Forklift Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

 

Global Forklift Market Overview:

Forklifts are a crucial part of warehouse and distribution centers. The growing automotive component manufacturing and consumable goods along with radical prosperity of the e-commerce industry are leading to an augmented demand for forklifts. The global forklift market size was $16, 89 billion as of 2018, and the demand for the same in multiple industries will grow at a compound annual growth rate (CAGR) of 2.28% during the forecast period of 2019 to 2025.

APAC is facing rapid expansion in the form of industrialization, construction, and the growth prospects in the automotive industry along with rise in disposable income that is also influencing the demand influx in the e-commerce sector. Rising adaptation of forklifts in major countries such as China is driving the forklift market in APAC. APAC had the maximum forklift regional market share at 32.76% in 2018.

Global Forklift Market Outlook:

Forklift is a powered industrial truck that is used to carry and move materials over a small distance. Forklifts have become the most crucial equipment in manufacturing and warehousing. Forklifts hydraulics are controlled by electrically controlled actuators or hydraulic values. The demand for electric forklifts is increasing as it doesn’t provide carbon monoxide which can be fatal for humans when inhaled.

Forklifts are used for transporting, pulling or lifting stacked boxes, crates, and other goods. The major application in the forklifts market are manufacturing and freight logistics, and it will grow with a moderate CAGR of 1.26% through to 2025.

Global Forklift Market Growth Drivers:

  • Rising opportunities for technological advancements in the forklifts with ultra-capacitors are influencing the forklifts market.
  • The rising manufacturing industries are driving a demand influx in the forklift market.
  • Growing e-commerce and retail business worldwide is giving rise to warehouses that require forklifts to arrange the products in order. The growing demand for forklifts from e-commerce and retail is helping to continue the substantial growth in the forklifts market.
  • Rising construction industry is also creating a demand for forklifts.
  • The continued research and development coupled with various innovations in the industry are helping to resolve the problems and challenges faced by the consumers. The growing battery demand forklifts are driving progress in the forklift market.


Global Forklift Market Trends:

  • Hydrogen Fuel Cell-Powered Forklifts

The research and developments in the materials handling and forklift industry have led to hydrogen-powered forklifts. The growing inclination of consumers from the battery, LPG, diesel to more environment-friendly solutions such as hydrogen fuel cell technologies will boost the growth of the forklift market.

  •  Lithium Ion Batteries Forklifts

The manufacturing of forklifts that runs on lithium ion batteries can able to run consistently over multiple shifts. The main benefit of lithium-ion batteries is it requires zero maintenance. Also, the efficiency of the ion batteries such as improve work productivity in superior cold or hot temperature zones. The fast charging features along with no watering, fumes and zero emission technology of lithium ions batteries are molding the forklift market growth into positive direction.

Location: United States

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