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Rising investments in Construction and Industrialization and Increasing shift to Industrialization in E-commerce and Warehouse Systems are anticipated to boost Thailand Forklift market during the forecast period 2021-2026. Thailand Forklift Market Size is forecast to reach $341.4 million by 2026, at a CAGR of 7.2% during 2021-2026. The diesel type forklift features low noise levels and are majorly used for outdoor operation and are fairly simple and straightforward. The increase in concern for the safety of workforce has led to the LPG forklift being adopted more by the industries as they have less emission of carbon. However when the market is compared in terms of CAGR battery electric type hold the highest grade due to their lack of emissions, these are environment friendly forklift and are high in demand. In 2019 Hangcha introduced XF series cushion tire forklift truck, such as CPYD35/45/55-XW24B-CB and are offered with a range of load capacity of 8000, to 12000lbs. These developments of new and improved forklifts continue to drive adoption in the market. Manufacturing industry is one of the leading industries for holding maximum share of Forklifts because of different applications. The increasing investments in the Manufacturing sector in Thailand has brought a major uplift in the adoption of Forklifts further enhancing its market growth. For instance, According to World Bank reports, value added in Manufacturing sector in Thailand was recorded $123.3Bn in 2017 which reached $137.5Bn in 2019. This rising investments in the manufacturing sector is expected drive the market growth of Forklift in forecast period.
Advancements in technology for forklift is driving the market in the forecast period. For instance, Quarion Technology Inc. developed tracking and control technology for forklift trucks. Similarly, Crown Equipment Corporation launched a new forklift, the Crown WAV 60 Series, which offers higher levels of safety, efficiency and flexibility than previous models. In addition to this adoption of automated forkhoist trucks have a number of advantages for warehouses as they free up operators to perform other tasks while the forklift performs mundane or routine jobs. As a result, these lift truck can lead to higher productivity within the warehouse with less error picks thereby increasing profits and leading to operators who are more occupied and engaged. These developments tend to drive the market growth of Forklifts in the forecast period.
Thailand Forklift market in Asia-Pacific region held significant market share of 37.4% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth. The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the Thailand Forklift market. In addition advancements in the agriculture sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. Further, the increasing production and sales of electric vehicles in countries including China and Japan is also analyzed to drive the market growth.
Thailand Forklift Market Growth Drivers:
Rising Adoption of Lithium-ion technology in Forklifts
The
manufacturing of forklifts that runs on lithium ion batteries can offer high
working efficiency by running consistently over multiple shifts. The main
benefit of lithium-ion batteries is that, it requires zero maintenance. Also,
the efficiency of the ion batteries improves work productivity in superior cold
or hot temperature zones. Lithium-ion technology Forklifts are designed to
offer fast charging features along with no watering, fumes and zero emission
technology of lithium ions batteries which uplifts its market growth into
positive direction. Leading manufacturers such as Jungheinrich AG in their EFG
series adopted this superior lithium-ion technology which helps
end-users because it offers highest performance, fast charging times, zero
maintenance and a particularly long service life. However due to Covid-19
induced supply chain issues, lithium ion battery production is witnessing
delays in the short term which can affect adoption.
The Major
Players in this Market Include
Major players in Thailand Forklift include Toyota Tsusho, Mitsubishi Electric, Bangkok Komatsu Forklift, Thai-Lian Forklift/Sumitomo Thailift, Crown Equipment, Hangcha, Anhui Forklift, Doosan, Hyundai and Jungheinrich, among others. In May, 2019 the opening ceremony of HELI Southeast Asia Co., Ltd was held in Bangkok, Thailand. HELI Southeast Asia has been established to enhance the efficiency of sales and service in southeast Asia territory. HELI will further increase its marketing efforts and work closely with partners to increase sales and market share.
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