Forklift Market by Application, Tonnage, Class and Region - Global Forecast to 2021
The global Forklift Market is projected to grow at a CAGR of 1.93%, from USD
16.00 billion in 2016 to USD 17.61 billion by 2021. The focus on fuel economy
to meet stringent emission norms coupled with the rising demand for electric
forklift is projected to drive the market for battery-operated forklift market.
The growing need for warehouses to support hub and spoke model in various
sectors, such as e-commerce, automotive component manufacturing, consumable
goods, and electronics, is increasing the number of warehouses per country.
The increase in the number of warehouses is
likely to lead to a rise in the demand for forklift. It is consequently a major
driver of the forklift industry.
The safety and emission regulations
for forklifts have become increasingly stringent and complex in the past few
years. The European Commission has now introduced Stage V regulation for
Non-Road Mobile Machinery which will be regulated from 2019 and will help in
reducing almost 95% emission level from pre-regulated era. The increasing
stringent emission tier slabs might stand as a challenge for manufacturers of
forklift vehicles, as sizable R&D investments are required to redesign the
vehicles emission systems. The increase in wider
range available in electric forklifts is also an important factor which is
helping this segment to acquire market share of ICE forklifts.
The fastest growing market for the forklift is the Asia-Pacific market,
which holds majority of the market share of the global forklift market by value
and volume. As of 2016, the adoption of forklift in the Indian and Chinese
market is estimated to be low, but this trend is projected to increase rapidly
in the near future, as the Asian countries are developing in e-commerce and
industrial manufacturing sectors. The European forklift market contributes major share to the global
forklift market. The European forklift market is dominated by Germany, which is
the key market for the forklifts in the region.
The next emerging market is the wholesale and retailed
distribution forklift market. The fragmentation of supply chain due to government policies,
industrialization, and globalization is increasing the demand for warehousing.
The European market of the wholesale and retail distribution segment was
estimated to be the largest. As the number of warehouses increase, the material
handling would also increase which can be managed more efficiently with the use
of forklift. However, warehouse segment is expected to lead the market by 2021 significantly
due to increasing number of warehouses being set up across the regions,
reducing trade barriers between various regions, and preference towards low
cost alternatives.
Market Dynamics
Drivers
- Increasing
Trend in E-Commerce and Warehouse Segment
- Technological
Advancements Aimed at Increasing Productivity
Restraints
- Increase
in Third Party Logistics (3PL) Services
- High Cost
of Battery Operated and Fuel Cell Forklift
Opportunities
- Increasing
Demand for Battery-Operated Forklifts
- Emerging
Market Fueling the Growth
Challenges
- Stringent
Safety and Emission Regulations
- Volatility
in Global Market
Major Market
Developments
In May 2016, Jungheinrich introduced the first
lithium-ion-battery-powered vehicle in the 48-volt range with a battery
capacity of 360 and 480 ampere hours. The completely maintenance-free battery
technology will be applied to counterbalance forklifts and reach trucks.
In February 2016, Crown Equipment Corporation launched
a new forklift, the Crown WAV 60 Series, which offers higher levels of safety,
efficiency, and flexibility than previous models. This model is designed for
applications in which ladders are typically used to access high places, such as
manufacturing and retail applications.
In June 2016, KION Group acquired Dematic (U.S.), a
best-in-class automation provider and specialist in supply chain optimization,
by purchasing shares worth approximately USD 2.1 billion. The combined revenue
of both the companies for 2015 was more than USD 7.5 billion, and they had
close to 30,000 employees
Target audience
·
Forklift manufacturers
·
Forklift engine manufacturers
·
Forklift attachment manufacturers
·
Forklift battery manufacturers
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