The forklift market size was worth USD 53.6 billion by 2021.
Article continues below
It is expected to grow at a compound annual rate (CAGR of 12.9%) between 2022 and 2030.
Global construction is expected to increase demand for sturdy forklifts that can be used in harsh outdoor environments.
Many government agencies focus on improving the infrastructure to support economic growth.
South Africa’s government, for instance, plans to invest USD 60 billion in transportation infrastructure by 2027. These large-scale construction projects will increase the demand for forklifts to facilitate the quick transfer of heavy materials.
E-commerce has become popular as consumers prefer to shop online to avoid crowds and ensure social isolation. Online retailers can hire high-quality forklifts at distribution centers to improve material handling operations, which will increase the demand for forklifts.
Third-party logistics companies are increasing the number of forklifts installed in warehouses and distribution centres to ensure customers receive their products quickly. The market is growing demand for advanced material handling systems that can transport and load products.
Forklift sellers and dealers will have significant opportunities to adopt robotics-lift trucks in the material handling market. Forklifts that can use infrastructure-free navigation to allow for self-location are being developed. The forklift market will grow globally due to increased demand for simple-to-use models.
Automation in the workplace to increase productivity is a key factor in the growth of the global forklift market. Industry 4.0 is a trend towards automation that increases productivity. This will likely increase the demand for forklifts for transporting products. ■
Modified arctic air combined with a moisture-laden area of low pressure along the Gulf Coast will continue to allow for a broad area of winter weather impacts from the Lower Mississippi Valley to the Southeast today into early Saturday morning.