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The global forklift trucks market stood at 1,538 thousand units in 2018 and is projected to reach 2,242.1 thousand units by 2026, exhibiting a CAGR of 5.1% during the forecast period.
The average selling price per unit of the Forklift Trucks ranges from USD 20,000 to USD 115,000.
In recent times, significant growth has been observed owing to the demand for modern material handling equipment. Furthermore, forklift manufacturers are also introducing advanced solutions which include integrating Radio Frequency Identification (RFID) chips to increase productivity and enhance end-user experience by implementing the multiple-tasks approach in a warehouse.
Nowadays, the forklift trucks are not only used for lifting the material but are also used for monitoring and tracking the performance of the operator and also monitoring the mechanical and power systems. Likewise, in current scenarios, the diesel forklift trucks are estimated to have an exponential growth rate over the forecast period ranging from the most simple to the advance manufactured Forklift Trucks that includes electronically controlled engines and GPS communication systems. As a result, with the adoption of advanced technology, there are substantial market opportunities, owing to the efforts of the manufacturers that are indulged in manufacturing forklift trucks that are technologically driven.
Meanwhile, according to the logistics survey report published by BNP Paribas Leasing Solutions, the global forklift market experienced an elevation, owing to the total number of online orders that increase by 14.1% reflecting the shift towards online purchasing. Thus, the growth of the e-commerce industry is also uplifting growth. Besides that, the lift truck market volume sales are increased due to the implicit efforts of the manufacturers and their investments and research and development activities and also the growth in the warehouse as a service (WaaS).
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Industry output, fixed investment spending, power generation, and mining activity are expected to flourish the globe due to the increasing consumer spending and economic growth of the countries. Also, manufacturing and other industries are emphasizing on attracting large amounts of foreign capital, and the government is increasing the construction of the airports, rail networks, power plants, etc. that give rise to the forklift trucks demand. Similarly, a shift towards the adoption of more advanced and expensive machinery at the expense of conventional models is observed in the forklift truck market trend.
Apart from the manufacturers, various truck associations are also participating in taking necessary initiatives that can help to enhance the productivity and safety concerns of the lift trucks operations. It is been observed that the Industrial Truck Association (ITA) in association with its organizations across Asia Pacific and Europe is promoting the development of safer products by organizing engineering and statistical programs.
Further, the association also contribute to training the forklift operators as per the regulations imposed by the Occupational Safety and Health Administration (OSHA) to reduce accidents. Therefore, with the collaboration of the efforts taken by the manufacturers for increasing the production and sales of the forklift trucks and associations concerning the safety operations, there will be minimal market restraints that can hinder the growth of the forklift market over the forecast period.
“Adoption of Electric Lift Truck is driving the Lift Truck Market”
Owing to the growth of technological advancements and considering the rising costs of diesel and other fuel, electric vehicles are gaining momentum in terms of production and revenue sales. Electric forklift trucks provide higher efficiency than the other forklift trucks, and also the components of this machine offer optimal productivity to all its applications. Compared to the internal combustion systems, the performance of AC trucks in parameters such as load-lift ability, ability to negotiate a ramp, acceleration, speed control on-ramps, and braking are gaining attraction of the industries.
Apparently, AC technology has demonstrated a proven ability to match the performance of Internal Combustion (IC) trucks in these criteria, and in some cases, even surpass them. Currently, certain AC trucks have more capability to speed up compared to the IC trucks. Apart from this, a feedback of the spec sheet for Jungheinrich’s 5000 lb. Electric counterbalanced truck shows that it has actually eclipsed the performance specifications of most internal combustion trucks. The industry continues to see growth in the overall electric lift truck category, due to regulations related to emissions, sustainability initiatives and technological advancements in electric lift truck components including batteries.
“Demand of Connected Forklift Trucks is uplifting the Trucking Industry”
Adoption of artificial intelligence, robotics, connected things, etc. are ushering in the new age of automation as machines outperform or match the human performance range of work activities, including ones requiring cognitive capabilities. Considering the materials handling industry’s recent development in automation, real-time responsiveness and end-to-end efficiency are building communication between the management of forklift trucks and people who operate them. Therefore owing to the communication advancements, the growth for the connected Forklift Trucks will gain traction over the forecast period.
“The Class III segment would ensure to generate the highest revenue during the forecast period.”
The Industrial Truck Association (ITA) is responsible for defining the classification of the industrial Forklift Trucks and also is responsible for imposing a set of rules and regulations on the industries using the Forklift Trucks. In this research scope, Class I, Class II, Class III, Class IV and Class V types of forklift trucks are analyzed and revenue is estimated.
The Class III Forklift Trucks are anticipated to hold a significant share in 2018, owing to the demand for the electric Forklift Trucks. Class III Forklift Trucks include the walk-behind trucks and walkie-rider trucks, as well as walk-behind high Forklift Trucks – stackers that allow the transport of loads with a walk-behind operator, but that also lift loads to heights up to approx. 15 feet. Robotic technology is estimated to be used across the Class III Forklift Trucks over the forecast period.
Class V is estimated to have significant growth opportunities followed by Class III as they are ergonomically accepted and are fuel-efficient.
The Class I, Class II, and Class IV have a moderated growth rate over the forecast period as end-users are largely adopting Class III and Class V Forklift Trucks for the various applications.
“Manufacturing is anticipated to exhibit a significant CAGR during the forecast period.”
The industries covered in this scope are mining, logistics, construction, food & beverage, natural resource, manufacturing, others that include agriculture, etc. Forklift Trucks have a significant and higher share across the food and beverage industry. The use of Forklift Trucks is increasing at a higher growth rate owing to the growth of the commercial food and beverage industry. Frequent wash-downs, fast turnaround, cold storage, and corrosive fluids are few reasons food processing facilities and warehouses require superior material handling equipment. Sub-standard or unreliable machines can cause spoiled product, lost productivity and expensive repairs. In such scenarios, Forklift Trucks play an important role in the food and beverage industry.
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The manufacturing industry is projected to grow at the highest CAGR over the forecast. This mainly due to the growing demand for material handling equipment across the manufacturing industry. Natural resources, logistics, mining, construction are anticipated to grow at a moderate growth rate and are expected to have a decent growth over the forecast period.
The lift truck market value and volume are contributed by the revenue and the forklift truck units sold across North America, Asia Pacific, Middle-East Africa and Latin America.
Asia Pacific was pegged at 605.1 Thousand Units in 2018 and is anticipated to emerge dominant in this market during the forecast period. The growth of the region is due to the demand for modern material handling equipment across industries such as construction, mining, food, and beverage, etc. Also, the use of technologically well-versed forklift trucks in this region is gaining maximum traction and supplementing the growth of the truck industry. Additionally, the presence of the companies across China is the major reason for Asia Pacific to dominate the lift truck’s revenue and volume. China has a maximum number of local registered and unregistered players that have a decent presence across the country.
North America is expected to witness the highest growth in this volume sales across the region. This is mainly due to the presence of the prominent players across the U.S. These players are indulged in making heavy investments in adopting the advance and modern Forklift Trucks rather than the conventional Forklift Trucks. Moreover, the demand for the electric lift truck is witnessed majorly across the North America region and is also projected to grow in the same propaganda for the forecast period.
Asia Pacific Forklift Trucks Market Size, 2018
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On the other hand, Europe is projected to witness significant growth in the global forklift trucks market. The high growth countries, including Germany, Spain, and the Netherlands would contribute to the overall sales growth. France and Italy are on the upsurge of adopting the electric Forklift Trucks, which would be a key driver for the trucking industry in the region.
The Middle East and Africa would have moderate growth, owing to the technological developments and growth of the material handling industry in recent years.
“Players like Toyota, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation are more indulged in R&D activities for Forklift Trucks.”
Toyota Material Handling has the highest share in USA owing to its strong customer base and research and development activities and the presence of high manufacturing plants across the country. The company is not only indulged in increasing its sales but is also concerned about the safety of the employees and low operating costs.
For the development of modern Forklift Trucks, Hyster-Yale Materials plays a major role in bringing the connected device technology across the trucking industry. The company is further planning to add a satellite-based global positioning system (GPS) feature to its vision system that will allow the operator to monitor what their Forklift Trucks are doing, where they have been and any faults that have occurred.
The key players are highly focussing on small to medium-sized business buyers, including landscape contractors, mulch suppliers, sod producers and suppliers, residential and commercial contractors, utility contractors, electrical contractors, road building contractors, farms, dairies, and government entities such as public works departments.
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This report provides an elaborative analysis of the global forklift trucks market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.
Value (USD Billion)
Volume (Thousand Units)
Fortune Business Insights says that the volume of the global Forklift Trucks Market was 1538 Thousand Units in 2018.
According to Fortune Business Insights, the lift truck market is expected to reach 2,242.1 Thousand Units in 2026.
Growing at a CAGR of5.11%, the Forklift Trucks Market will exhibit steady growth in the forecast period (2019-2026), owing to the demand of the modern material handling solution and growth of e-commerce industry.
Class III type segment is expected to be the leading segment in Forklift Trucks Market during the forecast period.
Growing demand of the electric Forklift Trucks is driving the Forklift Trucks market
Toyota, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation are the top players in Forklift Trucks Market, due to their business strategies adhering to uplift the market growth.
Asia Pacific is expected to hold the highest market share in the Forklift Trucks Market due to the growth in the developing countries such as China and India.
China is anticipated to hold a significant share for the production and sales of lift trucks owing to the demand of packaging transport and growth in the e-commerce industry wherein the need of material handling equipment is been observed.
The volume of Asia Pacific for fork lift trucks was 605.1 Thousand Units