United Kingdom Forklift Market to Grow with a CAGR of 5.71% through 2029
The United
Kingdom forklift market is fueled by the growth of e-commerce, which increases
demand for efficient material handling in warehouses. Advancements in
automation and robotics are enhancing operational efficiency across industries.
Sustainability initiatives, particularly the shift towards electric forklifts,
are the factors driving the market in the forecast period.
According to TechSci Research report, “United Kingdom Forklift Market
– By Region, By Competition Forecast & Opportunities, 2019-2029F”, the
United Kingdom Forklift Market stood at USD 4.74 Billion in 2023 and is
forecast to reach USD 6.60 Billion by 2029F, demonstrating a promising compound
annual growth rate (CAGR) of 5.71% during the forecast period. The forklift market in the
United Kingdom is expanding due to several key factors across different
sectors. The rise in e-commerce has significantly boosted the need for
effective material handling in distribution and warehouse operations, as
companies aim to fulfill customer orders more efficiently. As online shopping
grows, the demand for forklifts to handle increased inventory and expedite
deliveries continues to rise. Simultaneously, the shift towards automation in
logistics and manufacturing sectors has driven businesses to seek forklifts
that improve efficiency and lower labor costs. Electric forklifts are
gaining traction in response to environmental concerns and regulatory pressure.
These machines are favored for their reduced emissions, quieter operations, and
cost-effectiveness over time. They help businesses meet sustainability targets
while offering lower operating and maintenance costs compared to traditional
forklifts. Another trend influencing the market is the incorporation of IoT and
telematics, which provide businesses with valuable insights into fleet
performance, helping to optimize usage, schedule maintenance, and increase
overall efficiency.
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The United Kingdom forklift
market is segmented by propulsion type into internal combustion engines (ICE)
and electric forklifts, each serving distinct operational needs. Internal
combustion engine forklifts are commonly used in outdoor environments, particularly
in industries like construction, agriculture, and heavy manufacturing. These
forklifts offer higher lifting capacities and are more suited for rough
terrains, making them ideal for outdoor applications where power and durability
are essential. They operate on fuels such as diesel, propane, or natural gas,
which provide longer operational hours and greater flexibility for heavy-duty
tasks.
Electric forklifts are
increasingly popular in industries that prioritize sustainability, cost
efficiency, and indoor operations. These forklifts are powered by batteries and
are used primarily in warehouses, retail environments, and logistics centers.
Electric models offer several advantages, including lower maintenance costs,
quieter operations, and zero emissions, which makes them suitable for indoor
use where air quality and noise levels are a concern. These forklifts are often
preferred in facilities looking to reduce their environmental impact and meet
stringent emissions regulations. The choice between ICE and electric forklifts
largely depends on the specific needs of the business, including factors like
the operating environment, load capacity, and cost considerations. While ICE
forklifts continue to be essential in outdoor and heavy-duty applications,
electric forklifts are gaining traction due to their lower operational costs
and growing demand for green technologies. As industries move towards more
sustainable practices, the demand for electric forklifts is expected to rise,
particularly in warehouses and manufacturing environments focused on reducing
their carbon footprint. Both propulsion types remain crucial to the forklift
market, catering to different operational requirements across various sectors.
In 2023, the fastest-growing region in the United
Kingdom forklift market was the Southeast. This region’s rapid growth
can be attributed to its significant concentration of industries such as
logistics, warehousing, and e-commerce. The Southeast, with its proximity to
major ports and transportation hubs, plays a vital role in the movement of goods
both domestically and internationally. The increasing demand for fast and
efficient supply chains, driven by the booming e-commerce sector, has amplified
the need for advanced material handling solutions, including forklifts. Warehousing
and distribution centers in the Southeast require forklifts to handle increased
volumes of goods as retailers and logistics companies strive to meet growing
consumer demands. This demand is also driven by technological advancements in
automation and inventory management, where forklifts play a key role in
improving operational efficiency. The region's robust infrastructure, coupled
with its role as a logistical hub, makes it a hotspot for forklift usage.
The construction industry in the Southeast also
contributes to the demand for forklifts, with ongoing infrastructure projects
requiring heavy-duty forklifts for material handling. As the region continues
to attract investment and grow in both industrial and commercial sectors,
forklift usage in the Southeast is expected to maintain its upward trajectory,
further supporting its position as the fastest-growing region in 2023.
Major Market Players
Operating in 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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"The rising demand for forklifts across
various industries in the United Kingdom is gaining significant momentum as the
country continues to invest in infrastructure and technological advancements.
Forklifts play an increasingly essential role in sectors such as logistics,
construction, manufacturing, and e-commerce, providing efficient and
cost-effective solutions for material handling, transportation, and warehouse
management. With the growth of online retail and the expansion of industrial
operations, the demand for forklifts is expected to rise significantly in the
coming years. The UK’s focus on automation, sustainability, and smart industry
initiatives is expected to further accelerate the growth of the forklift market,"
said Mr. Karan Chechi, Research Director of 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 Propulsion (ICE, Electric), By End Use (Port Facility, Logistics, Construction, Municipality, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F, evaluates
the future growth potential of the United Kingdom Forklift market. It provides
comprehensive statistics and insights into market size, structure, and future
growth projections. The report aims to offer cutting-edge market intelligence
to help decision-makers make informed investment choices. Additionally, it
identifies emerging trends and analyzes key drivers, challenges, and
opportunities in the United Kingdom Forklift market.
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