Forklift Market by Class, Propulsion, Battery Type, Tonnage Capacity, Operation, Application, Tire & (Automobiles & Vehicles - Other Auto Ads)

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Forklift Market by Class, Propulsion, Battery Type, Tonnage Capacity, Operation, Application, Tire &

The Global Forklift Market size is projected to grow from USD 58.9 billion in 2022 to USD 84.5 billion by 2027, at a CAGR of 7.5% over the same period.
Forklifts are widely used in intralogistics systems and are considered more efficient for material handling applications. Benefits such as compact size, high-weight capacity, and capacity to lift and carry loads make forklifts the preferred option for material handling operations. The Asia Pacific is projected to have the largest forklift market globally over the forecast period.
The market for electric forklift is expected to witness growth due to major factors such as increasing stringent emission norms and the various advantages of the electric forklift including its emission-free and noiseless operations. This greatly aids in material handling applications in closed warehouses. It is also predicted that the lithium in battery is the fastest growing market during the forecast period. This is primarily due to its various advantages such as longer battery life, increased battery range, a greater number of charging cycles, and others. Though the lead-acid batteries are still being used in many forklifts, it is expected to be obsolete in the future. The electric forklifts can greatly aid companies' sustainability goals and reduce their operational costs (incurred on fuel and other activities). Many leading forklift manufacturers are developing advanced technologies to make their product portfolio more productive and efficient.
“E-Commerce industry to fuel the global forklift market during the forecast period.”
The demand for forklifts in the e-commerce industry segment is projected to grow at the highest CAGR during the forecast period. Rapidly changing customer demands, increasing preference for online shopping and surging demand for shorter delivery times are the key reasons for the growth of the e-commerce industry. The growing fierceness of competition among online retailing companies has increased the demand for efficient fulfillment centers and warehouses. The various advantages of the forklifts including the relatively low initial costs among the material handling equipment, increased productivity and efficiency against manual material handling operations and reduced labor expenses are driving the warehouses to incorporate the forklifts in their material handling operations. This increase in the productivity and efficiency greatly helps the retailers to meet the growing consumer demand in a timely manner. Such warehouses prefer emission free and noiseless operations. Thus, the increasing number of warehouses also increase the demand for the sustainable intralogistics solutions such as the electric forklifts. The e-commerce industry in the Asia Pacific region is rapidly growing, with many leading companies establishing new warehouses and fulfillment centers. This makes the Asia Pacific the largest market for forklifts in the e-commerce industry. It is projected that the Asia Pacific will lead the market with a CAGR of 8.7% during the forecast period.

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Target City : Navi Mumbai
Last Update : Nov 06, 2022 12:46 PM
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Item  Owner  : vidhya
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2023-01-28 (0.395 sec)