Chile Forklifts Market Size and Forecast 2021 - 2031, Country Share, Trend and Growth Opportunity Analysis Report Coverage: By Product Type, Class, Movement Type and End-Use Industry

The Chile forklifts market size is projected to reach US$ 1.71 billion 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.

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

The Chile forklifts market ecosystem is a complex and interconnected network involving various stakeholders, regulations, and market dynamics.

Suppliers play a crucial role by providing necessary parts and components for the assembly of forklifts. This includes manufacturers of engines, batteries, transmissions, hydraulics, tires, and other essential components. Caterpillar, Inc.; Toyota Industries; Yanmar Europe B.V.; and Hyundai are a few of the component manufacturers and suppliers operating in the Chile forklifts market. The core entities within the ecosystem are the manufacturers of forklifts. The companies design, produce, and distribute a wide range of vehicles, including forklifts, construction equipment, and material handling machinery. EP Equipment; Toyota Industries Corporation; MITSUBISHI HEAVY INDUSTRIES, LTD.; Komatsu Limited; Konecranes; Anhui Heli Co., Ltd.; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; Crown Equipment Corporation; and Clark Material Handling Company are among the key players operating in the Chile forklifts market. Manufacturing, logistics, construction, agriculture, and mining industries are a few end users of forklifts.

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. Thus, the growing mining activities are driving the growth of the Chile forklifts market.

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