The forklift market is experiencing growth and is projected to reach USD 42,519.4 million by the end of this decade, as per P&S Intelligence. This growth can be credited to the thriving e-commerce industry and the launch of new and better autonomous and electric forklifts.
Class 2 forklifts are narrow-aisle models, including order pickers, electric stand-up riders, reach trucks, and side loaders. Such forklifts are manufactured for quicker operation and effective space usage. The growing count of storage amenities and warehouses mainly because of the growing e-commerce industry will, thus, result in the fastest development of the class 2 category.
On the basis of engine type, the ICE category, held the larger market share in recent years, credited to the several advantages provided by ICE forklifts. This engine type provides utility for a longer time, inferior upfront price, and better haulage capacity, of more than 35,000 pounds, which is why forklifts with ICE engines are most suitable for heavy-duty outdoor work.
Based on the product, the warehouse category is projected to experience faster growth in the forklift market in the near future. This can be credited to the rising need for eco-friendly and cleaner forklifts in industries and warehouses.
Furthermore, the increasing expenditure by the budding e-commerce industry in material handling equipment, such as autonomous and electric forklifts, to modernize their warehousing and logistics processes, will strengthen the utilization of such vehicles.
In recent years, the APAC region appeared as the highest revenue generator for key industry players. Numerous industries in the developing nations of APAC are using forklifts to cut down labor costs and advance productivity.
The acceptance rate of forklifts for boring material handling responsibilities in warehouses is growing, as they are better and more dependable.
The growing count of warehouses in the region will, ultimately, fuel the forklift market development in the coming few years. Furthermore, these vehicles are utilized in industrial applications to passage heavy materials around a gigantic building, like a warehouse or factory.
A significant development in warehousing and logistics actions has heaved the demand for electric or battery-functioned forklifts, worldwide. Electric forklifts are obtainable at a lesser price than ICE models, and not like the ICE variants, the former have no tailpipe releases.
Battery-functioned forklifts are progressively gaining traction as they are existing in multiple styles and configurations. In the near future, there will be a strong demand for electric forklifts because of the growing fuel prices, significant demand for warehousing logistics, and strict environmental protection guidelines.