Lift Trucks Demand Fueled by Expansion of E-commerce Sector, Valuation to Reach US$ 94.56 Billion by 2032

Adoption of Electric Forklifts in Warehouses to Transform Lift Trucks Market through 2022 & Beyond

Fact.MR's latest study uncovers details on hidden opportunities in the lift trucks market for the forthcoming decade. It delivers insights into vital trends favoring demand outlook across various segments in terms of type, class, propulsion, end-use industry, and region. Besides, the study predicts growth prospects of the lift trucks market for the assessment period.

NEW YORK, July 21, 2022 /PRNewswire/ -- The global lift trucks market size is expected to be valued at US$ 48.52 Billion in 2022 and exhibit growth at a CAGR of 6.9% in the forecast period from 2022 to 2032. Increasing demand for novel lift trucks that can transport heavy building materials over long distances and work on rough terrains is set to propel growth.

As per the report, the global lift trucks market is anticipated to reach US$ 94.56 Billion in 2032. Expansion of the e-commerce sector worldwide is set to surge the number of warehouses and further drive the need to efficiently manage the entire supply chain.

Several warehouse owners are expected to focus on enhancing productivity, lowering operational costs, and increasing transparency within their operational plants and warehouses.

It is thus projected to augment the demand for various innovative lift trucks such as narrow-aisle forklifts and stand-up riders that would provide better navigation and high operation accuracy in narrow mezzanines, tiers, and aisles.

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Moreover, ongoing development of electric lift trucks that offer numerous benefits such as low weight, less noise, reduced vibration, and lesser maintenance costs, is expected to bode well for the global market. Demand for electric lift trucks is likely to grow in the upcoming decade on the back of rising need to increase convenience of employees amid fieldwork.

Entry of various e-commerce platforms owing to the convenience of shopping from anywhere at any time, affordable access to technology, and adoption of smartphones worldwide is anticipated to accelerate the need for lift trucks in warehouses.

As per the India Brand Equity Foundation (IBEF), total e-commerce sales reached approximately US$ 67-84 Billion in 2021 from US$ 52.57 Billion recorded in 2020. These numbers are expected to surge at a fast pace stoked by rising penetration of the internet and high disposable income of consumers, thereby pushing the lift trucks market.

Key Takeaways:

• Europe lift trucks market is set to hold a share of about 36.4% in 2022 and create an absolute $ opportunity of US$ 17.66 Billion in the same year.
• North America lift trucks market is expected to account for a share of around 22.8% in 2022.
• At present, the lift trucks market in China holds approximately 18.9% of share and stands at a valuation of US$ 9.17 Billion.
• The global lifts trucks market is estimated to reach US$ 94.56 Billion in 2032.
• Sales of lift trucks are likely to surge at a CAGR of 6.9% from 2022 to 2032 on the back of increasing demand for warehousing.

Growth Drivers:

• Transformation in terms of warehouse operations across the globe is set to drive the need for lift trucks for carrying heavy loads.
• Rapid expansion of the e-commerce industry globally is anticipated to spur the demand for lift trucks that can operate in narrow and tight spaces.

Restraints:

• Fluctuating raw material prices and high cost associated with maintenance of lift trucks are expected to hamper sales in the evaluation period.
• As electric lift trucks are more susceptible to temperature changes, compared to conventional equipment, these cannot be used for outdoor applications.

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Competitive Landscape:

Leading companies operating in the global lift trucks market are engaging in mergers and acquisitions to compete with their rivals. They are forming solitary units to strengthen, simplify, and streamline the overall customer experience. Meanwhile, some of the other companies are emphasizing the manufacturing of cutting-edge products that are more productive and efficient than their traditional counterparts to attract a large consumer base.

For instance,

• In January 2022, Toyota Material Handling (TMH), a renowned forklift and material handling equipment supplier headquartered in India, introduced 22 latest electric products as part of its portfolio expansion strategy. It includes a wide range of unique warehousing solutions and truck models to attract customers in material handling businesses.
• In April 2021, Godrej & Boyce (G&B), a leading manufacturer of complex engineering solutions based in Mumbai, declared that Godrej Material Handling is planning to acquire about 30% of the counterbalance electric forklift market share by 2024. To do so, the company launched its new Uno Electric Forklift Truck featuring a longer runtime, improved visibility, augmented safety, and advanced ergonomics.

Key Companies Profiled by Fact.MR

• Hyster-Yale Material Handling Inc.
• Toyota Industries Corporation
• Jungheinrich Group
• KION Group AG
• Mitsubishi Nichiyu Forklift Corporation

More Valuable Insights on Lift Trucks Market

In the latest study, Fact.MR offers a detailed study on global lift trucks market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of lift trucks through detailed segmentation as follows:

By Type:

• Counterbalance
• Reach

By Class:

• Electric Motor Rider Trucks
• Electric Motor Narrow Aisle Trucks
• Electric Motor Pedestrian Trucks
• Internal Combustion Engine Trucks with Cushion Tires
• Internal Combustion Engine Trucks with Pneumatic Tires
• Electric and Internal Combustion Engine Tractors
• Rough Terrain Forklift Trucks

By Propulsion:

• IC Engine Vehicles
• Petrol
• Diesel
• Others
• Electric Vehicles

By End-use Industry:

• Mining
• Logistics
• Construction
• Manufacturing
• Agriculture
• Others

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

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Key Questions Covered in the Lift Trucks Market Report

• What is the projected value of the lift trucks market in 2022?
• At what rate will the global lift trucks market grow until 2032?
• Which are the factors hampering the growth in the lift trucks market?
• Which region is expected to lead in the global lift trucks market during 2022-2032?
• Which are the factors driving the lift trucks market during the forecast period?
• What is the expected market value of the lift trucks market during the forecast period?

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