Market Trends of Forklift Trucks Industry
Electric Forklifts Hold a Significant Market Share
As e-commerce platforms expand, the demand for material movement, transportation, and lifting applications increases, driving market growth. The widespread use of electric forklifts across different sectors is boosting market expansion. Additionally, product enhancements, such as the introduction of rapid battery charging systems to minimize downtime and extend the operational lifespan of forklifts, are also contributing to this growth.
A significant advantage of using electrically powered forklifts is that there is no need to store the fuel at their place of operation. The critical pollutant emissions from these forklifts also drive companies toward adopting electric material-handling vehicles that can be easily operated and maintained inside warehouses.
Electrically powered forklifts are gaining massive ground in the developed regions of North America, Europe, and Asia, which boast an established e-commerce industry, strict emissions norms, and sustainability concerns. However, in emerging economies, there is still a preference for IC-engine forklifts. Many manufacturers are active in the field of electric forklifts and are continuously introducing new models to stay abreast of their competition.
An important benefit of using electrically powered forklifts is that there is no need to store fuel for them at their place of operation. The significant reduction in pollutant emissions from these forklifts is driving companies to adopt electric material-handling vehicles, which can be easily operated and maintained inside the warehouse. For instance:
- In June 2024, Konecranes introduced a heavy-duty version of E-VER electric forklift for lifting capacities of 18-25 tons. The forklift aims to add significant strength to the versatility of the vehicle for applications in heavy industries for low energy consumption and zero tailpipe emissions.
As nations worldwide increasingly focus on sustainable development, there is a rising need for electric forklifts. This shift is projected to persist in the coming years as an increasing number of enterprises strive to diminish their carbon footprint and enhance their ecological influence.
With the above-mentioned development across the globe, the demand for forklifts is likely to grow in the coming years.
Asia-Pacific to Account Major Market Share
Asia-Pacific is expected to witness a significant increase in sales, largely due to major investments in sea and port transportation by leading companies in China, Japan, and other countries in the region. The region has been a key hotspot for overseas investors owing to the growing economy and expanding end-use industries like construction, industrial, and maritime. These investments are aimed at the adoption of advanced and modern forklifts, indicating a departure from traditional forklifts. For instance:
- In May 2024, a new maritime route was launched in Tianjin, forging a vital link between China and the eastern coast of South America. This initiative aims to bolster trade activities between China and the nations in that part of the world while also enhancing the transportation infrastructure. Stretching across the vast expanse of the Pacific Ocean, this sea route between China and South America ranks as one of the lengthiest globally.
The growing demand for forklifts in India is due to the Make in India initiative introduced by the Indian government. This strategic effort places significant emphasis on bolstering infrastructure development and the manufacturing sector.
One important focus of this initiative is the ambitious plan to construct and expand many seaports across the nation in response to increasing trade activities at these ports. Forklifts are crucial for efficiently handling materials at these busy seaports.
The rapid expansion of small and medium-scale industries in the region is anticipated to drive a significant increase in demand for forklifts. Companies in this region are focusing on lowering tailpipe emissions to follow government regulations.
With the above-mentioned development across the region the demand for forklifts are likely to grow in the coming years across the region.
