Global Hydrogen Fuel Cell Forklift Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hydrogen Fuel Cell Forklift Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Hydrogen Fuel Cell Forklift market finds that the global Hydrogen Fuel Cell Forklift market reached a value of USD 372.97 million in 2022. It’s expected that the market will achieve USD 2274.87 million by 2028, exhibiting a CAGR of 35.17% during the forecast period.

Logistics

Due to the epidemic situation, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on imported goods. This has led to various levels of logistics disruption, cargo accumulation and transportation delays. At present, the logistics industry in various countries is gradually recovering operations according to different national policies. It is expected that after the epidemic is further controlled, it will basically return to normal.

SME

The epidemic will have an impact on the cash flow of small and medium-sized enterprises in the industry and thus affect the operating conditions. As a result, the share of small and medium-sized enterprises in the market will shrink and the share of head enterprises will increase.

Industrial automation will further develop

The epidemic will promote automated production in the industry, enabling manufacturers to hire more high-tech talents and multi-skilled compound workers, reduce dependence on labor, and better respond to labor fluctuations. At the same time, more and more attention will be paid to the standardization of components, the intelligentization of logistics and the enhancement of the anti-risk ability of the supply chain.

Strength

Insufficient hydrogen refueling infrastructure and supporting services, and the bottleneck of technology are currently the main problems restricting the large-scale commercial use of fuel cells in the transportation field. Compared with other application fields such as passenger cars and commercial vehicles, forklifts are expected to become the forefront of fuel cell applications due to their inherent characteristics such as the smallest operating range, lighter body weight, and lower technical requirements for fuel cell systems. In terms of approval, compared with the complex operating environment of automobiles, forklifts often operate inside the plant, and approvals such as hydrogen refueling stations will be greatly simplified, and relevant safety standards will be easier to achieve. Because forklifts are mostly used for indoor or internal logistics warehousing and transportation of food, retail, processing and manufacturing enterprises, their working radius is limited, and often only a low-cost small 35MPa hydrogen refueling station is required inside the base. Therefore, fuel cell forklifts will be promoted without encounter problems of the cost of hydrogen refueling stations and network coverage which will meet in the automotive industry.

Weakness

At present, the factors hindering the rapid promotion of Hydrogen Fuel Cell Forklifts are the fuel cell technology itself, and the expensive hydrogen cost (hydrogen production, hydrogen storage, hydrogen transportation) is another restrictive factor. But with the advancement of technology, the Hydrogen Fuel Cell Forklift industry will eventually usher in a turning point.

The technical reserves and relevant industry standards are not yet complete, and a very large product line is needed to realize the full range of replacement of traditional forklifts.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects.

Company Overview:

Hyster-Yale Materials Handling, Crown, Toyota, Jungheinrich and STILL GmbH are the five key players in the global Hydrogen Fuel Cell Forklift market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Hydrogen Fuel Cell Forklift market in the past 5 years.

Hyster-Yale Materials Handling

Hyster Company is a leading provider of forklift trucks and one of the best known names in the industry. Hyster offers a comprehensive range of material handling equipment, from the largest container handlers and reach stackers, to nearly every type and size of industrial forklift truck, to special warehousing equipment. Expert consultancy and responsive local service are provided through a worldwide network of fork lift truck distribution partners. Together, a complete package of products and solutions helps improve efficiency, drive down costs and stream-line materials flow.

Crown

Crown is one of the worlds largest lift truck manufacturers. Crowns award-winning line of lift trucks maintains a reputation for exceptional product design, engineering and manufacturing. From the smallest hand pallet truck to the highest lifting turret truck, Crown seeks to provide users with safe, efficient and ergonomic lift trucks that lower total cost of ownership and maximize uptime. Headquartered in New Bremen, Ohio, Crown manufactures lift trucks that are sold throughout the world.

Segmentation Overview:

By type, PEMFC Forklift segment accounted for the largest share of market in 2021.

PEMFC Forklift

PEMFC Forklift is a forklift that uses Proton-exchange membrane fuel cells. Proton-exchange membrane fuel cells (PEMFC)'s distinguishing features include lower temperature/pressure ranges (50 to 100 C) and a special proton-conducting polymer electrolyte membrane. PEMFCs generate electricity and operate on the opposite principle to PEM electrolysis, which consumes electricity.

DMFC Forklift

DMFC Forklift is a forklift using Direct methanol fuel cell. Direct-methanol fuel cells or DMFCs are a subcategory of proton-exchange fuel cells in which methanol is used as the fuel. Their main advantage is the ease of transport of methanol, an energy-dense yet reasonably stable liquid at all environmental conditions. In contrast to indirect methanol fuel cells, where methanol is reacted to hydrogen by steam reforming, DMFCs use a methanol solution (usually around 1M, i.e. about 3% in mass) to carry the reactant into the cell; common operating temperatures are in the range 50120 C, where high temperatures are usually pressurized.

Application Overview:

The market's largest segment by application is the segment Warehouse Logistics, with a market share of 79.71% in 2021.

Key Companies in the global Hydrogen Fuel Cell Forklift market covered in Chapter 3:

Crown
Jungheinrich
Linde Material Handling
Toyota
STILL GmbH
Hyster-Yale Materials Handling

In Chapter 4 and Chapter 14.2, on the basis of types, the Hydrogen Fuel Cell Forklift market from 2018 to 2029 is primarily split into:

PEMFC Forklift
DMFC Forklift
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hydrogen Fuel Cell Forklift market from 2018 to 2029 covers:

Warehouse Logistics
Dock Handling
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)