DUBLIN, October 28, 2021--(BUSINESS WIRE)--The "Forklift Trucks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The forklift trucks market was valued at USD 43 billion in 2020, and it is expected to reach USD 70 billion by 2026, registering a CAGR of over 7% during the forecast period.
The COVID-19 pandemic negatively impacted the forklift trucks market. With the industries and warehouses shutting down, the need for material handling and inventory management was completely removed. Major companies suspended their operations in different locations due to the lockdown. This directly impacted the requirement of material handling equipment. However, the post-pandemic prospects look hopeful for the industry, owing to the projected increase in urbanization, global trade, and rapid development in warehouse management tools, which can ease material handling and warehouse management.
The market is expected to witness growth during the forecast period, as companies within the manufacturing sector are adopting automation for enhancing their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. Moreover, the developments in the e-commerce business drive the growth of the global forklift trucks market.
Asia-Pacific dominates the forklift truck market because of the huge need for forklift trucks from advancing nations. The increase in industrialization is one of the factors that is expected to aid the growth of the forklift trucks market. This growth is also a result of the rising demand in developing economies, such as China and India. North America is expected to witness a considerable CAGR due to the presence of prominent market players, such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and CLARK. The market for forklifts in this region is driven by the growing demand in the US retail sector.
Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations
A major advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive companies toward adopting electric material handling vehicles that can be easily operated and maintained inside warehouses.
The use of electrically powered forklift trucks is gaining huge ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry and strict norms for emissions and concerns for sustainability. However, in emerging economies, there is still a preference for IC-engine forklift trucks.
Moreover, the demand for electric forklift trucks is witnessed across North America, and it is also projected to grow during the forecast period. According to the estimates of Clark Material Handling Company, US, the industry contributed over USD 25 billion annually to the US GDP, supporting more than 200,000 US jobs annually.
With several other advantages, like zero emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain higher market share, and it is expected to be the fastest growing forklift type over the forecast period.
North America to Account for a Significant Portion in the Forklift Truck Market
North America is expected to witness the highest growth in sales in the region during the forecast period (2021 - 2026). This anticipated growth is because of the presence of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional fork trucks.
Forklift trucks that are powered on alternative sources of energy, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions are supporting the growth of the forklift trucks market through various incentives and policies.
4.3 Industry Attractiveness-Porter's Five Force Analysis
Doosan Industrial Vehicles Co. Ltd
Clark Material Handling Company Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mvk21a
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