DELRAY BEACH, Fla., Sept. 2, 2024 /PRNewswire/ -- Forklift Market [https://www.marketsandmarkets.com/Market-Reports/forklift-market-2439790.html?utm_source=prnewswire.com&utm_medium=referral&utm_campaign=forklift-market] is estimated to grow from USD 85.2 billion in 2024 to USD 125.4 billion by 2030, with a CAGR of 6.7% over the forecast period, according to a new report by MarketsandMarkets. The global forklift market observes growth due to growth in e-commerce and warehouse sectors, an increase in demand for warehouse automation, and rising labor costs. Moreover, the rising demand for sustainable material handling equipment would drive the demand for electric forklifts. Asia Pacific is expected to be the largest market during the forecast period. This is due to the growth in the industrial sector in this region and rising demand for more efficient material-handling equipment.
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Browse in-depth TOC on "Forklift Market"
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Forklift Market Scope:
Report Coverage Details Market Revenue in 2024 USD 85.2 billion Estimated Value by 2030 USD 125.4 billion Growth Rate Poised to grow at a CAGR of 6.7% Market Size Available for 2019-2030 Forecast Period 2024-2030 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Class (1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-ion, Lead Acid), Tonnage Capacity, Operation, Application, Tire, Product Type, End Use Industry, Electric Forklift, Lifting Capacity & Region Geographies Covered Asia Pacific, North America, Europe, and Rest of the World Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Evolution of rental and refurbished forklifts Key Market Drivers Growth in e-commerce and warehousing industries
The class 3 segment is projected to dominate the forklift market during the forecast period.
Class 3 forklifts are projected to be the highest market share holder at the global level. Class 3 forklifts are battery- operated and are used more in indoor applications. They generally fall into three types: pallet jacks, stackers, and tow tractors, and are available in both walk-behind and rider functionalities. FEM, the European Materials Handling Federation, further classified this category into two- Class 31 and Class 32, meaning Electric Stacker Trucks and Electric Low-lift Trucks, respectively. These forklifts find further application in unloading parcels and dropping them into temporary storage areas with an added boom in the B2B & B2C e-commerce and F&B industries. Even with heavy loads within a confined space, these forklifts have better maneuverability, which helps in efficient and convenient space management. Also, these forklifts are used together in great numbers with automated storage and retrieval systems and can be easily fitted into the processes of modern, high-efficiency logistics. Thus, industrialization of the e-commerce and food & beverage industries, coupled with industrial automation, is lending solid support to the deployment of advanced material handling solutions, thereby driving the demand for class 3 forklifts in the coming years.
The autonomous forklift market is estimated to be the fastest-growing market during the forecast period.
Autonomous forklifts are projected to be the fastest-growing market by 2030. This growth is attributed to the rise in the e-commerce, pharmaceuticals, retail, warehousing, and distribution industries, which have major indoor applications with a lifting capacity requirement of less than 5 tons. The adoption is mainly attributed to advantages such as reducing dependence on labor availability, increased efficiency, and a high return on investments. In addition, the storage capacity can be improved by optimum usage of space; further, with SLAM with vision guidance and SLAM with LIDAR sensor navigation, the operation will become more pronounced & compatible with fast operations. These technologies also provide real-time environment positioning and further increased adaptability, which lowers the risk of injuries or mistakes during the process of material handling within a warehouse or distribution center. Amazon has deployed numerous autonomous forklifts within its warehouses and distribution centers in an effort to decrease dependence on labor for its warehouse operations and to further enhance the efficiency of its operations. It had further planned automation adoption in all its stores and fulfillment centers with the intention of reaching 65% of its stores and 55% of its fulfillment volume automated by 2026. With further development in artificial intelligence, sensors, and machine learning that perform tasks with precision and consistency, autonomous forklift implementations will gain major momentum in times to come.
Asia Pacific is estimated to be the largest forklift market from 2024-2030.
The Asia Pacific region is anticipated to represent >55% of the global forklift market value by 2024. The rapid growth can be attributed to the booming e-commerce industry and increasing exports in fast-moving consumer goods (FMCG), automotive, food & beverage, and pharmaceuticals sectors. The use of intralogistics systems among local e-commerce operations is being powered by growing opportunities and product assortment across countries such as China, South Korea, and India, with increased consumer demand. Additionally, delivery speed and operational efficiency improvements call for a rapid adoption of forklifts. In recent years, E-commerce, warehousing, and logistics have undergone significant transformations in Asia Pacific. For instance, according to statistical survey, live commerce is gaining momentum in China and India, where seven out of ten individuals participate in live shopping activities. China is at the top of the global business, especially in the e-commerce market. According to China Breifing Magazine, in 2023, China's cross-border e-commerce reached USD 331 billion, significantly increasing imports and exports. Due to this increase in online purchases, demand for forklifts is projected to increase as these are vital for effectively managing warehouses and distribution networks. Japan, India, and South Korea also need efficient forklifts, which have robust manufacturing industries. Autonomous forklifts would enhance precision while reducing errors, as evident from Japan's and South Korea's move towards technological advancements to improve their export markets.
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Forklift Market Dynamics:
Drivers:
-- Growth in e-commerce and warehousing industries
Restraints:
-- Increasing demand for stacker cranes
Opportunities:
-- Evolution of rental and refurbished forklifts
Challenge:
-- High initial cost of electric forklifts
Key Market Players Forklift Industry:
Prominent players in the Forklift Market include as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co Ltd (Japan)
The break-down of primary participants is as mentioned below:
-- By Company Type: Forklift OEMs - 80%, Others - 20%
-- By Designation: C Level - 60%, Director- level - 30%, Others - 10%
-- By Region: North America- 25%, Europe - 30%, Asia Pacific - 40%, Rest of
the World-5%
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Electric Vehicle Industry Recent Developments:
-- In June 2024, Toyota Industries Corporation announced that it would
launch its innovation center in Linköping, Sweden. The opening of this
center is scheduled for the end of September 2024. This center will
serve as an R&D center and a hub for workshops and pitch events.
-- In September 2023, Jungheinrich AG and Mitsubishi Logisnext launched
their joint venture, Rocrich AGV Solutions, which specializes in mobile
automation solutions. Based in Houston, TX, US, with operational support
from Marengo, IL, Rocrich offers a comprehensive range of AGVs and
robotics for warehouses and production facilities across North America.
-- In September 2023, Crown launched the ESR 1200 Series reach trucks,
succeeding the award-winning ESR 1000 Series. These trucks feature a
highly stable mast design, allowing operators to handle heavy loads
quickly and safely. They have a capacity of 1,200 kg at 12 meters. The
mast technology boosts productivity by providing up to 36% higher
stability, reducing swaying and vibration, and offering better
visibility with an angled cross-beam design.
Electric Vehicle Market Size - Key Benefits of Buying the Report:
-- The report will help the market leaders/new entrants with information on
the closest approximations of the revenue numbers for the overall
forklift market and the subsegments.
-- The report includes a comprehensive market share analysis, supply chain
analysis, extensive lists and insights into component manufacturers,
chapter segmentation based on materials, a thorough supply chain
analysis, and a competitive landscape.
-- The report also helps stakeholders understand the market pulse and
provides information on key market drivers, restraints, challenges, and
opportunities.
This report provides insights on:
-- Analysis of key drivers (Rising GHG emissions, government incentives and
policies, overall targets to reduce fleet-level emissions and increasing
demand for emission-free vehicles), restraints (safety concerns in EV
batteries and high development cost), opportunities (transition towards
hydrogen fuel cell electric mobility), and challenges (high cost of
developing charging infrastructure) are influencing the growth of the
forklift market.
-- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new product &
service launches in the forklift market.
-- Market Development: Comprehensive information about lucrative markets -
the report analyses the forklift market across varied regions.
-- Market Diversification: Exhaustive information about new products &
services, untapped geographies, recent developments, and investments in
the forklift market.
-- Deep dive segments on electric forklift market and their trends. OEM
analysis for electric forklifts.
-- Competitive Assessment: In-depth assessment of market shares, growth
strategies, and service offerings of leading players like Toyota
Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG
(Germany), and Crown Equipment Corporation (US), Mitsubishi Logisnext
Co. Ltd. (Japan) among others in the forklift market.
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