DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com has added the "Forklift-Global Market Trajectory and Analysis" report to the products of ResearchAndMarkets.com.

Forklifts or powered industrial trucks are designed to meet specific applications, such as the lifting, loading and unloading of bulk goods. The widespread adoption of forklifts is due to their ability to effectively lift and move materials on different paths without any restrictions. The global demand for these systems is likely to be driven by the growth of infrastructure and industrial activity, as well as the demand for high-volume and high-capacity systems for commodity production.

The booming e-commerce and retail business, the booming auto parts manufacturing, the ever-developing consumer goods industry, and the ever-developing construction industry have further increased the demand for forklifts. In addition, the implementation of strict worker safety supervision standards during the transportation of goods, such as the EU's "Health and Safety Directive", is expected to promote the adoption of forklifts in the manufacturing and distribution process. The market is also expected to benefit from technological advancements and the availability of automation platforms such as monitoring and tracking solutions. The growing demand for shelves, pallets, and shelves for end applications, and the ability of these systems to reduce manpower and increase efficiency provide lucrative growth opportunities.

During the COVID-19 crisis, the global market for forklifts in 2020 is estimated at US$16.7 billion, and is expected to reach a revised US$19.1 billion by 2026, growing at a compound annual growth rate of 2.2% during the analysis period. Diesel is one of the market segments analyzed in the report. It is estimated that by the end of the analysis period, the compound annual growth rate will be 1.6%, reaching 10.3 billion U.S. dollars. After a thorough analysis of the business impact of the pandemic and the economic crisis it caused, the growth of the electrical sector was readjusted to a revised 3.2% compound annual growth rate for the next 7 years.

This segment currently accounts for 19.1% of the global forklift market. Diesel forklifts are mainly designed for lifting and outdoor operation in rugged terrain and harsh environments. They are suitable for handling and transporting various unit goods. Due to strict carbon dioxide emission regulations and relatively high maintenance costs, diesel forklifts have given way to electric forklifts driven by electricity. Electric forklifts are driven by battery power, which does emit any harmful exhaust gas. As electric forklifts are superior to internal combustion engine (IC) engine-driven forklifts, the increase in the adoption rate of electric forklifts and the increase in investment in battery technology advancement are expected to promote the growth of electric forklifts in the near future.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call 353-1-416-8900