Although the lift truck market is fragmented, there are some key forklift trends that anyone should be aware of for the 2020-2025 period.
The first is that demand for forklifts is expected to continue to rise across various industries. Most important is the eCommerce market, which is dominated by smaller, electric-powered vehicles.
The contraction industry is the second where the transition from an ICE to an electric version will be noticeable.
Indeed, from 2021 to 2025, energy consumption will be a significant issue in the forklift industry, with electric-powered machines being the most popular. Although some novel approaches to energy provision, such as hydrogen cells, can be expected. Experts predict that the CAGR will increase by 6% in the next few years.
In terms of fragmentation, we can expect continued competition among key providers and collaboration. Market leaders like JBT, Heli Forklift, and Hyster-Yale Materials Handling have already agreed to collaborate on developing an automated vehicle. Automation is expected to be a significant trend in the forklift industry shortly, between 2021 and 2050.
Types of forklifts that are expected to grow from 2021 to 2025
Sales of forklifts with internal combustion engines are expected to decline. Sales of electric forklifts are expected to rise. Several factors have contributed to this. The first is that electric forklifts are both more energy-efficient and environmentally friendly. Consumers and businesses alike are concerned about sustainability.
Furthermore, electric forklift technology has advanced to the point where it can now compete with any ICE model. Something that allows businesses to reap the above benefits without sacrificing productivity.
Finally, electric forklifts are expected to grow at the fastest rate from 2021 to 2025 because they are less expensive to operate and safer for those who work in the environment they share.
Regions where forklift sales are expected to increase between 2021 and 2025
Finally, from 2021 to 2025, let’s look at the regions where forklift sales are expected to grow the most. There are two distinct issues to be distinguished here. That is, which region has the most significant and fastest-growing forklift truck market.
North America is the obvious answer to the first question, with the industry contributing over USD 25 billion to US GDP each year and supporting over 200,000 US jobs. A situation that is expected to remain unchanged for the duration of the discussion.
When it comes to the region with the fastest-growing forklift sales, the Asia-Pacific region, particularly China and Japan, comes out on top. Anyone working in or associated with the forklift industry who wants to plan should know this fact.