Counterbalance Forklifts Market Size, Share, Opportunities, And Trends By Fuel Type (Diesel, Battery Powered), By Load Capacity (Up To 1 Tons, 1 Tons – 3 Tons, Above 3 Tons), By Application (Warehouses, Distribution Centers, Factories/ Plants, Others), And By Geography - Forecasts From 2024 To 2029

The counterbalance forklift market is anticipated to show steady growth during the forecast period. A counterbalance forklift is a versatile industrial vehicle that is widely used for material handling and lifting operations owing to which it is commonly used in warehouses, distribution centers, and manufacturing facilities to load/unload goods, stack pallets, and navigate in confined spaces. The establishment of various logistic facilities and technological advancements in counterbalance forklifts are major driving forces that contributed to the counterbalance forklift market growth.

Market Drivers

• The establishment of warehouses and logistic centers bolsters the counterbalance forklift market growth.

Counterbalance forklifts are versatile machines in warehouses and distribution centers as they offer stability and efficiency in the loading/unloading of goods, transportation between areas, and other material handling operations. The growing e-commerce sector increased the demand for storage and distribution facilities, which has led to the new establishment of warehouses and distribution facilities to meet the market demand. For instance, in May 2023, Bishop's Move, the leading storage company in the UK, announced the launch of its newest warehouse facility in Algeciras, Spain. Additionally, in December 2022, GEODIS officially launched a new multi-user logistics facility in Ansbach, Germany with 26,757 Euro pallet areas in the high-bay warehouse and 9,000 square meters of block storage space.

• Growing emphasis on electric-powered counterbalance forklift bolsters the market growth

Various technological innovations in counterbalance forklifts have increased their efficiency of working and loading capacity. One of the major innovations is the adoption of electric-powered forklifts that reduce emissions and provide quieter operation compared to the traditional fuel forklifts. These continuous advancements aims to promote sustainability in counterbalance forklifts. For instance, in May 2023, COMBILIFT announced the launch of COMBi-CUBE at the LogiMAT International Intralogistics show in Stuttgart, Germany. This is an electric-powered counterbalance forklift with several technological and design features that not only improve handling procedures but also provides a high degree of driver comfort.

The booming e-commerce sector drives the counterbalance forklift market growth.

The growth of online shopping and e-commerce platforms has contributed to an increased demand for efficient logistics and distribution networks, in which counterbalance forklifts play an important role in streamlining the movement of goods within warehouses, and distribution facilities and provide stability, versatility, and ease of operation in the facility. The rise of e-commerce also pushed the establishment of new warehouses. These factors are the major driving force behind the counterbalance forklifts market growth.

Asia Pacific is anticipated to grow significantly

Asia Pacific is projected to account for a significant share of the counterbalance forklift market due to the establishment of numerous warehouse facilities in the major countries in the region. For instance, in April 2023, Bolloré Logistics announced the official opening of K-HUB, its newest warehouse and distribution center in South Korea with 9,555 square meters of flat storage. Additionally, in August 2023, Shipito announced the official opening of Shipito's latest warehouse in Chiba, Japan which offers a unique shopping experience for customers worldwide, providing the best of Japanese products. Moreover, in June 2023, JD Logistics unveiled the world's largest smart logistics park with integrated warehousing and sorting capabilities in China, with a floor space of over 500,000 square meters.

Market Restraints

• High maintenance will restrain the counterbalance forklift market growth.

Counterbalance forklifts are widely used in a variety of industries to lift and move heavy loads, which causes frequent wear and tear and requires regular servicing, inspections, and repairs. This can be costly and time-consuming, which may affect their adoption in numerous sectors and impact the market growth.

Market Developments

• January 2023- Crown expanded its lift truck portfolio with the introduction of IC and electric counterbalance forklifts C-B, C-D, and C-G Series models that are capable of carrying up to 5.5 tons of weight. The C-B, C-D, and C-G Series models are exceptionally durable and powerful, representing the highest level of dependability and productivity that enhance efficiency.
• May 2022- BYD (Build Your Dreams) unveiled the new heavy-duty BYD ECB 70/80, its highest capacity counterbalance forklift, at LogiMAT to reflect its adaptability for use both inside the warehouse and outside in the yard. The new BYD ECB70/80 can run for up to nine hours on a single charge and lifting capacity of 2 tons.

Company Products

• TLT 27 Gas- JCB Teletruk TLT 27 Gas is the world's only telescopic counterbalance forklift built for the logistics industry. It features a unique telescopic forward reach with a 700kg lift capacity, allowing trucks to be loaded and unloaded from one side. It has a cab height of only 2.1 m, making it easy to access containers. Additionally, its negative lift allows it to reach below ground level.
• 8FB Battery Electric Forklift- Toyota provides an 8FBN battery-electric forklift with high energy efficiency, exceptional safety, and driver comfort, delivering excellent power and performance while emitting zero emissions. The 8FBN achieves longer operating times by reducing energy loss and includes an Operator Presence Sensing System (OPS) that detects when the operator is not in the normal traveling position. It features a lift capacity of 3000kgs up to 6000mm and an aisle width of 3550mm.
• MK40 Counterbalance Electric Forklift- MIMA's MK40 Counterbalance Electric Forklift is a front-drive horizontal balance forklift with a high-speed ratio drive axle box assemblage for improved working efficiency, horizontal handling, block-stacking, and loading and unloading goods. It features a load capacity of 4000kgs and a lifting height of 3000mm with a driving speed of 10/12 km/h.

Segmentation

• By Fuel Type
  • Diesel
  • Battery Powered
• By Load Capacity
  • Up to 1 Tons
  • 1 Tons – 3 Tons
  • Above 3 Tons
• By Application
  • Warehouses
  • Distribution Centers
  • Factories/ Plants
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others