Top 4 Industrial Applications of the Forklift Truck Market

1
Top 4 Industrial Applications of the Forklift
Truck Market
Building and Construction 29, December
2022 Over the past few years,
digitalization trends have elevated the
demand for e-commerce websites globally. With
rising internet users, e-retail sales
surpassed around 5.2 trillion worldwide.
Given the rise in online shopping and
direct-to-consumer shipments, lift truck volume
sales reached over 1.4 billion units in
2020. Further, the rising demand for
transparency in the supply chain has soared
their adoption to locate and transport
goods, fueling the global forklift truck markets
expansion. Over the forecast period
2022-2028, our research report indicates
that the global forklift truck market is set
to witness robust revenue growth at a CAGR of
7.62. Whats lifting the forklift
business? Material handling equipment signifies
the collection of products used to enhance
operational efficiency and ensure optimum
resource utilization. As a result, forklift
trucks as equipment
have gained traction in the following industries
2

• In the retail wholesale sector, forklift
  trucks have gained prominence as a key
  solution to transport a high volume of goods with
  minimal damage. Estimates indicate China and
  the US collectively account for around 31.4
  share of the forklift truck market for the
  sector. Moreover, retail brands like Alibaba
  and Lancome have launched new stores offering
  offline loyalty programs to attract customers,
  which has increased demand for handling
  equipment for warehouse operations. In this
  regard, warehouse forklifts are a widely used
  product type owing to their lift height capacity
  and maneuverability.
• The logistics industrys expanding operations
  have accelerated the adoption of lift
  trucks to enhance productivity while
  reducing labor costs. Estimates suggest that
  counterbalance forklifts will gain traction
  as a reliable sensing solution for heavy
  loads and high-speed movement in logistics.
  According to Tritons analysis, the Asia- Pacific
  forklift truck market is witnessing
  tremendous growth owing to government investments
  to boost forklift adoption in logistics for
  retrieving, stacking, etc.
• Forklift trucks in the automotive industry are
  available in various lifting capacities and model
  variations for barge handling. Their deployment
  has soared in recent years to enhance industry
  productivity and service while decreasing
  total costs to the company. In this
  scenario, electric lift trucks have emerged
  as a viable and eco- friendly solution to
  complete tasks with zero emissions
  and damage during production. Also, players
  like Mitsubhi Caterpillar Forklift America Inc
  and Toyota have introduced electric tire lift
  truck series and battery electric warehouse
  models, respectively, to advance efficiency and
  operability.
• In the food beverage industry, lift
  trucks are being equipped with advanced
  technology to keep pace with the changing
  demand for cold food processors. The growing
  food stock mainly supports the segments growth.
  Given this growth, forklift trucks are widely
  opted to deliver goods in lesser time and
  cost. Moreover, the
• integration of advanced technology, such as
  sensors and AI, has elevated their adoption
  in the food industry, thus widening the forklift
  truck markets scope.
• Winning Strategies by Notable Players
• With industrial expansion taking center
  stage, companies are concentrating on
  developing new solutions to cater to warehousing
  needs. For instance,
• The Raymond Corporation introduced standup
  forklifts, order pickers, pallet jacks, and
  pick2pallet LED light systems for warehouses.
• The Raymond Corporation also introduced the
  iWarehouse Evolution Intelligent Forklift
  Telematics System to reduce cost by
  analyzing warehouse data, thereby upkeeping
  the overall lift trucks demand.
• Toyota Material Handling partnered with
  Bastian Solution to develop autonomous
  vehicles for manufacturing facilities and
  distribution centers.
• Hangcha unveiled a new range of electric
  forklifts with EPS with power-on-demand
  technology and automotive gearing that ensures
  low noise.
• Hydrogen Fuel Cell Forklifts An opportunistic
  pathway
• Considering the accelerated adoption of electric
  forklifts, manufacturers strive to exceed the

internal combustion engine performance. Besides,
environmental concerns have boosted the
3
demand for long-term and sustainable solutions
across industries, making hydrogen-powered
vehicles a remarkable substitute for conventional
machinery. Since fuel cells are a viable option
for decarbonization, manufacturers are
introducing a new range of forklifts to gain
a competitive edge. For instance, Toyota
Material Handling introduced a new 3-wheeled
fuel cell lift truck with high-performance
benefits. Thus, the production of hydrogen fuel
cell forklifts holds a lucrative growth
opportunity for the global market.
Frequently Asked Questions (FAQs) Q1) Which are
the major end-users in the forklift truck
market? The major end-users listed in the
forklift truck market include logistics, food,
manufacturing, automotive, etc. Q2) How big is
the forklift truck market? The global forklift
truck market attained 66.03 billion in 2021 and
is anticipated to garner revenue worth 106.26
billion by 2028.