Side Loader Forklift Market Size, Share, Opportunities, And Trends By Source (Electric Powered, Diesel Powered), By Capacity (Up To 3 Ton, 3 Ton – 5 Ton, Above 5 Ton), By Application (Warehouses, Manufacturing Units, Logistics Centers), By End-User (Steel, Plastic, Timber, Others), And By Geography - Forecasts From 2024 To 2029

The side loader forklift market is expected to hold a significant market share during the forecast period.

Forklifts are common motor-driven industrial trucks that are often used for lifting and moving goods within a pallet around the premises of warehouses, storage facilities, and distribution centres. It is also often called as a Fork Truck and depending on the design of the forklift, operators are allowed to sit while driving and operating the machine. Forklifts are powered by combustion engines or electric batteries and are extensively used in the transport of materials and goods. The key components that characterize a forklift include:

• the truck frame, which includes wheels, counterweight, and mast that are attached to the truck frame,
• counterweight, which acts as a counterbalance for the load that is introduced to the truck,
• power source, which consists of an electric battery or internal combustion engine that can be fuelled by CNG, LPG, diesel and natural gas,
• Carraige, which serves as the support for the mast, and
• the mast, which consists of hydraulic pistons connected to interlocking rails that provide horizontal control and move the materials and goods upwards and downwards.

Introduction:

A side loader forklift, commonly known as a side loader, is a type of forklift that is specialized in handling long loads of materials and goods. The operator of the forklift is commonly positioned on the left-hand side of the forklift, with the right area consisting of the bed/ platform where the forks are positioned. Side loader forklifts are commonly used for the transport of goods in warehouses with long items which include profiles, pipes, metal bars, and/or wooden boards. Side loader forklifts ensure non-palletized items are safely transported in an agile manner without difficulty. These types of forklifts are commonly designed for indoor use, but these forklifts have been proven effective for outdoor use as well.

Market Drivers:

• Growth of the construction industry: The construction industry is one of the major players that affect the growth of the side loader forklift market. Side loader forklifts are commonly used to carry heavy and long loads of materials and goods, which include pallets of bricks, construction materials, and steel joists. As per Invest India, the construction industry in India is expected to reach US$1.4 trillion by 2025. The major factors for the growth of the construction industry are the increasing population and the rise in demand for real estate for the growing population. The world population is increasing at a significant rate, which gives rise to the demand for more real estate. This includes residential, office, hotels, retail, leisure parks, and many others. Forklifts will be also in high demand due to the requirements of handling the construction materials. Due to this, it will provide the necessary fuel for the growth of the side loader forklift, which is commonly used for construction purposes, during the forecasted period.
• Growth of the warehousing industry: The warehousing industry is another major player in the growth of the side loader forklift market.  Forklifts are known for loading and unloading trucks and for carrying the goods into warehouses for storage.  As per the Institute for Supply Management, global material handling is estimated to be US$60 billion in market value as of the present and is expected to reach US$100 billion by 2026. The factors that affect this growth are the increasing application of automation in the supply chain. This has been proven to significantly benefit employees by providing reduced overhead costs, increasing employee productivity, and also reducing injuries. As the warehousing industry is expected to significantly grow, it will provide the necessary fuel for the growth of the side loader forklift market.

Key Players:

• Godrej Group: An Indian multinational conglomerate owned by the Godrej family, that manufactures and supplies a variety of material handling equipment for intra-logistic purposes.
• Combilift: A leading producer of material handling solutions that provide solutions that increase maximum storage, increase efficiency, and also enhance the safety of the customers.
• Toyota Materials Handling International: A global leader in the production of material handling equipment, with worldwide solutions and high-quality products that are ready to optimize customer operations.

Regional Analysis:

The Asia Pacific Region is expected to witness significant growth in the side loader forklift market during the forecasted period of 2024-2029. The factors that affect the growth in this region are the increasing growth of the population, the rise in demand for real estate, and global players in the market. China and India are the leading countries that fuel the market growth, with global leaders like LTMG Machinery Group Co., Ltd. and Zowell. The growing population leading to an increase in urbanization also fuels the market growth. As per the Asia Pacific Housing Forum, the number of residents in urban areas is expected to increase to 2.8 billion by 2030 and reach nearly 3.5 billion by 2050. As urbanization rates are increasing at a significant pace, the need for housing also is expected to increase. This can provide fuel for growth in the side loader forklift market along with the construction market.

Market Developments:

• August 2023: LTMG Machinery Group Co. Ltd. announced the successful completion of the first 20-ton side loader forklift in the factory which has been officially shipped. This breakthrough was possible due to another breakthrough that was completed in 2022 with a 12-ton side loader forklift. This will provide the company with increased penetration in the market and also act as a step forward in the field of heavy-duty logistics handling equipment.

Segmentation:

• By Source:
  • Electric Powered
  • Diesel Powered
• By Capacity:
  • Up to 3 Ton
  • 3 Ton – 5 Ton
  • Above 5 Ton
• By Application:
  • Warehouses
  • Manufacturing Units
  • Logistics Centers
• By End-User:
  • Steel
  • Plastic
  • Timber
  • Others
• By Geography:
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others