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DESCRIPTION
Industrial Forklift Market Global Size:
Forklifts operate as essential tools for increasing productivity in companies since they make it easier to transport and arrange items. However, forklifts demand appropriate training and attention to safety procedures to avoid mishaps and guarantee the security of workers. These vital and contemporary devices help in material handling and efficient operation of global companies. Further, ELINT Market Research’s in-depth procurement intelligence analysis says that multiple reasons are responsible for driving the global forklift market, contributing to its steady development and demand. Since the e-commerce industry has grown, there is a greater need for forklifts to properly execute goods-handling operations due to a rise in storage and shipping operations. In 2022, the forklift truck market size calculated at $55.6 billion. Also, the industry is projected to reach $68 billion by 2025 at a bright CAGR of 7-8% from 2020 to 2025.
Moreover, constantly expanding manufacturing and construction operations worldwide contribute to the need for forklifts for loading, unloading, and moving big products and machinery. Forklift usage is also a result of the emphasis on lowering labor expenses and increasing operational efficiency across a range of sectors. The market has grown even more as a result of technological developments like the creation of electric cranes, which have reduced the degree of running costs and positive environmental effects. Additionally, the need for sophisticated forklifts with safety measures has also increased as a result of strict safety laws and the focus on worker safety. The forklift market is driven by various factors such as the growth of the sector, improved operational efficiency, developments in technology, and safety regulations.
Furthermore, the analysis depicts that the forklift industry has become consolidated because of the existence of key players, among which the top 6 players hold more than 70% stakes in the market. The industrial forklift suppliers considered in descending level can also provide different types of products including order pickers, pallet trucks, automatic guided vehicles, or other mechanized equipment to execute material handling moves. Further, these top players are actively engaging in activities such as mergers and acquisitions to stay ahead of other competitors. Apart from M&A to gain more market share, the leading players introduce new products and launch new trucks with advanced technology and superior efficiency.
Moreover, the leading investment segments of the industrial forklift market include retail/wholesale and logistics which provide the highest opportunity to forklift companies followed by the food and automotive industries as end users. Hence, in 2022, the market share by regions displayed substantial percent shares which included America at 21%, Europe at 28%,
APAC at 43%, and LAMEA at 7%. Further, when it comes to market shares held by key end users in the same period emerging sectors are retail & wholesale at 40%, logistics at 20%, automotive at 10%, food & beverage at 13%, and other sectors at 17%.
Market Definition:
Forklifts sometimes referred to as motorized commercial trucks or lifting vehicles are essential for multipurpose material-handling operations that are extensively conducted in construction areas, warehouses, and other fields. These machines can easily lift and move large goods because it has forks fastened to the front and hydraulic lifting systems. Also, there are various varieties of forklifts, such as order collectors, pallet jacks, stretch trucks, and counterbalances; each of these devices is intended for a particular set of applications and working circumstances. Further, electric vehicles or gasoline or diesel engines can power them.
Industrial Forklift Market Drivers:
- Rise in E-Commerce Sector –
Consumers striving for online shopping driving expansion in the e-commerce platforms sector which fuels the need for industrial forklifts to lift and move large volumes of goods. This factor drives the global forklift procurement intelligence market growth.
- Constant Industrialization –
The growing diversity of business sectors and the complexity of manufacturing operations are driving an increasing demand for effective handling of goods and transportation within plants and warehouses. In these settings, forklifts are essential equipment that allows for the quick and accurate movement of components, final products, and raw materials.
Industrial Forklift Market Challenges:
- Higher Upfront Costs –
Forklift purchases are difficult due to their heightened upfront costs, especially for small and medium-scale enterprises that have tight resources and budgets. Furthermore, the fees associated with forklift repair and functioning, such as power or electricity bills and recurring servicing, might raise the total cost.
- Complicated Installation –
In a matter of shortage of professional operators businesses experience barriers because using a forklift requires certain knowledge and exercise. Furthermore, firms may face additional challenges as a result of the strict laws and regulatory requirements pertaining to forklift activities and protection.
Industrial Forklift Market Opportunities:
- Elevating the Popularity of Diesel Forklifts –
The diesel forklifts segment holds large market shares due to their qualities like high power, efficiency, rustiness, and versatility. The major advantage of these forklifts is that they offer a higher level of torque and power outputs. Diesel forklifts are ideal for heavy machinery tasks like collecting and moving bulky objects in industrial environments.
- Demands from Ports and Terminals –
Forklifts are vital for transportation in maritime activities. Because they handle a wide variety of cargo arriving by land or ocean. Thus, maritime terminals and ports are essential centers for the transfer of products and account for the biggest proportion of the market.
Industrial Forklift Market Segmentation:
- Types of Classes –
The global industrial forklift procurement market is divided into classes 1, 2, 3, 4, 5, and additional categories based on class. Having a 35.5% revenue share in 2023, Class 3 led the industry and is predicted to continue leading it through 2024–2033.
- End Users –
Primary end-user sectors of forklifts are retail, food, pharmacy, transportation, manufacturing, automobile, ports, mining, chemical, etc.
Key Suppliers in the Industrial Forklift Market:
Fundamental suppliers of the industrial forklift market include Toyota Industries Corporation,
Kion Group, Jungheinrich AG, Mitsubishi Logisnext, Crown Equipment Corp, Hyster-Yale Material Handling Inc.,
