Forklift Market to Receive Overwhelming Hike in Revenues by 2027 | TMR Study

The Transparency Market Research (TMR) analysts predict the global forklift market to expand at a CAGR of ~3 percent through the forecast period of 2020-2030. The global forklift market is estimated to reach a valuation of ~US$ 30 bn by the end of the forecast period.

The escalating use of forklifts in various applications across industrial, logistics, construction, and others may bring efficient growth for the forklift market. The technological advancements observed in the forklift market are further enhancing the growth rate of the forklift market to a great extent. Since the advent of forklift, various technological evolutions have taken place and also helped the market to gain extensive growth.

Novel forklifts with ergonomic features are adding extra stars of growth to the forklift market. Technological advancements like environment-friendly forklifts are further strengthening the growth prospects of the forklift market. Inculcation of cutting-edge technologies such as flexible electronics and robotics will bring immense growth prospects for the forklift market.

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Forklift Market: Analysts' View

The TMR analysts mention the focus of manufacturers in the forklift market on innovative methods of channelizing their power-producing capabilities to prevent the scarcity of electricity. The electricity is necessary for those on ventilator support amidst the COVID-19 pandemic. The analysts highlight the growing influence of the forklift platform-as-a-service (PaaS) concept.

The analysts advise the companies in the forklift market to increase their research and development activities for developing fully robotic forklifts that do not need operators inside the trucks.

Forklift Market: Key Revelations

Based on type, the rough terrain and powered pallets may likely emerge as dominating segments across the forecast period
The counterbalanced segment is extrapolated to expand at an accelerated pace between 2020 and 2030
The Class-1 segment earlier dominated the forklift market
The Class-3 segment is prophesied to account for a significant share in the forklift market during the assessment period
Asia Pacific held the largest share of the forklift market in 2019 and is expected to continue the same throughout the assessment period of 2020-2030
Growth Propellers:

Technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) are seeping in the forklift market, thus bringing enormous growth opportunities for the forklift market.

Adoption of forklifts in the food and beverage industry may bring substantial growth for the forklift market
Use of forklifts in carrying heavy construction materials across rough terrains may generate tremendous growth opportunities for the forklift market
Introduction of novel concepts such as AC-powered lift trucks may help in sowing the seeds of growth across the forklift market
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Competitive Dashboard:

The manufacturers in the forklift market are concentrating on developing business strategies that are in tandem with the latest technologies. This aspect is inviting expansive growth prospects for the forklift market. Manufacturers are ramping up their research and development activities for developing all-terrain forklifts with low power consumption and fewer emissions. The integration of features like digital screens may serve as a boon for the growth of the forklift market.

Companies in the forklift market are also paying attention to enhance the ergonomics of the vehicles. Inculcation of advanced AC-drive motors with improved AC pump motors is helping the manufacturers in the forklift market to attract growth.

Some well-established players in the forklift market are Crown Equipment Corporation, Comblift Limited, KION Group AG, Anhui Heli Co. Ltd., Lonking Forklift Co., Mitsubishi Forklift Corporation, Clark Material Handling Company, and Manitou Group.

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