Forklift Market will see noticeable growth over 2021-2027 driven by a consistent requirement for automated machines to replace traditional manual material handling methods.
— Forklift market revenue 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.
The global forklift market demand is predicted to reach an annual value beyond USD 90 billion by 2027. 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.
Counterbalance forklifts to see a considerable footprint
Counterbalance forklift market 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.
Besides, these forklifts offer a capacity range of 2,000 to 6,000 pounds. They are also widely employed across storage units, warehouses, and distribution units to cater to material handling requirements.
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Preference for Class II and Class VII components
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.
Increasing demand in chemical and retail & e-commerce industries
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.
Demand for forklift services across retail & e-commerce industries will gain traction considering their increasing use in distribution facilities. The rising adoption of online retailing has also steered up the competition in the industry. This is due to the higher focus of e-commerce companies to modernize their distribution facilities in order to streamline operations.
Increasing adoption in the UAE
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.
Moreover, the UAE government is consistently working on developing and sustaining a prolific production and industrial sector. There are also increasing efforts by industrial owners in the MEA region to replace manual and traditional techniques for material handling with new automated solutions. For instance, in 2018, Emirates Transport launched the first compressed natural gas-operated forklift in UAE.
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