Market Trends of Forklift Trucks Industry
Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations
With the expansion of e-commerce platforms, there is a growing need for material movement, transportation, and lifting applications, which is propelling market growth. Furthermore, the growing use of electric forklifts across sectors is boosting market growth. Various product improvements, such as the development of rapid battery charging systems for low downtime and extended operating life of forklifts, are also working as growth drivers.
Nearly 2.1 million forklifts were sold worldwide in 2021. That year, battery electric vehicles (BEVs) accounted for more than half of all forklifts sold worldwide. Forklift sales are expected to reach about 2.4 million units in 2030, with BEVs accounting for around 1.5 million of those units. Further, in China itself, the total production of forklifts in China was forecasted to reach over 80 thousand units by 2030. Further, according to the Chinese Industrial Truck Association, sales of electric forklifts overtook those of internal combustion versions.
A significant advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive the companies toward adopting electric material-handling vehicles that can be easily operated and maintained inside warehouses.
The use of electrically powered forklift trucks is gaining massive ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry, strict emissions norms, and sustainability concerns. However, in emerging economies, there is still a preference for IC-engine forklift trucks. Many manufacturers are active in the field of electric forklifts and are continuously introducing new models to stay abreast of their competition. For instance,
- In June 2022, Mitsubishi Logisnext launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
With several other advantages, like zero-emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain a higher market share. It is expected to be the fastest-growing forklift type over the forecast period.
North America to Account for a Significant Portion in the Forklift Truck Market
North America is expected to witness the highest growth in sales in the region during the forecast period. This anticipated growth is because of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional forktrucks.
Forklift trucks powered by alternative energy sources, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions support the growth of the forklift trucks market through various incentives and policies.
- The Chicago government regulations are pushing materials handling companies to innovate. Hyster Yale introduced two new products of its research and development initiatives, showcasing the company's first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.
As this aligns with the interests of the current US government to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the forecast period. It makes North America one of the fastest-growing regions for the forklift trucks market. For instance,
- May 2022: Mitsubishi Logisnext expanded its dealership network across the United States. The company appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida.
Following North America, Asia-Pacific also holds a significant market share in terms of revenue during the forecast period. The rapid expansion of small and medium-scale industries across the region is likely to increase the demand for forklift trucks. The rapid expansion of e-commerce industries across India, Japan, and China is likely to witness major demand for forklift trucks during the forecast period.
