Forklift Market: Regional Outlook, Industry Share & Forecast Report To 2027

Global Forklift Market is anticipated to depict a CAGR of 9% through 2027, having recorded a valuation of USD 50 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 90 billion.

The industry is witnessing an escalating demand for counterbalance forklifts that lift an extensive range of weights up to nearly 48 tons. Owing to their versatile nature, these machines can be operated in both indoor as well as outdoor environments. The rising product demand is estimated to drive the forklift industry as these machines can be powered by means of diesel, gas, and also with the help of batteries.

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The integration of advanced technologies, comprising IoT and RFID, are set to create lucrative opportunities for manufacturers in the global forklift industry.

This escalation is attributed to the growing chemical industry that requires forklift machines in huge quantities in chemical units for the purpose of handling huge volumes of hazardous chemicals and fluids. The safety of the employee is a chief concern for chemical facility operators as these organizations deal with harmful and explosive chemicals.

One such market participant is Cargotec’s subsidiary, Kalmar, which provided an energy-saving guarantee for the company’s electric forklift trucks in October 2020. The guarantee is similar to the one available on the company’s diesel-powered machines comprising the Kalmar Eco Reachstacker and delivers a higher level of estimation for clients by enabling them to easily evaluate the operational costs of switching to electric machines.

The Middle East & Africa forklift market is anticipated to exhibit lucrative growth in opportunities due to the expanding industrial sector in the region. Several government organizations in Saudi Arabia and the UAE are launching initiatives that are favorable for the growth of the industrial revolution.

The industrial sector in the UAE accounted for almost 11 to 14 per cent share of the country’s GDP. Recognizing this, the government has embarked on a concerted effort for the sustenance and development of a prolific industrial and manufacturing sector in the country. Such initiatives are expected to encourage industry owners to replace conventional manual material handling techniques with new automated solutions. On the whole, the expanding nature of e-commerce and retail industries at the global level will play a pivotal role in the expansion of forklift market size through the projected span.

In addition, counterbalanced forklifts are available in a wide range of capacities ranging from 2,000 to 6,000 pounds and are used in warehouses, storage units, and distribution units for sufficing the requirements of material handling. Electric-powered counterbalance forklifts are experiencing a surging demand as they ensure clean operations with zero emission.

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Some Point from Table of Contents:

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

Chapter 7   Forklift Market, By Class (Revenue & Shipment)

7.1    Key trends by class

7.2    Class I

7.2.1    Market estimates and forecast, 2017 – 2027

7.3    Class II

7.3.1    Market estimates and forecast, 2017 – 2027

7.4    Class III

7.4.1    Market estimates and forecast, 2017 – 2027

7.5    Class IV

7.5.1    Market estimates and forecast, 2017 – 2027

7.6    Class V

7.6.1    Market estimates and forecast, 2017 – 2027

7.7    Others

7.7.1    Market estimates and forecast, 2017 – 2027

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