Fork Lift Trucks Market, by Forklift Classification (Class I: Electric Motor Rider Trucks, Class II: Electric Motor Narrow Aisle Trucks, Class III: Electric Motor Hand Trucks or Hand/Rider Trucks, Class IV: Internal Combustion Engine (ICE) Trucks with Cushion Tires, Class V: Internal Combustion Engine Trucks with Pneumatic Tires, Class VI: Electric and Internal Combustion Engine Tractors and Class VII: Rough Terrain Forklift Trucks) by Engine Type (IC Engine, Electric and Alternate Fuel Engine) – Global Industry Insights, Trends and Forecast – 2017 to 2025

Created On: Jul-2018
Report ID: IR129
Format: PDF

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.  

Market Dynamics

The global fork lift trucks market is witnessing the growth due to the increasing e-commerce 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, 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.

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.

Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
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