Introduction of Technologically Advanced Products Is Strongest Strategic Measure Taken by Players in Market

New York, NY -- (SBWire) -- 08/17/2020 --The global forklift market generated a revenue of $33,878.7 million in 2019 and is predicted to attain a value of $42,519.4 million in 2030, advancing at a CAGR of 2.8% between 2020 and 2030. The major factors driving the advancement of the market are the development of autonomous and electric forklifts and the rapidly growing e-commerce industry across the globe.

The adoption of advanced technologies such as robotics, analytics, and internet of things (IoT) by logistics organizations has significantly mitigated the problems associated with the timely and cost-efficient delivery of products. Furthermore, these firms are making huge investments in various automation technologies such as autonomous forklifts for gaining a foothold in the global forklift market.

In terms of class, the forklift market is classified into multiple categories namely class 5, class 4, class 3, class 2, and class 1. Out of these, the class 5 division held the highest share in the market, in value, during the last few years. This is ascribed to the large-scale utilization of the class 5 forklifts in the developing nations such as India, China, Mexico, and Brazil. Internal combustion engines (ICEs) are used for powering these forklifts. These forklifts are primarily used for heavy lifting purposes, on account of being equipped with pneumatic tires. These tires make these forklifts suitable for use in various work environments such as lumberyards, where the risks of tire punctures are much greater.

Based on engine type, the forklift market is categorized into electric and ICE. Between the two, the electric category is predicted to exhibit faster growth in the market, in value, in the coming years. This is credited to the burgeoning demand for environment-friendly and cleaner forklifts in factories and warehouses. Furthermore, the falling prices of the lithium-ion (Li-ion) batteries are boosting the adoption of electric forklifts in various warehouse and factory operations. The forklifts belonging to the class 3, 2, and 1 categories are low-power machines and thus, require the incorporation of electric propulsion for attaining the required operating power.

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Geographically, the forklift market is currently demonstrating the highest growth in the Asia-Pacific (APAC) region. In this region, China is presently dominating the market. However, in the future years, the Latin America, Middle East, and Africa (LAMEA) forklift market is predicted to exhibit the fastest growth, on account of the rapid industrialization and advancing warehousing sector in the various developing nations of LAMEA.

The COVID-19 pandemic has massively disrupted the advancement of the forklift market, with stable progress only expected in the last quarter of 2020. The decline in the automotive and industrial sectors and the subsequent fall in the sales of forklifts in the first quarter of 2020 considerably hampered the progress of the market, with nearly 15% decline recorded in global trade during this time. Furthermore, the unstable costs of the raw materials, intense competition amongst the various market players, and the ban imposed on exports and imports by many countries in order to curb the spread of the COVID-19 infection will lead to reduced sales of forklifts over the next few months.

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The players operating in the forklift market are increasingly focusing on R&D (research and development) activities and developing innovative and technologically advanced forklifts that are lighter, either semi or fully automated, and eco-friendly. For instance, Hyster-Yale Materials Handling Inc. launched four trucks in April 2020 for various low-intensity applications. These trucks will be sold by the Yale Europe Materials Handling subsidiary.