Owing to the changing requirements of logistics companies, market players are consistently focusing on intensifying research and development (R&D) and introducing new and innovative forklifts that are environment-friendly, semi- to-fully automated, and lightweight. For instance, Crown Equipment Corp. introduced the ESR 1000 Series reach trucks in December 2019. The new forklifts are available with a load capacity of two tonnes and lift height of up to 13,560 millimeters (mm). In addition, this truck can be configured to use lithium-ion batteries.
The class segment of the forklift market is divided into class 5, class 4, class 3, class 2, and class 1. In 2019, the class 5 division accounted for the largest market share due to the high penetration of ICE forklifts. Class 5 forklifts have a high penetration in emerging economies like India, Mexico, China, and Brazil due to the widespread usage of ICE variants. They are primarily used in heavy lifting because they feature pneumatic tires for work environments where the risk of punctures is high.
According to P&S Intelligence, the Asia-Pacific (APAC) region was the largest user of forklift solutions in 2019 owing to their widespread usage in developing countries to improve efficiency and reduce labor costs. Warehouses in the region are increasingly deploying forklifts for repetitive material handling tasks because they can carry out such operations effectively and reliably. In addition, forklifts are often used in the industrial sector to transport hefty materials around a large building, such as a warehouse or factory.
During the forecast period, the Latin America, Middle East, and Africa (LAMEA) forklift market will witness the fastest growth due to the surging popularity of the warehousing concept and rising industrialization in the underdeveloped nations of the region. The advent of Industry 4.0 will play a pivotal role in the LATAM market growth. Moreover, the amplifying opportunities in the e-commerce sector and changing consumption patterns of customers are also expected to drive the market in the region.
The tremendous growth in the e-commerce sector and changes in the buying behavior of customers have escalated the use of forklifts, globally. Logistics is often challenged by the demanding delivery schedules, and to overcome this issue, e-commerce and logistics companies are now increasing their investments in autonomous and electric forklifts. Thus, the usage of forklifts is rising in warehouses to speed up item picking, loading, and transfer processes.
Additionally, the accelerating technological advancements will fuel the forklift market growth at a CAGR of 2.8% during the forecast period (2020–2030). The market generated revenue of $33,878.7 million in 2019, and it is expected to generate $42,519.4 million by 2030. The adoption of technologies such as robotics and the industrial internet of things (IIoT) in forklifts enhances the efficiency of warehouses. Owing to the advancing technologies, automakers are investing large sums in factory automation solutions.