Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Forklifts - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Forklifts Market to Reach US$50.5 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Forklifts estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$50.5 Billion by 2026, growing at a CAGR of 5% over the analysis period.
Increase in productivity, decrease in downtime, operator comfort, and reduced number of accidents and injuries are the other key factors fueling growth in the forklifts market. Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts.
Advancements in technology are paving way for greater adoption of forklifts. Advent of intelligence forklifts, robotic lift trucks, forklifts with ultra-capacitors, fast charging battery-based forklifts, fuel cell powered forklift trucks, and cost-effective and eco-friendly hydrogen power trucks are drastically influencing the growth opportunities in the forklifts market.
The forklift truck market is receiving a major growth impetus from increasing acceptance of electric vehicles as a result of ongoing technological advancements coupled with rising cost of traditional fuels.
Internal Combustion Engine (ICE), one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$35.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 5.6% CAGR for the next 7-year period. Internal Combustion Engine (ICE) forklifts dominate the market as heavy duty forklifts that find use in outdoor activity are typically driven by diesel.
However, owing to the stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts are making way for electric forklifts that are powered by electricity. Rise in adoption of electric forklifts due to its benefits over internal combustion (IC) engines powered forklifts and increase in investments targeted at advancements in battery technology are poised to fuel growth of electric forklifts in the near future.
Retail & Wholesale (End-Use) Segment to Reach $18.5 Billion by 2026
Rapidly rising e-commerce and retail business, and reducing trade barriers between various regions across the world are significantly increasing number of warehouses, which require forklifts to properly arrange the products.
The surging demand from warehouses is propelling growth in the forklifts market. In the global Retail & Wholesale (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 3.82% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.1 Billion in the year 2020 will reach a projected size of US$14.7 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period.
The U.S. Market is Estimated at $10.8 Billion in 2021, While China is Forecast to Reach $8.9 Billion by 2026
The Forklifts market in the U.S. is estimated at US$10.8 Billion in the year 2021. The country currently accounts for a 27.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.9 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR over the analysis period. The US and Europe represent the largest regional markets for forklifts.
The encouraging scenario on the wholesale & retail distribution front coupled with anticipated robust demand for replacement of forklift trucks is expected to spiral demand for forklifts. Adoption of advanced technologies and Industry 4.0 initiative by the governments will create growth opportunities for forklifts market.
Further, thriving e-commerce market and surging demand for battery operated forklift vehicles are expected to spur growth in the European market.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Proliferation of E-Commerce Solutions amidst COVID-19
- Knock-On Effect of the Pandemic on Forklift Market
- Global Forklifts Market Struggles with Supply Side Shocks
- Flip Side of Material Handling Industry Explosion & Steep Demand for Forklifts
- Material Handling Equipment (MHE): An Introduction
- Forklift: Integral Part of MHE
- Types of Forklifts
- Counterbalanced Forklift
- Warehousing Forklifts
- Forklift by Fuel Types
- Internal Combustion Engine (ICE)
- Electric
- Forklift by Tonnage Capacity
- Classification by Forklift Classes
- Key Strategies to Ensure Safe Use of Forklifts in Work Environments
- Born Out of Necessity, Forklifts Surge Ahead on the e-Commerce Boom
- Prominent Factors to Turbocharge Global Forklifts Market
- Forklift Arena Keeps Buzzing with Latest Technological Trends
- Developed Markets: Traditional Revenue Contributors
- Developing Countries Turbo Charge Future Market Growth
- Internal Combustion Engine Forklifts Making Way for Electric Forklifts
- Retail & Wholesale End-Use Segment to Maintain its Dominance
- Competitive Scenario
- Recent Market Activity
- Select Innovations
- Global Competitor Market Shares
2. FOCUS ON SELECT PLAYERS (Total 81 Featured)
- Anhui Heli Co., Ltd.
- CLARK Material Handling Company (CMHC)
- Combilift Ltd.
- Crown Equipment Corporation
- Godrej Material Handling
- HANGCHA GROUP CO., LTD
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- KION Group AG
- Komatsu Ltd.
- Lonking Holdings Limited
- Mitsubishi Logisnext Co., Ltd.
- Toyota Industries Corporation
3. MARKET TRENDS & DRIVERS
- Increasing Popularity of Fuel Cell-powered Forklifts to Drive Global Forklift Market
- Myriad Benefits to Broaden Battery-operated Forklifts Application
- Automated Forklifts Rise in Prominence
- Electric Forklifts Gain Traction
- Emphasis on Green Warehousing Steers Demand for Electric Forklifts
- Electric Forklifts Experience Impressive Makeover with Sophisticated Technology
- COVID-19 Glitches Hustle Forklift Users to Embrace Electric Versions
- Forklift Tires Market: Characterized by Growing Demand for Solid and Non-Marking Tires
- Lift Truck Become a Part of the Connected Enterprise Ecosystem
- Forklifts Emerge as an Important Material Handling System for the Logistics and Shipping Industry
- Third Party Logistics (3PL): Expanding in Industrial Manufacturing, Retail and Wholesale Sectors
- Expanding Retail Industry Generates Significant Opportunities
- Transition of Material Handling Operations in Automobile Industry Augurs Well for Forklifts Market
- How Automotive Industry Continues to be Impacted by the Pandemic & What's the New Normal?
- With Global E-Commerce Sales Skyrocketing, Growth in E-Commerce Warehouses Spurs Need for Forklifts
- Online Shopping Trend and Need to Improve Warehouse Efficiencies Drive Investments into Forklifts
- Great Technological Strides for Lift Trucks Used in Cold Storage Warehouses
- Safety Strategies for Operators to Minimize Forklift Accidents' Risk in Warehouses
- Anticipated Growth of Construction Sector to Present Favorable Outlook for Forklifts
- Technological Advancements Accelerate Market Expansion
- Technological Developments also Aim at Increasing Productivity
- Key Challenges
- Manufactures Face Challenges Producing Rough-Terrain Forklifts
- Introduction of Robotic based Humanless Warehouse: A Threat to the Market
- Rising Concerns over Forklift-related Safety Issues Restrain Market Growth
- Regulatory Framework in the Forklift Sector
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/9lapct
