Forklift Market Growth Drivers in 2016 & Challenges by 2024
North America Forklift Market is expected to witness stagnant growth over the coming few years owing to its steady economic recovery after recession. Lack of abundant workforce, emphasis on emission reduction are expected to present forklift market potential growth opportunities over the forecast timeframe.
Asia Pacific Forklift Market
dominated the accounting for over 40% of the industry share in 2015. China
accounted for approximately 25% share in terms of volume, is anticipated to
exhibit an exponential growth owing to factors such as presence of large number
of production facilities, heavy logistics activities, economy growth and high
adoption of technological advancements. This will lead to significant forklift
market growth of regional sector.
Forklift
Market size is anticipated to benefit from increasing manufacturing and
e-commerce activities, and the need for warehousing operations in these
facilities. Huge warehousing spaces have mandated machine utilization for transferring
heavy goods to ensure efficient productivity and reduce mishandling. Increasing
adoption of fast charging batteries in trucks to help end users overcome long
distance barriers, reduce the downtime and improve productivity is estimated to
fuel the overall forklift market growth. Electric or battery operated trucks
are expected witness increased adoption rates due to their growing applications
across various verticals.
Inadequacy of critical component
suppliers and lack of skilled operators pose considerable threat to forklift
market growth. OEMs are highly dependent on suppliers for critical components
such as cockpit controls, tilt cylinders, overhead guards and load backrest
used in these utilities. Owing to the regulatory compliances in imports, and
difficulty in procuring of these components, cost of critical components is expected
to increase in upcoming years. Moreover, lack of skilled workforce for
efficient functioning have led to increased reports of workplace fatalities.
According to national safety council in US, forklifts accidents find second
position in private sector workforce fatalities and accounted for more than
30,000 injuries in 2015. Thus, lack of skilled workforce and increasing
incidences endangering human lives are expected to hamper the overall forklift
market growth.
Consumers have gained increased inclination
towards hydrogen powered trucks owing to its cost effective and environment
friendly characteristics. Trucks enabled with these fuel cell technologies are
featured with benefits such as reduced needs for battery replacements, smooth
operating at freezing temperatures and high speed. Moreover, hydrogen refueling
approximately requires two minutes, however, traditional lead acid battery
changing requires around 15 minutes, thus saving huge wastage of time in shift
operations. Such advancements in fuel to save expenses are anticipated to
present forklift market potential growth landscape over the forecast timeframe.
For instance, in July 2006, Wal-Mart started using these hydrogen fuel forklift
trucks in its distribution center in Washington Court House, Ohio.
Based on class, the forklift market is
segmented into class I, class II, class III, class IV and class V trucks. These
include all types of electric motor rider, electric motor narrow aisle,
electric motor hand truck, internal combustion engine (ICE), electric
combustion engine tractors and rough terrain trucks. Class 3 type trucks are
projected to witness highest CAGR over the forecast timeline owing to its major
applications in warehouse & material handling departments and relatively
higher efficiency than internal combustion forklifts. Largest share in terms of
volume was held by trucks, with capacities less than 5 ton. These included
Internal Combustion Engine(ICE) trucks and battery electric trucks, having the
highest penetration in forklift market segment.
Based on end users, forklift market size is
categorized into food, electrical, retail & wholesale, chemical, logistics
and automotive. Wholesale & retail distribution segment is projected to
witness high demands owing to increased transportation activities across
different regions and surplus goods stocking generating the requirement for
distributors to increasingly deploy forklifts. Battery operated trucks are
highly used in retail segment due to its high efficiency.
Europe forklift market share accounted for
around 30% and is anticipated to witness significant growth opportunities over
the forecast timeframe. Increased in demand for battery operated trucks and
growth in warehouse segment are major contributors for market growth. Europe
held the largest forklift market share in wholesale & retail distribution
segment owing to highest utilization of electric vehicles in the segment.
Some forklift market players include KION
Group AG, Toyota Industries Corporation, Jungheinrich group, Hyster-Yale
Material handling Inc and Mitsubishi Nichiyu Forklift Corporation. Major
forklift market manufactures are focusing on extending product portfolios,
acquisitions, and collaborations to capitalize on the growing opportunities
across multiple end user verticals. For instance, KION acquired handling
automation division of Egemin Group. This division will help the company to
offer enhanced services for automatic guided vehicles, automated warehouse
systems and in-floor chain conveyors. Hyster- Yale acquired installation and
distribution business of Speedshield Tech. Pvt Ltd in the U.S. This acquisition
was to extend the company’s business activities outside Australia.
Forklift Market Growth Drivers in 2016 & Challenges by 2024
Reviewed by Pradip Varpe
on
July 09, 2018
Rating:
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