Boom Expected in Forklift Market in Future

With the rapid advancement of the e-commerce industry, the sales of forklifts are rising sharply across the world. Due to the rising popularity of online shopping and e-commerce, delivery schedules are becoming more and more challenging. Moreover, the traditional logistics solutions are not able to cater to the mushrooming customer requirements. As a result, e-commerce companies are rapidly adopting autonomous and electric forklifts that can help them speed-up the product delivery operations.

Forklift Market

Due to the above-mentioned reason, the usage of forklifts is rising sharply in warehouses, where they are used for loading and picking goods and transporting items from one place to another. Besides this factor, the increasing adoption of advanced technologies such as robotics and industrial internet of things (IoT) by warehouses is also pushing up the demand for forklifts across the world. Moreover, with rapid advancements and innovations in technology, several e-commerce companies are making huge investments in automation solutions.

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For example, a dual-mode pantograph robotic reach truck was launched by Hyster-Yale Materials Handling Inc. in April 2019. This truck has the ability to autonomously deposit and retrieve loads from locations that are as high as 30 feet. In addition to these, this truck has double-deep storage. Due to these factors, the demand for forklifts is exploding around the world. This is, in turn, propelling the advancement of the global forklift market.

The valuation of the market is predicted to grow from $33,878.7 million in 2019 to $42,519.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 2.8% between 2020 and 2030. There are mainly 5 types of forklifts used in warehouses- class 5, class 4, class 3, class 2, and class 1 forklifts. Out of these, the usage of the class 5 forklifts was observed to be the highest during the past few years.

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Hence, it can be said confidently that the sales of forklifts will shoot-up across the world in the upcoming years, mainly because of the rising popularity of online shopping, the boom of the e-commerce industry, and the growing demand for automation in warehouses and factories around the world.