56 | Sector Focus: Handling & Storage
SUMMARY
■Market analysts point to growth in the forklift market to 2032
■Demand for electric forklifts has been surging
■Li-ion is the fastest growing battery type
GLOBAL FORKLIFT MARKET TO GROW
Solid growth is expected in the global forklift market. Sally Spencer reports
Above: Emerging technologies and rising global demand for logistics are fuelling innovation
There is no shortage of reports summing up the global forklift market and while the figures vary – in some cases significantly – all of them point to sustained growth in the sector for at least the next eight years. For example, according to global market intelligence specialist Interact Analysis, strong growth in shipments of 4-5% is forecast for the global forklift market out to 2032, with greater competition driven by emerging technologies and rising global demand for logistics.
TTJ | July/August 2024 |
www.ttjonline.com
According to Interact Analysis, this is expected to fuel further innovation and development opportunities for the industry over the coming years, as the market looks set to grow by 50%, from around two million units in 2022 to around three million units in 2032. Poor demand in China led to a contraction of 12.4% in shipments during 2022, with the Americas and EMEA regions also witnessing a decline, leading Interact Analysis to reduce its forecast for 2023/24. Order volume is expected
to fall by around 6% in 2023 to two million units, marking the first time since 2019 it has dipped below the shipment volume. Covid-19 pandemic-related supply chain issues caused a significant difference between order and shipment volumes, leading to a historical peak of 370,000 units in 2021, as shipments lagged far behind orders. The sector has been catching up ever since, but with a sharp fall in order volumes, Interact Analysis predicts 2024 will be a low point for the market.
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