Heavy-Duty Automatic Forklift Market Set to Reach Valuation of USD 2,091.4 Million by 2032, at 9.92% CAGR: Astute Analytica
The heavy-duty automatic forklift market is surging, driven by booming e-commerce, global trade, and a push for automation. Leasing models dominate, offering flexibility and cost-effectiveness. Manufacturing remains the core user, while technological advancements, particularly in autonomy, reshape the landscape.
New Delhi, March 26, 2024 (GLOBE NEWSWIRE) -- According to the latest research by Astute Analytica, the global Heavy-Duty Automatic Forklift Market is projected to reach US$ 2,091.4 million by 2032, up from US$ 892.8 million in 2023, at a CAGR of 9.92% during the forecast period 2024–2032.
From a market perspective, the heavy-duty automatic forklift sector presents a highly attractive landscape. The robust global sales of forklifts, exceeding 2.1 million units in 2022 (with a sizable North American market of 344,330 units), underscores the established and growing demand for material handling solutions. The manufacturing sector's heavy reliance on these forklifts, holding a 38% market share, reinforces their indispensable role in industrial settings. Interestingly, the leasing segment's dominance, with a 62% global share, reveals a market trend favoring operational flexibility, cost control, and access to the latest technology.
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Key market drivers propelling this sector forward include:
Automation Trend: The widespread push for automation in industries translates to increased demand for heavy-duty automatic forklifts as businesses seek streamlined operations and labor cost reductions.
Warehouse Pressures: Expanding warehousing needs, fueled by e-commerce and supply chain dynamics, necessitate advanced material handling equipment like automatic forklifts to optimize space and efficiency.
Safety and Productivity Gains: The inherent safety advantages and operational efficiencies offered by automatic forklifts make them highly desirable for businesses looking to improve their workplace environment and bottom line.
From an investment standpoint, the heavy-duty automatic forklift market holds exciting opportunities. Emerging economies with growing manufacturing and logistics sectors provide new customer bases for automated solutions. Continuous technological innovation in autonomous capabilities, sensors, and energy efficiency will further enhance the attractiveness of these forklifts. The sustained popularity of rental and leasing models reduces barriers to entry for businesses, especially small and medium-sized enterprises, further expanding the market's reach.
Key Findings in Global Heavy-Duty Automatic Forklift Market
Market Forecast (2032) | US$ 2,091.4 million |
CAGR | 9.92% |
Largest Region (2023) | North America (35.7%) |
By Type | Outdoor (64.2%) |
By Sales Channel | Leasing (61.1%) |
By Application | Manufacturing (37.4%) |
By Industry | Automotive (24.5%) |
By Heavy Duty Forklift Type | High-Capacity Cushion Forklift (24.0%) |
By Navigation Technology | Laser Guidance (42.1%) |
Top Trends |
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Top Drivers |
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Top Challenges |
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Leasing Business is Flourishing in Global Heavy-Duty Automatic Forklift Market, Capturing 61.1% Revenue Share
The leasing business for heavy-duty automatic forklifts is clearly thriving. This is due in large part to the undeniable cost-effectiveness of leasing compared to outright purchases. The global market dominance of leasing, claiming 62% of market share, strongly reinforces this trend. Major forklift manufacturers, like Toyota, understand the appeal of leasing and offer a variety of flexible options. Toyota Commercial Finance, for instance, provides choices like Retail Installment Balloon Loans (low monthly payments with certain tax advantages) and Fair Market Value Leases (the absolute lowest payments with maximum flexibility). This adaptability is a major reason why leasing is such an attractive solution for businesses of all sizes.
Another huge benefit of leasing is the ability to upgrade forklift fleet more easily in the heavy-duty automatic forklift market. This allows you to access the latest technological advancements, a critical consideration in the rapidly evolving world of forklift automation. Instead of dealing with the diminishing returns of an aging, maintenance-hungry fleet, leasing helps businesses stay on the cutting edge.
The growing desire for automated forklifts across industries further fuels the lease market. Companies are keen to increase productivity, reduce costs, improve workplace safety, and overcome labor shortages – all areas where automated forklifts excel. Since these advanced forklifts represent a significant investment, leasing becomes the financially savvy way for many businesses to embrace this transformative technology.
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Booming Demand for High-Capacity Cushion Forklifts demand, Control Over 24% Market Share
The heavy-duty automatic forklift market is primed for significant expansion, fueled by several powerful forces. The relentless growth of e-commerce, with sales reaching $4.9 trillion in 2021 and projected to hit $7.4 trillion by 2025, creates a massive need for efficient warehouse operations where high-capacity cushion forklifts excel. This is underscored by giants like Amazon operating 1,500+ warehouses globally. The warehousing and storage market itself is on a growth trajectory, projected to reach $605.6 billion by 2026. Companies are investing heavily in automation, like Walmart's $14 billion push, to meet demand, further driving heavy-duty automatic forklift adoption. Apart from this, growing global trade directly translates to material handling needs. Container shipping volumes reached record highs 214 million TEUs in 2023, with busy ports like Shanghai handling 47 million TEUs, showcasing the scale at which these forklifts are essential. Projections suggest continued growth, driving sustained market demand.
The post-pandemic economic rebound has supercharged forklift sales, hitting 1.58 million units globally in 2022 (up 42.3% from 2020). Wherein, heavy-duty automatic forklift market leaders like Toyota Industries are reporting major sales increases, validating this trend. As per Astute Analytica, heavy industries, like steel and automotive, represent core markets for high-capacity cushion forklifts due to their need to move extremely heavy loads. Reliability and longevity are top concerns for buyers, making established brands like Hyster, Toyota, and Mitsubishi, known for quality and durability, highly attractive.
Asia Pacific has Become Hub for Import and Export of Heavy-Duty Automatic Forklift Market
Intra-Asia trade is experiencing rapid growth, with trade value between Asian countries hitting $4.3 trillion in 2021, a significant rise from $3.1 trillion in 2015. It is expected to surpass $13 trillion by 2030. This surge in regional trade directly increases the demand for heavy-duty forklifts to manage the expanding volume of goods moving across Asian borders. A prime example is China's export of vehicles, including forklifts, to Central Asia. These exports have dramatically increased since 2021, with year-to-date figures through May 2023 showing a 161% jump from 2022 and more than quadrupling 2021 exports. Wherein, Japan stands as a major exporter of used forklifts throughout Asia, shipping thousands of high-quality units annually. Renowned for their reliability and long lifespans, Japanese brands like Toyota, Komatsu, Nissan, and Mitsubishi are highly sought-after by importers across the region. The cost-effectiveness of purchasing used forklifts from Japan is a key driver, allowing businesses to acquire well-maintained, dependable equipment at attractive prices.
China plays a dual role in the heavy-duty automatic forklift market, being both a major manufacturer and exporter. Chinese brands such as Heli, Hangcha, and XCMG are steadily gaining market share within Asia. This growth is further amplified by China's Belt and Road Initiative, which enhances infrastructure and trade connections between China and other Asian nations. This is evident in the first four months of 2023, where China shipped over 4,700 heavy-duty trucks to Central Asia, tripling the levels from the same period in 2022.
Southeast Asia is rapidly becoming a vital heavy-duty automatic forklift market, fueled by booming manufacturing and logistics sectors. Indonesia, Vietnam, and Malaysia demonstrate this trend. The logistics sector itself provides a clear example, accounting for around 20% of the forklift industry share in 2022 due to the critical role forklifts play in efficient goods movement. Additionally, the rise of e-commerce within Southeast Asia intensifies forklift demand as online retailers depend on streamlined warehousing and distribution to fulfill customer expectations for rapid delivery.
Global Heavy-Duty Automatic Forklift Market Key Players
Crown Equipment Corporation
Dematic
E&K Automation GmbH
Hyster-Yale Materials Handling, Inc.
JBT
KION GROUP AG
Kollmorgen
Mitsubishi Caterpillar Forklift America Inc.
Seegrid Corporation
TOYOTA INDUSTRIES CORPORATION
Other prominent players
Key Segmentation:
By Type
Indoor
Outdoor
By Heavy Duty Forklift Type
High-Capacity Cushion Forklift
High-Capacity Electric Cushion Forklift
High-Capacity Adjustable Wheelbase
High-Capacity Core IC Pneumatic
Loaded Container Handler
Reach Stacker Container Handler
High-Capacity Marina Forklift
Others
By Application
Manufacturing
Warehousing
Material handling
Logistics and Freight
Others
By Navigation Technology
Laser Guidance
Magnetic Guidance
Vision Guidance
Inductive Guidance
Optical Tape Guidance
Others
By Sales Channel
In-House Purchase
Leasing
By Industry
Food and Beverages
Automotive
Paper and Pulp
Metals and Heavy Machinery
E-commerce
Aviation
Semiconductors and Electronics
Healthcare
Others
By Region
North America
Europe
Asia Pacific
Middle East & Africa (MEA)
South America
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About Astute Analytica
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