Report Overview

Increasing demand for efficient material handling equipment, emphasis on workplace safety regulations, advancements in technology, and the need for productivity and cost optimization in various industries, such as logistics, warehousing, and manufacturing are propelling the growth of the Australia Forklift Truck Market during the forecast period between 2023 and 2029.

Australia Forklift Truck Market – Industry Trends & Forecast Report, 2029

Australia forklift truck market size is projected to grow at a CAGR of 7.25% during the forecast period between 2023 and 2029. The major factor driving the growth of Australia forklift truck market is a spurring demand for electric forklifts due to their lower operating costs and reduced environmental impact. This shift towards eco-friendly solutions is driven by increased awareness of sustainability and government regulations promoting clean energy. Also, automation and advanced technologies, such as telematics and IoT integration, are gaining popularity, enhancing operational efficiency and safety. The market also experiences a rise in the adoption of narrow aisle forklifts to optimize warehouse space utilization. There is also a growing emphasis on operator training and safety measures to ensure compliance with strict workplace regulations and minimize accidents. Overall, these trends reflect the industry's focus on efficiency, sustainability, and safety.

Australia Forklift Truck Market - Overview

A forklift truck is a powerful industrial vehicle designed for lifting and transporting heavy loads. It is commonly used in warehouses, construction sites, and manufacturing facilities to efficiently move materials and goods. Forklift trucks feature a sturdy frame, a pair of front wheels, and a rear-wheel steering system, allowing them to maneuver in tight spaces. They are equipped with hydraulic forks that can be raised and lowered to lift and transport pallets, crates, and other large objects. Forklift trucks are operated by trained drivers who ensure safe handling and precise positioning of loads, contributing to increased productivity and operational efficiency in various industries.

Growth Drivers

Rising Demand from Thriving E-commerce Sector

In recent years, the e-commerce sector in Australia has experienced significant growth, revolutionizing the retail landscape. This surge in online shopping has created a pressing need for efficient and streamlined logistics operations, leading to a substantial increase in demand for forklift trucks. As e-commerce companies strive to meet the growing consumer expectations of fast and reliable deliveries, they require advanced material handling equipment like forklift trucks to optimize their warehousing and distribution processes. The Australia forklift truck market is witnessing a remarkable growth trajectory as e-commerce players heavily invest in expanding their logistics infrastructure, driving the demand for forklift trucks and stimulating the overall market growth.

Restraints

Economic Challenges

In recent years, the Australia forklift truck market has encountered several significant restraints impeding its growth and development. One key restraint stems from the prevailing economic challenges faced by the country. Australia has experienced fluctuations in its economic performance, including slow growth rates and periods of uncertainty. These conditions have resulted in reduced investment in various sectors, including manufacturing and logistics, which directly impact the demand for forklift trucks. Also, the rising costs of raw materials and fluctuating fuel prices have added to the challenges faced by the industry. These restraints have compelled businesses to reevaluate their expansion plans and focus on optimizing existing resources, hampering the overall growth of the Australia forklift truck market.

COVID-19 Impact on the Australia Forklift Truck Market

The COVID-19 pandemic significantly impacted the Australia forklift truck market. With the implementation of strict lockdown measures and disruptions in supply chains, the market witnessed a decline in demand and sales. Many industries, including manufacturing, warehousing, and logistics, experienced temporary closures or reduced operations, leading to a decreased need for forklift trucks. Also, the economic uncertainty caused by the pandemic resulted in budget cuts and delayed investment decisions by businesses, further affecting the market. However, as Australia gradually recovers and restrictions ease, the forklift truck market is expected to rebound, driven by the resumption of industrial activities and the need for efficient material handling solutions.

Australia Forklift Truck Market

Segmental Coverage

Australia Forklift Truck Market – By Class

On the basis of class, Australia forklift truck market is divided into Class I (Electric Motor Rider Trucks), Class II (Electric Motor Narrow Aisle Trucks), Class III (Hand Rider Trucks), Class IV (IC Engine Trucks, Solid/Cushion Tires), Class V (IC Engine Trucks, Pneumatic Tires), and Others (Class VI (Electric & IC Engine Tractors), Class VII (Rough Terrain Forklift Trucks)). In the Australia forklift truck market, the largest segment is Class IV, which comprises IC Engine Trucks with solid or cushion tires. These forklift trucks are commonly used in various industrial applications and provide efficient performance for indoor operations. They are powered by internal combustion engines, making them suitable for heavy-duty tasks and capable of handling substantial loads. With their sturdy construction and reliable tire design, Class IV forklift trucks offer stability and manoeuvrability on smooth surfaces. This segment caters to the demand for robust material handling equipment in industries such as manufacturing, warehousing, and logistics across Australia.

Australia Forklift Truck Market – By Fuel Type

Based on fuel type, Australia forklift truck market is divided into Diesel, Gasoline, and Electric segments. Electric is the largest fuel type segment in the Australia forklift truck market, due to the growing emphasis on sustainability and environmental consciousness, government initiatives promoting electric vehicles, and advancements in electric forklift technology. The electric segment offers various benefits, such as reduced emissions, lower operating costs, and improved energy efficiency, making it an attractive choice for businesses looking to optimize their operations while minimizing their environmental impact. Thus, the electric fuel type segment has witnessed significant growth and dominates the Australia forklift truck market.

Australia Forklift Truck Market – By End User

By end user, Australia forklift truck market is divided into Retail & Wholesale, Logistics, Automotive, and Food Industry segments. Logistics is the largest end-user segment in the Australia forklift truck market. The logistics industry plays a vital role in the transportation and distribution of goods and services, requiring efficient handling of heavy loads and materials. Forklift trucks are essential equipment in this sector, enabling the movement and storage of goods within warehouses, ports, and distribution centers. With Australia's growing economy and increasing trade activities, the demand for forklift trucks in the logistics industry has witnessed significant growth. The logistics segment thus represents a substantial portion of the Australia forklift truck market, reflecting the importance of efficient material handling in the country's supply chain.

Competitive Landscape

Major players in the Australia forklift truck market include Toyota Industries Corporation, Crown, MANITOU, Clark, Linde, Hyster-Yale, Mitsubishi, Jungheinrich AG, Hyundai, and Heli Co. Ltd. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In June 2020 - Hyster-Yale Materials Handling, Inc., acquired 75% of the outstanding shares in Zhejiang Maximal Forklift Co., Ltd. The acquisition helped Hyster-Yale Materials Handling to strengthen its product portfolio in material handling equipment.

Scope of the Report

By Class

• Class I (Electric Motor Rider Trucks)

• Class II (Electric Motor Narrow Aisle Trucks) 

• Class III (Hand Rider Trucks)

• Class IV (IC Engine Trucks, Solid/Cushion Tires)

• Class V (IC Engine Trucks, Pneumatic Tires)

• Others (Class VI (Electric & IC Engine Tractors), Class VII (Rough Terrain Forklift Trucks))

By Fuel Type

• Diesel

• Gasoline

• Electric

By End User

• Retail & Wholesale

• Logistics

• Automotive

• Food Industry