Global Forklift Market to Reach US$ 90 Bn by 2027 | Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., KION Group AG, Mitsubishi Logisnext Co., Ltd

The global forklift market size is projected to value at more than USD 90 billion by 2027, According to the latest study by Global Market Insights, Inc. The integration of advanced technologies, comprising IoT and RFID, are set to create lucrative opportunities for manufacturers in the global forklift market.

These technologies are set to aid operators in remote monitoring of the vehicle by means of software and also help in tracking its exact location. On this note, several forklift manufacturers are also coming up with innovative products for the expansion of their geographical footprint.

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.

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Such advancements are expected to foster the demand for forklift trucks, positively influencing industry landscape over the coming years.

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.

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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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.

The Middle East & Africa forklift industry 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.

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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.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll-Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

This release was published on openPR.