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The electric forklift market is growing significantly from decade owing to its applications in relevant industry, providing cost efficiency and improved productivity.
The electric forklifts are actively adopted across the globe resulting in the quantitative increase in demand which in turn pushed the year-on-year revenue growth. Stringent emission norms for diesel vehicles across the globe in order to regulate the CO2 emission have led the manufacturers to offer more environment friendly forklift truck models.
Moreover, manufacturers have adjusted the direction of their R&D activities, increasing the proportion of developers working on electric forklifts and warehouse forklifts, in order to expand the electric and warehouse product lines.
High adoption of electric forklifts owing to its advantage over IC powered forklifts and continuous expenditure over advancement of battery technology is anticipated to accelerate the growth of electric forklifts in coming years.
Based on product type, counter balanced forklift trucks accounted for the largest revenue share of 55% in global electric forklift market. On the other hand, warehouse forklifts are the fastest growing owing to rising ecommerce business across the globe.
Geographically, Asia Pacific region accounted for the largest market share with XX% revenue share in global electric forklift truck market. Asia Pacific region is closely followed by Europe and is likely to expand at a CAGR of XX%.
The major countries of Latin America such as Brazil and Mexico showcase huge opportunity for electric forklift truck industry as these countries are showcasing positive growth in manufacturing and automotive industry growth.
The China market is projected to exhibit the fastest growth over the forecast period due to various factors, such as favourable economic environment and a need for technological advancements in in-house logistics in the country.
Europe is projected to account for the second largest volume share of the global forklift truck market and expand at rate of 4.6%, due to the positive outlook of the economy in Western Europe and expected rise in trade of goods, in turn leading to a significant growth in demand for forklift trucks in the region in the near future.
The e-commerce market continues to grow at a healthy rate. Increase in demand for consumer products has led to increase in requirement of warehousing space, for storage of products, which are then distributed to retail stores in bulk, via pallet loads and cases.
Various distribution strategies and warehouse technologies are adopted to distribute the products to the location without any damage. To reduce time and space, forklift trucks are used in the warehouses to place and arrange materials or goods in a proper manner. Thus, the developments in the e-commerce industry drive the growth of the global forklift market.
Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for telehandlers. At the same time, improving economies in the developing countries, such as Australia, China, and Indonesia, have resulted in large-scale foreign investments, a factor that successively fuels the growth of the forklift trucks market in infrastructural projects among various sectors. For instance, in January 2019, China invested $163 billion in the infrastructure sector to repel economic slowdown.
Forklift trucks are used to transfer heavy or bulk materials, thus, enhancing efficiency and reducing the operation costs at the project sites. Thus, rise in investment in the infrastructure industry propels the growth of the global forklift truck market.
The rate of accidents related to the forklifts trucks has increased over the past few years, rising from around 1,000 per year to 1,300 per year. More than half of the injured people are drivers or pedestrians who stepped down from the vehicle. In addition, of all the vehicles that are used in the workplace, forklift is one of the most dangerous and is often used around pedestrians. It is more likely to become unstable, specifically if it is not operated and loaded appropriately. Thus, increase in safety issues and accidents related to forklift trucks is anticipated to hinder the growth of the forklift truck market.
There is an increase in the adoption of electric powered forklifts over the past few years and manufacturers are making remarkable efforts to exceed the performance of internal combustion (IC) engine. In addition, environment concerns and availability of natural resources such as natural gas, oil, coal, and others boost the need to find long term and sustainable renewable energy solutions. When it comes to material handling equipment, factories, and automobiles, hydrogen fuel is a remarkable replacement for conventional means of powering equipment and machinery.
Trucks with hydrogen fuel cell are more environmental-friendly and help the environment through reduction of air pollutants, noise emission, and decarbonization. Owing to these benefits offered by the fuel cell forklifts, leading forklift truck manufacturers are introducing new range of forklifts with fuel cell technology, which in turn offers remarkable growth for the players operating in the forklift truck market.
For instance, at ProMat 2019, Toyota Material Handling, one of the leading forklift truck manufacturers who introduced new 3-wheeled fuel cell forklift, which offers various environmental and performance benefits. Thus, production of hydrogen fuel cell forklifts holds a lucrative growth opportunity for market expansion.
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