- The burgeoning demand for online shopping has led to an addition of warehouses where material equipment handling is an important task performed by forklifts and hence, the forklift market may harness colossal growth across the forecast period
- The global forklift market may record a CAGR of ~3 percent during the assessment period of 2020-2030
ALBANY, N.Y., Aug. 19, 2020 /PRNewswire/ -- The escalating use of forklifts in various applications across industrial, logistics, construction, and others may bring efficient growth for the forklift market. The technological advancements observed in the forklift market are further enhancing the growth rate of the forklift market to a great extent. Since the advent of forklift, various technological evolutions have taken place and also helped the market to gain extensive growth.
The Transparency Market Research (TMR) analysts predict the global forklift market to expand at a CAGR of ~3 percent through the forecast period of 2020-2030. The global forklift market is estimated to reach a valuation of ~US$ 30 bn by the end of the forecast period.
Novel forklifts with ergonomic features are adding extra stars of growth to the forklift market. Technological advancements like environment-friendly forklifts are further strengthening the growth prospects of the forklift market. Inculcation of cutting-edge technologies such as flexible electronics and robotics will bring immense growth prospects for the forklift market.
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Forklift Market: Analysts' View
The TMR analysts mention the focus of manufacturers in the forklift market on innovative methods of channelizing their power-producing capabilities to prevent the scarcity of electricity. The electricity is necessary for those on ventilator support amidst the COVID-19 pandemic. The analysts highlight the growing influence of the forklift platform-as-a-service (PaaS) concept.
The analysts advise the companies in the forklift market to increase their research and development activities for developing fully robotic forklifts that do not need operators inside the trucks.
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Forklift Market: Key Revelations
- Based on type, the rough terrain and powered pallets may likely emerge as dominating segments across the forecast period
- The counterbalanced segment is extrapolated to expand at an accelerated pace between 2020 and 2030
- The Class-1 segment earlier dominated the forklift market
- The Class-3 segment is prophesied to account for a significant share in the forklift market during the assessment period
- Asia Pacific held the largest share of the forklift market in 2019 and is expected to continue the same throughout the assessment period of 2020-2030
Explore 287 pages of cutting-edge research, extensive insights, and detailed projections. Analyze and discover the latest developments in the Forklift Market (Type: Counterbalanced, Rough Terrain, Side Loaders, Telescopic Handler, Powered Pallets, and Others; Application: Industrial, Construction, Logistics, and Others; Propulsion: Diesel, Gasoline, Electric, and Hybrid Electric; Class: Class-1, Class-2, Class-3, Class-4, and Class-5 & Above; and Operation: Autonomous and Manual) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/forklift-market.html
Forklift Market: Growth Propellers
Technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) are seeping in the forklift market, thus bringing enormous growth opportunities for the forklift market.
- Adoption of forklifts in the food and beverage industry may bring substantial growth for the forklift market
- Use of forklifts in carrying heavy construction materials across rough terrains may generate tremendous growth opportunities for the forklift market
- Introduction of novel concepts such as AC-powered lift trucks may help in sowing the seeds of growth across the forklift market
Analyze global forklift market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Forklift Market: Competitive Landscape
The manufacturers in the forklift market are concentrating on developing business strategies that are in tandem with the latest technologies. This aspect is inviting expansive growth prospects for the forklift market. Manufacturers are ramping up their research and development activities for developing all-terrain forklifts with low power consumption and fewer emissions. The integration of features like digital screens may serve as a boon for the growth of the forklift market.
Companies in the forklift market are also paying attention to enhance the ergonomics of the vehicles. Inculcation of advanced AC-drive motors with improved AC pump motors is helping the manufacturers in the forklift market to attract growth.
Some well-established players in the forklift market are Crown Equipment Corporation, Comblift Limited, KION Group AG, Anhui Heli Co. Ltd., Lonking Forklift Co., Mitsubishi Forklift Corporation, Clark Material Handling Company, and Manitou Group.
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Global Forklift Market: Segmentation
By Type
- Counterbalanced
- Rough Terrain
- Side Loaders
- Telescopic Handler
- Powered Pallet
- Others
By Application
- Industrial
- Construction
- Logistics
- Others
By Propulsion
- Diesel
- Gasoline
- Electric
- Hybrid Electric
By Class
- Class-1
- Class-2
- Class-3
- Class-4
- Class-5 & Above
By Operation
- Autonomous
- Manual
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the Global Automotive & Transport Industry:
Forklift Tire Market - The global forklift tire market is estimated to expand at a CAGR of ~5% and surpass US$ 3.3 Bn by 2030, driven by the increase in adoption of forklifts across industries to improve productivity and safety of workers. The forklift tire market is largely concentrated in East Asia, Europe, and North America, owing to the presence of large industries in the region.
Four-wheel Drive Tractor Market - The four-wheel-drive tractor market has witnessed waves of innovations over the past couple of decades and is expected to evolve at a much faster pace in the forthcoming decade. Technological advancements, growing emphasis on improving the functional capabilities of the tractor, focus on maximizing driver safety, and the booming agricultural sector, particularly in developing regions, including Asia Pacific, are some of the major factors that are likely to fast track the growth of the global four-wheel drive tractor market during the assessment period.
Automotive Half Shaft Market - The global automotive half shaft market is projected to surpass US$ 25 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. The rise in global vehicle production and increase in number of vehicle service centers across the globe boost the automotive half shaft market across the globe. Automotive half shaft market is mature, as the half shaft is an integral component of vehicles.
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