Forklift Work Platforms Market

Market Overview

Industrial workplaces safety is improving, but there is still a long way to go. Several hazards, such as ladders and elevated edges, still present problems to workers. When removable attachments and their multiple uses are taken into account, the OSHA standards that govern worker safety are significantly more difficult to interpret.

The number of forklift manufacturers has reduced or suspended production capacities as a result of the outbreak of COVID-19. A downfall has been witnessed by various US steel companies operating in the steel industry, largely because of the covid-19 pandemic. At the end of March 2020, US steel production decreased by 12.7%. These drastic reductions will have a profound impact on the majority of manufacturing facilities.

Accidents involving forklifts have increased significantly over the last few years, rising from almost 1,000 per year to 1,300 per year. According to statistics, 11% of the 850,000 forklifts in the United States have been involved in an accident. Therefore, forklift truck market growth is expected to be hindered by safety concerns and accidents related to forklift trucks.

The infrastructure industry has seen an increase in investment, as governments have taken steps to improve infrastructure globally. Demand for telehandlers rises as an investment in the real estate sector increases. As an example, China's $163 billion investment in infrastructure to avoid an economic slowdown. China's recent construction projects include railway stations and two international airports.

Key Dynamics in Forklift Industry

Forklift work platforms are broadly deployed to elevate or lift workers for performing set of functions, which are meant to be executed at specific heights. In compliance with measures pertinent to safety, forklift work platforms provide the maximum support required, thereby registered considerable demand from diverse industries.

Apart from safety, forklift work platforms are also sought to fuel operational efficiency. This is one of the influential factors fostering the demand for forklift work platforms. Manufacturers operating in the forklift work platforms market are forging ahead with new product innovations and developments. New technological breakthroughs are helping the vendors establish a robust foothold in the forklift work platforms market.

But, occurrences of unexpected mishaps are poised to fetter the growth ambit of forklift work platforms market. To overcome this, manufacturers in the forklift work platforms market are making deliberating strides in the direction of ensuring maximum safety for the workers.

Several safety mechanisms like high railing and points for attaching safety harnesses are being employed by the vendors of forklift work platforms market. Integration of anti-skid surface and highly visible color patterns are a few examples of product developments committed to safety. Furthermore, implementation of sensors in the forklift work platforms market has fortified the productivity and safety quotient, making these platforms highly desirable for harmonious operations.

A new report by Fact.MR provides a comprehensive outlook of the global forklift work platforms market. Careful analysis of the past, present and future trends of different end-user industries has been considered while forecasting the market growth between the period of 2018 and 2027.

Rising demand for material handling equipment, awareness regarding occupational safety regulations, and need of operational efficiency are few of the prime influencing factors included in the report analysis. Based on this, the report provides the most credible go-to forecast for the industry executives interested in business expansion.

Material handling equipment and accessories including forklift work platforms are highly sought after in industries performing goods distribution activity such as warehouses, fabrication sheds, transport depots and dockside manufacturing.

Modifications in the hydraulic system have increased the efficiency of forklifts to safely move work platform at different heights. Further, implementation of sensor technology has enhanced the productivity and safety measures to operate a forklift work platform.

Manufacturers Aiming Legal and Safer Product Delivery

Forklift work platform operations are tightly controlled by the Occupational Safety and Health Administration (OSHA) in the United States. This federal agency functions to establish safe and healthy working conditions at different workplaces.

According to OSHA forklift accidents take lives every three days in the U.S. In addition, there are approximately 85 deaths and 34,900 injuries related to forklift usage every year. To effectively reflect on these statistics, the federal agency has enacted stringent regulatory legislation and manufacturers are vying to align their products to meet these safety requirements.

They are trying to provide a product with the minimum stress involved in lifting, pulling, pushing, and twisting while working on the work platforms. Along with the implementation of such features, manufacturers mainly focus on increasing the productivity. By implementing ergonomic features in the material handling equipment’s, manufacturers are providing safer and efficient options to gain trust of workers.

Global Forklift Work Platforms Market: Product Innovation

By fulfilling the legal requirements, manufacturers are delivering high-performance elevated personnel platform that delivers essential requirements of the client.

• Manitou North America, is a leading construction equipment provider headquartered in France. The company has recently launched straight-mast forklifts and telescopic work platform. This mobile elevating work platform is the first rotating work platform available for the electric model which can be operated to the heights of 49 foot allowing good working reach.
• Forklifts and loading work platforms provided by Toyota’s System of Active Stability (SAS) are designed with improved vehicle stability technology that automatically stabilizes loads during high lifting. This prevents incidences of forklifts and lifted loads from tipping over.
• Kalmar, a part of Cargotec, provides a range of material handling equipment and automated software solutions. The company has recently launched a new range of reach-stackers, container handlers, and forklifts in Latin America. This introduction is based on the company’s G-generation platform which is operated by electric and hydraulic systems. The Essential range of reach-stackers provide options for efficient drivelines, emission standard engines, and 45 to 57 tonnes of lifting capacity.

Rising Importance of Maintenance, Repair and Services to Boost Adoption

Warehouses and distribution centers need regular maintenance for long-lasting productivity and maintaining operations at full-capacities. Warehouses follow standard protocols and perform inventory counts during maintenance and repair activities.

With the appropriate attachment, forklift work platforms can assist in reaching difficult locations at heights. Generally, warehousing constructions have higher ceilings to accommodate larger capacities of goods. Maintenance and repair at these heights is usually taxing for workers.

Shelves in the warehouse, other electrical components and structural entities at heights need equal maintenance as that of ground level objects. Elevated work platforms attached to forklifts allow workers to reach such heights and efficiently perform maintenance and repair.

As major warehouses follow maintenance schedules, elevated work platforms of forklifts are specifically utilized for maintenance, repair and services apart from routine loading and unloading tasks.

The report includes in-detail analysis of all the highlighted trends that hold major influence over global forklift work platform market. This report by Fact.MR is the most credible source for industry professionals interested in business expansion.

This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast.

Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on

• Market Dynamics
• Market Size
• Market Segments
• Demand & Supply Trends
• Current Issues and Challenges
• Companies and Competitor Landscape
• Value Chain
• Technology

Regional Segments Analyzed Include

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)

Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain.

Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.

Highlights from the Report

• Elaborated scenario of the parent market
• Transformations in the market dynamics
• Detailed segmentation of the target market
• Historical, current and forecast market size based on value and volume
• Latest industry developments and trends
• Competition landscape
• Strategies adopted by the market players and product developments made
• Potential and niche segments, along with their regional analysis
• Unbiased analysis on performance of the market
• Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company