| A00482 | Pages: 229 | Mar 2021 | 39644 Views | ||
| Author(s) : Akshay Jadhav , Sonia Mutreja | Tables: 107 | Charts: 67 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Forklift Truck Market
Request Now !The global forklift truck market size was valued at $45.01 billion in 2019 and is projected to reach $81.40 billion by 2027, registering a CAGR of 7.3% from 2020 to 2027. Asia-Pacific accounted for the highest share in the global forklift truck market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forklift truck market forecast.
The outbreak of COVID-19 pandemic has led to several forklift manufacturers to either suspend or significantly reduce their production capacity to limit the spread of the virus. Automotive, manufacturing, logistics, materials handling among others companies shut down their plants, owing to the governments of various countries imposed strict lockdown measures. Due to these factors, there has been a shortage of demand for forklift trucks in various countries. Furthermore, disruptions in the supply chain are expected due to border closures and traffic delays.
COVID Impact Analysis: The outbreak of COVID-19 pandemic has led to several forklift manufacturers to either suspend or significantly reduce their production capacity to limit the spread of the virus.
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Automotive, manufacturing, logistics, materials handling among others companies shut down their plants, owing to the governments of various countries imposed strict lockdown measures. Due to these factors, there has been a shortage of demand for forklift trucks in various countries. Furthermore, disruptions in the supply chain are expected due to border closures and traffic delays.
Forklift trucks are powerful, heavy-duty electric lift trucks are widely used to lift and transfer heavy materials, such as container goods, crates, and other such components, over a short distance. These trucks are majorly used in dockyards, warehousing operations, and recycling operations to perform functions such as loading & unloading goods from vehicles and moving packed goods around the storage area. In addition, forklift is generally powered by electric battery or internal combustion engines. In addition, by weight and specifications, forklifts are classified into various classes such as class1, class 2, class 3, class 4, and others. Moreover, these vehicles are used with variety of attachments such as platforms and grippers for efficient handling of goods and for reducing operation cost.
Developments in e-commerce business drive the growth of global forklift truck market. In addition, rise in investments in the infrastructure industry is anticipated to propel the growth of the market. However, increase in safety issues related to forklift trucks hampers the market growth. Furthermore, production of hydrogen fuel cell forklifts and development of autonomous forklifts trucks offers remarkable growth opportunity for the players operating in the forklift truck industry.
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The forklift truck market is segmented on the basis of power source, class, end user, and region. By power source, the market is bifurcated into IC engine powered and electric powered. By class, it is categorized into class 1, class 2, class 3, class 4, class 5, and others. By end user, it is divided into retail & wholesale, logistics, automotive, food industry, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the forklift truck market report include Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others Growth in e-commerce industry
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The e-commerce market continues to grow at a healthy rate. Increase in demand for consumer products has led to increase in requirement of warehousing space, for storage of products, which are then distributed to retail stores in bulk, via pallet loads and cases. Various distribution strategies and warehouse technologies are adopted to distribute the products to the location without any damage. To reduce time and space, forklift trucks are used in the warehouses to place and arrange materials or goods in a proper manner. As per the usage, these trucks are available in different models such as counterbalanced sit-down riders, swing-reach turrets, and order pickers, with different power options including electric, natural gas, diesel, and gasoline. Thus, the developments in the e-commerce industry drive the growth of the global forklift truck market.
Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for telehandlers. At the same time, improving economies in the developing countries, such as Australia, China, and Indonesia, have resulted in large-scale foreign investments, a factor that successively fuels the growth of the forklift trucks market in infrastructural projects among various sectors. For instance, in January 2019, China invested $163 billion in the infrastructure sector to repel economic slowdown. New construction projects in China include two major airports and railway stations. Similarly, in September 2018, I Squared Capital, a private equity firm raised $7 billion for new infrastructure projects in Australia Activities such as construction of roads, bridges, flyovers, and class 4 demands handling of bulky & heavy loads, removal of muck, handling of precast segment, and class 4. Forklift trucks are used to transfer heavy or bulk materials, thus, enhancing efficiency and reducing the operation costs at the project sites. Thus, rise in investment in the infrastructure industry propels the growth of the global forklift truck market.
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The rate of accidents related to the forklifts trucks has increased over the past few years, rising from around 1,000 per year to 1,300 per year. More than half of the injured people are drivers or pedestrians who stepped down from the vehicle. In addition, of all the vehicles that are used in the workplace, forklift is one of the most dangerous and is often used around pedestrians. It is more likely to become unstable, specifically if it is not operated and loaded appropriately. For instance, according to Occupational Safety and Health Administration (OSHA), roughly around 85 deaths and 34,900 serious injuries happened due to forklift accidents. Also, according to the National Institute for Occupational Safety and Health (NIOSH), rolling or overturning of forklift, falling of operator from forklift, and workers being hit, crushed, or pinned by a forklift are the most common type of injuries that occur due to forklift accidents. Furthermore, approximately out of 850,000 forklifts present in the U.S., 11% of them are involved in an accident. Thus, increase in safety issues and accidents related to forklift trucks is anticipated to hinder the growth of the forklift truck market.
There is an increase in the adoption of electric powered forklifts over the past few years and manufacturers are making remarkable efforts to exceed the performance of internal combustion (IC) engine. In addition, environment concerns and availability of natural resources such as natural gas, oil, coal, and others boost the need to find long term and sustainable renewable energy solutions. When it comes to material handling equipment, factories, and automobiles, hydrogen fuel is a remarkable replacement for conventional means of powering equipment and machinery. Trucks with hydrogen fuel cell are more environmental-friendly and help the environment through reduction of air pollutants, noise emission, and decarbonization. Owing to these benefits offered by the fuel cell forklifts, leading forklift truck manufacturers are introducing new range of forklifts with fuel cell technology, which in turn offers remarkable growth for the players operating in the market. For instance, at ProMat 2019, Toyota Material Handling, one of the leading forklift truck manufacturers who introduced new 3-wheeled fuel cell forklift, which offers various environmental and performance benefits. Thus, production of hydrogen fuel cell forklifts holds a lucrative growth opportunity for market expansion.
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Key Benefits For Stakeholders
Key Market Segments
Key Market Players
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According to the insights of CXOs of leading companies, the global forklift truck market is expected to grow at a remarkable rate in the future, owing to rise in demand for forklift trucks in warehouses.
Factors such as increase in demand for automatic transmission in vehicles and rise in trend of autonomous vehicles, are anticipated to propel the growth of the transmission control system market. However, high cost of transmission control system and its related components hinder the market growth. Furthermore, production of active shift control transmission is expected to provide remarkable growth opportunities for players operating in the transmission control system market.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the global market throughout the forecast period, followed by Europe, North America, and LAMEA. Moreover, LAMEA is expected to witness the highest growth rate, owing to growth of the manufacturing industry.
A. The new competitive developments in forklift truck market includes acquisition, product launch, product development, and business expansion.
A. The global forklift truck market was valued at $45,006.3 million in 2019, and is projected to reach $81,395.1 million by 2027, registering a CAGR of 7.3% from 2020 to 2027. Based on power source, IC engine powered forklifts holds around 57% of the market share and electric powered holds around 43% of the global market.
A. The report sample for forklift truck market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. COVID-19 has impacted the forklift truck market severely, as government imposed lockdown resulted in the temporary shutdown of the manufacturing plants. In addition, various construction equipment manufacturers have announced they are helping with the efforts to battle COVID-19.
A. The leading players in the forklift truck market includes Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., TOYOTA INDUSTRIES CORPORATION, and others.
A. The data of the top market players of forklift truck market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the forklift truck market as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.
A. Increasing safety issues related to forklift trucks have strong impact on the forklift truck market
A. Companies such as Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation are the service providers of forklift trucks industry.
A. Acquisition, business expansion, product launch, product development are the key growth strategies of forklift truck industry players.
A. The customers those who are working in areas such as construction & infrastructure development, disaster management, traffic management, defense & intelligence, surveillance & security, environment monitoring & management, energy & oil, agriculture monetoring are the key potential players of satellite data service market.
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