U.S. High Capacity Forklift Truck Market, End User (Retail & Wholesale, Construction, Manufacturing, Freight & Logistics, Warehouse and Factory, Mining, Food and Beverages, Natural Resources, and Others) Industry Trends and Forecast to 2029.
U.S. High Capacity Forklift Truck Market Analysis and Insights
The manufacturers and suppliers in the country offer high-capacity forklift trucks with various specifications and capabilities. The rapid industrialization/expansion of construction companies and growing demand for forklift trucks in the manufacturing sector are estimated to act as major drivers for market growth. Additionally, the emergence and acceptance of electric-powered forklift trucks have further boosted the market. However, the high cost associated with these trucks and the high maintenance cost for multiple fleet owners may impede the market growth. Furthermore, modern forklift trucks are not suitable for the industry environment, and the lack of infrastructure for electric forklift trucks is estimated to challenge the market at present.
Data Bridge Market Research analyses that the U.S. high capacity forklift truck market is expected to reach the value of USD 999.79 million by 2029, at a CAGR of 4.8% during the forecast period. The construction segment accounts for the largest offering segment in the U.S. high capacity forklift truck market. The U.S. high capacity forklift truck market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customisable to 2019-2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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End User (Retail & Wholesale, Construction, Manufacturing, Freight & Logistics, Warehouse and Factory, Mining, Food and Beverages, Natural Resources, and Others)
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Country Covered
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U.S.
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Market Players Covered
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Hyster-Yale Materials Handling, Inc., Toyota Material Handling USA Inc. (A subsidiary of TOYOTA MOTOR CORPORATION), Taylor Machine Works, Inc., SANY AMERICA, Manitou Group, Anhui Heli Co., Ltd., HUBTEX Maschinenbau & Co. KG, and BPR-RICO EQUIPMENT, INC. among others
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Market Definition
High-capacity forklift trucks are high-powered vehicles designed to move or carry heavy objects over a distance and can also place them at a certain height. The adoption of forklift trucks is popular among industries affiliated with loading and unloading goods, such as logistics, manufacturing, and warehouses. These vehicles are commonly used in dockyards, storehouses, and recycling factories among others. These vehicles are used with some attachments, such as platforms and grippers, for efficient handling of goods and are classified based on their weight-bearing capacity. The demand for these trucks is estimated to increase in the U.S. due to factors such as the growth of e-commerce and warehouse management.
U.S. High Capacity Forklift Truck Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:
Drivers
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Rapid industrialization/expansion of construction companies
An industrial vehicle with a front-powered platform is called a forklift. It has a fork that can be lifted or lowered and inserted underneath a load for lifting and moving purposes. Combustion engines or electrical batteries can power forklifts.
Some forklift models let the driver sit while operating the machine, while others demand that the driver stand (stand-up forklifts). In general, forklifts are used to transfer materials and things.
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Growing demand for forklift trucks in the manufacturing sector
Material handling requirements vary widely in the manufacturing industry, such as order pickers are required to pick parts, tuggers are required to move them throughout the factory, and forklifts are required to move product pallets.
During the Industrial Revolution in the 18th and 19th centuries, the manufacturing industries underwent a significant transformation that increased the demand for appropriate material handling. Since then, there have been numerous changes made to material handling procedures.
Opportunity
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Growing demand for forklift trucks in warehouse management
The warehouse is a building where raw materials or manufactured goods may be stored before their distribution for sale. Warehouses are used by all different types of businesses that need to temporarily store products in bulk before either shipping them to other locations or individually to end consumers. For instance, many e-commerce businesses; purchase products in bulk from their suppliers, who ship them to their warehouses for storage. When an end customer places an order from the e-commerce site, the business or its third-party fulfilment provider; picks and packs the product from the warehouse and ships it directly to the customer. As there is constant growth in the e-commerce segment across the U.S., the number of warehouses is also increasing. In return, this positively affects the market as these trucks are used in the warehouse to store heavy goods and efficiently use the warehouse space. Thus, the growing warehouse number across the U.S. is increasing the demand for forklift trucks for its management. This is expected to be an opportunity for the U.S. high capacity forklift truck market.
Restraint/Challenge
- High maintenance cost for multiple fleet owners
Every 200–250 hours of operation, or every six weeks, forklifts must be completely serviced and maintained. Any forklift used on a job site should go through a daily inspection. Forklift maintenance not only keeps your machine in peak shape but also aids in reducing safety risks. The Occupational Safety and Health Administration (OSHA) fines businesses that don't do enough forklift maintenance because regular maintenance is crucial.
The term "forklift maintenance" is intentionally wide. The amount and kind of maintenance your forklift requires may fluctuate depending on the type of power it uses. Regular cleaning, testing safety features, and replacing damaged equipment are all included in maintenance. Companies ensure the greatest return on investment by staying on top of maintenance.
COVID-19 Impact on U.S. High Capacity Forklift Truck Market
COVID-19 significantly impacted various industries as almost every country has opted for the shutdown for every facility except those in the essential goods segment. The government has taken some strict actions, such as shutting facilities and selling non-essential goods, blocking international trade, and many more to prevent the spread of COVID-19. This boosted the U.S. high capacity forklift truck market with the emergence and acceptance of electric-powered forklift trucks.
Recent Developments
- In July 2022, Toyota Material Handling announced that the company had acquired PennWest Toyota Lift, a Pennsylvania-based forklift dealership located in Mount Pleasant, Pittsburgh, and Erie, Pennsylvania. Through this acquisition, the company has increased its market reachability in the U.S. and has aimed to increase its market share in the market
- In November 2021, Hyster-Yale Materials Handling, Inc. announced that the company is participating in Baird Virtual Global Industrial Conference. This participation has allowed the company to increase its influence in the industrial sector with its offered product portfolio in the market
U.S. High Capacity Forklift Truck Market Scope
The U.S. high capacity forklift truck market is segmented based on end user. The growth amongst these segments will help you analyse meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
By End User
- Retail & Wholesale
- Construction
- Manufacturing
- Freight & Logistics
- Warehouse and Factory
- Mining
- Food and Beverages
- Natural Resources
- Others
On the basis of end user, the U.S. high capacity forklift truck market is segmented into retail & wholesale, construction, manufacturing, freight & logistics, warehouse and factory, mining, food and beverages, natural resources, and others.
Competitive Landscape and U.S. High Capacity Forklift Truck Market Share Analysis
The U.S. high capacity forklift truck market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the U.S. high capacity forklift truck market.
Some of the major players operating in the U.S. high capacity forklift truck market are Hyster-Yale Materials Handling, Inc., Toyota Material Handling USA Inc. (A subsidiary of TOYOTA MOTOR CORPORATION), Taylor Machine Works, Inc., SANY AMERICA, Manitou Group, Anhui Heli Co., Ltd., HUBTEX Maschinenbau & Co. KG, and BPR-RICO EQUIPMENT, INC. among others.
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