The size of Forklift Market was registered at USD 50 billion in the year 2020 and is anticipated to cross USD 90 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 9%.

The integration of advanced technologies, comprising IoT and RFID, are set to create lucrative opportunities for manufacturers in the global forklift industry. These technologies are set to aid operators in remote monitoring of the vehicle by means of software and also help in tracking its exact location. On this note, several forklift manufacturers are also coming up with innovative products for the expansion of their geographical footprint.

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One such market participant is Cargotec’s subsidiary, Kalmar, which provided an energy-saving guarantee for the company’s electric forklift trucks in October 2020. The guarantee is similar to the one available on the company’s diesel-powered machines comprising the Kalmar Eco Reachstacker and delivers a higher level of estimation for clients by enabling them to easily evaluate the operational costs of switching to electric machines.

This escalation is attributed to the growing chemical industry that requires forklift machines in huge quantities in chemical units for the purpose of handling huge volumes of hazardous chemicals and fluids. The safety of the employee is a chief concern for chemical facility operators as these organizations deal with harmful and explosive chemicals.

The industry is witnessing an escalating demand for counterbalance forklifts that lift an extensive range of weights up to nearly 48 tons. Owing to their versatile nature, these machines can be operated in both indoor as well as outdoor environments. The rising product demand is estimated to drive the forklift industry as these machines can be powered by means of diesel, gas, and also with the help of batteries.

The Middle East & Africa forklift market is anticipated to exhibit lucrative growth in opportunities due to the expanding industrial sector in the region. Several government organizations in Saudi Arabia and the UAE are launching initiatives that are favorable for the growth of the industrial revolution.

The industrial sector in the UAE accounted for almost 11 to 14 per cent share of the country’s GDP. Recognizing this, the government has embarked on a concerted effort for the sustenance and development of a prolific industrial and manufacturing sector in the country. Such initiatives are expected to encourage industry owners to replace conventional manual material handling techniques with new automated solutions.

In addition, counterbalanced forklifts are available in a wide range of capacities ranging from 2,000 to 6,000 pounds and are used in warehouses, storage units, and distribution units for sufficing the requirements of material handling. Electric-powered counterbalance forklifts are experiencing a surging demand as they ensure clean operations with zero emission.

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Some Point from Table of Contents:

Data Tables

TABLE 1.    Forklift industry 360⁰ synopsis, 2017 – 2027

TABLE 2.    Forklift market size, 2017 – 2020 (Revenue & Shipments)

TABLE 3.    Forklift industry size, 2021 – 2027 (Revenue & Shipments)

TABLE 4.    Forklift industry size, by region, 2017 – 2020 (USD Million)

TABLE 5.    Forklift industry size, by region, 2021 – 2027 (USD Million)

TABLE 6.    Forklift market size, by region, 2021 – 2027 (Thousand Units)

TABLE 7.    Forklift industry size, by region, 2021 – 2027 (Thousand Units)

TABLE 8.    Forklift market size, by product, 2017 – 2020 (USD Million)

TABLE 9.    Forklift industry size, by product, 2017 – 2020 (USD Million)

TABLE 10.  Forklift industry size, by product, 2021 – 2027 (Thousand Units)

TABLE 11.  Forklift market size, by product, 2021 – 2027 (Thousand Units)

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