Forklift Truck Market, Size, Share, Growth, Opportunity and Forecast, 2021-2028 | DataM Intelligence

Texarkana, Arkansas Aug 11, 2021 (Issuewire.com) – Market Overview

Forklift trucks are powered commercial lifting vans which are used to load, transport, unload goods, and moving materials over short distances. These vehicles are comprised of 2 power-operated horizontal prongs that can be raised and decreased for acting the operations along with loading, transporting, unloading goods, and transferring substances. The forklift trucks are majorly used to speed up techniques, which include order selecting, transporting, and loading merchandise inside the warehouses, dockyards, and recycling operations.

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Market Dynamics:

The marketplace is pushed through the rising demand for forklift vehicles in diverse industries which include transportation and logistics, retail zone, popular manufacturing, construction, meals, and beverage industries. The growing growth of recent warehouses and distribution centers by main e-commerce giants has accelerated the demand for advanced systems to transport and cargo products.

There is a boom inside the launch of forklift vehicles. For example, in February 2016, Crown Equipment Corporation launched a brand new forklift, the Crown WAV 60 Series that provides better levels of safety, efficiency, and flexibility in assessment to the preceding models. This model is designed for packages in which ladders are commonly used to get entry to high places, such as manufacturing and retail packages. There is developing adoption of lithium-ion batteries inside the forklift vehicles which are beneficial for lessening downtown time and improve productivity over lengthy-distance obstacles.

For instance, in July 2016, Jungheinrich had launched lithium-ion batteries within the 48 Volt range with 360 and 480-ampere hours. This completely protection-loose, excessive availability technology can also be implemented to attain vans and counterbalance forklifts. This battery is the better, stronger, and quicker lithium-ion battery.

The market is witnessing technological development together with artificial intelligence, robotics, related matters, and other automatic solutions for the development of forklift trucks. In March 2014, BALYO SA had released the forklift automation solution with an innovative infrastructure-free navigation era. BALYO’s answer is a give up-to-quit automation answer that integrates the standard electric powered forklifts with specific navigation and manages era. This answer permits the forklift to place itself to pick up a pallet and supply it in which directed

Segment Analysis

By Power-train Type

• Internal Combustion Engine
• Electric Motor

By Vehicle Class

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5 & above

By End-Users

• Transportation and Logistics
• Construction
• Manufacturing
• Others

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Geographical Presentation

By region, the global forklift truck market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, the Asia Pacific region accounts for the highest market share and is expected to grow at the highest CAGR during the forecasted period due to the high penetration of forklift trucks in the construction and e-commerce industries. There is the usage of forklift trucks in the construction industry due to their flexibility and high operational speed for repeated material handling tasks. There is a growing demand for forklift trucks in developing countries such as China, Japan, and India. According to the World Industrial Truck Statistics (WITS), the Shipments of forklift trucks have witnessed an increase from 0.55 million in 2017 to 0.63 million in 2018 in the Asia Pacific region. The increasing development activities for forklift trucks shall stimulate market growth over the forecasted period.

North America is expected to witness the positive growth to the increasing usage of the forklift trucks in the manufacturing and warehouses industries for lifting the materials, monitoring & tracking the operator performance, and monitoring the mechanical & power systems. There is growing adoption of technological forklift trucks including electronically controlled engines, automated solutions,  and GPS communication systems. The electric forklift trucks provide higher efficiency in comparison to the other forklift trucks. There is the presence of a large number of companies developing forklift trucks. There is growing investment by the public and private players for the development of the forklift truck.

Competitive Analysis

The global forklift truck market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Toyota Industries Corporation, KION Group, Jungheinrich AG, Crown Equipment Corp., Hyster-Yale Materials Handling Inc., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc. are the leading market players with significant market share.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for forklift truck and their expansion across the globe. For instance, in December 2017, Hyster-Yale Materials Handling, Inc. had entered into a definitive agreement to acquire 75 percent of the outstanding shares of, and a controlling interest in, Zhejiang Maximal Forklift Company Limited from KNSN Pipe and Pile Company Limited for an aggregate purchase price of $90 million, funded using Hyster-Yale’s cash on hand.

In January 2017, Mitsubishi Caterpillar Forklift America Inc. and Jungheinrich Lift Truck Corp. would create a company that makes industrial parts in a bid to cut lead time for manufacturing forklifts. The new company would be known as Industrial Components of Texas LLC (ICOTEX). It will manufacture industrial components and supply parts primarily for MCFA itself, which produces forklifts at its Houston manufacturing plant.

In June 2016, KION Group, one of the two largest suppliers of forklift trucks, warehouse equipment, and related services had acquired the Dematic a best-in-class automation provider and specialist in supply chain optimization. Under the terms of the agreement, KION Group had acquired the Dematic for approximately USD 2.1 billion.

In January 2016, Hyster-Yale Group had entered into the vendor cooperation agreement with robotics specialist Balyo Inc. to market self-guided trucks in North America. Under the terms of the agreement, Hyster-Yale Group would broaden its capabilities by offering robotic high-productivity solutions for the materials handling industry, while Balyo aims to accelerate the adoption of its innovative robotic solutions.

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