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Revving Up: A Comprehensive Analysis of the Global Forklift Market

The global forklift market reached a valuation of $33,878.7 million in 2019 and is predicted to generate a revenue of $42,519.4 million by 2030. Furthermore, the market would exhibit a CAGR of 2.8% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The rapidly growing e-commerce industry and the adoption of advanced autonomous and electric forklift in warehouses and factories are the main factors fueling the growth of the market.

The expanding customer base, changing customer expectations and buying habits, and the increasing popularity of e-commerce are propelling the growth of the forklift market across the globe. The rising popularity of online shopping is pushing up the need for faster deliveries, which is, in turn, challenging the traditional logistics. This is making companies adopt strategies such as making huge investments in autonomous and electric forklifts. This is subsequently fueling the usage of forklifts in warehouses for loading and picking goods.

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Additionally, e-commerce organizations are rapidly adopting advanced technologies such as robotics and the industrial internet of things (IIoT) for enhancing their warehouse efficiency. This is causing a sharp surge in the sales of electric forklifts. Moreover, many market players are making huge investments in automation technologies. For example, Hyster-Yale Materials Handling Inc. developed and launched a dual-mode pantograph robotic reach truck in April 2019. The truck is capable of autonomously retrieving and depositing loads from high locations.

Based on class, the forklift market is divided into class 5, class 4, class 3, class 2, and class 1 categories. Out of these, the class 5 category recorded the highest growth in the market in the past few years. These forklifts are driven by internal combustion engines (ICEs) and are extensively used in various developing countries such as Mexico, India, Brazil, and China. They are heavily used in heavy lifting applications.

This is because these forklifts have pneumatic tires, which are ideal for work environments where the tire puncture risk is very high. When engine type is taken into consideration, the market is classified into electric and ICE. Between these, the electric category will exhibit faster growth in the market in the future years. This is credited to the growing demand for eco-friendly forklifts in factories. Additionally, the reducing prices of lithium-ion (Li-ion) batteries are propelling the sales of electric forklifts.

Geographically, the forklift market will demonstrate the highest growth rate in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This would be a result of the increasing industrialization and the surging establishment of warehouses in the developing nations of the region. Additionally, the rapidly expanding e-commerce sector and the changing customer buying habits are fueling the demand for faster warehouse operations, which is, in turn, pushing up the demand for forklifts in the region.

Detailed Analysis of the Forklift Market Trends

Why Are Commercial Vehicles Being Integrated with Autonomous Driving Features?

With the growth of the manufacturing and retail industries, an efficient means to transport goods from one place to another is becoming more important every year. Similarly, the burgeoning population, which the United Nations (UN) expects to touch 10.9 billion by 2100, is propelling the need for passenger transportation. With these factors, the number of large commercial vehicles, including trucks and buses, is rising. However, these vehicles are often part or cause of road accidents because they are slightly difficult to maneuver, and drivers aren’t always able to see what is behind them.

As a result, with the surging incidence of road accidents, which kill 1.35 million people each year, as per the World Health Organization (WHO), the need for making transportation safer is increasing. P&S Intelligence cites this factor while projecting an 8.2% CAGR for the autonomous commercial vehicle market during 2020 and 2030. It is now well known that most of the accidents are caused by humans themselves, and few due to machine/vehicle system error. As a result, in several countries, the adoption of functionalities that can aid the human driver or even completely replace them while driving has been mandated.

For instance, the National Highway Traffic Safety Administration (NHTSA) under the U.S. Department of Transportation has made the integration of electronic logging devices (ELDs) in all trucks necessary. Another among the most-popular systems in this regard is the advanced driver-assistance system (ADAS), which includes functionalities such as automatic emergency braking, anti-lock braking, adaptive cruise control, and automatic parking. Any vehicle with any of these functionalities is classified as a level 1 semi-autonomous vehicle, which is why more semi-autonomous trucks and buses than fully autonomous ones have been sold around the world till now.

Moreover, fully autonomous vehicles are not available for sale currently; they are still under the development and trial stage. Level-4 autonomous vehicles will be available in 2023 and level 5 variants only in 2025. On the brighter side, the current technological and regulatory landscape is quite conducive to the development of fully autonomous commercial vehicles. Two of the essential technologies for such vehicles — vehicle-to-vehicle (V2V) connectivity and vehicle-to-infrastructure (V2I) connectivity — have already been developed, and they are being integrated on a wide scale in passenger cars.

Similarly, an increasing number of countries are tweaking their laws and making accommodations for the operation of self-driving vehicles. For instance, since 2011, 29 American states have made regulatory provisions for such vehicles, which are also a priority for the European Union (EU). The major countries where fully autonomous vehicles are being tested or have been given the in-principle operational approval are the U.S., Germany, Canada, Spain, France, the U.K., Sweden, the Netherlands, and Italy.

Browse detailed report on Autonomous Commercial Vehicle Market Business Strategies, and Regional Outlook

Why Sale of Automotive Fuel Transfer Pumps Is Increasing?

For the majority of gasoline and diesel engines, a fuel pump of some sort is necessary. In the beginning, there was no need for a pump because gasoline could flow naturally to the carburetor from an internal fuel tank thanks to gravity.

When an engine has a fuel injector, fuel is transferred from the gas tank to the injector using electric fuel pumps. The application dictates that these pumps must deliver gasoline at high pressure (usually 30-85 psi) for the fuel injector to feed fuel into the engine.

Fuel pressure must meet specifications for the motor to run normally. The engine will run out of gasoline if the pressure is too low, which will cause it to misfire, hesitate, stall, or run lean. Gasoline waste and pollution in the fuel result from excessive fuel pressure, which also causes improper engine operation.

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PHEVs combine the benefits of electric motors and internal combustion engines. The preference for such vehicle types is expected to create a profitable opportunity for the expansion of the fuel transfer pumps market. This is because they feature a standard IC engine, in which fuel is transported from the tank by the pump and then injected into the carburetor or fuel injector.

Is a Mechanical Fuel Pump More Effective than an Electronic One?

An electric pump is necessary for various tasks and can handle several issues that cam-driven pumps cannot. However, mechanical pumps can deliver a sufficient fuel flow compared to comparably priced electric pumps.

Browse Full Report Automotive Fuel Transfer Pumps Market Size, Share, Trend Analysis Report

The Global Forklift Market: Trends, Drivers, and Future Outlook

Rising significantly from 2017, the share of the e-commerce sector in the total global retail sales reached 14% in 2018. Further, by 2021, almost 17% of the total retail sales across the world are expected to be made through online shopping channels. This is because such platforms offer customers the price flexibility and fast delivery service they are looking for.

Like companies across various other sectors, forklift manufacturers are also subject to the ill-effects of the COVID-19 situation. Due to the ceasing of manufacturing activities, companies offering forklifts as well as their components would need to alter their strategies and come up with a more-efficient supply chain model. The ripple effects of the current shutdown in several countries are expected to be witnessed till at least the entire 2021.

Forklift Market Segmentation Analysis

During 2014–2019, class 5 forklift trucks generated the highest revenue in the industry, owing to their high popularity in emerging economies, such as China and India. They are preferred for heavy-lift applications, especially in places where the risk of tire punctures is high, as such vehicles have pneumatic tires. Their payload capacity is between 3,000 and 55,000 pounds (1,360 and 25,000 kg), which makes them suitable for heavy lifting.

The counterbalance bifurcation, under segmentation by product, dominated the industry in the past. These trucks have two forks at the front, and they are able to get quite close to the load to be picked and moved. They are designed for varying loads and conditions, which makes them popular for logistical operations.

During the forecast period, the higher value CAGR, of 3.4%, is projected to be witnessed by the electric bifurcation, on the basis of engine type. This is attributed to the rising concerns regarding the emission of greenhouse gases (GHG) from fossil-fuel vehicles. In addition, class 1, 2, and 3 trucks are pressed in lightweight lifting, for which electricity can easily provide the required power. Another reason for the increasing sale of electric forklifts would be the gradual decline in the cost of lithium-ion (Li-ion) batteries.

Presently, Asia-Pacific (APAC) is the most lucrative forklift market, due to the rapid growth in the automotive and retail industries in India, South Korea, Japan, and China. In addition, regional governments are implementing strict mandates for security and safety at the workplace, which is leading to the quick deployment of such trucks. In the years to come, the fastest rise in the adoption of forklift vehicles would be seen in the Latina America, Middle East & Africa (LAMEA) region, on account of the swift industrialization and popularity of the warehousing model.

How Do Government Initiatives Propel Road Traction of Electric Cars in India?

Electric cars are also known as battery-electric vehicles. These cars are equipped with electric motors in place of the internal combustion engine. It requires a large traction battery pack to power up the electric motor. It needs to be plugged into the wall outlet or charging equipment. It is also known as the electric vehicle supply equipment.

Moreover, it runs on electricity. The vehicle captures no tailpipe exhaust, and it does not contain any typical liquid fuel components, including a fuel line, fuel pump, or fuel tank.

Major Components of All Electric Car

Battery: An electric drive vehicle is equipped with an auxiliary battery that offers electricity to power vehicle accessories.

Charge Port: The charge port facilitates the vehicle to connect to the external power supply for charging the traction battery pack.

DC/DC Converter: It converts the higher-voltage DC power to the lower-voltage DC power from the traction battery to facilitate powering the vehicle accessories and recharging the auxiliary battery.

Electric Traction Motor: It utilizes the power from the traction battery pack to drive the wheels of the vehicle. Several vehicles may utilize motor generators to perform both drive and regeneration functions.

Onboard Charger: It consumes the incoming AC electricity supplied through the charge port, and converts the DC power to charge the traction battery. It also interacts with the charging equipment and monitors the characteristics of the battery, such as current, voltage, temperature, and state of charge during the charging of the pack.

Power Electronics Controller: It manages the electrical energy flow delivered through the traction battery and controls the electric traction motor speed, and torque produced by it.

Thermal System (Cooling): It maintains the proper operating temperature range of the engine, power electronics, electric motor, and other components.

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Why Are Overnight Electric Bus Charging Stations Popular in U.K.?

In June 2018, BYD Co. Ltd. (BYD) received an order for 37 BYD-ADL Enviro400EV double-decker electric buses from Transport for London (TFL); the company delivered the first five in July 2019. In all, 2018 saw the procurement of over 130 electric buses in the U.K., which was a massive increase of 55% from the last year, and by year-end, 300 such automobiles were operational in the kingdom. Considering such an increase, P&S Intelligence has forecast the U.K. electric bus charging station market to grow from $13.3 million in 2018 to $95.5 million by 2025, at an explosive 30.7% CAGR between 2019 and 2025.

The EVSE comes in a range of power outputs, including <50 kilowatts (kW), 50–150 kW, and >150 kW. Among these, <50 kW electric bus charging stations have found the widest adoption in the kingdom till now, as they are cost-effective. However, they charge the buses rather slowly, which can be problematic for transit companies. Since buses need to operate for long hours in order for transit firms to make money, grounding them for slow charging can be counterproductive. This is why the installation of >150 kW charging stations is set to rise massively in the coming years.

However, the most important reason behind the advance of the U.K. electric bus charging station market is the rise in the sale of electric buses. Diesel buses, just like any other internal combustion engine (ICE) automobile, lead to heavy emissions of greenhouse gases (GHGs), which are notorious for polluting the air and causing breathing-related diseases. Moreover, the heavy consumption of diesel is leading to the depletion of crude oil resources, which is why replacing conventional buses with clean-energy variants has become necessary.

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As a conventional automobile cannot work without gasoline or diesel, EVs cannot work without electricity. And, the lack of charging stations around the world has been one of the biggest factors discouraging people from purchasing EVs. This is why the installation of EVSE has picked up pace in the kingdom, with governments, automakers, and utility companies coming together to achieve the objective. For instance, InvertedPower Pty. Ltd. and Heliox B.V. began collaborating in June 2019 to install SprintCharge, a battery-buffered electric bus charging station.

Hence, as more electric buses are procured in the U.K., the number of charging stations is bound to go up.

Charging Ahead: The Growth of the Electric Vehicle Battery Swapping Market

It is possible to swap the batteries of the electric vehicles without touching steering wheel, with autonomous reverse of electric car into the charging station. This technology is widely used in China.

NIO believes that swapping out the entire battery lure customers who stay worried about electric cars range, or those who don’t like queuing for recharging their vehicles.

NIO’s battery swapping station located at Norway can swap 240 batteries a day, and the company plans to establish 20 more stations in the country. The firm partnered with the energy giant Shell to establish 1000 stations by 2025 across the Europe.

Electric Vehicle Battery Swapping Market

Customers are required to take the monthly subscription of battery swapping, which may have varying cost depending on battery size. The subscription offers another major advantage that, each time you will swap your EV battery, you will get the newest battery technology.

This technology enables automatic replacement of battery underneath the vehicle with full-charged in less than five minutes. It is more efficient and effective than charging the EV batteries.

The EV battery swapping mitigates the degradation of batteries, and always provides a healthy battery as replacement. Thus, it increases the average traction of the EV cars.

Moreover, battery swapping attracts those customers who found it difficult to charge their vehicle or cars at night. There are numerous apartments in the China, where power stations are majorly utilized for recharging the electric cars.

India is prepared for developing the battery swapping and charging infrastructure to boost the traction of electric vehicles on the roads.

Around 700 sites have been identified, including the Golden Quadrilateral Highway, Greenfield Expressways, East-West and North-South Corridors for developing wayside centres equipped with numerous types of EV charging points.

India is aiming to reach the goal of acquiring a net zero carbon emission by 2070. Rising penetration of the EV will provide a great potential to conquer it. Moreover, it is expected that green highways will result in increasing adoption of electric vehicles in India.

Moreover, the rising environmental concerns led by global warming, increasing emissions of CO2 by transportation, results into worldwide growing adoption of the electric vehicles. The EV battery charging may turn out to be tiresome process during heavy traffic requiring to be in queue for longer duration.

This comprehensive report provides insights into the electric vehicle battery swapping market size, growth, segmentation

What Is Fueling Demand for Driving Simulators Globally?

More than 90% of the road accidents globally are caused due to human error. This alarming statistic is propelling the requirement for driving simulators in the transportation and government sectors. In addition, the rising requirement for logistics and shared mobility services is leading to a strong need for trained drivers. A driving simulator offers training to new and existing drivers by providing a virtual environment powered by AR or VR, with the ultimate aim to make road transportation efficient and safe for drivers, passengers, and everybody else on the road.

Within the simulator type segment of the driving simulator market, the compact simulator category held the largest share in the past. This category is also expected to maintain its dominant position in the coming years. It is attributed to the surging utilization of compact driving simulators for training people on various automobiles, such as off-highway vehicles, cars, vans, and buses. This makes the work of transportation and logistics firms and government agencies easier, as just one system fulfills multiple purposes.

Moreover, as per the EU, “In 2019, around 22 800 persons were killed in road accidents in the EU: 44.2 % of the fatalities were passenger car drivers or passengers.” Therefore, autonomous cars are trending in the driving simulator market. Various automotive component manufacturers are investing in the development of the sensors and processors used in autonomous vehicles. Hence, automotive OEMs are using driving simulators for testing the capabilities as well as performance of these components. These systems offer realistic road and weather conditions, which is boosting the development of autonomous vehicles.

Moreover, sales of driving simulators are growing rapidly in the APAC region as well. China, Japan, and India are among the countries with the highest number of automobiles in use. Moreover, as per the WHO, more than 90% of the road fatalities are accounted for by developing countries, which currently characterize the economy of the region. Therefore, there is a strong need for better training to those driving passenger and commercial vehicles, which is essentially set to lead to a high demand for driving simulators.

Therefore, the growing need to ensure more road safety will boost the demand for driving simulators in the coming years..

Discover the latest market trends and projections for the driving simulator industry