Forklift Market is expanding at a CAGR of ~3% during the forecast period

Robust forklifts and complex medical devices are igniting an interesting chemistry amidst the COVID-19 (coronavirus) pandemic. For instance, Irish material handling solutions provider Combilift took a step forward to power ventilators in healthcare facilities situated near the Irish border. With growing awareness about such social initiatives, companies in the forklift market are taking cues and brainstorming over new strategies that could support stressed healthcare providers amidst the ongoing coronavirus era.

Companies in the forklift market are innovating in new ways of using their software and electricity producing capabilities to power healthcare facilities to join the fight against coronavirus. Owing to tragic fatalities caused due to coronavirus, there is a growing demand for forklifts to lift dead bodies onto the trucks outside hospitals in the New York City and other healthcare systems.

forklift market infographic

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Innovations in All-terrain Forklifts Boost Credibility of Manufacturers

Forklift original equipment manufacturers (OEMs) are collaborating with tech companies to increase the availability of faster and less expensive lift trucks. Companies in the forklift market are focusing on all-terrain lift trucks to tap incremental opportunities. For instance, AUSA— a manufacturer of industrial and off-road vehicles, is gaining global recognition for its all-terrain C251H forklift, which is integrated with automated controls. Advanced features in all-terrain forklifts are triggering market growth. As such, rough terrain forklifts are anticipated to dictate the highest revenue among all lift trucks in the forklift market, where the market is estimated to reach a revenue of ~US$ 30 Bn by the end of 2030.

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Manufacturers are increasing their R&D efforts to leverage engine functionality of all-terrain forklifts with low power consumption and less emissions. Novel forklifts are being integrated with digital screens and available with remote control features that can be operated via phones or computers.

AC-powered Forklifts Offer Operational and Cost Efficiency Advantages to Users

AC-powered lift trucks are a novel introduction in the forklift market. For instance, Toyota Material Handling (TMH)— a leader in material handling solutions, announced the launch of its new 3,000- and 3,500-pound capacity forklift models among its Core Electric line of sit-down counterbalance and 4-wheel electric lift trucks. Such innovations explain why electric lift trucks dominate the highest revenue among all propulsion types in the forklift market.

Companies are increasingly focusing on improving ergonomics of vehicles. Added comfort and versatility features of AC-powered forklifts are grabbing the attention of stakeholders in industrial, construction, and logistics sectors. Advanced AC-drive motors are integrated with improved AC pump motors that help to reduce current draw, resulting in increased savings of operational costs. Novel AC-powered forklifts are capable of functioning sans the need for wearable parts such as brushes or commutators and require minimum maintenance.

Tech Innovations Spark Diversity in Internal Developments of Companies and Partnership Initiatives

Forklift OEMs and tech companies are increasing efforts to develop faster and less expensive forklifts. However, unique challenges such as inefficient adoption of the fleet management software are hampering market growth. This explains why the forklift market is estimated to register a sluggish CAGR of ~3% during the forecast period. Hence, there is a growing demand for improving fleet efficiency.

Companies in the forklift market are borrowing automation technologies from automotive and automatic guided vehicle (AGV) sectors to streamline the processes of how forklift operators work. With the influx of automated technologies, forklifts are being highly publicized as technology-based units compared to that of a mini computer. Though the market landscape is largely consolidated, tech startups are unlocking incremental opportunities to drive automated innovations in forklifts. The customer demand for quick solutions such as for object detection and Big Data are creating value-grab opportunities for tech startups. This trend has fueled diversity in internal development initiatives within companies and other inorganic strategies such as partnerships and acquisitions.

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