Construction will increase the demand for robust forklifts that withstand harsh outdoor environments, and many government agencies are focused on improving infrastructure to support economic growth. According to a report, South Africa’s government plans to invest USD 60 million in transport infrastructure by 2027. To facilitate the rapid transfer of heavy materials, these large-scale construction projects will drive up the demand for forklifts.
E-commerce is becoming increasingly popular because consumers prefer to shop online to avoid crowds and to be isolated from the world. Online retailers can hire high-quality forklifts from distribution centers to improve material handling operations and increase sales.
Read More About the Forklifts Market: Forklift Market Booming: Big Opportunity or Overloaded?
In 2021, the forklift industry size was valued at USD 53.6 billion. Between 2022 and 2030, it is expected to grow at a 12.9% compound annual rate (CAGR).
Forklift Market Drivers
To ensure customers get their goods quickly, third-party logistics companies are increasing their forklifts in warehouses and distribution centers. There is a growing market for advanced material handling systems that can load and transport products.
Dealers and sellers of forklifts will have great opportunities to adopt robotics lift trucks in the material handling market, and the development of forklifts that allow self-location using infrastructure-free navigation is underway. The increased demand for easy-to-use models will drive global growth in the forklift market.
The global forklift industry’s growth is dependent on workplace automation such as industry 4.0 which refers to automation and productivity. This trend will increase demand for forklifts to transport products.
Forklift Market Restraints
Mishandling is hindering the growth of the forklift market.
The demand for end-users has led to advanced manufacturing, which has increased the employees’ workload. Employees are often required to do overtime even after working long hours which causes fatigue and lowered concentration levels. This has resulted in increased accidents and lower productivity for forklift drivers. These are the most common accidents that can happen while operating forklifts.
Forklift Market Key Trends
Hydrogen Fuel Cell-Powered Forklifts
Research in the materials handling and forklift industries led to the development of hydrogen-powered forklifts. The increasing preference for hydrogen fuel cell technologies over diesel, LPG, and battery will increase forklift sales.
Forklifts with Lithium Ion Battery
Lithium-ion batteries can power forklifts capable of running continuously for multiple shifts. Maintenance-free lithium-ion batteries can be used on forklifts, and the efficiency of the ion battery also increases productivity in extreme cold or hot temperatures. The growth of the forklift market is positively affected by fast charging, zero watering, fumes or zero-emission technology.
Innovations in the Engines of Forklifts
Forklifts with internal combustion engines are gaining popularity among consumers. Internal combustion engines can perform all operations indoors and outdoors, and the engine’s endurance is superior to traditional engines. The engine’s durability is superior to older engines and can withstand harsh and dirty environments. This is the main reason why the forklift market has grown: there is no dependency on the electric grid.
Recent developments:
- Crown Equipment Corp. launched the ESR 1000 Series reach trucks in December 2019. The forklifts can be equipped with lithium-ion battery packs. They can be positioned up to 13 560 millimeters (mm), and have a maximum load of two tonnes. Crown’s Xpress LowerTM technology is also available to increase mast-lowering speeds.
- In September 2019, Jungheinrich AG launched a new modular web tool to optimize truck fleets and intralogistics digitally. The cloud-based tool allows users to monitor and optimize their fleet’s productivity and efficiency by analyzing the most recent information regarding operating hours and unit costs across all locations.
- In April 2019, Hyster-Yale Materials Handling Inc. introduced the first counterbalanced truck lift truck. Yale ERPVL was built around a light, space-saving lithium battery. This enabled faster acceleration and lower energy consumption than heavy lead-acid batteries.
