Forklift Market Set to Flourish in Future

With the rising penetration of the internet and the increasing use of smartphones, e-commerce sales are surging all over the world. According to the World Bank, around 49.0% of people across the world had access to the internet in 2017. In addition, the growing popularity of online shopping is also fueling the expansion of the e-commerce industry, which is, in turn, driving the demand for forklifts. This is because the conventionally used logistics solutions are not able to meet the demanding delivery schedules and in order to resolve this issue, e-commerce companies are upgrading their strategies.

Moreover, many companies are making huge investments in autonomous and electric forklifts, which are being increasingly deployed in warehouses to accelerate the loading, material transfer, and picking processes. Besides this factor, the adoption of advanced technologies, such as the industrial internet of things (IIoT) and robotics in forklift manufacturing operations is also fueling the expansion of the forklift market, owing to which, the revenue of the market is predicted to rise from $33,878.7 million in 2019 to $42,519.4 million by 2030, while the market exhibits a CAGR of 2.8% from 2020 to 2030. 

This was due to the extensive usage of class 5 forklifts in emerging economies, such as India, China, Mexico, and Brazil. These forklifts are majorly used in heavy lifting, on account of the fact that they are equipped with pneumatic tires, which make them suitable for operation in lumber yards and other rough terrain where the risk of tire puncture is quite high. Across the globe, the forklift market will demonstrate the fastest growth in the Latin America, Middle East, & Africa (LAMEA) region in the coming years. 

Thus, the sales of forklifts are set to rise enormously in the coming years, mainly because of their growing requirement in various manufacturing operations and the expansion of the e-commerce industry across the world.