: