Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates the USD 61.71 billion in 2022 forklift market will reach USD 133.72 billion by 2030. In just eight years, the growing construction industry and rapid industrialization are driving the market growth. Moreover, the technological advancements in the industry to increase consumer productivity are helping boost market growth during the forecast period. However, an inclination for IC-engine forklift trucks and the transformation in warehouse operations across the globe are also helping to boost the market growth during the forecast period.
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Key Insight of the Forklift Market
The Asia Pacific to account for the largest market size during the forecast period
The Asia Pacific is expected to have the largest market share in the forklift market. Key factors favouring the growth of the forklift market in the Asia Pacific include the raised demand for passenger automobiles, the high rate of automobile adoption within the area, the growing demand for faster & superior-quality forklift trucks, increasing focus on the use of electric cars within the region. Further, the lack of electric vehicle charging infrastructure, the growing number of small and medium enterprises, and the expensive cost of electric motors are expected to drive market growth.
The electric segment is expected to augment the forklift market during the forecast period.
The electric segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the benefits of electric vehicles and favourable government initiatives. Further, by 2030, the internal combustion engine segment will likely dominate the market due to the rise in demand for commercial & passenger vehicles in developed and emerging countries. Additionally, the rapid technological advancements in fuel-cell-powered cars, resulting in improvements like more reliability, high power, and reduced greenhouse gas emissions, are helping to propel the segment’s growth.
The class 2 segment market size will be 17.40 billion in 2022
The class 2 segment is anticipated to dominate the market over the forecast period owing to the rising emissions from diesel-powered lift trucks.
The pneumatic segment is anticipated to dominate the market by 63.06% in 2030
The pneumatic segment is anticipated to dominate the market in the forthcoming years, owing to the increase in automotive manufacturing and customer preference for personal transportation.
The lithium-ion segment accounted for the largest market share of 57.16% in 2022
The lithium-ion segment held the largest share in the global forklift market, owing to favourable government policies promoting sustainable infrastructural development. Moreover, lithium-ion batteries are used in numerous industrial applications such as power, cordless, agricultural, marine, industrial automation systems, military and defence, aviation, electronics, civil infrastructure, and oil and gas.
The e-commerce segment is anticipated to dominate the market by 25.04% in 2030
The e-commerce segment is anticipated to dominate the market in the forthcoming years, owing to the transformation in terms of warehouse operations across the world.
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Advancement in market
For example, in May 2021, Mitsubishi Logisnext Americas Group partnered with Phantom Auto Partners, a foremost provider of interoperable remote operation software, to scale up the remote process.
Market Dynamics
Driver: An increasing number of warehouse establishments across emerging economies
The growing number of warehouse establishments across emerging economies is a driving factor of market growth. Further, these trucks are used in the distribution centres & storages for laying & retrieving loads from warehouse racks, providing elements to assembly lines & positioning materials for further helpful handling. The growing demand for fuel-cell-powered forklift trucks is also propelling the market. The rise in the volume of transportation of oil & gas across the globe is helping to boost the market growth. Additionally, the requirement for gas & oil transportation has risen significantly due to the rise in the number of on-road vehicles and the surge in urbanization & industrialization, which increased the market growth.
Restraint: The lack of trained operators
Trained personnel with experienced technical expertise are needed to handle and operate forklift trucks. The regulations governing the usage of pneumatic tires and their disposal is a restraining factor of the market growth. Further, the rise in security issues connected to forklift trucks & the high cost associated with their maintenance hamper the market growth. Also, the importance of freight transportation in tackling weather challenges has stimulated companies to integrate environmental considerations into operations, from warehousing to transportation and procurement. Moreover, the high price associated with the application of battery-powered & fuel-cell forklifts, coupled with pollution concerns from diesel and gasoline-operated forklifts, are restraining the market growth. In addition, electric lift trucks are more susceptible to temperature changes than conventional equipment, so these cannot be utilized for outdoor applications. These factors also hamper the market growth.
Opportunity: The surge in urbanization, industrialization, and import-export activities
The rising government initiative towards smart homes has raised construction activities, raising the demand for forklifts. The growing battery demand for forklifts is also helping to boost the market growth. Further, the R&D in the materials handling and forklift industry has led to hydrogen-powered forklifts. The increasing inclination of consumers from the battery, diesel, and LPG to more environment-friendly solutions like hydrogen fuel cell technologies is also propelling the market growth.
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Some of the major players operating in the forklift market are:
• CLARK
• Anhui Heli Co.
• Doosan Corporation
• Crown Equipment Corporation
• Hyster-Yale Materials Handling, Inc.
• KION Group AG
• Hangcha
• Komatsu Ltd.
• Toyota Material Handling
• Mitsubishi Logisnext Co., Ltd.
• Jungheinrich AG
Key Segments cover in the market:
By Propulsion:
• Internal Combustion Engine
• Electric
By Class:
• Class 1
• Class 2
• Class 3
• Class 4/5
By Tire Type:
• Pneumatic
• Cushion
By Battery Type:
• Lithium-Ion
• Lead-Acid
By Industry:
• Food and Beverage
• Automotive
• 3PL
• Paper and Pulp
• Metals and Heavy Machinery
• E-Commerce
• Semiconductors and Electronics
• Healthcare
• Chemical
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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