Forklift Market size is likely to cross USD 90 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing penetration of automation across several industry verticals will propel the adoption of forklifts. Rising labor costs have resulted in increased implementation of machines that facilitate easy movement of goods to the target location. Using semi-automated forklifts has enabled authorities to efficiently move large quantities in less time. Increased productivity in industrial facilities is one of the key factors driving the forklift market growth. The availability of a wide range of forklifts that can cater to different end-user demands.
The ongoing coronavirus (COVID-19) pandemic had negatively impacted the forklift industry in 2020 due to the temporary closure of industries following the lockdowns imposed. The halts in construction projects further declined the forklift market demand. However, relaxations in lockdowns followed by the reopening of industrial facilities in the second half of 2020 boosted the industry growth. With economic conditions regaining stability, the market is expected to witness increasing demand by the end of 2021. The growing e-commerce market since the outbreak of the pandemic will also boost the adoption of forklifts across distribution facilities.
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Increasing demand for heavy-duty diesel forklifts suitable for outdoor applications
Diesel forklifts are designed to withstand the rigorous outdoor environments. These high-capacity rugged forklifts can be employed to lift extremely heavy loads. They also ensure ease of operation as the tank can be quickly and easily refilled with diesel fuel. These machines can withstand damp weather, making them suitable for deployments in harsh outdoor environments. At construction sites, they can be used for transferring materials from one site location to other. The expanding construction sector globally, will offer growth opportunities to the market.
Browse key industry insights spread across 350 pages with 476 market data tables and 28 figures & charts from the report, “Forklift Market Size By Product (Counterbalance, Warehouse), By Fuel Type (Diesel, Electric, Gasoline & LPG/CNG), By Class (Class I, Class II, Class III, Class IV, Class V), By End-Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), Industry Analysis Report, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing food & beverage sector globally to propel the demand for forklifts in facilities
The food & beverage industry is witnessing rapid expansion with the increasing popularity for packaged food globally. Mexico imported USD 7.53 billion in processed food products from the U.S. in 2019, according to INEGI (National Institute of Statistics and Geography). Similarly, in 2019, the French food processing sector accounted for 1.8% of the GDP.
Food & beverage industries employ robust forklifts that can withstand a wide range of temperatures and humid environments inside the production facility. They employ forklifts that can handle a large quantity of raw materials efficiently. As reducing the time to market is crucial for the packaged foods market, employing machines that ensure fast material transfer are vital. The increasing adoption of forklifts in the packaged food industry will drive the market revenue.
Rapid infrastructure development projects in South America will boost the advanced forklifts market demand
Several government organizations in South America are focusing on infrastructure development by encouraging new commercial construction projects. For instance, in August 2020, the government of Argentina announced that it will invest USD 1.4 billion over the coming four years to improve the airport infrastructures. Growth of tourism over the recent years has also encouraged airport authorities to upgrade existing transport infrastructures. Such infrastructure development projects will boost the adoption of lift trucks for efficient material handling.
Strengthening the dealer network to expand reach forms a key strategy amongst market players
The companies operating in the forklift market are entering into strategic partnerships to solidify their distributor network. For instance, in February 2021, Mitsubishi Logisnext Americas Group entered into a supply & distribution contract with Kalmar, for the North & South American market. Kalmar will manufacture and supply its product range of class V 10-18-ton forklifts to Mitsubishi Logisnext Americas Group, under the Mitsubishi Forklift Truck brand. These vehicles will be traded and serviced through the official Mitsubishi forklift dealer network across North & South America. Increasing competition among market participants will encourage them to adopt strategies to strengthen their position.
Key forklift market players include Toyota Industries Corporation, Godrej & Boyce Manufacturing Company Ltd., KION Group AG, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Hangcha Group Co., Ltd., Hyundai Heavy Industries, Doosan Industrial Vehicle, Anhui Heli Co., Ltd., Komatsu Ltd., Clark Material Handling, Lonking Forklift Co., Ltd., Manitou Group, and Combilift Ltd.