Rising Demand from Growing Food Industry Bolsters Chile Forklift Market Growth
According to our latest study on "Chile Forklift Market Analysis to 2031 – Country Analysis – by Product Type, Class, Movement Type, and End-use Industry," the market was valued at US$ 766.62 million in 2023 and is projected to reach US$ 1,711.91 million by 2031; it is anticipated to record a CAGR of 10.56% from 2023 to 2031. Apart from growth drivers, the report covers the Chile forklift market trends and their foreseeable impact during the forecast period.
The food processing industry plays an important role in the economy of Chile. The food & beverage processing industry represented ~15.4% of Chile's exports, at US$14.5 billion in 2023. The sector contributed ~3.8% to the national GDP in 2023. Also, The country is renowned for exporting a wide variety of products, including fresh fruit, salmon, wine, and forestry products. In 2023, Chile exported ∼27.5% of its agricultural and related products to the US, making it the leading export market for this category of products. For instance, a perishable food item primarily requires cold storage facilities, and forklifts mostly operate well in cold storages. Additionally, grocery retailers often leverage smaller forklifts to manage shipments and goods supply.
Chile Forklift Market Share — by Country, 2023
Chile Forklifts Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Outrigger, Narrow-Aisle, and Counterbalance), Class (Class I, Class II, Class III, Class IV, Class V, Class VI, and Class VII), Movement Type (Traditional and Omnidirectional), and End-Use Industry (Industrial, Food & Beverages, Transportation & Logistics, Retail & E-Commerce, Chemicals, Others)
Chile Forklifts Market Trends, Share, and Growth (2021-2031)
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Source: The Insight Partners Analysis
The retail sector in Chile consists of supermarkets, mid-sized grocery stores, convenience stores, and small independent shops. Grocery stores and supermarkets are key retail channels for food products, accounting for around 53.6% of the market share. The retail industry highly depends on moving, storing, and transferring heavy loads of stocks regularly. The logistics of the retail food industry require industrial vehicles, such as forklifts, for efficient material handling. Primarily, forklifts are used for ultra-heavy materials and have major usage in warehouses, cargo, and storage. In addition, they have potential usage in sorting and transporting goods. They help in moving food products in outdoor and indoor settings. Thus, the growing food industry acts as a major driver for the growth of the Chile forklift market size.
E-commerce giants and logistics service providers are increasingly investing in high-end warehouses that depend heavily on industrial vehicles for material handling and storage. Forklifts, an important component of these operations, are employed to effectively move and stack goods within advanced warehouse facilities. The demand for forklifts equipped with advanced features such as telematics and automation is growing as businesses strive to boost operational efficiency and meet the massive demands of online consumers. Thus, the expanding e-commerce sector contributes to the growing Chile forklift market size.
The growing developments in the industrial sector drive the Chile forklifts market. Forklifts have potential applications in the food & beverages, industrial, chemicals, and logistics sectors. Additionally, the increasing advancements in the manufacturing sector and growing developments in the e-commerce and retail sectors propel the market growth. The growing consumer inclination for online shopping is increasing the requirement for warehouses and logistic services, which is fueling the application of forklifts for moving, transferring, storing, and delivering products in warehouses or storage hubs. Furthermore, product developments and upgrading and maintaining features in existing product lines drive the Chile forklifts market growth. Konecranes, Toyota Material Handling, and J C Bamford Excavators Ltd. are among the key companies offering forklifts in Chile.
Based on type, the Chile forklift market is segmented into product, class, movement type, and end use industry. Based on product, the market is divided into outrigger, narrow-aisle, and counterbalance. In terms of class, the market is categorized into class I, class II, class III, class IV, class V, class VI, and class VII. Based on movement type, the Chile forklift market is bifurcated into traditional and omnidirectional. The Chile forklift market, on the basis of industry, is categorized into industrial, food and beverages, retail and e-commerce, chemicals, and others.
Based on product, the Chile forklift market is segmented into outrigger, narrow-aisle, and counterbalance. The counterbalance segment held the largest Chile forklift market share in 2023, owing to its rapid adoption in the mining, food & beverages, and e-commerce industries. According to the Santiago Chamber of Commerce (CCS) Organization, business-to-customer (B2C) e-commerce sales reached around US$ 10.5 billion in 2022, an increase of 12.5% compared to sales in 2021. The market is driven by the rapid expansion of infrastructure development projects and the growing popularity of the e-commerce industry.
Counterbalance forklifts are the most common type of forklift with a wide range of weight carrying capacity ranging from 1.8 metric tons up to 48 metric tons. Counterbalance forklifts are used for a wide range of applications, including food and beverages, medicine production facilities, mining, warehouses, and chemical industries. The key companies from these industries in Chile are ordering counterbalance forklifts to meet their material handling demands. For instance, in June 2022, Kal Tire S.A., a tire manufacturer for the mining industry, received an order of two SMV Konecranes 33-1200C forklifts to fulfill their tire service contract requirements at the Centinela mine in northern Chile. The order arrived at the mine in June 2022. The two Konecranes tire forklifts operate at the Centinela Mine with a lifting truck capacity of 33 tons. Further, in February 2023, Patria, a Brazilian-owned company, announced its plans to invest more than US$ 150 million in Chile to expand their logistics and warehousing industry. Increasing investments in the warehousing industry and upsurging demand for forklifts across the mining and food & beverages industries boost the Chile forklift market growth for the counterbalance segment.
Moong Inc.; ENPULSION GmbH; Exotrail SA; Thales Group; Airbus SE; Ball Corporation; Bellatrix; Aerospace Private Limited; Busek, Co. Ltd.; Cobham PLC; and Pacific Scientific Energetic Materials Company are among the key players profiled in the Chile forklift market report. Companies in the market are focusing on launching new product offerings and collaborating with food and beverages, logistics, and warehousing companies to remain competitive in the market. Companies in the Chile forklift market also focus on product and service enhancements by integrating advanced features and technologies into their offerings. For instance, in May 2024, EP Equipment forklift manufacturer launched lithium-ion forklift trucks at the Logistics World Summit & Expo and Expo Rural Melilla 2024 in Latin America. The company showcased these products by their dealers Comonsur and NobleMAQ. EP Equipment's lithium-ion technology-based forklifts are used for transforming material handling across logistics and transportation, as well as agriculture sector demand in Latin America.
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