Overview
Forklift Trucks Market is
forecast to reach $67.1 billion by 2025, at a CAGR of 6.7% during 2020-2025. Increased
demand
from the various industry verticals such as retail, ecommerce, automotive,
consumer goods and many other industries for loading and unloading of
components and delivery of components from manufacturing area to assembly line
and positioning of loads are the major reason which is increasing the sales of
the market. In 2018, according to the World Industrial Truck
Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased
from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. Similarly, North America has seen rise
in the sales of these trucks across various verticals. Such increase in sales
will drive the market in the forecast period.
Report Coverage
The report: “Forklift Truck Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Forklift truck Market.
Key Takeaways
- Asia-Pacific dominates the Forklift Market owing due to rapid urbanization and industrialization and stringent regulatory norm on reducing environmental footprints.
- Electric Forklift trucks market is growing at highest CAGR of 5.5% due to rising deployment of advanced electrification technology in modern industries and due to increased demand for operational efficiency
- Forklift trucks is likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels.
- Major players in Forklift trucks are Anhui Heli Co Ltd, Clark Material Handling Company, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, and Toyota Industries Corporation.
By Fuel Type - Segment Analysis
Electric powered Forklift market
case is likely to register faster growth due to rising deployment of advanced
electrification technology in modern industries. Increased demand for operational
efficiency and the presence of strict regulations for reducing carbon emissions
is driving the market for Electric Forklift segment. For instance in
2018, Environmental protection agency (EPA) made stringent rules to regulate
engine emission in North America. Similarly India made commitment to reduce its
carbon emission by 24% by 2020. These regulations are aiming at lowering down
CO2 emissions. So, most of the manufacturers are deploying Electric powered
Forklift with advanced technology in their manufacturing units for maximum
efficiency and output.
End User - Segment Analysis
Retail & Logistics segment is
estimated to grow at a highest CAGR of 6.54% during the forecast period 2020-2025.
Owing to the immense change in the transportation and logistics industries,
utilized for independent movement, lifting, and placement of discrete loads in
a specific facility. To move the heavyweight objects the powered vehicles such
as Forklift trucks are utilized by the manufacturing and production utilities.
On the other hand the global market for Forklift trucks is likely to benefit
immensely from the rapidly growing e-commerce sector around the world and with
the technological advancement and economic level, the forklift truck is likely
to grow over the forecast period.
Geography - Segment Analysis
In 2018, APAC dominated the Forklift Truck market share
with more than 35.52%, followed by North America and Europe. The economy of APAC is majorly influenced by the
countries such as China and India. In these countries, with the rapid growth of
urbanization and industrialization there is rise in sales of forklift trucks in
various industry verticals such as e-commerce, retail and
construction. For Instance according to the World Industrial Truck
Statistics (WITS) in 2018, Orders of forklift trucks in Asia Pacific increased
from 0.56 million in 2017 to 0.63 million in 2018, with a surge of 12.15%. On the other hand the development of technologically advanced Forklift
trucks in this region will enable an increase in the lift trucks market size in
the forecast period.
Drivers –Forklift Market
- Increasing Trend in E-Commerce and Warehouse Segment
The global market for Forklift trucks is likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels. E-Commerce is growing rapidly due to various technological advancements and rise in the usage of internet and smart phones. For Instance, E-commerce industry business value is anticipated to grow at a rate of 256% with a market value of $4.9 trillion by 2021. Forklift trucks which are widely deployed in these industries for various applications are likely to get benefitted from this and thereby increasing the demand for the market in the forecast period.
Advancement in technologies
Advancements in
technology for forklift is driving the market in the forecast period. For
instance Quarion Technology Inc. developed tracking and control
technology for forklift trucks similarly, Crown Equipment Corporation launched a new forklift,
the Crown WAV 60 Series, which offers higher levels of safety,
efficiency and flexibility than previous models. In addition to this adoption of automated forkhoist trucks have a number
of advantages for warehouses as they free up operators to perform other tasks
while the forklift performs mundane or routine jobs. As a result, these lift
truck can lead to higher productivity within the warehouse with less error
picks thereby increasing profits and leading to operators who are more occupied
and engaged.
Challenges – Forklift Market
- Limited number of manufacturers of special components
Forklift truck OEM is
reliant on a limited number of suppliers compared with the requirement of the
equipment in some of the major regions. On the other hand critical components
used in different types of trucks, such as diesel, petrol and alternative fuel
engines are imported and controlled, especially with regard to the regular
inspection by U.S. customs of such items. The outcome of the procedure is
predicted to have an adverse effect if these critical components cannot be
obtained by the company and the cost of the component is expected to increase
due to regulatory compliance in the forecast period. All these factors will
hinder the market growth in the forecast period.
Market Landscape
Partnership,
acquisitions and technology launches are key strategies adopted by players in
the Forklift Market Market. In 2018, the market of Forklift truck industry
outlook has been consolidated by the top five players accounting for 55% of the
market share. Forklift
Truck top 10 companies include Anhui Heli Co Ltd, Clark
Material Handling Company, Crown Equipment Corporation, Doosan Corporation
Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing
Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc,
Hyundai Heavy Industries Co Ltd, Jungheinrich Ag, Kion Group Ag, Komatsu Ltd,
Lonking Holdings Limited, Mitsubishi Logisnext Co Ltd, and Toyota Industries
Corporation.
Acquisitions/Technology Launches
- In April 2019 - JBT Corporation, a global technology provider announced that it is bringing a new dual-mode AGV to the market in cooperation with Hyster-Yale Materials Handling. The collaboration will help JBT to demonstrate its automated guided vehicle prowess and its commitment to delivering automation to customers around the world with Hyster-Yale on a dual-mode, double-deep pantograph reach forklift truck.
- In April 2019 - OTTO Motors, a division of Clearpath Robotics announced the launch of OTTO 750, the first self-driving vehicle for material handling with a payload of 750 kg. It is designed to move pallet-scale loads which would help factories to transport materials. The three standard methods each have different maximum payloads, 100 kg for a cart pushed by a human, 750 kg for a pump truck, and 1500 kg for a forklift.
LIST OF TABLES
1.Global Forklift Truck Market, By Class Market 2019-2024 ($M)1.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Global Industry Research
1.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Global Industry Research
1.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Global Industry Research
1.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Global Industry Research
1.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Global Industry Research
2.Global Forklift Truck Market, By Power Source Market 2019-2024 ($M)
2.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Global Industry Research
2.2 Electric-Powered Engine Market 2019-2024 ($M) - Global Industry Research
3.Global Forklift Truck Market, By End User Market 2019-2024 ($M)
3.1 Retail Wholesale Market 2019-2024 ($M) - Global Industry Research
3.2 Logistics Market 2019-2024 ($M) - Global Industry Research
3.3 Automotive Market 2019-2024 ($M) - Global Industry Research
3.4 Food Industry Market 2019-2024 ($M) - Global Industry Research
4.Global Forklift Truck Market, By Product Type Market 2019-2024 ($M)
4.1 Warehousing Equipment Market 2019-2024 ($M) - Global Industry Research
4.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Global Industry Research
5.Global Forklift Truck Market, By Class Market 2019-2024 (Volume/Units)
5.1 Electric Motor Rider Truck Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Electric Motor Narrow Aisle Truck Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Electric Motor Hand Truck Market 2019-2024 (Volume/Units) - Global Industry Research
5.4 Internal Combustion Engine Truck Market 2019-2024 (Volume/Units) - Global Industry Research
5.5 Electric Internal Combustion Engine Tractor Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Forklift Truck Market, By Power Source Market 2019-2024 (Volume/Units)
6.1 Internal Combustion Engine Power Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Electric-Powered Engine Market 2019-2024 (Volume/Units) - Global Industry Research
7.Global Forklift Truck Market, By End User Market 2019-2024 (Volume/Units)
7.1 Retail Wholesale Market 2019-2024 (Volume/Units) - Global Industry Research
7.2 Logistics Market 2019-2024 (Volume/Units) - Global Industry Research
7.3 Automotive Market 2019-2024 (Volume/Units) - Global Industry Research
7.4 Food Industry Market 2019-2024 (Volume/Units) - Global Industry Research
8.Global Forklift Truck Market, By Product Type Market 2019-2024 (Volume/Units)
8.1 Warehousing Equipment Market 2019-2024 (Volume/Units) - Global Industry Research
8.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 (Volume/Units) - Global Industry Research
9.North America Forklift Truck Market, By Class Market 2019-2024 ($M)
9.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Regional Industry Research
9.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Regional Industry Research
9.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Regional Industry Research
9.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Regional Industry Research
9.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Regional Industry Research
10.North America Forklift Truck Market, By Power Source Market 2019-2024 ($M)
10.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Regional Industry Research
10.2 Electric-Powered Engine Market 2019-2024 ($M) - Regional Industry Research
11.North America Forklift Truck Market, By End User Market 2019-2024 ($M)
11.1 Retail Wholesale Market 2019-2024 ($M) - Regional Industry Research
11.2 Logistics Market 2019-2024 ($M) - Regional Industry Research
11.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
11.4 Food Industry Market 2019-2024 ($M) - Regional Industry Research
12.North America Forklift Truck Market, By Product Type Market 2019-2024 ($M)
12.1 Warehousing Equipment Market 2019-2024 ($M) - Regional Industry Research
12.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Regional Industry Research
13.South America Forklift Truck Market, By Class Market 2019-2024 ($M)
13.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Regional Industry Research
13.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Regional Industry Research
13.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Regional Industry Research
13.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Regional Industry Research
13.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Regional Industry Research
14.South America Forklift Truck Market, By Power Source Market 2019-2024 ($M)
14.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Regional Industry Research
14.2 Electric-Powered Engine Market 2019-2024 ($M) - Regional Industry Research
15.South America Forklift Truck Market, By End User Market 2019-2024 ($M)
15.1 Retail Wholesale Market 2019-2024 ($M) - Regional Industry Research
15.2 Logistics Market 2019-2024 ($M) - Regional Industry Research
15.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
15.4 Food Industry Market 2019-2024 ($M) - Regional Industry Research
16.South America Forklift Truck Market, By Product Type Market 2019-2024 ($M)
16.1 Warehousing Equipment Market 2019-2024 ($M) - Regional Industry Research
16.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Regional Industry Research
17.Europe Forklift Truck Market, By Class Market 2019-2024 ($M)
17.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Regional Industry Research
17.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Regional Industry Research
17.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Regional Industry Research
17.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Regional Industry Research
17.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Regional Industry Research
18.Europe Forklift Truck Market, By Power Source Market 2019-2024 ($M)
18.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Regional Industry Research
18.2 Electric-Powered Engine Market 2019-2024 ($M) - Regional Industry Research
19.Europe Forklift Truck Market, By End User Market 2019-2024 ($M)
19.1 Retail Wholesale Market 2019-2024 ($M) - Regional Industry Research
19.2 Logistics Market 2019-2024 ($M) - Regional Industry Research
19.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
19.4 Food Industry Market 2019-2024 ($M) - Regional Industry Research
20.Europe Forklift Truck Market, By Product Type Market 2019-2024 ($M)
20.1 Warehousing Equipment Market 2019-2024 ($M) - Regional Industry Research
20.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Regional Industry Research
21.APAC Forklift Truck Market, By Class Market 2019-2024 ($M)
21.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Regional Industry Research
21.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Regional Industry Research
21.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Regional Industry Research
21.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Regional Industry Research
21.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Regional Industry Research
22.APAC Forklift Truck Market, By Power Source Market 2019-2024 ($M)
22.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Regional Industry Research
22.2 Electric-Powered Engine Market 2019-2024 ($M) - Regional Industry Research
23.APAC Forklift Truck Market, By End User Market 2019-2024 ($M)
23.1 Retail Wholesale Market 2019-2024 ($M) - Regional Industry Research
23.2 Logistics Market 2019-2024 ($M) - Regional Industry Research
23.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
23.4 Food Industry Market 2019-2024 ($M) - Regional Industry Research
24.APAC Forklift Truck Market, By Product Type Market 2019-2024 ($M)
24.1 Warehousing Equipment Market 2019-2024 ($M) - Regional Industry Research
24.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Regional Industry Research
25.MENA Forklift Truck Market, By Class Market 2019-2024 ($M)
25.1 Electric Motor Rider Truck Market 2019-2024 ($M) - Regional Industry Research
25.2 Electric Motor Narrow Aisle Truck Market 2019-2024 ($M) - Regional Industry Research
25.3 Electric Motor Hand Truck Market 2019-2024 ($M) - Regional Industry Research
25.4 Internal Combustion Engine Truck Market 2019-2024 ($M) - Regional Industry Research
25.5 Electric Internal Combustion Engine Tractor Market 2019-2024 ($M) - Regional Industry Research
26.MENA Forklift Truck Market, By Power Source Market 2019-2024 ($M)
26.1 Internal Combustion Engine Power Market 2019-2024 ($M) - Regional Industry Research
26.2 Electric-Powered Engine Market 2019-2024 ($M) - Regional Industry Research
27.MENA Forklift Truck Market, By End User Market 2019-2024 ($M)
27.1 Retail Wholesale Market 2019-2024 ($M) - Regional Industry Research
27.2 Logistics Market 2019-2024 ($M) - Regional Industry Research
27.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
27.4 Food Industry Market 2019-2024 ($M) - Regional Industry Research
28.MENA Forklift Truck Market, By Product Type Market 2019-2024 ($M)
28.1 Warehousing Equipment Market 2019-2024 ($M) - Regional Industry Research
28.2 Internal Combustion Engine-Powered Counterbalance Truck Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Forklift Truck Market Revenue, 2019-2024 ($M)2.Canada Forklift Truck Market Revenue, 2019-2024 ($M)
3.Mexico Forklift Truck Market Revenue, 2019-2024 ($M)
4.Brazil Forklift Truck Market Revenue, 2019-2024 ($M)
5.Argentina Forklift Truck Market Revenue, 2019-2024 ($M)
6.Peru Forklift Truck Market Revenue, 2019-2024 ($M)
7.Colombia Forklift Truck Market Revenue, 2019-2024 ($M)
8.Chile Forklift Truck Market Revenue, 2019-2024 ($M)
9.Rest of South America Forklift Truck Market Revenue, 2019-2024 ($M)
10.UK Forklift Truck Market Revenue, 2019-2024 ($M)
11.Germany Forklift Truck Market Revenue, 2019-2024 ($M)
12.France Forklift Truck Market Revenue, 2019-2024 ($M)
13.Italy Forklift Truck Market Revenue, 2019-2024 ($M)
14.Spain Forklift Truck Market Revenue, 2019-2024 ($M)
15.Rest of Europe Forklift Truck Market Revenue, 2019-2024 ($M)
16.China Forklift Truck Market Revenue, 2019-2024 ($M)
17.India Forklift Truck Market Revenue, 2019-2024 ($M)
18.Japan Forklift Truck Market Revenue, 2019-2024 ($M)
19.South Korea Forklift Truck Market Revenue, 2019-2024 ($M)
20.South Africa Forklift Truck Market Revenue, 2019-2024 ($M)
21.North America Forklift Truck By Application
22.South America Forklift Truck By Application
23.Europe Forklift Truck By Application
24.APAC Forklift Truck By Application
25.MENA Forklift Truck By Application
26.Anhui Forklift Group Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Crown Equipment Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Hangcha Group Co., Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Hyster-Yale Material Handling, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Jungheinrich Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Kion Group Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Komatsu Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Mitsubishi Nichiyu Forklift Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Toyota Industry Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)