Growing Demand for Forklifts in the Warehouse and Logistics Segment

The industrial lifting equipment market size was valued at USD 61.37 Billion in 2017 and is expected to reach USD 79.73 Billion by 2023, growing at a CAGR of 4.51% during the forecast period. Increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and rising demand for cranes and hoists in the mining industry are the key driving factors for the market growth.

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Asia Pacific is estimated to account for the largest share of the overall industrial lifting equipment market. However, the market in Europe and North America is likely to witness substantial growth. Asia Pacific is the most lucrative market for cranes and hoists, owing to the significant investment being made for construction activities in the region. The rising need for infrastructure in developing economies such as India and China supplements the growth of the market in this region.

The major challenge for the industrial lifting equipment market is the lack of operators. The demand for skilled operators has been on the rise for years. However, most industries face a shortage of qualified engineers and maintenance staff to properly support and maintain equipment. The use of a large number of components in a crane necessitates the requirement for highly skilled labors to mount components and harness cables and operate different cranes and hoists to lift and lower objects.

Some of the key players in the industrial lifting equipment market include Toyota Industries (Japan), KION Group (Germany), Hyster-Yale Material Handling (US), Oshkosh (US), Linamar (Canada), Konecranes (Finland), Cargotec (Finland), Terex (US), Tadano (Japan), Liebherr (Switzerland), Manitowoc (US), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), KITO (Japan), XCMG (China), Zoomlion (China), and Columbus McKinnon (US). These players are focusing on product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their businesses.

Cranes held the largest size of the overall industrial lifting equipment market in 2017

Cranes held the largest market size, in terms of value, in 2017. Cranes are an integral part of the global material handling industry. Companies focus on research and development (R&D) to improve flexibility, lifting, and outreach capacity of cranes, whether they are used in construction activity or at ports for container lifting. Due to high mobility, high travelling speed and less time for setup on construction sites, the market for mobile cranes is increasing. The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity, where lifting and lowering require expansive displacements.

Manufacturing applications to hold the largest size of the market for forklifts between 2018 and 2023

Currently, manufacturing applications hold the largest market share among all other applications in the industrial lifting market for forklifts, and a similar trend is likely to continue during the forecast period. Forklifts are used in almost every industrial manufacturing environment for material handling and lifting. Food & beverages, pharmaceuticals, metal and heavy machinery, automotive, paper, and chemicals are some of the manufacturing industries where forklifts are being used. Application of forklifts in the automotive industry includes raw material delivery, work in process movements across manufacturing cells, and finished goods transport. The metals and heavy machinery industry deals with material that are heavier and harder to handle and bulkier than in other industries. The manual handling of heavy machinery can cause injuries and potentially damage products. Thus, lifting and handling these bulk items to manufacturing or production areas require forklifts.

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This release was published on openPR.