Dublin, October 28, 2021--(Business Wire)--ResearchAndMarkets.com has added the "Forklift Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)" report to ResearchAndMarkets.com's products.
The forklift market is worth USD 43 billion in 2020 and is expected to reach USD 70 billion by 2026, with a compound annual growth rate of over 7% during the forecast period.
The COVID-19 pandemic has a negative impact on the forklift market. With the closure of industries and warehouses, the need for material handling and inventory management has completely disappeared. Due to the blockade, major companies suspended operations in different locations. This directly affects the requirements for material handling equipment. However, due to the projected growth of urbanization, global trade, and rapid development of warehouse management tools that can simplify material handling and warehouse management, the post-pandemic outlook for the industry looks promising.
The market is expected to grow during the forecast period as companies in the manufacturing industry are adopting automation to increase production capacity. Powered industrial trucks reduce manual work because they can help manufacturers quickly and easily transfer various parts and materials from warehouses to production lines. In addition, the development of e-commerce business has promoted the growth of the global forklift market.
Due to the huge demand for forklifts in advanced countries, the Asia-Pacific region has a dominant position in the forklift market. The increase in industrialization is one of the factors expected to contribute to the growth of the forklift market. This growth is also the result of growing demand in developing economies such as China and India. Due to the existence of well-known market players such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc. and CLARK, North America is expected to experience a considerable compound annual growth rate. The forklift market in this region is driven by growing demand from the US retail industry.
Electric forklifts are becoming more and more popular in developed countries
One of the main advantages of using electric forklifts is that there is no need to store fuel for them at the operating site. The emission of key pollutants from these forklifts has also prompted the company to adopt electric material handling vehicles that are easy to operate and maintain in the warehouse.
The use of electric forklifts has achieved tremendous development in the developed regions of North America, Europe and Asia, which have mature e-commerce industries as well as strict emission standards and concern for sustainability. However, in emerging economies, internal combustion engine forklifts are still preferred.
In addition, the entire North America has witnessed the demand for electric forklifts, which is also expected to grow during the forecast period. According to estimates by Clark Material Handling Corporation of the United States, the industry contributes more than 25 billion U.S. dollars to U.S. GDP each year and provides more than 200,000 jobs in the United States each year.
With zero emissions, low noise, better visibility, and the know-how to perform almost all tasks that IC forklifts can accomplish, electric forklifts are expected to gain a higher market share and are expected to become the fastest-growing type of forklift during the forecast period.
North America will occupy an important share in the forklift market
It is expected that during the forecast period (2021-2026), sales in North America will grow the fastest. This expected growth is due to well-known companies in the United States. These participants have invested heavily in the adoption of advanced and modern forklifts instead of traditional forklifts.
Forklifts powered by alternative energy sources such as hydrogen are becoming more and more popular in the global forklift market. Governments in various regions are supporting the growth of the forklift market through various incentives and policies.
4.3 Industry attractiveness-Porter's five forces analysis
Doosan Industrial Vehicle Co., Ltd.
Clark Material Handling Company
7 Market opportunities and future trends
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