Chile Forklifts Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The Chile forklifts market size is projected to reach US$ 1,711.91 million by 2031 from US$ 766.62 million in 2023. The market is expected to register a CAGR of 10.56% during 2023–2031. The growing adoption of electric and hybrid forklifts is likely to emerge as a key trend in the market during the forecast period.

Chile Forklifts Market Analysis

The e-commerce sector in Chile has experienced growth over the last decade owing to the country's rapid and continuing technological and infrastructure development. The introduction of 5G service in 2021 and the growing acceptance of e-commerce since the beginning of the COVID-19 pandemic fueled the requirement for warehouse management. There is an increased demand for competent and technologically advanced industrial vehicles such as forklifts to achieve smooth and efficient operations in the e-commerce sector in Chile.

Chile Forklifts Market Overview

The Chile forklifts market growth is driven by increasing investments in the food industries in the country, along with growing warehouse optimization. In August 2023, the International Finance Corporation (IFC) invested US$ 50 million in Chile-based food processing company Sugal Chile Limitada, a subsidiary of the Sugal Group. The company is the second largest exporter and producer of tomato pastes. Such, increasing investments in the food processing industry drives the market growth.

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Chile Forklifts Market: Strategic Insights

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Chile Forklifts Market Drivers and Opportunities

Rising E-Commerce Business Activities Drives Chile Forklifts Market Growth

The changing consumer shopping preference from physical shops to online stores and apps is a key factor supporting the growth of e-commerce facilities in Chile. Also, there was an increase in cross-border e-commerce activities as consumers purchased products from international markets and had items delivered locally using logistics services. Apparel and accessories, food and beverages, cosmetics and personal care products, medicines and drugs, books, footwear, furniture and home decor items, and electronic appliances are major items purchased using e-commerce facilities in Chile. As per the Santiago Chamber of Commerce (CCS), business-to-customer (B2C) e-commerce sales reached US$ 10.5 billion in 2022. Chile held the fourth-largest e-commerce market share in Latin America in 2023, accounting for about ~6.3% of regional e-commerce revenue share. The country’s e-commerce position is steadily increasing, with an online shopping growth rate of more than ~26% in 2023. Rising inclination toward online shopping propels the demand for proper logistics and warehouse services in the country.

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 are growing as businesses strive to boost operational efficiency and meet the massive demands of online consumers. Thus, the growing e-commerce sector bolsters the forklift market growth in Chile.

Positive Outlook of Mining Sector

The mining sector's involvement in Chile’s GDP was ~13.6% in 2022, and mining exports accounted for ~58% of total country exports. The country is one of the leading copper producers across the world, holding ~24% of global copper production. Chile is also one of the major producers of lithium, contributing to ~30% of world production, as per the United States Geological Survey (USGS). As per the USGS, Chile's lithium production output increased from 28,300 MT of lithium content in 2021 to 39,000 MT in 2022. Chile is also promoting the discovery of new mineral exploration sites.

Chile Forklifts Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Chile forklifts market analysis are product type, class, movement type, and end-use industry.

• Based on product type, the Chile forklifts market is segmented into outrigger, narrow-aisle, and counterbalance. The counterbalance segment held the largest market share in 2023.
• In terms of class, the market is divided into class I, class II, class III, class IV, class V, class VI, and class VII. The class I segment dominated the market in 2023.
• In terms of movement type, the Chile forklifts market is bifurcated into traditional and omnidirectional. The traditional segment dominated the market in 2023.
• In terms of application, the market is segmented into industrial, food and beverages, transportation and logistics, retail and e-commerce, chemicals, and others. The transportation and logistics segment dominated the market in 2023.

Chile Forklifts Market Share Analysis by Geography

The geographic scope of the Chile forklifts market report offers a detailed country analysis. Chile's economy primarily relies on export-oriented sectors such as mining, forestry, and agriculture. In 2023, the GDP witnessed a modest decline of 0.5% compared to 2022, attributed to weakened domestic demand and constrained credit conditions, as per the IMF data. However, Chile's economy is expected to rise in 2024 and 2025, with growth rates predicted at 1.6% and 2.3%, respectively. Chile has a progressive food processing industry that generates ~US$ 23.3 billion annually and is predicted to develop by ~35% by 2030. The country has been one of the developing economies across South America and has a dynamic food retail industry. Wine, dairy, fresh fruits, salmon, poultry, pork, and forestry products are the key products exported by Chile. In the country, mining is one of the major industries, contributing to a substantial share of the overall economy of Chile. The mining sector's contribution to the country's GDP was ~13.6% in 2022, and mining exports reached ~58% of total country exports. Chile is one of the leading copper producers globally, with ~24% of global copper production, according to the United States Geological Survey (USGS). The country is also one of the substantial producers of lithium, with ~30% share of global production.

The growing developments in the industrial sector drive the forklifts market in Chile. 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.                                    

Chile Forklifts Market Report Scope

Chile Forklifts Market News and Recent Developments

The Chile forklifts market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:

• Cyngn Inc. (a pioneer in AI-powered autonomous driving solutions for industrial settings) and Arauco (a global sustainable forestry products, pulp, and engineered wood provider for the construction and furniture sectors) announced the continuation of their partnership with a paid pre-order agreement. Cyngn announced that Arauco made a commitment to purchase 100 DriveMod Forklifts on August 8, a testament to Arauco's dedication to automating their material handling processes within wood and pulp manufacturing facilities. (Source: Kayflow, Press Release, September 2023)
• Komatsu Ltd. developed and unveiled a concept machine for an electric forklift powered by sodium-ion batteries, ready to start PoC tests at customer worksites from March 2024. This marks Komatsu's inaugural venture into equipping machines with sodium-ion batteries, and it is also a pioneering effort in the world to install them on forklifts. The forthcoming site trials aim to validate the optimal usage based on the new battery's performance and its unique characteristics, with an eye toward future commercial production. (Source: Komatsu Ltd, Press Release, March 2024)

Chile Forklifts Market Report Coverage and Deliverables

The “Chile Forklifts Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Chile forklifts market size and forecast at country levels for all the key market segments covered under the scope
• Chile forklifts market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Chile forklifts market analysis covering key market trends, country framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Chile forklifts market
• Detailed company profiles