by The Forklift Truck Market is estimated to be valued at US$ 44.71 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forklift trucks are mechanized trucks used to lift and move materials short distances, typically in warehouses or construction sites. They come in different classes depending on their operation and load capacity. Forklifts provide advantages like increased productivity, safety of operators and reduced lifting costs compared to manual lifting. They are essential for smooth warehouse operations and construction tasks where heavy lifting is involved.
Market key trends:
One of the key trends gaining traction in the forklift truck market is adoption of lithium ion batteries. Lithium-ion batteries are increasingly becoming the preferred power source for forklifts over lead-acid batteries due to their advantages. They have higher energy density which means longer operating hours from a single charge. Lithium ion batteries also have faster recharge times compared to lead-acid batteries. They require less maintenance and have longer service life. Additionally, lithium-ion batteries are lighter in weight which enhances load capacity. Their use is growing rapidly as operators want forklifts with more uptime and productivity. This shift towards lithium-ion batteries is expected to propel the forklift truck market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The capital requirement and presence of established players act as a barrier for new players to enter the forklift truck market.
Bargaining power of buyers: The presence of many established manufacturers gives buyers options to negotiate on price. However, customized product requirements reduce their bargaining power.
Bargaining power of suppliers: Major suppliers have specialized expertise and capabilities that provide them with some pricing power over manufacturers. However, the availability of substitutable components limits their bargaining power.
Threat of new substitutes: Forklift trucks face competition from other material handling equipment; however, their customized design and wide applications pose low threat of substitution.
Competitive rivalry: Intense competition exists among manufacturers to gain market share through product innovation, quality, and pricing.
SWOT Analysis
Strengths: Growing e-commerce sector and industrial demand boost market growth. Manufacturers offer extensive product portfolios and aftersales services.
Weaknesses: Fluctuating raw material prices and regulations regarding emissions increase production costs. Lack of skilled operators is also a challenge.
Opportunities: Adoption of automated guided vehicles and focus on lithium-ion batteries will create new revenue streams. Growth in construction and automotive industries will drive sales.
Threats: Slowdown in global trade due to geopolitical issues can impact demand. Rising competition from other material handling equipment.
Key Takeaways
The Global Forklift Truck Market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing industrial and manufacturing activities. The market size for 2023 is estimated at US$ 44.71 billion.
Regional analysis: Asia Pacific dominates the global market with more than 55% share due to strong presence of manufacturing units in China, India, Japan, and South Korea. North America and Europe will exhibit significant growth rates supported by warehousing & logistics industry expansion.
Key players operating in the forklift truck market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, and Linde Material Handling.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
