Forklift Truck Market To Grow USD103.9 billion by 2031, Growing at a CAGR of 7.5%

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19 Jun, 2023, 01:34 ET

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BANGALORE, India, June 19, 2023 /PRNewswire/ -- Forklift Truck Market with COVID-19 Impact, Size, Trends, Growth, Share Analysis, Report By Power Source (Class 1, Class 2, Class 3, Class 4, Class 5, Others), End-user (Retail & Wholesale, Logistics, Automotive, Food Industry, Others): Global Opportunity Analysis and Industry Forecast 2021–2028. It is published in Valuates Reports under the Heavy Machinery Category.

The global Forklift Truck Market was valued at USD 51.6 billion in 2021 and is projected to reach USD 103.9 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

Major Factors Driving The Growth Of The Forklift Truck Market

The e-commerce industry's advancements are what fuel the expansion of the forklift truck market globally. The market is also expected to grow as a result of rising expenditures in infrastructure improvements and the rising usage of electric forklift trucks. Forklift truck safety concerns are projected to worsen, and the high cost of forklift truck maintenance is predicted to impede market expansion. Additionally, the creation of forklifts powered by hydrogen fuel cells and the advancement of autonomous forklifts present participants in the forklift truck market with incredible potential prospects.

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TRENDS INFLUENCING THE GROWTH OF THE FORKLIFT TRUCK MARKET

The automobile business is one that continually changes, thus material handling systems must do the same. The sector has several moving elements, including the requirement to diversify cost savings without compromising quality and offer the appropriate accessories for the task. Automotive suppliers have been able to speed up production while cutting down on overhead and purchasing expenses. Suppliers must be prepared to meet the demands of their customers because the automobile sector is now dealing with several new problems. Forklifts are adaptable pieces of MHE (material handling equipment) that continue to be a crucial component of the support system for automakers, whether via innovation, cost-effectiveness, or utility maximization. This factor is expected to drive the growth of the Forklift Truck Market

Retail and wholesale are facing significant challenges as internet shopping gains popularity. The first need is speed since same-day delivery is required; the second is flexibility because thousands of things must be packed and transported; the biggest hurdles are cost-effectiveness and space constraints. When it comes to logistics procedures in retail and wholesale commerce, speed, flexibility, and maximum cost-effectiveness are crucial. The requirement for warehouse space to store goods before they are sent in bulk to retail outlets through pallet loads and cases has expanded due to the rise in consumer product demand. To deliver the goods without inflicting any harm, a variety of distribution strategies and warehousing technologies are employed. This factor is expected to drive the growth of the Forklift Truck Market

In any logistics operation where products need to be transported inside a warehouse or distribution center, forklifts are a necessary piece of equipment. They let employees transfer big goods between locations swiftly and conveniently, which boosts efficiency and production. There are various dangers associated with manual material handling. All of the duties involved in handling commodities may be completed safely thanks to forklifts. The ability to optimize the space required for storage of things is one of the finest benefits forklifts have given to modern logistics workers. This factor is expected to drive the growth of the Forklift Truck Market.

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FORKLIFT TRUCK MARKET SHARE ANALYSIS

The most profitable market is expected to be electric-powered. Electricity is a more environmentally friendly forklift power source than petrol and fuel. In addition, compared to cars built on international combustion engines, electric vehicles require less maintenance. The sale of automobiles powered by combustion engines is now being phased out in a number of nations, including the United Kingdom, India, and France. Over the projection period, demand for electric cars is expected to be driven by the advantages of electric vehicles and supportive government measures.

The most lucrative industry sector is predicted to be automotive.

The region with the greatest CAGR between 2022 and 2031 would be LAMEA, at 10.4%. The expansion can be linked to manufacturers' increasing propensity for factory automation. Additionally, forklifts improve the operational effectiveness and workflow of industrial operations while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele.

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