Industry Insights
The U.S. forklift market size was valued at USD 10.01 billion in 2017 and is expected to witness a significant growth, pertaining to the rise in the market of application segment and robust demand and need for forklift truck replacements in the established markets, and huge investments in procurement of economical forklift trucks with low-cost in emergent markets over the forecast period.
U.S. Forklift market revenue split, by end-use, 2017 (% share)
Segmentation by type
• Internal combustion
• Electric
• Automated guided
The electric type forklift trucks segments held the largest share in the market and is expected to grow at a significant rate over the forecast period. These types are gaining popularity owing to the employment of several cutting-edge technologies and the ease of use in various end-use applications throughout industries such as construction industry, manufacturing industry, freight handling end-uses which is anticipated to fuel the growth of the market over the forecast period. This type of lift is used for most of the warehouse and indoor applications. They also come in compact sizes and can move standard loads while sustaining the capacity to completely function in small spaces around 11 feet wide. More and more number of industries and companies are nowadays replacing, purchasing and upgrading to this type as they are more energy-efficient and environmentally friendly. These lifts are a genuine substitute to lift trucks which are fueled by liquid and are more cost-effective and economical to run, equally potent and powerful, safe, easy to maintain, cleaner and quieter.
This type of lift trucks is cheaper and easy to maintain and operate as compared to IC forklifts. electric forklifts need very low maintenance due to the presence of few moving parts, requires few fluids replacement such as engine oil, filters, and coolant. Furthermore, they also have significantly less hours lost due to maintenance interruption and failure or breakdown and just need an AC power source to charge or a spare battery which is expected to drive the demand for electric forklifts over the forecast period.
Segmentation by end-use
• Construction industry
• Manufacturing industry
• Freight handling end-uses
The use of forklift trucks in the freight handling end-uses industry segment occupied the maximum market share owing to the rise in the application of these types of lifts in warehouse and e-commerce segment. There are different classes of forklifts such as class 1 forklifts are known as electric motor rider trucks which are fortified with pneumatic and cushion tires to make them function in smooth and indoor floors. These lifts truck are powered with batteries and transistor motor controllers to function properly. The class 2 type of forklift truck are used in tapered islet and are recognized as electric motor narrow isle trucks. They benefit the organizations to maximize and expand their storage space. The class 3 type forklifts are known as motor hand or electric hand-rider trucks and are functioned physically. The class 4 & 5 are generally referred to as internal combustion engine trucks which are equipped with pneumatic tires. These types are utilized for conveying palletized loads to storage area from loading dock owing to which the market is expected to hike over the forecast period.
Forklifts trucks and industrial trucks mainly offer the competence of lifting, engaging, repositioning, depositing, and carrying several types of loads which is further anticipated to complement the industry growth in the coming years. The ever-increasing demand for forklift trucks in logistics storage and warehousing is estimated to boost the growth of the market over the forecast period. The demand for these lifts trucks is growing on account of the rising trend of electric forklift being used by the warehouses and material handling divisions as these electric forklifts are energy efficient and environment friendly as compared to internal combustion engine (ICE) forklift which is anticipated to fuel the product penetration of forklifts over the forecast period in the country over the forecast period.
Competitive landscape
The U.S. these types of lift truck market is a highly fragmented market in nature with a large number of existing and emerging new players. Major players in this market comprise of companies such as Hyster-Yale Material handling Inc., Crown Equipment Corporation, Cat Lift Trucks, Clark Material Handling, Toyota Material Handling U.S.A. and several others. Competitors are taking strategic initiatives and gaining confidence of their consumers to occupy a good market share and boost the competition in the market over the forecast period.
