According to the report, the global forklift market is projected to reach ~US$ 30 Bn by 2030, expanding at a CAGR of ~3% during the forecast period. Rise in industrialization and number of warehouse centers is likely to boost the market for forklifts during the forecast period. Moreover, increase in the use of forklifts to lift and move materials from one place to another in warehouses, industries, and logistics services is projected to boost the forklift market. Most industries and construction companies are deploying a large number of forklifts to enhance security and safety of workers, which is anticipated to boost the forklift market across the globe.
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Majority of the industries are trying to develop forklifts with ultra-capacitors in order to increase the efficiency of forklifts. Ultra-capacitors help enhance the battery system, extending the life of battery-operated forklifts. New forklift models are being designed for operations in which ladders are used to access high places, which offers higher levels of safety. These advancements in forklifts are likely to further propel the global forklift market.
The rise in infrastructure development and reconstruction is estimated to boost the forklift market. Increased adoption of automation in production lines and manufacturing to enhance productivity has led to a rise in preference toward autonomous forklifts.
Expansion of Forklift Market
A surge in trade volumes, owing to rising bilateral trade among countries, is projected to boost the forklift market during the forecast period. China witnessed a surge in both general trade volume and proportion escalating to 15.66 Trn Yuan. China’s trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% percent year-on-year. Based on type, rough terrain and powered pallets are likely to be highly lucrative segments during the forecast period. This is primarily due to a high lifting capacity and reliability of these type of forklifts as compared to that of other types. The counterbalanced segment is estimated to expand at a rapid pace during the forecast period, due to its high efficiency and maneuverability.
In terms of class, the Class-1 segment dominated the global forklift market due to the rise in the demand for battery-operated forklifts, especially in warehouse centers, as Class-1 type forklifts are preferred to be operated over short distances. The Class-3 segment followed the Class-1 segment and is projected to account for a significant share of the market during the forecast period, as Class-3 forklift has rider and walk behind options and suitable to cover short distance, which is anticipated to enhance the forklift market across the globe.
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Regional Analysis of Forklift Market
In terms of region, the global forklift market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global forklift market in 2019. It is anticipated to hold a major share of the global market during the forecast period due to high number of forklifts in operation in China and Japan. Increase in automation in manufacturing and introduction of Industry 4.0 in various industries are projected to further boost the forklift market in the region.
Prominent players operating in the global forklift market include Hyster-Yale Material Handling Inc., Komatsu Ltd., Hyundai Heavy Industries Ltd, Mitsubishi Forklift Corporation, KION Group AG, Toyota Industries Corporation, Crown Equipment Corporation, Anhui Heli Co. Ltd, Clark Material Handling Company, Comblift Limited, Doosan Industrial Vehicle America Corporation., Hangcha Group Co. Ltd, Konecranes, Manitou Group, Godrej & Boyce Group, Lonking Forklift Co., Hubtex Maschinenbau GmbH & Co. KG, and Unicarriers Americas.
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