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Fork Lift Trucks Market Size Estimated to Observe Significant Growth by 2025

Global Fork Lift Trucks Market: This market research report focuses on Past-Current Size, Shares, trends & Forecast to 2025
Fork Lift Trucks Market Size Estimated to Observe Significant
Growth by 2025
Fork Lift Trucks Market: Introduction
Fork Lift is an industrial truck, used to lift and move material over a short distance. This
type of trucks is widely used in manufacturing and warehousing industries to lift, shift and
stack heavy weights to reduce the time taken and accidents. The prevalent version of
forklift trucks is with internal Combustion Engine. However, due to rising environmental
concerns numerous companies have started manufacturing the electric powered forklift
trucks. For instance, the Jungheinrich offers EFG S30s electric fork lift truck, which won
the IFOY award in 2015.
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Market Dynamics
The global fork lift trucks market is witnessing the growth due to the increasing ecommerce sector across globe. According to the International Post Corporation, in 2016,
global B2C ecommerce sales accounted for U.S$1.9 trillion. Forklift trucks are widely
used in the ecommerce warehouses to relocate and to store the products over short
distance. Additionally, the market is also up surging, owing to the rising technological
penetration in the forklift trucks. Automated forklift trucks benefit the various industries in
automatically moving heavy loads, buffer storage and transport from production to
warehousing, racking, deep-lane stacking and others.
Furthermore, the growth in the construction industry is another reason for the fork lift
trucks market growth. As per the study conducted by the Oxford Economics, the
construction industry is anticipated to grow at U.S. $ 8 trillion by 2030, which will result in
the demand growth of the fork lift trucks over the decade.
Fork lift Classification Insights
Electric fork lift trucks are expected to have substantial growth in the global fork lift trucks
market in the forecast period. The adoption of electric fork lift trucks has increased due
the growing environmental concerns to reduce the carbon monoxide, nitrogen oxide,
sulphur oxides emissions from the fork lift trucks in warehouses, across the globe. For
instance, Australian Safety and Compensation Council had applied a norm which limits
the exposure of carbon monoxide (per million parts of air) to 30 parts in the warehouses
in Victoria. Moreover, its significant advantages over the internal combustion engine is
the reason for the demand growth by numerous end use industries including construction,
automotive and others. The benefits witnessed by the companies using electric fork lift
trucks includes that, it is easy to maintain, energy efficient, eco-friendly, realistic
alternatives to liquid fueled trucks, cleaner, economical to operate and others. This is
expected to propel the fork lift trucks market in the near future.
Regional outlook
Asia Pacific is expected to witness substantial growth rate over the forecast period owing
to the rapidly growing e-commerce market, particularly from India and China. For
instance, according to the International Post Corporation, in 2016, APAC accounted for
$11 trillion in e-commerce sales. The buyers in these economies are continuously rising
their spending in the ecommerce platforms. According to India Brand Equity Foundation,
the e-commerce market is anticipated to reach at $64 billion by 2020 and $200 billion by
2026 rising from $ 38.5 billion in 2017. As per this foundation, Indian e-commerce market
is expected to held the second largest e-commerce market by 2034. Therefore, the
enormous rise in the e-commerce industry in this region would frost the fork lift truck in
the global fork lift trucks market in the coming years.
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European region is anticipated to grow significantly over the forecast period in the global
fork lift trucks market, due to the rising investment in ports and construction sites.
According to the British Port Association, the government of the U.K. is planning to invest
significant funds to enhance the infrastructure of seaport and advancement of 18 ports in
the U.K. between 2018-2022. Therefore, the expansion of the seaport would frost the fork
lift trucks market in the coming years. Major players offering robust fork lift truck for ports
includes Toyota Material Handling, Herculift, Kalmar, Lift Tito Trucks and several others.
Competitive Landscape
Leading players are operating in the Fork Lift Trucks Market includes Crown Equipment
Corporation, Daimler AG, Hyster Yale Material Handling, Inc., Komatsu Ltd.,
Doosan Industrial Vehicle, Clark Material Handling Company and several others.. For
instance, in 2018, Hyster Yale announced the acquisition of Zhejiang Maximal Forklift
C0., Ltd. to expand the manufacturing capabilities and strengthening the Hyter-Yale
product portfolio in the Chinese market. Moreover, the company has been renamed with
Hyster-Yale Maximal Forklift (Zhejiang) Co Ltd after the acquisition.
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