Forklift Market 2021-2027: Growth Forecast & Industry Share Report
The size of forklift market was registered at USD 50 billion in the year 2021 and is anticipated to cross USD 90 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 9%
The market for forklifts will be significantly bolstered by a consistent requirement for automated machines to replace traditional manual material handling methods. The deployment of cutting-edge technologies, like RFID and IoT into the forklift machines is assisting operators to track the exact location of vehicles and remotely control them through software. These lift trucks also allow facility owners to accelerate material handling as well as to easily place various objects at large heights in racks.
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Industry share of counterbalance forklifts will record a significant value through the coming years owing to their increasing demand to safely lift an extensive range of weights up to 48 tons. These trucks are gaining prominence for their versatility and abilities to function in outdoor and indoor environments. They can be powered with gas, diesel as well as batteries.
The demand for electric motor Class II narrow aisle forklifts will grow at an exponential rate through 2027 owing to their higher penetration in constrained spaces. They help warehouse owners as well as industrial facility operators in maximizing the available storage space. These Class II trucks are powered with electric batteries to facilitate clean operations and handle pallets along with moving the inventory in facilities. They are also finding extensive applications in small industrial facilities given their high maneuverability and assistance in operating at narrow aisles and tight spaces.
Forklift uses across the chemical sector could register a substantial revenue share through 2027. This can be attributed to the wide usage of these machines in chemical facilities to handle large quantities of fluids and hazardous chemicals. The higher use of explosive and harmful substances by various companies has pushed chemical facility operators to curb the concerns related to employee safety. This has increased the adoption of forklifts for the effective handling of fluids.
Demand for forklift services across retail & e-commerce industries will gain traction considering their increasing use in distribution facilities. The rising adoption of online retailing has also steered up the competition in the industry. This is due to the higher focus of e-commerce companies to modernize their distribution facilities in order to streamline operations.
The forklift market size for the Middle East & Africa is anticipated to amass substantial revenue due to consistent growth in the industrial sector. Several government authorities in the UAE and Saudi Arabia have come forward with favorable initiatives to support the industrial revolution. As per estimates, the industrial sector contributed between 11% and 14% to UAE’s GDP in the last decade.
Moreover, the UAE government is consistently working on developing and sustaining a prolific production and industrial sector. There are also increasing efforts by industrial owners in the MEA region to replace manual and traditional techniques for material handling with new automated solutions. For instance, in 2018, Emirates Transport launched the first compressed natural gas-operated forklift in UAE.
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Some Point from Table of Contents:
Chapter 5 Forklift Market, By Product (Revenue & Shipment)
5.1 Key trends by product
5.2 Warehouse
5.2.1 Market estimates and forecast, 2017 – 2027
5.3 Counterbalance
5.3.1 Market estimates and forecast, 2017 – 2027
Chapter 6 Forklift Market, By Fuel Type (Revenue & Shipment)
6.1 Key trends by fuel type
6.2 Diesel
6.2.1 Market estimates and forecast, 2017 – 2027
6.3 Electric
6.3.1 Market estimates and forecast, 2017 – 2027
6.4 Gasoline & LPG/CNG
6.4.1 Market estimates and forecast, 2017 – 2027
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