Global Forklift Trucks Market to Grow at Aggressive CAGR of 11.7% to Reach $114.55 Billion by 2028 | High Demand for Used Forklifts Trucks to Hamper Sales of Units
Global forklift trucks market was valued at USD 52.8 billion in 2021, and it is expected to reach a value of USD 114.55 billion by 2028, at a CAGR of more than 11.7% over the forecast period (2022-2028).
Westford, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) — There is no dispute that the forklift trucks market is a thriving business. In 2021, over 1, 419,000 units of forklift trucks were sold and the number is projected surpass the unit sales of 1,909,000 by 2028. Out of which, over 230,000 units were sold in the US alone, which around 16.3% of the global sales. Forklift trucks are one of the most commonly used machines in the commercial setting, and their popularity has only grown in recent years. This growth is due to increasing demand from other sectors, such as construction and warehousing, as well as the rise of ecommerce and transportation companies that rely on forklift trucks for their operations.
Currently, the dominant brands in global forklift trucks market are Toyota and Daimler. However, both of these companies are expected to face increased competition in the coming years from brands such as Freightliner and Volvo. This competition will result in reduced prices for consumers, who will be able to obtain better quality trucks at lower prices. In terms of technology, the industry is moving toward autonomous vehicles. According to SkyQuest, this is likely to cause a major shift in how forklift trucks are used by businesses. Instead of having drivers manually operate the trucks, autonomous vehicles would allow companies to use them more efficiently and reduce the amount of time spent waiting for them to get moving again.
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Automated Warehouse and Distribution Systems Emerged as Key Factor in Global Forklift Trucks Market Demand
According to a recent report from SkyQuest, the forklift trucks market is experiencing significant growth. The company’s “Global Market Brief – Forklifts, 2022-2028” projects that the market will grow by almost 85% over the next seven years. One of the reasons for this growth is that companies are increasingly adopting forklift trucks for warehouse and distribution tasks. This is evident in SkyQuest’s survey of forklift truck manufacturers and distributors, which found that 93% of respondents plan to increase their sales of forklifts in the next three years.
One of the key factors contributing to this growth is the increasing demand for automated warehouse and distribution systems. This is due in part to the growing prevalence of e-commerce, which has created increased demand for logistics services. In addition, companies in the global forklift trucks market are increasingly turning to forklift trucks to perform tasks such as loading and unloading goods from trucks. This growing demand has led to a shortage of qualified forklift operators, which is expected to create challenges for manufacturers in the near future. SkyQuest estimates that there will be a shortage of more than one million forklift operators by 2021.There are several challenges that manufacturers will need to address in order to meet this growing demand. Some examples include developing new models that are both efficient and durable, increasing production rates, and training employees on how to use these machines properly.
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Forklift Trucks Market is Witnessing Growth in the New Buyers: 88% of the Global Sales Will Come from New Buyers by 2028
However, there are a number of factors that could eventually impact the growth of the market, including increased competition and legislation. One of the key findings from SkyQuest’s analysis of the global forklift trucks market is that demand for forklift trucks is tipped decidedly in favor of new buyers. In 2022, 82% of all forklift truck sales were to new buyers, while only 18% were sales to repeat customers. This trend is expected to continue over the next seven years as well – new buyers are forecast to account for 88% of all forklift truck sales by 2028. This intense competition among buyers explains why competitors are constantly finding new ways to differentiate their products and services.
Another key finding from the analysis is that there is a wide variety of pricing options available when it comes to purchasing a forklift truck. With prices ranging from around $10,000 up into the millions of dollars. The forklift trucks market is a rapidly growing and constantly evolving business. That’s why it’s important for businesses to stay abreast of the latest research and trends so they can make informed decisions about their future. In this report, SkyQuest comprehensively analyzed the industry’s performance in terms of revenue, profit and usage. The key takeaways from this analysis are as follows:
- Revenue growth in the forklift trucks market is expected to continue between 2022 and 2028
- Profit margins are on the decline; however, this trend should reverse in 2021 due to increasing demand for forklift trucks from large businesses
- Forklift truck usage is expanding rapidly; however, there is a potential saturation point in certain markets
Based on these findings, businesses should adopt strategies that will help them maintain or increase their market position. For example, they should continue to develop new products and services that meet the needs of their customers. Additionally, they should focus on marketing their businesses successfully so that they reach as many people as possible.
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High Demand for Used Forklifts Trucks to Hamper Sales of New Forklifts Trucks in Asia Pacific Forklift Trucks Market
Used forklift trucks are in high demand because they are still in good condition and industrially viable. It is estimated that there will be a shortage of 50,000 used forklift trucks by 2023 in the Asia Pacific region as the demand for them increases. This caused dealerships to start selling used forklift trucks as an alternative to purchase a new one. As per SkyQuest’s analysis, stringent emission norms and government policies compel the existing forklift users across the US and Europe to retire or sale their forklifts trucks withing 4-5 years. Wherein, most of the such used products end-up entering the Asia Pacific and Latin American market. Our study suggests that the UK is the top exporter of forklift trucks to India and China. In the last few years, this regional market is witnessing a strong influx of demand for used electric forklift trucks in India.
However, this is not the only reason why used forklift trucks market is witnessing high demand. There are several reasons for this. One reason is that new forklift trucks can be expensive to buy and maintain, which is especially true in Asian countries where Diesel fuel prices are relatively high. Secondly, many companies now prefer to use electric machines instead of traditional diesel machines, which means that there is a smaller market for new diesel trucks. Lastly, many industrial accidents have occurred with traditional diesel trucks, which has led to safety concerns among businesses. The high demand for used forklift trucks market will likely continue as industrial growth across Asia Pacific continues to increase. Despite this, however, the market for new forklift trucks will remain dominant as newer and safer models become available.
Top Players in Global Forklift Trucks Market
- Toyota Industries Corporation (Japan)
- Crown Equipment Corporation (US)
- Kion Group AG (Germany)
- Hyster-Yale Materials Handling Inc. (US)
- Hyundai Heavy Industries (South Korea)
- Mitsubishi Nichiyu Forklift Co., Ltd (Japan)
- Jungheinrich AG (Germany)
- Anhui Forklift Truck (China)
- Doosan Industrial Vehicle (US)
- Hangcha Group (China)
- KomatsuLtd. (Japan)
- Godrej & Boyce Manufacturing (India)
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