Forklift Market Size is Expected to Reach Around USD 53.6 billion by 2021 | CAGR of 12.9%

The forklift market size was worth USD 53.6 billion by 2021. It is expected to grow at a compound annual rate (CAGR of 12.9%) between 2022 and 2030.

Global construction is expected to increase demand for sturdy forklifts that can be used in harsh outdoor environments. Many government agencies focus on improving the infrastructure to support economic growth. South Africa’s government, for instance, plans to invest USD 60 billion in transportation infrastructure by 2027. These large-scale construction projects will increase the demand for forklifts to facilitate the quick transfer of heavy materials.

E-commerce has become popular as consumers prefer to shop online to avoid crowds and ensure social isolation. Online retailers can hire high-quality forklifts at distribution centers to improve material handling operations, which will increase the demand for forklifts.

Request for Sample Copy of Forklift Market with Complete TOC and Figures & Graphs@ https://market.us/report/forklifts-market/requst-sample

Forklift Market: Drivers

Third-party logistics companies are increasing the number of forklifts installed in warehouses and distribution centres to ensure customers receive their products quickly. The market is growing demand for advanced material handling systems that can transport and load products.

Forklift sellers and dealers will have significant opportunities to adopt robotics-lift trucks in the material handling market. Forklifts that can use infrastructure-free navigation to allow for self-location are being developed. The forklift market will grow globally due to increased demand for simple-to-use models.

Automation in the workplace to increase productivity is a key factor in the growth of the global forklift market. Industry 4.0 is a trend towards automation that increases productivity. This will likely increase the demand for forklifts for transporting products.

Forklifts will be in high demand due to an increase in infrastructure and construction across the globe. Many governments are working to improve infrastructure, which will require forklifts to lift and transport heavy loads on construction sites. This will, in turn, propel the global forklift industry.

Forklift Market: Restraints

Forklift Market Growth is hampered by Mishandling

Advanced manufacturing has led to an increase in demand from end-users, which has increased employees’ workload. After long hours of work, employees are often required to work overtime. This results in fatigue and less concentration. This has led to increased accidents and decreased productivity for forklift drivers. These are some of the most common accidents that can occur while operating forklifts:

  • Loads of cargo can cause instability while you ride down a slope.
  • Carrying unevenly balanced loads
  • Driving on uneven ground, such as potholes, etc.
  • Tripping with a forklift is not recommended

 Any Query?
Enquire Here For Report Customization: https://market.us/report/forklifts-market/#inquiry

 

 

Hydrogen Fuel Cell-Powered Forklifts

Hydrogen-powered forklifts have been developed through research in materials handling and the forklift industry. Forklift sales will grow due to consumers’ increasing preference for hydrogen fuel cell technologies over LPG, diesel, and battery.

Lithium Ion Battery Forklifts

Forklifts manufactured using lithium-ion batteries are capable of running continuously over multiple shifts. Lithium-ion batteries are maintenance-free. The ion battery’s efficiency also improves productivity in extreme cold and hot temperatures. Fast charging, no watering, fumes, or zero-emission technology for lithium Ion batteries positively impact the growth of the forklift market.

Innovations in the Engines of Forklifts

Consumers are increasingly interested in the innovations in forklifts that use internal combustion engines. All operations can be accomplished by internal combustion engines, even heavy-duty outdoor or well-ventilated indoors. The engine’s durability surpasses traditional engines. New engines can withstand the harshest and dirtiest environments and are more durable than older engines. The main feature, no dependence on the electrical grid, has helped propel the forklift market forward. 

Recent development:

The ESR 1000 Series reach trucks were launched by Crown Equipment Corp. in December 2019. You can choose to have the forklifts equipped with lithium-ion batteries. They are available at a height of up to 13,560 millimeters (mm) and a load capacity of up to two tonnes. Crown’s Xpress LowerTM technology can also be used to increase mast-lowering speeds.

In September 2019, Jungheinrich AG released a new modular web tool that allows for digital optimization of truck fleets and intralogistics. This cloud-based tool allows users to monitor their fleet’s efficiency and productivity by analyzing the most current information about operating hours and unit costs across all locations.

Hyster-Yale Materials Handling Inc. launched the company’s first counterbalanced lift truck in April 2019. Yale ERPVL was designed around a lightweight, space-saving lithium battery pack. This allowed for better acceleration and lower energy consumption than heavier lead-acid batteries.

Scope of the Report

AttributeDetails
Market Size in 2021USD 53.6 billion
Growth RateCAGR of 12.9%
Historical Years2016-2020
Base Year2021
Quantitative UnitsUSD In Bn
No. of Pages in Report200+ Pages
No. of Tables & Figures150+
FormatPDF/Excel
Direct Order This ReportAvailable- To Purchase This Premium Report Click Here

Key Market Players:

  • Toyota
  • KION
  • Hyster-Yale Material Handling
  • Jungheinrich
  • Mitsubishi
  • Crown
  • Hyundai Heavy Industries
  • Komatsu

Type

  • Electric Forklifts
  • Gas Forklifts

Application

  • Factory Workshops
  • Stations and Airports
  • Other

Industry, By Region

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • Middle East & Africa [GCC, North Africa, South Africa]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]

Key questions:

  • What are the benefits of forklifts?
  • What are the growth factors for the forklift market?
  • Which segment had the largest share of the forklift market?
  • What are the major players in the forklift industry?
  • What are the driving factors for the forklift market?
  • What revenue will the forklift industry generate in 2030?
  • What will the situation be for the forklift market in the COVID-19 pandemic?
  • What are the top trends in the forklift industry?

 More Related Reports from Our Market.us Site:

Global Automated Storage and Retrieval System (ASRS) Market is projected to be USD 7.91 Bn in 2019 to reach USD 16.23 Bn by 2029 at a CAGR of 7.5%.

Global Ride-on Forklifts Market 2022 – 2031 | Industry Analysis And Forecast

Global Fuel Cell Vehicles Market Industry Analysis 2022 – 2031

Global Sealed Lead Acid (SLA) Battery Market 2022 – Strategic Business Report to 2031

Global Motor Control Contactors Market Share, Key Players Insights And Development Trends 2022 – 2031

Global Handling and Lifting Equipment Market Competitive Developments 2022 – 2031

About Market.us

Market.US (Powered by Prudour Private Limited) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report providing firm.

Contact Details:

Global Business Development Team – Market.us

Address: 420 Lexington Avenue, Suite 300 New York City, NY 10170, United States

Phone: +1 718 618 4351 (International), Phone: +91 78878 22626 (Asia)

Email: [email protected]

About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
Share to...