Increasing Inclination of Manufacturers toward Plant Automation has propelled the Growth of the Forklift Market in the Asia Pacific Region!
- Himanshu Patni
- November 14, 2023
- AUTOMOTIVE, NEWS
- Forklift Market, Forklift Market Forecast, Forklift Market share, Forklift Market Trends
- 0 Comments
The Asia Pacific dominates the forklift market due to the increasing inclination of manufacturers toward plant automation. Moreover, the increasing R&D investment for developing new automotive types, the favorable economic environment, and the need for technological advancements in in-house logistics are also helping to boost the market growth in this region. Additionally, the presence of several automotive manufacturers and changing consumption patterns are driving market growth in this region. In the region, China is likely to continue its dominance due to the booming of e-commerce and retail firms, thriving automotive component production, developing consumable goods industry, and rising construction industry. Furthermore, the use of forklifts for manufacturing and distribution processes is projected to be fueled by the introduction of severe regulatory criteria aimed at worker safety during product transportation in the region. For instance, ZF entered a joint venture with Chinese company Anhui Heli Co. to access the Chinese market, the biggest and fastest-growing region for forklift trucks.
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Further, APAC Forklift Market is expected to grow at a CAGR of around 8% over the forecast period (2023-2030). Asia Pacific is expected to lead the forklift market during the forecast period. Due to the increasing inclination of manufacturers toward plant automation. Moreover, the increasing R&D investment for developing new automotive types, the favorable economic environment, and the need for technological advancements in in-house logistics are also helping to boost the market growth in this region. Growth in the area is also driven by the demand for state-of-the-art material processing equipment in industries such as construction, mining, food, and beverages. In addition, the deployment of technology-savvy vehicles in the region has gained maximum traction and is complementing the growth of the truck industry. For instance, In June 2022, Mitsubishi Logisnext launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
Fig 1: Asia-Pacific Forklift Market Revenue (2020-2030)- USD Mn
Based on power source, the market is segmented into ICE and electric. Electric forklifts are predicted to grow at the highest CAGR during the forecasted period. Due to various benefits, including zero emissions, minimal noise, superior visibility, and the ability to execute practically every operation that an ICE forklift can do. Moreover, electricity is an eco-friendly alternative to gasoline and diesel-powered forklifts. Electric vehicles incur lower maintenance costs than those with international combustion engines. Hence, several countries globally, including the U.K., India, and France, are in the process of shutting down the sales of combustion engine vehicles. The benefits of electric vehicles and favorable government initiatives are anticipated to drive the demand further.
Based on application, the market is segmented into construction, industrial, logistics, and others. The logistics segment held the largest market share in 2022 owing to the demand for material handling equipment in transportation, which is expected to drive the forklift market growth. Furthermore, forklifts are used by the logistic sector to move merchandise efficiently, the increased stockpiling of commodities in warehouses, and its distribution to different destinations, which in turn drives the respective market growth.
For a detailed analysis of the Forklift Market browse through – https://univdatos.com/report/global-forklift-market/
Global Forklift Market Segmentation
Market Insight, by Class
· Class 1
· Class 2
· Class 3
· Class 4/5
Market Insight, by Load Capacity
· Below 5 Tons
· 5-10 Tons
· 11-36 Tons
· Above 36 Tons
Market Insight, by Power Source
· Internal Combustion Engine (ICE)
· Electric
Market Insight, by Application
· Construction
· Industrial
· Logistics
· Others
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Rest of Europe
· Asia Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Komatsu
· MITSUBISHI HEAVY INDUSTRIES, LTD.
· Jungheinrich AG
· Hyundai Heavy Industries
· Toyota Material Handling
· KION Group AG
· Hyster-Yale Material Handling Inc.
· Crown Equipment Corporation
· Anhui Heli Co., Ltd.
· CLARK
