The Worldwide Forklift Industry is Expected to Reach $19.1 Billion by 2026

Forklifts or powered industrial trucks are designed to suit specific applications such as lifting, loading and unloading of bulk goods. The broader adoption of forklifts is attributed to their ability to efficiently lift and move materials over different paths without any restrictions. Global demand for these systems is likely to be propelled by growth in infrastructural and industrial activities along with the need of high-capacity systems for high production and yield of goods.

Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts. In addition, implementation of stringent regulatory standards towards worker safety during goods movement, like the EU`s `Health and Safety Directive` is expected to fuel the adoption of forklifts for manufacturing as well as distribution processes. The market is expected to also gain from technological advances and availability of automated platforms like monitoring and tracking solutions. The growing demand for shelves, pallets and racks in end-use applications along with the ability of these systems to reduce human efforts and enhance efficiency presents lucrative growth opportunities.

Amid the COVID-19 crisis, the global market for Forklift estimated at US$16.7 Billion in the year 2020, is projected to reach a revised size of US$19.1 Billion by 2026, growing at a CAGR of 2.2% over the analysis period. Diesel, one of the segments analyzed in the report, is projected to grow at a 1.6% CAGR to reach US$10.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 3.2% CAGR for the next 7-year period.

This segment currently accounts for a 19.1% share of the global Forklift market. Diesel forklift trucks are primarily designed for heavy lifting and to operate outdoors in rough terrain and harsh environments. They are suitable for handling and transporting a wide range of unit loads. Due to stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts have made way for electric forklifts that are powered by electricity. Electric forklifts are propelled by a battery power source that does emit any harmful exhaust fumes. Rise in adoption of electric forklifts due to its benefits over internal combustion (IC) engines powered forklifts and increase in investments targeted at advancements in battery technology are poised to fuel growth of electric forklifts in the near future.