SAMPLE

FORKLIFT TRUCKS MARKET

(2020 - 2025)
The Study Offers:
• Insights into the regional-level analysis, with a focus on the key product portfolios and developments of the
major players
• An overview of the market dynamics, market growth, and upcoming trends in the market
• Implications of COVID-19 on the parent and dependable markets

Domain: Automotive Base Year: 2019 Forecast Period: 2020-2025

Industry Reports | Consulting | Intelligence Center

+1 617 765 2493 | info@mordorintelligence.com | www.mordorintelligence.com
1 SAMPLE – FORKLIFT TRUCKS MARKET
 DISCLAIMER

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PROPOSED
TABLE OF
CONTENTS
 TABLE OF CONTENTS
1. INTRODUCTION 5. MARKET SEGMENTATION AND 5.3.4 Other End-user Verticals
1.1 Study Assumptions ANALYSIS (MARKET SIZE, GROWTH, 5.4 By Geography
1.2 Scope of the Study AND FORECAST)
5.4.1 North America
5.1 By Power-train Type
2. RESEARCH METHODOLOGY 5.4.2 Europe
5.1.1 Internal Combustion Engine
3. EXECUTIVE SUMMARY 5.4.3 Asia-Pacific
5.1.2 Electric Motor
4. MARKET DYNAMICS 5.4.4 Rest of the World
5.2 By Vehicle Class
4.1 Market Drivers 6. COMPETITIVE LANDSCAPE
5.2.1 Class 1 6.1 Market Share Analysis
4.2 Market Challenges
5.2.2 Class 2 6.2 Company Profiles*
4.3 Industry Attractiveness - Porter's Five
6.2.1 Toyota Industries
Forces Analysis 5.2.3 Class 3
Corporation
4.3.1 Threat of New Entrants 5.2.4 Class 4
6.2.2 KION Group
4.3.2 Bargaining Power of 5.2.5 Class 5 6.2.3 Jungheinrich AG
Buyers/Consumers 5.2.6 Class 6 6.2.4 Crown Equipment Corp.

4.3.3 Bargaining Power of 6.2.5 Hyster-Yale Materials

5.2.7 Class 7
Suppliers Handling Inc.
5.3 By End-user Vertical
6.2.6 Hangcha Group Co.
4.3.4 Threat of Substitute
5.3.1 Transportation and Logistics 6.2.7 Mitsubishi Forklift Trucks
Products
5.3.2 Construction 6.2.8 Doosan Industrial Vehicles
4.3.5 Intensity of Competitive
Co. Ltd
5.3.3 Manufacturing
Rivalry

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 TABLE OF CONTENTS
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling
Company Inc.
*List not Exhaustive
7. MARKET OPPORTUNITIES AND
FUTURE TRENDS

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 1. INTRODUCTION

1.1 STUDY ASSUMPTIONS

▪ The base currency considered was the US dollar (USD). Conversion of other
currencies to USD was considered based on the average exchange rate for
the respective years of the review period. The exchange rate conversion for
the forecast period was determined according to the base year’s conversion
rates.

▪ The base year was identified based on the availability of annual reports and
secondary information. The base year considered for this study is 2019.

▪ The review period considered for this study is 2017-2019. The CAGR is for
the forecast period of 2020-2025.

▪ Market size estimations for the forecast years were in real terms.

▪ The distribution of primary interviews conducted was based on the regional

share of the market and the presence of key players in each region.

▪ As a result of data triangulation through multiple methodologies and

approaches, the weighted averages of resulting estimates are considered to
be the final values.

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2. RESEARCH
METHODOLOGY

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 2. RESEARCH METHODOLOGY

■ Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet the clients’ objectives.

■ MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.

■ The following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments:

STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY

Decipher the client’s requirements/ market to

Extensive desk research to identify the most relevant secondary information available
be studied

Tailor-made research approach for

Contact Mordor’s empaneled experts and identify industry experts across the market
customized reports

Effective use of Mordor’s knowledge

Conduct primaries and surveys to gather qualitative and quantitative insights
repository to gather relevant insights

Confirm the objectives of the assignment with

Triangulate and analyze data to finalize actionable business insights
the client

Finalize report contents and establish Report delivery with high-quality market insights, competitive landscape, etc.,
a deliverable format as per the proposed content

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 RESEARCH PHASES EXPLAINED

SECONDARY RESEARCH PRIMARY RESEARCH

This phase involves a thorough synthesis of existing publications across the web, ◼ MI pools in industry experts across the value chain, to gather first-hand insights
in order to gather meaningful insights on the current situation of the market, on the market studied. In addition to these, knowledgeable industry veterans or
technology developments, and any other market-related information. The sources retired experts, consultants, and freelancers are a call away to collaborate with
include, but are not limited to: Mordor on any assignment that requires real-time industry insights.

◼ Scientific papers, journals, and publications
◼ Trade information to understand imports, exports, and average traded price of
the commodity, if available
◼ Industry and government websites for blogs, magazines, and other
publications
◼ Conference proceedings and association publications
◼ Investor presentations, technical brochures, annual reports, press releases,
transcripts of key personnel interviews, and other strategic publications by
several competitors in the market
◼ MI is also equipped to conduct market surveys to gather qualitative insights and
the opinion of individuals related to the industry.
▪ Primary research is used both to validate the data points obtained from
secondary research and to fill the data gaps after secondary research. Data
gathered during the primary research phase are useful to arrive at critical
insights, both qualitative and quantitative; these insights can be used to
ascertain the following:
▪ Critical market dynamics (drivers, restraints, future, and regulations) and
their impacts
▪ Market distribution across various segments

◼ Product information, including technical specifications, approvals, etc. ▪ Market entry for new companies and insights on the competitive landscape

◼ Public sources/Annual reports (Company Brochures, Financial Filings, Industry MODES OF PRIMARY RESEARCH
Websites, Associations, etc.)
Other
◼ Paid sources (D&B Hoovers, Statista, etc.) Modes of
Primary
◼ Other sources include journals, articles, etc. (for prices and usage patterns) Telephonic Email Chat Virtual Research
Surveys
Interviews Interviews Interviews Council

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 RESEARCH PHASES EXPLAINED
DATA TRIANGULATION AND INSIGHT GENERATION
◼ Based on the factors (both endogenous and exogenous in nature) identified and collected during the secondary and primary phases, MI’s in-house subject matter
experts transform the quantitative data extracted and use them to infer critical insights.
◼ The market size estimations are carried out through ‘bottom-up’ and ‘top-down’ approaches.
◼ MI’s top-down and bottom-up approaches are integrated into its ‘in-house model sheets’, which are used to generate the market estimates and growth rates
(depending upon the historical trends of the respective markets, along with various factors, such as drivers, restraints, and recent developments in the market) of the
product segment in the respective country.

It is a process of combining outcomes from different sources to increase the

validity and reliability of the results. This process also helps in strengthening
DATA
conclusions about findings and reduce the risk of false interpretations. The
TRIANGULATION insights obtained from both secondary and primary research are analyzed and
validated by the process of data triangulation to arrive at closer estimates.

An econometric model is a simplified representation of a real-world process.

ECONOMETRIC Here, the tools of econometric theory are used to analyze and forecast
MODELING economic phenomenon and to solve unknown quantities, such as forecast
demand, supply, investment, production, consumption, etc.

REPORT After the data is curated, analysts populate the report. From data and forecast,
WRITING insights are drawn to visualize the entire ecosystem in a single report.

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4. MARKET
DYNAMICS
4.1 Market Drivers

4.2 Market Challenges

4.3 Industry Attractiveness - Porter's Five Forces

Analysis

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 4 MARKET DYNAMICS

4.1 MARKET DRIVERS

INCREASING DEMAND FOR INDUSTRIAL TRUCKS
■ The demand for industrial trucks has been increasing considerably since the past few years. Forklift is one INDUSTRIAL TRUCKS STATISTICS
of the most common material-handling equipment in almost every industry around the world. Although Orders in million unit, Global, 2014-2019
there is a large number of automated solutions arriving in the market, the demand for manual internal
combustion (IC) and electric forklifts has not dwindled.
■ The growing world economy and rising industrialization are driving the demand for forklifts across
1.54 XX
different fields. Their use in industries, like construction, manufacturing, and port-handling, owing to the
wide range of applications, has been the reason for increased forklifts. 1.39

■ Between 2014 and 2018, the demand for industrial trucks increased by more than 45%. In 2019, the total
1.14
number of orders was around XX million units. Apart from the aforementioned industries, this increase in 1.07
1.06
forklift numbers can also be attributed to a high level of activities in sectors, such as food and beverages,
transport and storage, and retail and wholesale distribution.
■ Another factor that is giving the boost to the forklift sales is the rapid expansion of e-commerce, retail,
and logistics industries, especially in developing economies, such as India, Brazil, Singapore, and Mexico.
■ Even the trends in worldwide warehouse bookings (where forklifts are employed) were positive, with Q1
2019 seeing a 14.3% growth. With the advent of COVID-19, the idea of social distancing has been rooted
firmly in individuals. It is anticipated that a large number of users will get their goods delivered to their
homes through e-commerce. This may lead to an increase in the number of warehouses, storage spaces,
and higher material handling demand. All these factors are expected to help the growth of the market
studied. 2014 2015 2016 2017 2018 2019

SOURCE: Statista

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5. MARKET
SEGMENTATION
5.1 By Power-train Type

5.2 By Vehicle Class

5.3 By End-user Vertical

5.4 By Geography

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 5. MARKET SEGMENTATION

5.1 BY POWER-TRAIN TYPE

FORKLIFT TRUCKS MARKET FORKLIFT TRUCKS MARKET

Revenue Share (%), by Power-train Type, Global, 2019 Revenue in USD million, by Power-train Type, Global, 2019-2025

Power-train Type 2019 2020 2021 2022 2023 2024 2025 CAGR (%)

Internal Combustion
XX XX XX XX XX XX XX XX
SAMPLE FIGURE Engine

Electric Motor XX XX XX XX XX XX XX XX

Internal Combustion Engine

Electric Motor

SOURCE: Mordor Intelligence SOURCE: Mordor Intelligence

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 5. MARKET SEGMENTATION | 5.1 BY POWER-TRAIN TYPE

5.1.2 ELECTRIC MOTOR

■ Within the global forklift trucks market, the electric motor segment registered a volume of XX
FORKLIFT TRUCKS MARKET
million units in 2019. It is expected to reach XX million units by 2025, registering a CAGR of XX%
during the forecast period. Revenue in USD million, Electric Motor, 2019-2025

■ Over the past few years, the demand for electric forklifts has been rising significantly. Numerous
factors, such as the absence of noise and pollution, cost savings from using fossil fuels, and
stringent government regulations toward emission, have been helping the demand.
■ Though the initial cost of an electric forklift is high, the low cost of operation and charging them
through electricity will offset the monetary value within a few years. Moreover, there is less
maintenance involved compared to a diesel forecast in terms of general maintenance, such as oil
changes and lubricant changes.
SAMPLE FIGURE
■ Electric motors have the ability to provide peak torque from the start, and many forklift operators
stated that this helps in handling material effectively. Also, braking/retardation in an electric vehicle
(when the accelerator is disengaged) is higher, which is again appreciated as a safety aspect by
operators, thus helping in the adoption of these vehicles.
■ Many manufacturers are active in the field of electric forklifts and are continuously introducing new
models to stay abreast of their competition. For instance, in October 2019, Toyota introduced the
Traigo 80 heavy-duty electric forklift. In April 2020 again, the company launched two new models
to its lineup of sit-down counterbalance, four-wheel electric lift trucks. The new 3,000 pound and 2019 2020 2021 2022 2023 2024 2025
3,500-pound models are expected to see up to 27% faster travel, lift, and lower speeds, as well as
SOURCE: Mordor Intelligence
increased run-time by 12%, compared to the outgoing models.

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 5. MARKET SEGMENTATION | 5.1 BY POWER-TRAIN TYPE

5.1.2 ELECTRIC MOTOR

■ Similarly, in April 2020, Godrej Material Handling announced its foray into
the 3-wheel electric forklift truck segment, with its product ‘Bravo.’ Bravo was
launched to operate in the 1.6 to 2 metric ton category.

■ Also, the demand from customers/end-users for electric forklifts is increasing.

For instance, in 2019, Rougier Sylvaco Panneaux, a company dealing with
timber and plywood, ordered three 45B-9 electric forklifts from Hyundai. This
was the first time that the company opted for electric forklifts.

■ Similarly, Associated British ports invested nearly GBP 200,000 for its new fleet
of electric forklifts at the Port of Hull. The UK-based freight forwarder, Davies
Turner, adopted Doosan’s electric B35X-7 3.5 tonne counterbalance trucks. The
outlay of GBP 15 per day per ICE forklift was replaced with the cost of charging
an electric one at GBP 5 per day. Through these savings, the return on
investments is expected to be recovered in 16 months.

■ Waste recycling company ‘Smart Recycling,’ which deals with more than 50,000
metric ton of waste from landfill every year, has four Toyota 8FBN 2.5 metric
ton electric forklifts and is now planning to procure a fifth one.

■ The market traction from both manufacturers and operators is expected to

help the electric forklifts market grow over the forecast period.

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 5. MARKET SEGMENTATION

5.4 GEOGRAPHY

FORKLIFT TRUCKS MARKET FORKLIFT TRUCKS MARKET

Revenue Share (%), by Geography, Global, 2019 Revenue in USD million, by Geography, 2019-2025

Geography 2019 2020 2021 2022 2023 2024 2025 CAGR(%)

North America XX XX XX XX XX XX XX XX

SAMPLE FIGURE Europe XX XX XX XX XX XX XX XX

Asia-Pacific XX XX XX XX XX XX XX XX

Rest of the World XX XX XX XX XX XX XX XX

North America Europe

Asia-Pacific Rest of the World

SOURCE: Mordor Intelligence

SOURCE: Mordor Intelligence

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 5. MARKET SEGMENTATION | 5.4 GEOGRAPHY

5.4.3 ASIA-PACIFIC
■ The Asia-Pacific forklift trucks market registered a revenue of USD XX million in 2019. It is
FORKLIFT TRUCKS MARKET
expected to reach USD XX million by 2025, registering a CAGR of XX% during the forecast period.
■ The Asia-Pacific region is characterized by countries, like China, India, Japan, and South Korea, Revenue in USD million, Asia-Pacific, 2019-2025

where demand for forklifts is high through multiple channels. The Asia-Pacific region is rich in
manufacturing industries, e-commerce activities, and logistic activities, among others, which
makes it the largest market for forklifts in the world.
■ In 2018, around 637,000 units of forklifts were reported to be sold in the region. Also, unlike
other regions that experienced a dip in 2019 sales pertaining to forklifts, only the Asia-Pacific
region recorded an increase in sales. This number is expected to only grow over the next few
years.
SAMPLE FIGURE
■ Owing to environmental and regulatory criteria, the demand for electric forklifts is also high in
the region, even from countries, like India, where the adoption of electric mobility is not as high
as other countries. Hence, the market for the forklift is expected to grow over the forecast period.
■ The e-commerce sector has been growing strongly in China with companies, like Alibaba and
JD.com, at the forefront. These companies see a huge number of orders per day, which are then
catered by their partner wholesalers and retailers.
■ Wholesalers and retailers make use of warehouses to store these products and employ forklifts to
move them around. Due to the advent of COVID-19, the e-commerce industry is expected to 2019 2020 2021 2022 2023 2024 2025
boom further in this region, owing to the effect of social distancing. The booming businesses are
likely to require more forklifts to handle the equipment. SOURCE: Mordor Intelligence

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 5. MARKET SEGMENTATION | 5.4 GEOGRAPHY

5.4.3 ASIA-PACIFIC
 Also, rental businesses are estimated to account for
around 10% of the total forklift stock. This number is
expected to increase over the forecast, which is again
expected to help the market grow.

DETAILED ANALYSIS IN FULL REPORT

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6. COMPETITIVE
LANDSCAPE
6.1 Market Share Analysis
6.2 Company Profiles
6.2.1 Toyota Industries Corporation
6.2.2 KION Group
6.2.3 Jungheinrich AG
6.2.4 Crown Equipment Corp.
6.2.5 Hyster-Yale Materials Handling Inc.
6.2.6 Hangcha Group Co.
6.2.7 Mitsubishi Forklift Trucks
6.2.8 Doosan Industrial Vehicles Co. Ltd
6.2.9 Caterpillar Inc.
6.2.10 Anhui Heli
6.2.11 Komatsu Ltd
6.2.12 Clark Material Handling Company Inc.

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 6 COMPETITIVE LANDSCAPE | 6.2 COMPANY PROFILES

6.2.9 CATERPILLAR INC. – OVERVIEW

◼ Caterpillar Inc. is a manufacturer of construction and mining equipment, diesel and natural gas
engines, industrial gas turbines, and diesel-electric locomotives. The company operates through
segments, namely, Construction Industries, Resource Industries, Energy and Transportation,
Financial Products, and Other operating segments. Founded in 1925

◼ The company's products are sold primarily under the brands, namely, Caterpillar, CAT, design
Illinois, United States
versions of CAT and Caterpillar, EMD, FG Wilson, MaK, MWM, Perkins, Progress Rail, SEM, and
Solar Turbines.
https://www.caterpillar.com
◼ Caterpillar's strong international presence generates about 55% of revenue, with 25% of revenue
from Europe, Africa & Middle East (EAME), more than 20% from the Asia/Pacific region, and about
+1 309-675-2337
10% from Latin America. The United States supplies about 45% of Caterpillar's sales.

CATERPILLAR INC.
USD 22.6 billion Revenue in USD billion, 2018-2019
Construction Industries 102,300 Employees 54.7
Segment Revenue

53.8
Market Presence in More
USD 1.7 billion than 190 Countries and
R&D Expenditure About 160 Dealers Across
the World 2018 2019

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 6. COMPETITIVE LANDSCAPE | 6.2 COMPANY PROFILES

6.2.9 CATERPILLAR INC. – PRODUCTS AND KEY INSIGHTS

PRODUCTS KEY INSIGHTS

◼ Forklift Trucks The company focuses on delivering industry-leading products and services
➢ Diesel Powered that are largely focused on three areas:

➢ Electric ◼ Building upon the company’s core competencies of operational excellence:

➢ Gas Powered safety, quality, and lean and competitive cost discipline, to increase its
advantage.
◼ Warehouse Equipment

➢ Hand Pallet Trucks ◼ Expanding the company’s offerings to enable customer success through
➢ Power Pallet Trucks integrated and differentiated solutions.

➢ Stackers
◼ Growing the company’s reliance on services with a focus on digital-enabled
➢ Second and Low-level Order Pickers
solutions and aftermarket, in order to increase customer loyalty and
➢ Medium and High-level Order Pickers strengthen relationships further with customers.
➢ Reach Trucks
◼ The company is focusing on the development and delivery of industry-
➢ Multi Way Reach Trucks
leading products and services to keep up with the growing technological
➢ Man-up Turret Trucks advancements across various industries.
➢ Tow Trucks

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 6 COMPETITIVE LANDSCAPE | 6.2 COMPANY PROFILES

6.2.9 CATERPILLAR INC. – SWOT ANALYSIS

STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

◼ Production and distribution ◼ Strategic agreements to offer ◼ Changing government fiscal

◼ Dependency on large-scale
network. better solutions for policies.
projects. construction and mining ◼ Stringent Regulations:
◼ Strong R&D activities. industry clients. In February Caterpillar is required to comply
◼ Involvement in legal proceedings 2018, Caterpillar and Minetec with stringent regulations at
◼ Brand Portfolio: The company signed an agreement to federal, state, and local
offers a range of construction and lawsuits. develop and deliver levels. Products that do not
and mining equipment, diesel technologies that address comply with applicable
and natural gas engines, underground hard rock mining legislation are expected to face
industrial gas turbines, diesel- challenges. delays in reaching customers,
electric locomotives, and
and non-compliance with
financial solutions under 20 ◼ Progressing toward green legislation might lead to
brands. technology-based products. penalties or legal proceedings,
which can damage the
company’s image.

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 6. COMPETITIVE LANDSCAPE | 6.2 COMPANY PROFILES

6.2.9 CATERPILLAR INC. – KEY DEVELOPMENTS

O Others I Product Innovation E Expansion P Partnership

Caterpillar Lift Trucks expanded the scope of its warehouse

equipment line-up by adding custom-built man-up turret
trucks. FEB 2020

I I
Caterpillar Lift Trucks introduced two new-generation double
JUN 2020
pallet handlers to the company’s materials handling product
range.

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25 SAMPLE – FORKLIFT TRUCKS MARKET