Northbrook, IL 60062 -- (SBWire) -- 10/27/2023 --The forklift market size is projected to grow from USD 58.9 billion in 2022 to USD 84.5 billion by 2027, at a CAGR of 7.5% for the same period.
The market is expected to witness growth due to major factors such as rising demand for sustainable intralogistics, rapid growth in the e-commerce and warehousing sector, and increasing demand for lean & automated warehouses to increase operational efficiency. In addition, the increase in stringency in emission norms is projected to drive the market for electric forklifts.
Increasing demand for lean and automated warehouses to increase operational efficiency
A lean warehouse reduces the consumption of resources without a reduction in productivity. For instance, a lean warehouse is optimized to avoid the unnecessary travel of empty forklifts, inappropriate material handling, storage practices, and bottlenecks of forklifts at the loading/unloading areas. Automation in warehouses is aided by automated forklifts, which can automatically travel and pick up/drop materials. The warehouse automation market grew from USD 9.95 billion in 2016 to USD 15.59 billion in 2021. One of the key reasons for this growth of the automated warehouse market is the development of autonomous forklifts. Autonomous forklift-driven warehouse automation is widely prevalent due to its minimal infrastructural requirements. According to Conveyco Technologies, automated forklifts with detection sensors can improve the operational efficiency of retail warehouses by 20%. The growing complexities of manufacturing and warehousing processes, labor constraints, and rising concerns for safety and health in production and storage facilities are driving the demand for flexible and cost-effective material handling solutions. In manufacturing plants, autonomous forklifts can perform repetitive tasks such as storing and retrieving inventory. In addition, the increasing need for efficient storage and retrieval processes in chemical and cold storage plants requires skilled labor to reduce spills and product damage. Thus, lean and automated warehouses greatly improve stability, productivity, and operational efficiency.
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Autonomous forklifts would be the fastest growing segment over the forecast period
The increasing indoor applications of autonomous forklifts with the growing warehousing industry will fuel the demand for indoor autonomous forklifts during the forecast period. This is mainly because of the shortage of labor and increasing labor wages globally. The need for highly productive material handling operations is also contributing to the growth of the autonomous forklift market. The e-commerce companies have increased the adoption of autonomous forklifts in their facilities. For instance, in 2020, Amazon entered a 7-year agreement with French company Baylo to supply autonomous forklifts at its facility centers. Due to the increasing automation in the logistics sector for outdoor applications, the Asia Pacific market would be the most promising market for autonomous forklifts over the forecast period. The main restraint for the autonomous forklift market growth is the high initial cost of these forklifts and the difficulties in integrating and modularizing the workspace layout. However, autonomous forklift technology is rapidly being developed, and the huge price difference is expected to be narrowed over time. This, coupled with the increasing shortage of trained operators, is expected to drive the autonomous forklift market.
North America is the fastest growing market for forklifts during the forecast period
The rising concerns over carbon footprint and increasing investments by several major players are expected to boost the market growth for electric forklifts in the North American market. Factors such as the established ecosystem for industrial and manufacturing companies with their warehousing capabilities make the region an attractive market for forklift suppliers. Moreover, an extensive 3PL network has led to the growth of the warehousing sector in North America. The region also has an increasing demand for automated storage and retrieval systems. The consumer goods industries in the US and Canada produce various goods. Thus, efficient handling and right order fulfilment are critical components of supply chain operations. High-tonnage capacity forklifts are used in large industries such as manufacturing and automotive. North Americas growing automobile industry requires material handling solutions to transport chassis, car bodies in paint shops, engines, and other components. Forklifts are important for handling eccentric-shaped loads, and hence their adoption in the region is growing.
Key Market Players
The forklift market is dominated by giants such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (Japan), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Hyundai Construction Equipment Co., Ltd (South Korea), Komatsu (Japan), Clark Material Handling Company (CMHC) (US), Kalmar (Finland), Cat Lift Trucks (Netherlands), Anhui Heli Co., Ltd (China), Crown Equipment Corporation (US), Doosan Industrial Vehicle (South Korea), Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.) (India), Ep Equipment (China), Lonking Machinery Co., Ltd (China), Linde Material Handling (Germany), Bobcat Company (Republic of Korea), Combilift (Ireland), Vallée (Canada), Narrow Aisle Inc (US), Manitou Group (France), Hoist Material Handling (US), Konecranes (Sweden) and Hangcha (China).
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Forklift Market Analysis, Size, Share, Demand and Forecast Report 2022-2027
Forklift Market by Class (Class 1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-Ion, Lead Acid), Tonnage Capacity (<5, 5-10, 11-36, >36 Tons), Operation, Application, Tire & Product Type, End Use Industry and Region - Global Forecast to 2027