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Thailand Forklift Market Size Forecast to Reach $341.4 Million by 2026

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Thailand Forklift Market Size Forecast to Reach $341.4 Million by 2026

September 16
18:23 2021
Thailand Forklift Market Size Forecast to Reach $341.4 Million by 2026
Thailand Forklift Market
Increasing Shift to Industrialization in E-commerce and Logistics Driving the Growth of Thailand Forklift Market.

Thailand Forklift Market Size is forecast to reach $341.4 million by 2026, at a CAGR of 7.2% during 2021-2026.  Thailand Forklift market in manufacturing industries is estimated to surpass $170.95 million by 2026 majorly owing to the rapid increase in material handling solution in industries which is increasing the forklift truck adoption. Due to  technological advancements in the material handling equipment the companies are  offering more enhanced features in forklift trucks such as  clear visibility, low level of noise, advanced attachment for different applications and more. The expansion of new warehouses and distribution centers by leading e-commerce sector are rapidly increasing the need for forklift truck for safely loading and unloading of materials. The Thailand government had invested about $43 billion to develop advanced logistics in Thailand, in order to strengthen its position in the Eastern Economic Corridor as a major logistics center which in turn had developed the market for forklifts in the country.

Thailand Forklift Market Segment Analysis – By Fuel Type

Diesel forklifts are projected to hold the maximum market share for forklift market in 2020 at 38.1% due to their typically heavy duty powerful engine. The major factors driving adoption of diesel forklift is the engine capacity with can run in most extreme conditions. A number of forklift companies such as Hangcha Forklift, Hyundai Forklift and others  have significantly increased the advancement in technology for providing better material handling. Moreover gasoline type forklift are considered as more powerful than diesel forklift. However carbon emission by gasoline is more than diesel, thus the adoption of diesel type is growing faster in the market.

Thailand Forklift Market Segment Analysis – By Application 

Forklifts are used for various applications in Manufacturing industry such as diverse set of material handling needs, for pick-ups and delivery inside warehouse, or moving several equipment throughout the manufacturing facility. Forklifts which are specially designed for Manufacturing applications aim to provide reliable performance with high working efficiency. With the increasing investments in Manufacturing sector in Thailand, it is expected to enhance the Forklift Market in forecast period. Uptime is critical in any manufacturing environment. Every second in which operations are down in manufacturing processes, both revenue and customer satisfaction are negatively impacted. To meet this demand of high efficiency and proper uptime, many manufacturers tend to design forklifts with high quality components and advanced features to keep users equipment up and running even in the harshest conditions. Toyota Forklifts, a leading manufacturer of high-quality forklifts designed and built engines and transmissions of the most reliable drive forklifts in the industry. Built-in engine protection helps prevent break downs before they occur and their AC powered electric forklifts provide superior performance and run-time between charges which increases the efficiency of the end-use industry. 

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Thailand Forklift Market Drivers 

Increasing Shift to Industrialization in E-Commerce and Logistics

The market for Forklift is likely to benefit enormously from the rapidly growing e-commerce industry as well as warehouse systems around various parts of the country. E-Commerce is growing rapidly due to various technological advancements and increasing foreign trade business with leading neighboring economies such as China, India and Japan. For instance, According to World Bank Reports, net foreign assets of Thailand was recorded 6.4 trillion LCU in 2017 which reached 6.8 trillion LCU in 2019. Forklift trucks are widely deployed in different E-commerce industries and different warehouse management systems of many end-use industries for applications such as Freight & Logistics, Wholesale & Retails and Others which are likely to be benefitted from this and thereby increasing the demand for the market in the forecast period 2021-2026.

Development of Eco-friendly Forklifts due to rise in Environment concerns

With the rising Environmental Concerns, leading manufacturers of Forklifts have introduced their Eco-friendly forklifts which offer high efficiency work output having electricity as their power source. Eco-friendly Forklifts reduce the consumption of fuel and further decrease the pollution level of respective industry as well as maintain a pleasant warehouse system. This further reduces the operation expenses in the supply chain of industries. Leading manufacturers such as Jungheinrich AG introduced their Electric Forklifts of EFG series which is designed to offer maximum performance at minimum energy consumption. It has latest generation 3-phase AC motors of highest efficiency which works on the concept of PureEnergy in which productivity-enhancing ergonomics and optimum safety is of prime focus. These developments tend to drive the market growth of Forklifts in the forecast period 2021-2026.

Thailand Forklift Market Challenges

Presence of Limited Number of Manufacturers

With the rise in Environmental concerns and Increasing safety and emission regulations, there is limited presence of key players which manufacture eco-friendly forklifts. Now also, there are many industries which still carry out their warehouse systems with the help of traditional forklifts. Moreover, due to presence of less manufacturers of Eco-friendly forklifts, the market price of these are very high which tend to restrain its market growth. These forklifts consume lots of fuel and even produces smoke which pollutes the warehouse system. This brings major challenge for the small scale industries in adopting Eco-friendly forklifts as they are comparatively costlier.

Thailand Forklift Market Landscape

Major Companies in the Thailand Forklift market are Toyota Tsusho, Mitsubishi Electric, Bangkok Komatsu Forklift, with these three companies accounting for a share of nearly 60% in 2020. Other major companies such as Thai-Lian Forklift/Sumitomo Thailift, Crown Equipment, Hangcha, Anhui Forklift, Doosan, Hyundai and Jungheinrich also have major presence in the market. Toyota Tsusho, through its partnerships, collaboration and agreement, has been successful catering to a variety of customers. Monitoring its future business involvements, IndustryARC analysts expect Toyota Tsusho, to maintain its position in the market. 

Acquisitions/Product Launches

In February, 2021 Toyota Tsusho Thai Holdings Co. Ltd signed an agreement with ATP30 acquiring a share of 9.53%, valued at 64,350,000 baht. The purpose to become a strategic partner and invest in technology is to develop the vehicle management system, smart mobility model as well as expand the market share and expertise related to logistics

In September 2020, Crown Equipment Corporation has introduced the D4 Armrest as an option for its Crown C-5 series, Crown FC series and Crown SC series sit-down counterbalance forklifts. It is designed to help improve operator experience and comfort, and to boost productivity throughout the entire operation.

Key Takeaways

The growth of the distribution channels have boosted the market growth as the amendment of e-commerce is rising in the recent years due to which people are able to buy products through online platforms and also through the stores. According to UNCTAD, the e-commerce sales hit by $26.6 trillion globally in 2019 which accounted for 10.1% increase as compared to 2017. 

The demand for robotic and automation is growing significantly in the Thai market. Additionally, the Thai government is offering privileges and incentives for the investment in robotics and automation which will lead to the increasing manufacturing of autonomous forklifts.

The shift from traditional forklifts towards autonomous forklifts by manufacturing companies and factories in Thailand in order to provide efficient solutions including driver shortage and damages caused by forklift drivers will lead to boost the demand for the autonomous forklifts which will surge the Thailand forklift market.

Relevant Reports

A. Forklift Truck Market

https://www.industryarc.com/Research/Forklift-Truck-Market-Research-502393

B. Global Electric Forklift Market 

https://www.industryarc.com/Research/Global-Electric-Forklift-Market-Research-512414

For more Automotive Market reports, please click here

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