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 the 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 a 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 the pre-regulated era. The increasingly 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 the wider range available in electric forklifts is also an important factor which is helping this segment to acquire a market share of ICE forklifts.
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The fastest growing market for the forklift is the Asia-Pacific market, which holds the majority of the market share of the global forklift market by value and volume. As of 2016, the adoption of a 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 a 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 the 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 increases, the material handling would also increase which can be managed more efficiently with the use of a 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.
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Increasing Trend in E-Commerce and Warehouse Segment
Technological Advancements Aimed at Increasing Productivity
Increase in Third Party Logistics (3PL) Services
High Cost of Battery Operated and Fuel Cell Forklift
Increasing Demand for Battery-Operated Forklifts
Emerging Market Fueling the Growth
Stringent Safety and Emission Regulations
Volatility in Global Market
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