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The forklift trucks market is estimated to grow at a CAGR of 4.32% between 2022 and 2027. The size of the market is forecast to increase by 357 thousand units. The growth of the market depends on several factors, including the rapid growth in the construction sector, the rapid growth in e-commerce retail, and the high growth potential in emerging markets.
This report extensively covers market segmentation by class type (class iii, class v, class i, class ii, and class iv), type (electric and internal combustion engine), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global forklift trucks market as a part of the global construction machinery and heavy trucks market within the global capital goods market. The parent market covers a variety of product categories, including heavy-duty trucks, heavy earthmoving equipment, compact earthmoving equipment, road construction, and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and other related equipment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rapid growth in the construction sector is notably driving the market growth, although factors such as the shortage of skilled operators may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Forklift Trucks Market Driver
The rapid growth in the construction sector is one of the key factors driving the growth of the global forklift truck market. The growth in global construction activity has fostered the growth of the global forklift trucks market over the last few years. Developed markets such as the US and Western Europe witnessed rapid growth in building construction and renovation in 2019. Owing to the implementation of the Energy Efficiency Directive (EED) formulated by the EC in 2012, Western Europe witnessed the renovation of public buildings, with the goal to achieve zero building emissions by 2020.
Moreover, the government initiatives such as India’s Make in India and China’s BRI will continue to boost the growth of commercial construction and infrastructural development. The flexibility and operational speed offered by forklift trucks for applications in the construction sector, especially for repeated material handling tasks, will foster growth in the adoption of forklifts in the construction sector, thereby driving the growth of the global forklift trucks market during the forecast period.
Key Forklift Trucks Market Trend
Fuel cell-powered forklift trucks are the primary trend in the global forklift trucks market. With manufacturers of forklift trucks increasingly emphasizing R&D, the introduction of forklifts powered by hydrogen fuel cells is a significant development in forklift truck technology. Moreover, several vendors, such as Toyota Industries and KION GROUP, are coming up with fuel-cell-powered forklift truck models. Apart from significantly reducing the carbon footprint of forklift trucks, fuel cell-powered forklifts increase operational efficiency due to the less downtime involved. Hydrogen fuel cells need to be replaced only once in ten years, as opposed to lead batteries that need replacement every 3-4 years. The time taken to completely fuel hydrogen-powered forklifts is 80%-85% less than that for battery-operated ones.
Also, fuel cell-powered forklift truck offers consistent performance throughout a charge cycle, unlike battery-powered forklift trucks that experience a drop in their performance toward the end of the charge cycle. Hydrogen is derived from natural gas that is priced much lower than crude oil, making hydrogen fuel cheaper than diesel and LPG. Owing to factors such as improved performance, less need for maintenance, and environmental benefits, fuel cell-powered forklift trucks are expected to find increased demand during the forecast period.
Key Forklift Trucks Market Challenge
The shortage of skilled operators is a major challenge for the global forklift truck market growth. The challenging nature of the material handling and logistics operations in various end-user industries makes it necessary to have trained personnel with skilled technical expertise for handling the operations of forklift trucks. In the US, OSHA issued a rule with effect from November 2017, making it mandatory for every forklift operator in a workplace to be trained and certified to operate forklift trucks.
However, employees are finding it increasingly difficult to find skilled operators to cater to the rising demand in end-user industries. The lack of skilled operators is primarily due to the over-dependence on the existing certified forklift operators, leading to higher wages and overuse of these operators. Also, the lack of skilled operators contributes to the delay and loss in the profitability of projects. The shortage of skilled operators for forklift trucks will continue to pose a challenge to the growth of the global forklift trucks market during the forecast period.
Key Forklift Trucks Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Forklift trucks Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
cargotec.com - The company offers a wide range of forklift trucks such as light electric forklift trucks, medium electric forklift trucks, light forklift trucks, and others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the class III segment will be significant during the forecast period. The class III segment of the global forklift trucks market comprises electric hand rider trucks and pallet jacks. These forklift trucks lift the material to only a few inches above the ground and are used for the quick unloading of deliveries from tractors and trailers. The class III type forklift trucks are hand controlled through a steering tiller and are available as either counterbalanced or straddle-type walk-behind stackers. The load capacity of these forklift trucks is about 5 tons.
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The Class III segment was valued at 515.04 thousand units in 2017 and continue to grow by 2021. Ideally suited for short distances and small warehouses, the class III forklift trucks may be powered by lithium-ion batteries or fuel cell engines. These forklifts find increased application in warehouses and production plants that require intermediate logistics options between the unloading and storage operations. Their compatibility with other heavy material handling equipment, such as hoists and cranes, makes them a viable option for small-scale construction applications. As class III forklift trucks do not use non-renewable fuel sources, their adoption is expected to increase rapidly during the forecast period.
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APAC is projected to contribute 52% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The forklift trucks market in APAC is primarily driven by the rapid growth of key industries such as the construction and e-commerce industries in emerging economies. Japan has been a traditionally strong market for forklift trucks, and emerging markets such as India and China are witnessing steady growth in construction activity. Forklift trucks are finding increased application in the construction market.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. In APAC, the construction industry witnessed growth despite COVID-19. Though COVID-19 had a major impact on the first quarter of 2020, the construction industry bounced back in 2021 due to the stimulus packages put in place by the Chinese government. In the next decade, China is expected to have the largest construction industry in the world. Such high-speed train projects are also going to be implemented in India. All these factors will contribute to an increase in the demand for material-handling equipment such as forklift trucks. Due to these factors, APAC is expected to continue its dominance in the global forklift trucks market, which will grow at a faster pace compared with other regions during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Class Type (Class III, Class V, Class I, Class II, and Class IV), Type (Electric and Internal combustion engine), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
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Forklift Trucks Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.32% |
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Market growth 2023-2027 |
357 thousand units |
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Market structure |
Fragmented |
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YoY growth (%) |
3.5 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Anhui Heli Co. Ltd., BYD Electronic Co. Ltd., Cargotec Corp., Caterpillar Inc., CLARK Material Handling Co., Crown Equipment Corp., CVS FERRARI Spa, Dana Inc., EP Equipment Co. Ltd., Hoist Material Handling Inc., Hyster Yale Materials Handling Inc., Jungheinrich AG, KION GROUP AG, Komatsu Mining Corp., Konecranes, Manitou BF SA, Mitsubishi Heavy Industries Ltd., Royal Terberg Group BV, Toyota Industries Corp., and SANY Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Class Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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