As per the current market trends and the promising nature of the global lift trucks market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, Fact.MR would be publishing a resourceful analysis that will enclose knowledge about the regional market size, revenue and opportunity status. Readers will be offered the privilege to decode various facets of the market during the period “2018 to 2027”, together with the active access to secondary and primary research methodology. Furthermore, various segments of the market associated to product, application, end-user etc., would also be present in this intelligent research report.
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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.
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