Used and Refurbished Articulated Forklift Truck Trends and Forecast
The future of the global used and refurbished articulated forklift truck market looks promising with opportunities in the factory and logistic center markets. The global used and refurbished articulated forklift truck market is expected to grow with a CAGR of 7.3% from 2024 to 2030. The major drivers for this market are increasing corporate sustainability goals and environmental regulations, rise of e-commerce, logistics, and warehouse automation, and technological advancements.
• Lucintel forecasts that, within the type category, class 1 is expected to witness highest growth over the forecast period due to its increasing utilization in e-commerce, pharmaceuticals, and other industries with high throughput needs.
• Within the application category, logistic center will remain the larger segment due to rise of e-commerce and online shopping.
• In terms of regions, APAC is expected to witness highest growth over the forecast period due to rapid e-commerce growth and increasing urbanization and industrialization in the region.
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Emerging Trends in the Used and Refurbished Articulated Forklift Truck Market
Several emerging trends are influencing the used and refurbished articulated forklift truck market:
• Improvement in Remodeling Technologies: Advancements in reconditioning technologies have made second-hand lifts more competitive with completely new machines.
• Focus on Sustainability: There has been an increasing concentration on sustainability, with companies gradually opting for remodeled products as part of their green initiatives that strive to lower carbon footprints.
• Integration of Modern Technologies: Refurbished forklifts are being upgraded with modern technologies such as advanced control systems and energy-efficient components to meet current performance standards.
• Warranty and Certification Programs: Enhanced warranty and certification programs have been introduced to boost buyer confidence, assuring them about the quality of refurbished equipment.
• Regulatory Influence: The market is influenced by regulatory changes and environmental regulations, leading to an increased demand for refurbished equipment that complies with sustainability standards.
These trends are reshaping the used and refurbished articulated forklift truck market through advancements in technology, sustainability initiatives, and improved quality. The focus on integrating modern technologies to meet regulatory requirements has made refurbished equipment attractive to companies.
Recent Developments in the Used and Refurbished Articulated Forklift Truck Market
Recent developments in the market include:
• Technological Advancements: Improved refurbishment technologies enhance the quality and performance of used articulated forklifts, making them more competitive with new models.
• Focus on Sustainability: Companies have shifted their attention toward sustainable practices, embracing the use of refurbished forklift trucks in their attempts to reduce environmental footprints while adhering to green standards.
• Quality Assurance Programs: Various quality assurance programs, including certification processes, are being improved to guarantee the best operation of used equipment after it has undergone repairs or services before being resold.
• Integration of New Features in the Modernization Process: Improved functionality and efficiency can be achieved when advanced control systems are coupled with energy-efficient components.
• Growing Market Demand: This demand is mainly due to the increasing need for cost-effective solutions in logistics and industrial operations, resulting in growth in the market for used and refurbished articulated forklifts.
Technological advancements and quality assurance measures make refurbishing an attractive option for businesses. These developments focus on improving the quality and performance of renewed devices, helping to achieve environmental goals and address the challenges of a cost-effective, performance-oriented market.
Strategic Growth Opportunities for Used and Refurbished Articulated Forklift Truck Market
The used and refurbished articulated forklift truck market is experiencing significant strategic growth driven by various factors. Key areas of growth include:
• Technological Advancements: Continuous improvements in refurbishment technologies enhance the quality and reliability of used forklifts. Integration of advanced control systems and energy-efficient components meets modern performance standards.
• Sustainability Initiatives: Growing emphasis on sustainability has led companies to adopt refurbished equipment as part of their green initiatives. Refurbished forklifts contribute to lowering carbon footprints, aligning with corporate sustainability goals.
• Cost-Effectiveness: Refurbished forklifts offer a more affordable alternative to new machines, making them attractive for budget-conscious companies.The demand for cost-effective solutions in logistics and industrial operations drives market growth.
• Regulatory Compliance: Increasing regulatory requirements regarding environmental standards encourage businesses to opt for refurbished equipment that meets these guidelines. Compliance with sustainability regulations enhances the appeal of used machinery.
The used and refurbished articulated forklift truck market is poised for continued growth, driven by technological advancements, sustainability initiatives, cost-effectiveness, and increasing regulatory compliance. As industries evolve, the demand for reliable and efficient material handling solutions will further propel the market forward.
Used and Refurbished Articulated Forklift Truck Market Driver and Challenges
The factors responsible for driving the used and refurbished articulated forklift truck market include:
• Technological Advancements: Recently, new trends in the refurbishment of used forklifts are making them more reliable and as good as new.
• Sustainability Initiatives: The current focus on sustainability and environmental responsibility has encouraged companies to purchase remanufactured equipment as part of their green programs.
• Regulatory Compliance: More stringent ecological statutes are forcing businesses to opt for reconditioned machinery, helping them meet required regulations and reduce their carbon footprints.
• Growing Industrial Sector: Industries such as logistics and warehousing have been expanding, increasing demand for efficient, cost-effective forklifts.
Challenges in the used and refurbished articulated forklift truck market include:
• Quality Assurance: Ensuring uniformity in quality and dependability in renovated goods is challenging. This can hinder buyer confidence, impacting market growth.
Regulatory Compliance: Requirements for safety and environmental standards make the process of dealing with second-hand equipment intricate and expensive.
• Competition with New Equipment: Competition from newer models of progressive lift trucks is strong, especially with the incorporation of cutting-edge technologies into these machines.
• Supply Chain Issues: Disruptions such as shortages in components or delays during refurbishment processes could hamper production and availability.
Market Perception: Overcoming customer perceptions that refurbished products are substandard compared to new stock requires effective marketing campaigns and strong communication channels.
The main drivers and challenges surrounding the market for used and refurbished articulated forklift trucks indicate a dynamic landscape where low-cost economics, technological advancements, and eco-sustainable practices play major roles. Success hinges on addressing quality assurance issues, managing regulatory compliance, competing against new product substitutes, resolving supply chain problems, and improving market perceptions.
List of Used and Refurbished Articulated Forklift Truck Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies used and refurbished articulated forklift truck companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the used and refurbished articulated forklift truck companies profiled in this report include-
• Toyota
• KION
• Jung Heinrich
• Mitsubishi Logsnext
• Crown Equipment
Used and Refurbished Articulated Forklift Truck by Segment
The study includes a forecast for the global used and refurbished articulated forklift truck by type, application, and region.
Used and Refurbished Articulated Forklift Truck Market by Type [Analysis by Value from 2018 to 2030]:
• Class 1
• Class 2
• Class 3
• Class 4 and Class 5
Used and Refurbished Articulated Forklift Truck Market by Application [Analysis by Value from 2018 to 2030]:
• Factory
• Logistics Center
• Others
Used and Refurbished Articulated Forklift Truck Market by Region [ Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Used and Refurbished Articulated Forklift Truck Market
The used and refurbished articulated forklift truck market has witnessed significant changes as companies seek cost-effective ways to operate. As companies look to increase efficiency and cut costs, there is a rising demand for second-hand (pre-owned) equipment and refurbishment. This industry is influenced by technological changes, shifts in the regulatory environment, and market dynamics that vary depending on local economic conditions, industrial requirements, and legal contexts.
• United States: The US used and refurbished articulated forklift truck market has seen growth driven by an increasing emphasis on cost efficiency and sustainability. Companies are investing in these trucks to prolong their asset life cycle while reducing operational costs. Improvements in repair technology have enhanced the quality of second-hand lifts, making them more attractive in any business setting. Stringent environmental laws also contribute to the increased use of reconditioned items within green initiatives.
• China: Rapid industrialization and a need for less expensive logistics solutions have triggered the growth of China’s market for used and refurbished articulated forklifts. The aim is to improve the quality and safety standards of remodeled machines to meet international requirements. Local manufacturers are enhancing restoration processes and providing warranties to boost buyer loyalty. Additionally, interest in such equipment is driven by broader government support for green technologies.
• Germany: Germany’s market is characterized by a high demand for high-quality refurbished articulated forklifts. This demand stems from technological advances that have led to sophisticated remanufacturing processes, ensuring compliance with the strictest quality control measures. For example, these forklifts can come equipped with advanced control systems or energy-efficient components applied during refurbishment procedures. Many businesses today prefer purchasing recycled lifts due to requirements regarding ecological goals and sustainability claims.
• India: The market for used and refurbished articulated forklift trucks in India is growing due to increased industrial activities and a focus on reducing capital expenditures. The quality of these goods has improved, thanks to local firms investing in better technology and processes that enhance standards. With the growth of e-commerce and the logistics sector, there is a need for cost-effective lifts. Additionally, regulatory changes and government incentives are promoting green technologies.
• Japan: Japan’s market for used and refurbished articulated forklifts is marked by a high level of technological sophistication and quality. This trend involves modern refurbishment techniques and advanced diagnostic tools that ensure optimal performance and safety. Extending the lifecycle of such equipment through comprehensive restoration processes has become an important topic of discussion. There is also a strong emphasis on sustainability and environmental responsibility, leading to a preference for remanufactured machinery.
Features of the Global Used and Refurbished Articulated Forklift Truck Market
Market Size Estimates: Used and refurbished articulated forklift truck market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Used and refurbished articulated forklift truck market size by type, application, and region in terms of value ($B).
Regional Analysis: Used and refurbished articulated forklift truck market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the used and refurbished articulated forklift truck market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the used and refurbished articulated forklift truck market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the growth forecast for used and refurbished articulated forklift truck market?
Answer: The global used and refurbished articulated forklift truck market is expected to grow with a CAGR of 7.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the used and refurbished articulated forklift truck market?
Answer: The major drivers for this market are increasing corporate sustainability goals and environmental regulations, rise of e-commerce, logistics, and warehouse automation, and technological advancements.
Q3. What are the major segments for used and refurbished articulated forklift truck market?
Answer: The future of the used and refurbished articulated forklift truck market looks promising with opportunities in the factory and logistic center markets.
Q4. Who are the key used and refurbished articulated forklift truck market companies?
Answer: Some of the key used and refurbished articulated forklift truck companies are as follows:
• Toyota
• KION
• Jung Heinrich
• Mitsubishi Logsnext
• Crown Equipment
Q5. Which used and refurbished articulated forklift truck market segment will be the largest in future?
Answer: Lucintel forecasts that class 1 is expected to witness highest growth over the forecast period due to its increasing utilization in e-commerce, pharmaceuticals, and other industries with high throughput needs.
Q6. In used and refurbished articulated forklift truck market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to rapid e-commerce growth and increasing urbanization and industrialization in the region.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the used and refurbished articulated forklift truck market by type (class 1, class 2, class 3, and class 4 and class 5), application (factory, logistics center, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Used And Refurbished Articulated Forklift Truck Market, Used And Refurbished Articulated Forklift Truck Market Size, Used And Refurbished Articulated Forklift Truck Market Growth, Used And Refurbished Articulated Forklift Truck Market Analysis, Used And Refurbished Articulated Forklift Truck Market Report, Used And Refurbished Articulated Forklift Truck Market Share, Used And Refurbished Articulated Forklift Truck Market Trends, Used And Refurbished Articulated Forklift Truck Market Forecast, Used And Refurbished Articulated Forklift Truck Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.