Lift trucks are one of the most widely used pieces of equipment in material handling, it is an industrial powered vehicle used to lift and transport goods for short distances. With growing concerns regarding environmental issues, lift trucks with power supply from electric motors or rechargeable industrial battery have attracted increasing demand in the recent years. Most of the lift trucks typically use two power-operated horizontal prongs which can be raised or lowered to load, transport, and offload the goods, especially goods stacked in pallets. Earlier, people who worked in factories and warehouses used customized systems for lifting and transporting loads which were not safe. This has led to increase in the demand for lift trucks that improved the safety of the operators as well as other workers.
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Global lift trucks market has been gaining high traction over the years with fast-growing construction and other industries in emerging economies. Product innovation is readily adopted in the lift trucks market. Continued focus of manufacturers to enhance the quality by incorporating new technology is likely to improve the lucrativeness of lift trucks market. Significant advantages including great lifting and loading capabilities and ease of maintenance are anticipated to influence growth of the lift trucks market.
Replacement Market Getting Mainstreamed for Lift Trucks and OEMs Emphasized on Raising After-Sales Service Standards
Future demand for lift trucks is likely to remain under the influence of changing international trade dynamics, expansion of warehousing industry, transformations in logistics and supply chain management, as well as improved equipment efficiency. Further, owing to industrial expansion and emergence of new SMEs, warehousing industry has flourished in past decades. Loading- unloading, transportation, and distribution are common activities that leverage different types of lift trucks routinely. In addition, manufacturers are introducing smart lift trucks with increased efficiency and productivity.
More than 6 million Lift Trucks Likely to Sold over Next Five Years
As one of the important industrial vehicles, lift trucks are widely used material handling equipment. Use case based products, variety of attachments and customization according to application, make the lift trucks highly preferred material handling equipment. The global lift truck market on the backdrop of stronger manufacturing sector performance is projected to register a year on year growth of over 5% till 2026, surpassing US$ 75 Bn in size.
According to the Occupational Safety and Health Association (OSHA), powered industrial lift trucks are classified into seven classes that include lift trucks with power supply from electric motors or internal combustion engines. Further, each class includes different types of lift trucks such as counterbalance trucks, reach trucks, order pickers, narrow aisle trucks, pallet trucks, loader trucks are some of the most preferred ones.
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E-Commerce Operators Outshine Traditional End Markets for New Sales
Lift trucks find application in every industry that manages transports, stores, and distributes manufactured products. Few of the prominent influencing factors impacting growth of the global lift truck market are discussed below.
- Changing International Trade
With the aim to spread innovation, boost productivity and foster economic growth, international trade has witnessed implementation of several novel business strategies. After the downfall in 2016 and 2017, participation from the developing economies and changing trade policies will influence growth of international trade during the forecast. Being an important entity of the import-export activities, lift trucks market is likely to witness challenges of changing international trade.
- Growing Warehousing Industry
With the emerging SMEs and dramatic expansion of e-commerce, warehouse constructions have become a common adjunct in every small or large manufacturing or distribution plants. As loading-unloading activities are common in warehouses, lift trucks are highly sought after vehicles in these facilities.
- Product Innovation
Manufacturers consistently strive to introduce smarter, safer, ergonomic, fuel efficient, and highly productive lift trucks to win over increasing competition in the global market.
- ELOKON, a European lift truck leader recently featured its automatic mobile personnel protection system for very narrow aisle (VNA) lift trucks at Modex 2018 in the U.S.
- Plug Power Inc. has recently introduced the improved and more efficient fuel cells called the GenDrive 2440-36R for its class 2 electric forklift trucks.
- Toyota Forklifts, based in Columbus Ind. has recently introduced a new line of heavy-duty lift trucks with adjustable wheelbase, cushion tire forklift and weight capacity of up to 80,000 pounds.
- NexSys Technologies has launched a new NexSys TPPL batteries that are designed for class I, II, and III applications including high-capacity trucks. Thin Plate Pure Technology (TPPL) allows fast charging within an hour and lasts up to 16 hours.
Industry automation is another important trend shaping the production of automated or robotic lift trucks. Vendors such as Hyster Robotics, Fetch Robotics, OTTO Motors, Seegrid, and Vecna Robotics are providing autonomous mobile self-driving lift trucks.
- Key Stakeholders
Key players in the global lift trucks market include Hyster-Yale Material handling Inc., Toyota Industries Corporation, Jungheinrich group, KION Group AG, and Mitsubishi Nichiyu Forklift Corporation.
- A global logistic leader, Woodland Group has recently added 12 new lift trucks of Jungheinrich to the fleet at its Coventry distribution center.
- H&K Equipment, a Pittsburgh-based material handling equipment company has announced complete authorization of Taylor Machine Works dealership for Western Pennsylvania, the Northern Panhandle of West Virginia, Eastern Ohio, and Garrett and Allegany counties in Maryland. Taylor Machine Works manufactures heavy-duty trucks, lift trucks and container handlers.
- Toyota Material Handling UK has recently announced sponsorship of the National Forklift Safety Convention 2018, organized by the Forklift Truck Association.
Details associated with all the highlighted trends are included in the report which provides financial community with a clear outlook of the global lift truck market.
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