DUBLIN, Nov. 16, 2022 /PRNewswire/ — The “Global Forklift Market by Class (Class 1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-Ion, Lead Acid), Tonnage Capacity (<5, 5-10, 11-36, >36 Tons), Operation, Application, Tire & Product Type, End Use Industry and Region – Forecast to 2027″ report has been added to ResearchAndMarkets.com’s offering.
The global forklift market size is projected to grow from USD 58.9 billion in 2022 to USD 84.5 billion by 2027, at a CAGR of 7.5% over the same period.
E-Commerce industry to fuel the global forklift market during the forecast period
The demand for forklifts in the e-commerce industry segment is projected to grow at the highest CAGR during the forecast period. Rapidly changing customer demands, increasing preference for online shopping and surging demand for shorter delivery times are the key reasons for the growth of the e-commerce industry.
The growing fierceness of competition among online retailing companies has increased the demand for efficient fulfillment centers and warehouses. The various advantages of the forklifts including the relatively low initial costs among the material handling equipment, increased productivity and efficiency against manual material handling operations and reduced labor expenses are driving the warehouses to incorporate the forklifts in their material handling operations.
This increase in the productivity and efficiency greatly helps the retailers to meet the growing consumer demand in a timely manner. Such warehouses prefer emission free and noiseless operations. Thus, the increasing number of warehouses also increase the demand for the sustainable intralogistics solutions such as the electric forklifts.
The e-commerce industry in the Asia Pacific region is rapidly growing, with many leading companies establishing new warehouses and fulfillment centers. This makes the Asia Pacific the largest market for forklifts in the e-commerce industry. It is projected that the Asia Pacific will lead the market with a CAGR of 8.7% during the forecast period.
Class 3 forklifts are projected to lead the forklift market during the forecast year
Class 3 forklifts are estimated to grow at the fastest growth rate during the forecast period owing to the wide usage of Class 3 forklifts in warehouse and manufacturing operations globally. These electric low-lift pedestrian pallet trucks have other advantages, including emission-free and noise-free operation, relatively low initial cost, and ease of maintenance. The Asia Pacific region is projected to be the largest market for Class 3 forklifts during the forecast period.
This is mainly due to the greater number of SMEs in this region. Class 3 forklifts generally have a lower initial cost, and the availability of operators for Class 3 forklifts is generally more. Also, these forklifts have relatively lower maintenance costs. Due to these factors, SMEs prefer Class 3 forklifts. Class 4/5 forklifts are the next widely used forklifts globally.
Europe is anticipated to be the second largest forklifts market by 2027
According to the publisher analysis, Europe is projected to be the second largest forklift market by 2027. This is mainly owing to factors such as strict worker safety codes, high wages, and the rising price of real estate, demanding more efficient material handling solutions. Brexit has increased the need for localized distribution centers in Europe. The need for swift order fulfillment has also increased due to increased e-commerce sales. Europe has been the most developed market for automation in warehousing and material handling processes.
High labor costs, shortage of space, and stringent worker safety rules are some of the primary factors leading to the high penetration of automation technologies in the European material handling ecosystem. Also, the pharmaceutical industry would drive the adoption of forklifts in Europe. Forklifts are a major part of automated material handling systems, and the region has seen rapid development in this technology.
Germany is expected to register the highest CAGR of 8.3% in the European forklift market during the forecast period. The growing number of distribution centers in the UK, reducing the cost of warehouse automation in Germany, and the growth of the logistics industry in France are expected to drive the demand for forklifts in Europe. The European forklift market is projected to grow at a CAGR of 7.1% during the forecast period.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Forklift Market
4.2 Market, by Operation
4.3 Market, by Propulsion
4.4 Market, by Tonnage Capacity
4.5 Market, by Product Type
4.6 Market, by Tire Type
4.7 Market, by Application
4.8 Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Stringent Emission Norms and Rising Demand for Sustainable Intralogistics
5.2.1.2 Rapid Growth in E-Commerce and Warehousing Sector
5.2.1.3 Increasing Demand for Lean and Automated Warehouses to Increase Operational Efficiency
5.2.2 Restraints
5.2.2.1 Increase in Third-Party Logistics (3Pl) Services
5.2.2.2 Increasing Demand for Stacker Cranes
5.2.3 Opportunities
5.2.3.1 Evolution of Refurbished and Rental Forklifts
5.2.3.2 Modular Solutions to Optimize Customer Productivity
5.2.3.3 Development of Autonomous, Connected, and Fleet Management Solutions
5.2.4 Challenges
5.2.4.1 Risks Related to Accidents Involving Forklifts
5.2.4.2 Higher Initial Cost of Electric Forklifts
5.2.4.3 High Integration and Technology Cost of Autonomous Forklifts
5.3 Scenarios:Market
5.3.1 Realistic Scenario
5.3.2 Pessimistic Scenario
5.3.3 Optimistic Scenario
5.4 Pricing Analysis
5.4.1 By Equipment Type and Region
5.5 Porter’s Five Forces Analysis
5.6 Trends/Disruptions Impacting Forklift Manufacturers
5.7 Case Study
5.7.1 Use Case 1: Kellogg’s Manchester Site
5.7.2 Use Case 2: Panasonic Energy Belgium Nv
5.7.3 Use Case 3: Implementing Dematic’s Autonomous Forklift to Reduce Delivery Time at L’Oreal
5.7.4 Use Case 4: Aer Manufacturing
5.7.5 Use Case 5: Cwt Commodities
5.7.6 Use Case 6: Montgomery Waters
5.7.7 Use Case 7: Oxford Cold Storage
5.8 Market Ecosystem
5.9 Supply Chain Analysis
5.10 Patent Analysis
5.11 Trade Statistics
5.12 Regulatory Framework
5.13 Technology Analysis
5.14 Key Conferences and Events in 2022-2023
5.15 Key Stakeholders and Buying Criteria
6 Forklift Market, by Propulsion
6.1 Introduction
6.1.1 Research Methodology
6.1.2 Assumptions
6.1.3 Industry Insights
6.2 Electric
6.2.1 Focus on Zero-Emission Working Environment to Drive Demand
6.3 Internal Combustion Engine (Ice)
6.3.1 Increase in Heavy-Duty Operations to Drive Demand
6.3.2 Gasoline
6.3.3 Diesel
6.3.4 Alternate Fuels
7 Forklift Market, by Tonnage Capacity
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions
7.1.3 Industry Insights
7.2 Below 5 Tons
7.2.1 Easy Operational Flexibility in Compact Warehouses to Drive Demand
7.3 5-10 Tons
7.3.1 Growing Electric Infrastructure to Drive Demand
7.4 11-36 Tons
7.4.1 Usage in Heavy-Duty Operations to Drive Demand
7.5 Above 36 Tons
7.5.1 Massive Material Handling Operations Demand Forklifts with Capacity Above 36 Tons
8 Forklift Market, by End-Use Industry
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Third-Party Logistics (3Pl)
8.2.1 Need for Safe and Speedy Storage to Drive Demand
8.3 Food and Beverage
8.3.1 Need to Reduce Operational Costs to Drive Demand
8.4 Automotive
8.4.1 Need for Efficient Inventory Management to Drive Demand
8.5 E-Commerce
8.5.1 Need to Optimize Warehousing Operations to Drive Demand
8.6 Aviation
8.6.1 Increasing Manufacturing and Assembly Operations to Drive Demand
8.7 Paper and Pulp
8.7.1 Need for Removal of Bottlenecks to Drive Demand
8.8 Chemical
8.8.1 Need to Ensure Workplace Safety of Employees and Manage Workflow Effectively to Drive Demand
8.9 Healthcare
8.9.1 Increasing Need for Automated Warehousing Operations to Drive Demand
8.10 Semiconductors and Electronics
8.10.1 Need for Cleanroom Warehousing Process to Drive Demand
8.11 Metals and Heavy Machinery
8.11.1 Need for Efficient Operations to Drive Demand
8.12 Others
9 Forklift Market, by Class
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Class 1
9.2.1 Increasing Demand for Battery Electric Forklifts to Drive Market
9.3 Class 2
9.3.1 Growing Demand for More Storage in Warehouses to Drive Adoption of Narrow Aisle Forklifts
9.4 Class 3
9.4.1 Usage in Moving Loads to Staging Area to Drive Demand
9.5 Class 4/5
9.5.1 Increasing Need for Ice Engine Forklifts to Drive Demand
10 Forklift Market, by Operation
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.2 Manual
10.2.1 Low Initial Cost and Ease of Integration to Drive Demand
10.3 Autonomous
10.3.1 Growing Focus on Automation in Industries for Increasing Productivity to Drive Demand
11 Forklift Market, by Application
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.1.3 Industry Insights
11.2 Indoor
11.2.1 Growth of Global E-Commerce Industry to Drive Demand
11.3 Outdoor
11.3.1 Growing Need for Forklifts to Operate in Rough Terrains to Drive Demand
11.4 Indoor and Outdoor
11.4.1 Increasing Need for Forklifts That Can be Used for Dual Purposes to Drive Demand
12 Forklift Market, by Battery Type
12.1 Introduction
12.1.1 Research Methodology
12.1.2 Assumptions
12.1.3 Industry Insights
12.2 Lithium-Ion
12.2.1 High Energy Density and Longer Battery Backup Over Other Batteries to Drive Demand
12.3 Lead-Acid
12.3.1 Large Current Capability, High Tolerance for Overcharging, and Low Manufacturing Cost to Drive Demand
13 Forklift Market, by Tire Type
13.1 Introduction
13.1.1 Research Methodology
13.1.2 Assumptions
13.1.3 Industry Insights
13.2 Cushion
13.2.1 Growth of Global Warehousing Industry to Drive Demand
13.3 Pneumatic
13.3.1 Increasing Use of Forklifts in Outdoor Applications to Drive Demand
14 Forklift Market, by Product Type
14.1 Introduction
14.1.1 Research Methodology
14.1.2 Assumptions
14.1.3 Industry Insights
14.2 Warehouse
14.2.1 Ability to Maneuver in Narrow Spaces in Warehouses to Drive Demand
14.3 Counterbalance
14.3.1 Growing Need for Stable Heavy Material Handling Operations to Drive Demand
15 Forklift Market, by Region
16 Recommendations
16.1 Asia-Pacific to Dominate Forklift Market
16.2 E-Commerce Expected to be Key Focus for Manufacturers
16.3 Conclusion
17 Competitive Landscape
18 Company Profiles
18.1 Key Players
18.1.1 Toyota Industries Corporation
18.1.2 Kion Group Ag
18.1.3 Mitsubishi Logisnext Co. Ltd.
18.1.4 Jungheinrich Ag
18.1.5 Hyster-Yale Materials Handling
18.1.6 Clark Material Handling Company (Cmhc)
18.1.7 Hyundai Construction Equipment Co., Ltd.
18.1.8 Komatsu
18.1.9 Kalmar
18.1.10 Cat Lift Trucks
18.2 Additional Players
18.2.1 Anhui Heli Co., Ltd.
18.2.2 Crown Equipment Corporation
18.2.3 Doosan Industrial Vehicle
18.2.4 Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.)
18.2.5 Ep Equipment
18.2.6 Lonking Machinery Co., Ltd.
18.2.7 Linde Material Handling
18.2.8 Bobcat Company
18.2.9 Hangcha
18.2.10 Konecranes
18.2.11 Combilift
18.2.12 Vallee
18.2.13 Narrow Aisle Inc.
18.2.14 Manitou Group
18.2.15 Hoist Material Handling
19 Appendix
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