United Kingdom Forklift Market to be dominated by Class-3 Forklifts till 2027
Rapid industrialization and the growing popularity of
forklift platform-as-a-service (PaaS) are expected to drive the demand for United
Kingdom forklift market in the forecast period, 2023-2027.
According
to TechSci Research report, “United Kingdom Forklift Market By Region,
Competition Forecast & Opportunities, 2027”,
the United Kingdom forklift market is expected to grow at a steady rate in the
forecast period, 2023-2027. Forklifts are a type of heavy-duty electric lift
truck and are powerful. They are used to transfer heavy materials, for example,
goods, crates, containers, and other goods, over short distances. Forklifts are
in high demand for various applications, including recycling operations,
warehousing operations, and dockyards to carry out loading and unloading
operations from vehicles. They are powered either by electric batteries or
internal combustion engines. Forklifts are generally equipped with a variety of
attachments such as grippers or platforms to lower the operation cost and
efficiently handle the goods and products. United Kingdom's forklift market is
driven by technological advancements and growing demand from the logistics
industry. The implementation of stringent emission norms and concerns about the
growing greenhouse emission level in the environment is driving the demand for
electric forklifts.
However,
concerns regarding safety while operating forklifts and high initial investment
and maintenance costs may restrain the United Kingdom forklift market growth
over the forecast period.
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United
Kingdom forklift market is segmented into tonnage capacity, class,
type, propulsion, end use, regional distribution, and competitive landscape.
Based
on class, the market is divided into class 1, class 2, class 3, class 4, class
5, and others. Class 3 segment is expected to account for a significant market
share in the forecast period, 2023-2027. Class 3 forklifts comprise of tow
tractor, pallet stacker, and pallet jack. They witness massive demand from
warehouses and distribution centers and have lower base and maintenance costs.
Based
on type, the market is divided into three-wheel and four-wheel. Four-wheel
forklifts are expected to capture the highest market share in the forecast
period as they can easily carry the outdoor work and are more powerful.
Four-wheeler forklifts can easily navigate over rough surfaces or gravel. They
are more suitable for high-intensity operations and can perform several
different tasks according to the requirements of the end-users. Major retail
industries prefer four-wheeler forklifts as they can easily carry heavy goods
and expensive equipment.
Based
on propulsion, the market is bifurcated into ICE and electric. ICE segment is
expected to hold the largest market share in the forecast period. These
forklifts operate on either diesel, gasoline, compressed natural gas, or liquid
propane gas. They are majorly used for outdoor applications and can operate
under various different conditions. They require no batteries to recharge.
Currently, the majority of the market players are introducing ICE-based
propulsion forklifts and are integrating advanced technologies to enhance their
function.
Based
on end use, the market is divided into the port facility, logistics,
construction, municipality, and others. Port facility segment is expected to
hold a substantial market share in the next five years. Forklifts are used in
the port facility for loading the delivery trucks, warehousing, and for
transportation of steel and wood shipments.
Major
market players operating in the United Kingdom forklift market are:
- MLE B.V.
- JST Forklift Trucks
- Hyster-Yale Group, Inc.
- Linde Material Handling GmbH
- Landoll Corporation
- Jungheinrich AG
- Combilift Ltd
- Clark Material Handling Company
- Toyota Material Handling Manufacturing Italy S.p.A.
- Impact Fork Truck Limited
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“High-end investments by the market
players for research and development activities to find new innovative
solutions and upgrade the existing infrastructure are expected to create
lucrative growth opportunities for the market players over the next five years.
The rapid adoption of advanced technologies such as artificial technology,
connected and robotics technology, and the growing popularity of automation
technology is driving the demand for next-generation forklifts that have higher
connectivity than their previous versions. Also, the developments in the
communication industry as they generate real-time insights and ensure higher
efficiency are expected to propel the growth of the United Kingdom forklift
market till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“United Kingdom Forklift
Market By Tonnage Capacity (Less than 5 ton, 5-15 ton, 16-25 ton, Above 25
ton), By Class (Class 1, Class 2, Class 3, Class 4, Class 5, Others), By Type
(Three-Wheel, Four-Wheel), By Propulsion (ICE, Electric), By End Use (Port
Facility, Logistics, Construction, Municipality, Others), By Region,
Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of United Kingdom forklift market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in United Kingdom forklift market.
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