The internal combustion counterbalance forklifts market is expected to show steady growth during the forecast period.
Internal combustion counterbalance forklifts are powerful and versatile industrial machines that are commonly used for material handling operations. These forklifts are typically powered by gasoline, LPG, and diesel, making them dependable and suitable for a wide range of outdoor applications. The counterbalance design enables these forklifts to carry heavy loads in the front while using a counterweight in the back to balance the weight and ensure stability during operation. The growing industrial activities and increasing storage facilities are major driving forces behind the internal combustion counterbalance forklifts market growth.
The increasing activities, particularly in manufacturing, warehousing, and logistics, creates a need for efficient material-handling equipment. Internal combustion counterbalance forklifts, due to their exceptional capabilities, have the ability to easily lift and transport heavy loads, resulting in maximum efficiency in the handling of materials and goods within manufacturing facilities. Several government policies and initiatives have played a significant role in the growth of industrialization which is expected to contribute to the internal combustion counterbalance forklift market growth. For instance, according to the U.S. Bureau of Labor Statistics, in the 2nd quarter of 2023, there were a total of 3,92,910 manufacturing establishments which represented an increase of 3,401 units in comparison to Q1 2022.
Internal combustion counterbalance forklifts provide exceptional versatility and efficiency as they can easily navigate narrow aisles and navigate heavy loads with precision. By using their counterweight at the back, they effectively balance the weight of the load, ensuring stability and safety during lifting and transporting. The rise in demand for sufficient space to store and manage inventory has led to the establishment of new storage facilities. For instance, according to the U.S. Bureau of Labor Statistics, there were 22,297 warehouse and storage establishments in the 2nd quarter of 2023 which signified an increase of 229 units in comparison to Q1 2023. Such an increase is anticipated to drive the internal combustion counterbalance forklifts market growth.
Several advancements in internal combustion engines have revolutionized the internal combustion counterbalance forklift. These engines experienced remarkable improvements, incorporating cutting-edge technologies to improve fuel efficiency, lower emissions, and boost overall performance, which makes them the preferred choice for various industries. The use of dual fuel injection systems, turbochargers, and advanced combustion techniques has significantly improved the power-to-weight ratio and overall reliability of these forklifts. For instance, Hyster-Yale Group offered a dual-fuel engine GP35UX internal combustion counterbalance forklift which comes with Yanmar 2.6L Diesel and GCT 2.5L LPG dual fuel engine and offers a load capacity of 3500kg up to a lifting height of 5500mm.
Asia Pacific is projected to account for a considerable share of the internal combustion counterbalance forklifts market fuelled by rapid industrialization and investments in new storage facilities. For instance, according to the State Council of China, China's warehouse storage sector expanded for six consecutive months in July 2023 and the development index witnessed a 1.5 percent increase from June 2023. Chinese companies own more than 1,800 overseas warehouses, covering an area of over 12 million square meters. Additionally, in December 2022, Kyowa Kirin Co., Ltd. announced the construction of its new warehouse facility at its Takasaki Plant, Japan with an investment of 7 billion yen.
The use of internal combustion counterbalance forklifts is hindered due to their high carbon emissions and increased concerns about the environment. Several businesses are emphasising electric mobility, owing to which electric counterbalance forklifts are being highly demanded to reduce the carbon footprint. Furthermore, new launches are being witnessed, such as in January 2023, Crown expanded its lift truck portfolio with the launch of C-B Series electric counterbalance forklifts that are driven by powerful 80-volt motors and capable of carrying weight up to 5.5 tons.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Growth Rate | CAGR during the forecast period |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Internal Combustion Counterbalance Forklifts Market |
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| Customization Scope | Free report customization with purchase |
The Internal Combustion Counterbalance Forklifts Market is analyzed into the following segments: