Forklift Market; Regional Growth Drivers, Industry Growth & Growth Projections to 2027
Category: #business  By Ronak Bora  Date: 2021-08-02
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Forklift Market; Regional Growth Drivers, Industry Growth & Growth Projections to 2027

The forklift market size for the Middle East & Africa is anticipated to amass substantial revenue due to consistent growth in the industrial sector. Several government authorities in the UAE and Saudi Arabia have come forward with favorable initiatives to support the industrial revolution. As per estimates, the industrial sector contributed between 11% and 14% to UAE’s GDP in the last decade.

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The market for forklifts will be significantly bolstered by a consistent requirement for automated machines to replace traditional manual material handling methods. The deployment of cutting-edge technologies, like RFID and IoT into the forklift machines is assisting operators to track the exact location of vehicles and remotely control them through software. These lift trucks also allow facility owners to accelerate material handling as well as to easily place various objects at large heights in racks.

Furthermore, the time-consuming and lowered productivity incurred from the involvement of human labor in the movement of goods or pallets has fueled the demand for forklifts to offer fast as well as effective outcomes. The global forklift market size will reach an annual value beyond USD 90 billion by 2027.

Industry share of counterbalance forklifts will record a significant value through the coming years owing to their increasing demand to safely lift an extensive range of weights up to 48 tons. These trucks are gaining prominence for their versatility and abilities to function in outdoor and indoor environments. They can be powered with gas, diesel as well as batteries.

The demand for electric motor Class II narrow aisle forklift market will grow at an exponential rate through 2027 owing to their higher penetration in constrained spaces. They help warehouse owners as well as industrial facility operators in maximizing the available storage space. These Class II trucks are powered with electric batteries to facilitate clean operations and handle pallets along with moving the inventory in facilities. They are also finding extensive applications in small industrial facilities given their high maneuverability and assistance in operating at narrow aisles and tight spaces.

Revenue of Class VII rough terrain forklifts will also strike a significant CAGR in the coming years due to their increasing need in the proliferating construction sector across the world. They can operate in rugged outdoor environments, hence are widely utilized in several commercial infrastructure development projects.

Forklift uses across the chemical sector could register a substantial revenue share through 2027. This can be attributed to the wide usage of these machines in chemical facilities to handle large quantities of fluids and hazardous chemicals. The higher use of explosive and harmful substances by various companies has pushed chemical facility operators to curb the concerns related to employee safety. This has increased the adoption of forklifts for the effective handling of fluids.

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Some Point from Table of Contents:

Chapter 6   Forklift Market, By Fuel Type (Revenue & Shipment)

6.1    Key trends by fuel type

6.2    Diesel

6.2.1    Market estimates and forecast, 2017 – 2027

6.3    Electric

6.3.1    Market estimates and forecast, 2017 – 2027

6.4    Gasoline & LPG/CNG

6.4.1    Market estimates and forecast, 2017 – 2027

Chapter 7   Forklift Market, By Class (Revenue & Shipment)

7.1    Key trends by class

7.2    Class I

7.2.1    Market estimates and forecast, 2017 – 2027

7.3    Class II

7.3.1    Market estimates and forecast, 2017 – 2027

7.4    Class III

7.4.1    Market estimates and forecast, 2017 – 2027

7.5    Class IV

7.5.1    Market estimates and forecast, 2017 – 2027

7.6    Class V

7.6.1    forklift market estimates and forecast, 2017 – 2027

7.7    Others

7.7.1    Market estimates and forecast, 2017 – 2027

Browse complete Table of Contents (ToC) of this research report @

https://www.gminsights.com/toc/detail/forklift-market

 

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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