Forklift Market Revenue to Cross $90 Bn by 2027; Global Market Insights Inc.
SELBYVILLE, Del., March 10, 2021 (Newswire.com) - Global Market Insights Inc. has recently added a new report on the forklift market which estimates the market valuation for forklift will cross US$ 90 billion by 2027. High demand for automated machines that will replace traditional manual material handling techniques will drive industry growth. The involvement of human labor for the movement of goods is time-consuming, in turn, reducing productivity. This has resulted in high demand for forklifts that ensure fast movement of pallets or goods.
There is an increasing demand for counterbalance forklifts that safely lift a wide range of weights up to 48 tons. These trucks are versatile and can be operated in both outdoor and indoor environments. These forklifts are also gaining popularity as they can be powered using both gas and diesel. They can also be powered using batteries. Counterbalanced forklifts come in a range of capacities from 2,000 to 6,000 pounds. Storage units, warehouses, and distribution units are increasingly using these forklifts for their material handling requirements. There is a high demand for electric-powered counterbalance forklifts that ensure clean operations with zero-emission.
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There is an increasing demand for Class II electric motor narrow aisle trucks as they can be efficiently used in constrained spaces. This enables warehouse owners and industrial facility operators to maximize the available storage space. These trucks are used to handle pallets and move inventory in facilities. They ensure clean operations as they are powered by electric batteries. There is an increasing demand for forklifts as high maneuverability enables them to operate in narrow aisles and tight spaces. The growing adoption of forklifts in small industrial facilities will fuel the market growth.
The expanding chemical industry globally, will offer growth opportunities to the forklift market as chemical facilities adopt these machines to handle large volumes of fluids and hazardous chemicals. Employee safety is a major concern for chemical facility operators as these companies deal with explosive and harmful chemicals. This encourages them to employ forklifts that will efficiently handle the fluids. Stringent regulations regarding worker safety will further propel the demand for forklifts across the chemical industry.
The expanding industrial sector in the Middle East & Africa will offer growth opportunities to the forklift market. Government organizations in the UAE and Saudi Arabia are supporting industrial revolution with favorable initiatives. In the last decade, the contribution of the industrial sector in UAE's GDP ranged between 11% and 14%. The government has embarked on a concerted effort to develop and sustain a prolific manufacturing and industrial sector in the UAE. Such initiatives will encourage industrial owners to replace traditional manual material handling techniques with new automated solutions. This will propel the forklift market growth.
Some major findings of the forklift market report are:
- The incorporation of advanced technologies, such as RFID and IoT, in forklifts will fuel their adoption. These technologies enable operators to remotely control the vehicle through a software and track the exact location of the vehicle. The growing penetration of IoT across the manufacturing sector will further boost the adoption of forklifts.
- The growing trend of warehouse automation will boost the demand for forklifts for transfer of goods in facilities. These lift trucks enable facility owners to speed up the process of material handling. It also enables them to easily place objects at large heights in racks.
- The expanding retail & e-commerce industries will also fuel the demand for forklifts across distribution facilities. The growing popularity of online retailing has increased competition amongst market players. E-commerce companies are focusing on modernizing their distribution facilities to streamline operations. This will fuel the demand for forklifts for loading & unloading goods in trucks and stacking them in warehouses.
- Class VII rough terrain forklifts will witness growing demand from the expanding construction sector globally. Commercial infrastructure development projects across the globe, will fuel the demand for lift trucks that can be employed in rugged outdoor environments.
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Partial chapters of report table of contents (TOC):
Chapter 3 Forklift Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 South America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Component suppliers
3.2.3.2 Manufacturers
3.2.3.3 System integrators
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 System integrators
3.3.5 Distribution channel analysis
3.3.6 End-use landscape
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Data analytics
3.4.2 Energy efficiency measures
3.4.3 Impact of IoT
3.4.4 Robotics & automation
3.4.5 Telematics & GPS technology
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Rising expansion of e-commerce and logistic industry in North America.
3.6.1.2 Stringent emission norms drive the demand for electric forklifts in Europe
3.6.1.3 Increasing technological innovations and adoption of automation in manufacturing activities in North America and Europe
3.6.1.4 Growing automation demand from Asia Pacific
3.6.1.5 Improving industrial sector and enhancing productivity demand in South American economies
3.6.1.6 Proliferation of the aviation industry in MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investment & maintenance costs
3.6.2.2 Lack of trained operators
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Industry rivalry
3.8.2 Threat of new entrants
3.8.3 Buyer power
3.8.4 Supplier power
3.8.5 Threat of substitutes
3.9 PESTEL analysis
3.9.1 Political
3.9.2 Economic
3.9.3 Social
3.9.4 Technological
3.9.5 Environmental
3.9.6 Legal
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.
