Commercial Vehicles June 2020

The Global Forklift Market – 2020

Maya Xiao
Maya Xiao

Maya has an interdisciplinary technical background in vehicle electrification, system automation and robotics. Based in China, she is the lead analyst for Interact Analysis’ Li-ion battery and forklift research, also covering markets for industrial and collaborative robots.

The current forklift truck market is split roughly 60-40 between electric and diesel trucks. Electric trucks powered by lead-acid cells have been on the scene for years, and these trucks currently occupy circa 80% of the electrified market. In our new report, Interact Analysis has used predictive modelling to forecast a clear shift away from diesel power in the next decade in favour of electric, and a move away from lead-acid batteries in favour of Li-ion batteries and hydrogen cells.

The below infographic demonstrates some of the key findings from our recently published Global Forklift Market – 2020 report, a study on the electrification of lifting trucks.

The infographic is also available to download in PDF here.The Global Forklift Market Infographic

Our post-COVID-19 neutral scenario predicts that global forklift shipments in 2020 will grow by just 1.4% globally versus 2019 (compared to a previous forecast of 3.7% which was completed in late February 2020). While we increased our 2021 global shipment growth projection from 6.5% to 8.2%.
Notwithstanding the negative growth rate in shipment terms in 2019 (-0.7%), as well as poor growth in 2020 owing to COVID-19 we forecast a total shipment number of 2.4 million units in 2028, with 4.5% CAGR.
In 2019, although shipments in the APAC region decreased by 0.6% versus 2018, the region’s global market share was maintained (51.0%), buoyed by a good performance in the Chinese and Indian markets.
Class 1, Class 2 and Class 3 forklift trucks are forecast to experience faster growth from 2019 to 2028 (with CAGRs of 6.6%, 4.6%, 5.9% respectively), whilst the Class 4 & 5 market will continue to grow, but with a CAGR of only 1.8%.
In 2019, lead-acid battery electric forklift models occupied nearly half of the market (49.9%), it is expected that lithium-ion trucks will contribute 48.5% forklift shipments in 2028.
Globally in 2019, just 0.3% of forklift shipments were automated. However, the market for automation solutions is growing rapidly, with a CAGR of 64.5% during the forecast period to 2028.

Posted in: Commercial Vehicles.