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Adoption of Electric Forklifts in Warehouses to Transform Lift Trucks Market through 2022 & Beyond
Fact.MR's latest study uncovers details on hidden opportunities in the lift trucks market for the forthcoming decade. It delivers insights into vital trends favoring demand outlook across various segments in terms of type, class, propulsion, end-use industry, and region. Besides, the study predicts growth prospects of the lift trucks market for the assessment period.
NEW YORK , July 21, 2022 /PRNewswire/ -- The global lift trucks market size is expected to be valued at US$ 48.52 Billion in 2022 and exhibit growth at a CAGR of 6.9% in the forecast period from 2022 to 2032. Increasing demand for novel lift trucks that can transport heavy building materials over long distances and work on rough terrains is set to propel growth.
As per the report, the global lift trucks market is anticipated to reach US$ 94.56 Billion in 2032. Expansion of the e-commerce sector worldwide is set to surge the number of warehouses and further drive the need to efficiently manage the entire supply chain.
Several warehouse owners are expected to focus on enhancing productivity, lowering operational costs, and increasing transparency within their operational plants and warehouses.
It is thus projected to augment the demand for various innovative lift trucks such as narrow-aisle forklifts and stand-up riders that would provide better navigation and high operation accuracy in narrow mezzanines, tiers, and aisles.
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Moreover, ongoing development of electric lift trucks that offer numerous benefits such as low weight, less noise, reduced vibration, and lesser maintenance costs, is expected to bode well for the global market. Demand for electric lift trucks is likely to grow in the upcoming decade on the back of rising need to increase convenience of employees amid fieldwork.
Entry of various e-commerce platforms owing to the convenience of shopping from anywhere at any time, affordable access to technology, and adoption of smartphones worldwide is anticipated to accelerate the need for lift trucks in warehouses.
As per the India Brand Equity Foundation (IBEF), total e-commerce sales reached approximately US$ 67 -84 Billion in 2021 from US$ 52.57 Billion recorded in 2020. These numbers are expected to surge at a fast pace stoked by rising penetration of the internet and high disposable income of consumers, thereby pushing the lift trucks market.
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Leading companies operating in the global lift trucks market are engaging in mergers and acquisitions to compete with their rivals. They are forming solitary units to strengthen, simplify, and streamline the overall customer experience. Meanwhile, some of the other companies are emphasizing the manufacturing of cutting-edge products that are more productive and efficient than their traditional counterparts to attract a large consumer base.
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More Valuable Insights on Lift Trucks Market
In the latest study, Fact.MR offers a detailed study on global lift trucks market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of lift trucks through detailed segmentation as follows:
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Key Questions Covered in the Lift Trucks Market Report
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