The Forklift Truck Market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forklift trucks, also known as fork trucks, are motorized vehicles used to lift and transport materials short distances. They are widely used in warehousing, manufacturing, and distribution facilities to transport, lift, insert, and tier loads for storage. Common forklift trucks have telescopic handlers, reach trucks, order pickers, and pallet jacks. Automatic guided vehicles (AGVs) and automated storage and retrieval systems (ASRS) are some key automation solutions being increasingly adopted to enhance efficiencies.
Market Dynamics:
One of the key drivers for the forklift truck market is increasing adoption of automation technologies in warehousing. Warehouse operators are automating operations to improve efficiencies and productivity. Automated guided vehicles are battery-powered self-guided vehicles used within warehouses to autonomously load, unload, and transport pallets and materials. They are capable of navigating autonomously between defined paths without any onboard operators, significantly reducing labor costs. Another major driver is growing e-commerce industry, which has increased demand for more efficient material handling solutions. E-commerce companies require automated solutions to efficiently process high volumes of orders. This is positively impacting growth of automated forklift trucks and other intralogistics equipment.
Segment Analysis
The Global Forklift Truck Market is dominated by the electric power type segment. This segment accounts for over 60% of the total market share owing to benefits such as lower maintenance and energy costs. Developed countries in North America and Europe have started shifting their preference towards electric forklifts due to stringent emission norms.
PEST Analysis
Political: Governments across major economies are focusing on lowering carbon emissions from industries and warehouses through subsidies and incentives for electric forklifts.
Economic: The growing e-commerce sector and investments in warehouse infrastructure are driving demand. However, high purchase costs remain a challenge for SMEs.
Social: Safety regulations related to material handling are becoming stricter. This is increasing adoption of automated guided vehicles and safety features in forklifts.
Technological: Advancements in lithium-ion batteries have improved performance and lifespan of electric forklifts. Additionally, integrated IoT sensors allow for predictive maintenance and fleet management.
Key Takeaways
The global forklift truck market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing investments in advanced warehouse infrastructure across industries. The market size for 2023 is estimated at US$ 44.71 Bn.
Regionally, Asia Pacific accounts for over 45% share of the global market led by China, India, and Japan. This can be attributed to low production costs and growing e-commerce and manufacturing activity in the region. The market is seeing fastest growth in Southeast Asian countries.
Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., and Godrej & Boyce Mfg. Co. Ltd. Strategies such as new product launches, acquisitions, and regional expansions have helped these players strengthen their market presence.
Read More: https://www.ukwebwire.com/forklift-truck-market-is-estimated-to-witness-high-growth/
